OnDeck got up and running in the US in 2007, expanding to Australia in 2015. It specialises in small business loans to help your business grow, and currently has over 80,000 small business customers.
OnDeck provides business loans in a wide variety of situations, so whatever your need, there’s a funding option to fit. They offer loans to businesses in hundreds of different industries, for reasons including purchasing equipment to renovations to general cash flow. On top of this, OnDeck offers flexible rates and loan terms, as well as promising a speedy response to your application.
On Application
3.00%
$0.00
$0.00
$0.00
$0.00
Loan
Unsecured
$10,000
$250,000
6 months
2 years
Daily, Weekly
Principal & Interest
1 year
$100,000
10 Minutes
from 24 Hours
from 24 Hours
No
Eligible to apply for renewal after 50% paid down
Minimum $100k turnover and 1 Year in Business.
What are the fees?
OnDeck has a simple and consistent fee system, when setting up your account you’ll need to pay fees equal to 3.00% of your loan amount. If you decide to renew your loan after it’s completion this origination fee will be cut in half, meaning your only fee will be 1.25% of your loan.
To qualify for an OnDeck business loan there are a number of criteria that you’ll need to meet, these include
How are OnDeck interest rates determined?
OnDeck makes sure to individually analyse every business loan applicant when deciding the interest rate. The interest rate they then offer will depend on a number of factors, including your business’ credit score, monthly turnover, the industry your apart of and intended use of the loan.
How does the OnDeck approval process work?
To kick start the process, you’ll need to fill out an application form that contains questions asking for information on topics such as your business’ financial history, your own personal information and the reasons your business needs the loan. After OnDeck analyses the application, they’ll respond with whether or not your qualify and a loan offer if you do. After this, there’s a couple of easy steps to confirm your loan, at which point you can see the money transferred as fast as in one business day.
Every business is different when it comes down to choosing an optimal repayment schedule; fortunately OnDeck provides businesses with the choice of repaying their loan between 6 and 24 months. Plus, they include the ability to make automated repayments, in either daily or weekly segments.
Being able to borrow the amount that is right for your business is one of the most crucial parts of getting a business loan. OnDeck allows for businesses to borrow anywhere between $10,000 and $250,000. So whether you need a small cash infusion or a large foundational boost, you should be able to snag a loan to fit.
No one wants to sit down and spend hours filling out an application form. With OnDeck you’ll find the application only takes around 10 minutes, giving you more time to focus on your business. Also, once your loan is approved, you can see the funding in your account in as little as one business day.
Not having collateral such as a home, car or brick and mortar store can sometimes hold you back from getting a great value business loan and improving your business. Well, this is not a worry with OnDeck business loans as with this lender loans are all unsecured.