In business, every dollar, every minute counts. Now, new research confirms that small business lenders such as OnDeck Australia have loan approval times that run rings around the big banks.
The latest Broker Pulse survey confirms what OnDeck’s customers and broker partners have known for some time. Specialist small business lenders meet the need for speed with substantially quicker loan turnaround times.
We’ve been saying it for years: In business, time matters. That’s especially the case when it comes to funding. Fast finance lets you take advantage of time-specific opportunities like discounted stock, savings on plant and equipment, or attracting top talent for your business.
OnDeck’s Head of Partnerships Nick Reily, explains, “There’s simply no value in waiting around for a bank to take its time processing a loan application. In fact, these delays can cost your business dearly.”
“In fact, these delays can cost your business dearly.”
OnDeck – one of Australia’s fastest small business lenders
The survey of brokers who submitted business loans between August and October found that OnDeck is one of Australia’s fastest small non-bank business lenders1. OnDeck’s average approval time for their Lightning Loans applications submitted via their broker channel in H2 (to date) is 63.6 minutes, an improvement of 64 minutes YoY, slicing their approval times in half 2.
OnDeck’s average approval time for their Lightning Loans applications submitted via their broker channel in H2 (to date) is 63.6 minutes
By comparison, the survey results show that the big banks could only manage an average turnaround time of 7.5 days1.
Non-bank lenders fared slightly better on an average turnaround time of 4.9 days, with non-bank business lenders performing the best overall at an average of 1.5 days1. “These results drive home the value of business owners and brokers partnering with a specialist lender,” says Nick.
How do we keep our turnaround times so tight?
OnDeck’s rapid loan delivery times reflect our smart use of technology. “As a fintech we offer a streamlined application process backed by state of the art technology. It’s this leading edge that allows us to make lending decisions sooner,” says Nick. “Our Lightning Loans, available from $10,000 to $175,000, come with a fast and simple application process. We only require six months’ worth of business bank statements upfront, and a personal guarantee.”
Even better, OnDeck can have funds to approved businesses in a matter of hours. Not days, or weeks. Hours. That speed can give your business a significant advantage.
For larger loans, our Lightning Loans Plus offers up to $250,000 in funding.
Nick adds, “Brokers also benefit from partnering with OnDeck by getting the deal done sooner, and meeting their small business clients’ funding needs faster.”
Real examples where speed has mattered
Check out some recent business loans we’ve funded where OnDeck’s simple and fast lending has been critical to great business outcomes.
Case study #1:Hotel refinances to improve cashflow
Result: Fast funding meant a near-instant improvement in the hotel’s cashflow.
|
Case study #2:Freight company achieves urgent equipment upgrades
Result: The company was able to undertake the necessary upgrades within one day of applying for funding. |
Grow your business sooner with the funding you need, when you need it.
- Head to OnDeck’s broker webpage
- Email broker@ondeck.com.au
- Call OnDeck’s broker support team on 1800 676 652 (Opt.5)
