Get More Information on Business Loan Interest Rates Now

Choosing the appropriate financial partner for business loans Australia-wide is crucial. The selection process extends beyond doing a business loan comparison to check which provider has the best business loan rates. 

As the landscape shifts towards embracing technology, businesses are encouraged to consider lenders that offer innovative solutions and understand the unique challenges small and midsize enterprises (SMEs) face​​.

And this is where our name, OnDeck, rings a bell. Our goal is to empower businesses to overcome financial challenges and seize growth opportunities. 

Ready to step up your game and learn more about getting a business loan? Read on.

Understanding OnDeck’s eligibility criteria for business loans

In Australia, small businesses applying for loans usually need to meet certain loan eligibility criteria. At OnDeck, we rely on data to assess the applications of those seeking options for business loans Australia-wide.

Your business credit score and cash flow, analysed from your recent six months of bank statement data, play a crucial role in small business loan eligibility. To boost your loan approval chances, whether for a startup or a small business, provide six months of bank statements, demonstrate solid monthly revenue, and ensure a business credit score over 400.

This approach makes it easier for small business owners to assess their qualification status before proceeding with their business loan application.

How OnDeck’s proprietary scoring enhances loan accessibility

We use our Koala Score, a proprietary tool that speeds up loan accessibility by using a smart scoring system tailored for those looking for business loans Australia-wide. This cutting-edge credit scoring tool, crafted exclusively for Australian businesses, looks at loads of information and OnDeck’s extensive experience in lending to small businesses. 

This way, we get a clearer view of how your business is doing. Essentially, it’s a quicker, smarter way to see if you qualify for a loan and how much you can get.

A look into OnDeck’s easy application process 

There is no need to compare business loans to check the available business financing options suited for your venture. We at OnDeck make everything transparent. 

First, you fill out a simple online form that takes just a few minutes. The time it takes to process and receive funds from loan applications can differ based on various factors. These include how complete and accurate your application is, our verification steps, and other external factors. 

If you’re applying for our Lightning Loans, you could receive your funds in as little as two hours after approval. To get started with your application, all we require is six months of recent business bank statements.

If you apply for our Lightning Loans Plus, which offers larger loan amounts, funding could be available in as little as one business day. In addition to the six months of recent business bank statements, you’ll also need to provide the most recent year’s accountant-prepared financials (past twelve months). 

You don’t have to worry about missing out on important details. You’ll have your own OnDeck loan specialist to guide you through the business finance process.

Frequently Asked Questions (FAQ)

Are there options for unsecured business loans in Australia?

You will find unsecured options when searching for terms like ‘business loans Australia’ or ‘fast approval business loans’. These loans allow businesses to borrow funds without providing collateral. 

At OnDeck, we offer unsecured business loans Australia-wide, allowing businesses to access up to $250,000 without the need for collateral. These loans are especially advantageous for small businesses that may not have significant assets to offer as security. 

What sets us apart when getting an unsecured business loan, aside from the simple application process and swift approval times, is the flexibility we offer small businesses to help them not only survive but thrive.

How does the size of my business affect my eligibility for a loan?

OnDeck recognises that businesses come in various sizes, each with unique financial needs. Our tailored loan solutions ensure that whether you’re a sole trader or a more established entity, there’s a business loan option that fits. 

At OnDeck, we use data and technology to assess the needs of Australian small businesses, offering finance based on data, not human bias. This ensures you get the funds you need for growth or cash flow management.

Can I use a business loan to purchase equipment or inventory?

OnDeck’s business loans are designed with flexibility in mind, enabling businesses to use funds for a variety of purposes, including purchasing equipment or inventory. With our loan offers, businesses can strategically invest in essential assets or stock up on inventory to meet customer demand. 

This adaptability allows businesses to seize growth opportunities and maintain a competitive edge without the financial strain associated with traditional business loan interest rates.

OnDeck: empowering Australian small businesses 

Recognised as one of Australia’s leading online lenders, OnDeck offers online business loans designed to meet your unique needs. With years of global experience, we understand the essence of quick, flexible funding to keep your business progressing. 

With our fast funding, flexible loan options, and dedicated support, we’re here to help you achieve your business goals through an array of business loans Australia-wide. Whether you’re looking to expand, invest in new equipment, or simply manage your cash flow more effectively, OnDeck has the solutions you need to succeed. 

Apply now, and let us help you take your business to the next level.

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 the use of this website.