OnDeck Review

William Baker


“Deciding on the best funding option for your business can be challenging. We make it easy for you.”

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“Super friendly and helpful staff. Very quick and easy process in assisting small business with cash flo”


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Small Business Lender Review - OnDeck

Small Business Lender Review - OnDeck

Ondeck Business Lender Logo


OnDeck Group has been operating globally since 2007. In the last decade they have issued over US$10 billion in loans and have provided business loans to more than 80,000 small businesses across the US, Canada and Australia.

OnDeck use cutting-edge technology to evaluate businesses based on their actual performance, not just on the business owners’ personal credit score. 

They offer unsecured business loans of up to $250,000, with flexible repayment terms, including weekly or daily payment options. They have a quick and easy online application process, so you could receive funding within one business day.


  • Short-term loan you can use for any business purpose
  • Borrow between $10,000 and $250,000
  • Weekly or daily repayment options
  • Fast application – funds could be in your account within one business day
  • Team of Loan Specialists to support you through the application process


NameOnDeck Small Business Loan
Min Loan Amount $10,000
Max. Loan Amount $250,000
Minimum Loan Term 6 months
Maximum Loan Term 24 months
Loan Security Unsecured
Repayments Weekly or daily

Qualification criteria

Minimum turnover $100,000 per annum
Minimum trading period 12 months
Minimum business credit score 500


OnDeck offers flexible terms and interest rates based on your business’ performance.

They will use a number of factors to calculate the interest on your OnDeck Small Business Loan. These will include how much you want to borrow and the term of the loan, as well as their perceived risk profile of your business. They will assess your business on a variety of important performance metrics, not just on your credit score.

To set up your OnDeck Small Business Loan facility you’ll have to pay an establishment fee of 2.5% of the loan amount. They offer a loyalty bonus to repeat customers which halves this set-up fee to 1.25%.


Loan Amount $40,000
Loan Term 12 Months
Drawdown Fee(2%) $1000
Total Interest $4,176
Direct Debit Fees $200.20 (52 x $3,85 pw)
Total Costs $5,376.20

How to apply

To apply for an OnDeck Small Business Loan you’ll need to fill out a simple online application form, which should take a few minutes. You’ll be asked to provide personal details and information about your business and to upload copies of your bank statements to prove you meet their qualification criteria.

You’ll know whether or not you’ve been approved within hours, not days, and if your application is approved you could receive funding in as little as a single business day. What’s more, you’ll receive ongoing support throughout the entire loan process from a dedicated Loan Specialist.


How Does Ondeck Compare?

LenderProductTermLoan RangeInterest TypeFeesSecurityRepayments
Ondeck Business Lender Logo OnDeck Small Business Loan 6 – 24 Months $10k – $250k Percentage Establishment fee of 2.5% Unsecured Daily or weekly
Prospa Business Lender Logo Prospa Business Loan 3 – 24 Months $5k – $250k Factor rate Establishment fee Unsecured up to $100k Weekly or fortnightly
Spotcap Business Lender Logo Spot On Business Loan 1 – 24 Months $10k – $250k Percentage, but only on balance drawn Drawn on fee (% of credit limit) Unsecured Weekly, fortnightly or monthly
GetCapital Business Lender Logo GetCapital Flexible Business Loan 6 – 24 Months $5k – $500k Percentage 2% Draw down fee, plus $3.85 direct debt fee per week Unsecured Weekly
Businessloans Business Lender Logo Flexible Business Loan 6 – 24 Months $5k – $500k From 0.87% per month 2% Draw down fee, plus $3.85 direct debt fee per week Unsecured Weekly
Beyond Merchant Capital Business Lender Logo Beyond Merchant Capital Unsecured Business Loan 9 – 12 Months $10k – $500k Factor Rate None Unsecured Daily or weekly
Moula Business Lender Logo Moula Business Loan 6 – 12 Months $5k – $250k 0.75% to 2% per fortnight None Unsecured Fortnightly
Business Fuel Business Lender Logo Business Fuel Business Loan 3 – 18 Months $5k – $250k Factor Rate None Secured or Unsecured Weekly or monthly
MaxFunding Business Lender Logo Max Funding Unsecured Business Loan 1 – 12 Months $2k – $300k From 1.8% per month Fees are laid out in loan agreement Unsecured Weekly or tailored


Grow the business you want.

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