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.
Principal & Interest
from 24 Hours
from 24 Hours
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 2.50% 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.