OnDeck review

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Totally free process and will not affect your credit rating.

Tina

The borrowing process was very smooth and efficient.

Daniel

Very good service and had the approval within a day.

Maxine

Professional, simple and excellent service. Thanks

Instant Results

See how much you can borrow and with which lender, instantly

Up to $500k

For business loans, you could qualify to borrow up to $500,000

150+ Products

We offer over 150 products from more than 39 different lenders

OnDeck provides businesses quick access to funding, including fast loans of up to $150,000 in just two hours. It also has a free online business credit score service and a predictive business lending model, so you know how much you can borrow and at what rate. OnDeck services Australian businesses in over 700 different industries.

OnDeck at a glance

Lender — OnDeck
OnDeck loan details
OnDeck finance options
Short-term business loans
Unsecured business loans
Cashflow loans 
Borrowing amounts
From $10,000 up to $250,000
Loan terms
6 – 24 months 
Unsecured loans
Maximum of $250K
Interest rate
Percentage rate determined on application
Fees
3% (of loan amount) establishment fee & 1.5% fee for loan renewals 
Security (if applicable) 
Subject to lender requirements
Repayment schedule 
Weekly 
Early repayment
Early repayment fees may apply
Approval time
Loan processing within two hours for fast loans or 24 hours

Our verdict: OnDeck fast loan options and predictive credit scoring capability allow businesses to access flexible finance and rates based on their unique needs and performance. OnDeck unsecured business loans have a higher ceiling than most lenders, but rates are on par with the market.  

Who’s eligible for an OnDeck business loan? 

Like most lenders, OnDeck requires a minimum trading history and annual turnover to approve finance. Here are the eligibility criteria for most finance products:  

  • Active ABN or ACN: You must operate a business registered in Australia
  • Minimum annual turnover: $100,000
  • Minimum trading period: 12 months
  • Good credit score: Minimum 400 business credit score
  • Financial documents: Bank statements for the last 12 months 

How to apply for finance with OnDeck 

Here’s how to apply for an OnDeck business loan in three easy steps:

1. Complete the online application form with your personal and business registration information and loan details.

2. Verify your business income by allowing view-only access to your business bank statements via online banking or submit copies to the lender. A credit check will be conducted at this stage.

3. Once your loan is approved, the funds are transferred to your business bank account within two hours for fast loans or 24 hours for larger loans.  

OnDeck comparison vs other business lenders

Lenderproducttermsloan rangeinterest ratefeessecurityrepayments
OnDeck Logo Small business loans
6 – 24 months
$10K – $259K
Percentage rate determined on application
3% (of loan amount) establishment fee & 1.5% fee for loan renewals 
Unsecured up to $250K
Weekly
Business Fuel Logo Business loans
6 - 36 months
$10K – $500K
Percentage rate determined on application
Upfront flat fee & drawdown fee structure    
Unsecured up to $200K
Weekly or monthly
Moula LogoBusiness finance
12 - 24 months
$5K – $250K
From 15.99% p.a.
2% establishment fee
No security required up to $250K
Flexible
Prospa LogoSmall business loans
3 - 36 months
$5K – $500K
From 9.99% - 26.50% p.a.
Establishment fee
No security required up to $150K
Flexible
Shift Logo Business loans
12 - 60 months
$2K – $1m
From 13.95% p.a.
3% establishment fee
No security required up to $500K
Weekly or monthly
Max Funding LogoSmall business loans
1 - 36 months
$2K – $1m
From 1.50% per month
No fees
No security required up to $30K
Flexible
Spotcap Logo
Business finance
3 - 36 months
$10K – $500K
From 14% p.a.
Upfront fee
Secured
Weekly
Lumi LogoSmall business loans
3 - 36 months
$5K – $500K
Percentage rate determined on application
2.5% - 3.5% establishment fee
Unsecured up to $300K
Weekly or monthly

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