Queensland small business loans with OnDeck
If you’re a small business owner in Queensland, you know how you gain access to capital can be a a crucial business finance decision for growth and success. Whether you need to purchase new equipment, hire additional staff, or expand your operations, a small business loan can help you achieve your goals.
Business finance options
Traditional Banks:
Banks are a traditional source of small business loans in Queensland. However, getting approved for a bank loan can be challenging, especially for small businesses. Banks typically require a lot of documentation and collateral, and the approval process can be lengthy. Additionally, if your credit score is low, your application may be rejected outright.
Non-Bank Lenders:
Non-bank lenders such as OnDeck offer small business loans that are fast, unsecured, and require minimal paperwork, in comparison to traditional banks. Unlike banks, non-bank lenders are more flexible with their lending criteria. OnDeck, for example, offers loans from $10,000 to $250,000 with repayment terms of 6 to 24 months for businesses who’ve been in operation for a minimum of 12 months. You can apply online and receive a decision in as fast as one business day*. To find out more about OnDeck’s small business loans in Queensland, click here.
Government Programs:
In Queensland, the government offers several programs to help small businesses access financing. The Queensland Rural and Industry Development Authority offers loans of up to $2 million to businesses in rural and regional areas.
Benefits of OnDeck Small Business Loans:
OnDeck’s unsecured small business loans offer many benefits to small businesses in Queensland. Firstly, the loan application process is fast, easy and hassle-free, taking only minutes to complete online*. Secondly, provide flexible loan repayment terms, with the option to pay back the loan over 6-24 months, providing the much-needed cash flow flexibility that businesses need. Finally, they are passionate about supporting small businesses, with a focus on delivering exceptional customer service and care.
Business loan options
When seeking financing for your business, you should also consider the different types of loans offered by business lenders. Read our full guide on the types of business loans for a proper rundown, but there are 2 main types: secured and unsecured.
Secured business loans
A secured loan requires the borrower to pledge collateral against the loan. Because of this insurance, a lender will often approve a higher loan amount for Queensland businesses who need a secured loan. This is a risky option, because the borrower can lose assets if they fail to repay a loan on time.
Unsecured business loans
Unsecured loans do not require collateral. Instead, an existing business must pass a credit check and supply bank statements to the lender so that they can determine how much funding is reasonable for the borrower to repay. All OnDeck loans are unsecured and do not require business owners to put up any assets as collateral.
In conclusion, small business loans can be a powerful tool for Queensland small businesses looking for a financial push towards achieving their business goals. While traditional banks and government funding programs can be options, non-bank lenders such as OnDeck can offer a more streamlined and flexible lending experience, providing fast access to unsecured loans to help businesses thrive.
This article is for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. OnDeck is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how this information relates to your unique circumstances. OnDeck is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this website.
* The timeframe required to process and fund loan applications may vary for each individual application. Factors such as the completeness and accuracy of application materials, verification processes, and external circumstances can influence the processing & funding timelines.
Prepared by OnDeck Capital Australia Pty Ltd ABN 28 603 753 215 (“OnDeck”) for general information purposes only. Content may belong to or have originated from third parties and OnDeck takes no responsibility for the accuracy, validity, reliability or completeness of any information. Information current as at May 2023. You should not rely upon the material or information as a basis for making any business, financial or any other decisions. Loans issued in Australia are subject to the terms of a loan agreement issued by OnDeck. Loans are subject to lender approval. OnDeck® is a Registered Trademark. All rights reserved.
