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
| Lender | product | terms | loan range | interest rate | fees | security | repayments |
|---|---|---|---|---|---|---|---|
|
| 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 loans | 6 - 36 months | $10K – $500K | Percentage rate determined on application | Upfront flat fee & drawdown fee structure | Unsecured up to $200K | Weekly or monthly |
 | Business finance | 12 - 24 months | $5K – $250K | From 15.99% p.a. | 2% establishment fee | No security required up to $250K | Flexible |
 | Small business loans | 3 - 36 months | $5K – $500K | From 9.99% - 26.50% p.a. | Establishment fee | No security required up to $150K | Flexible |
| Business loans | 12 - 60 months | $2K – $1m | From 13.95% p.a. | 3% establishment fee | No security required up to $500K | Weekly or monthly |
 | Small business loans | 1 - 36 months | $2K – $1m | From 1.50% per month | No fees | No security required up to $30K | Flexible |
| Business finance | 3 - 36 months | $10K – $500K | From 14% p.a. | Upfront fee | Secured | Weekly |
 | Small 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 |
