Get quick access to the funds your small business needs with a loan from OnDeck.
Not all small business financing has to involve a complicated and drawn out process. If you're looking for a loan of up to $250,000, you can apply conveniently online with OnDeck. You don't have to wait long to find out if you've been approved, and you can receive approved funds in one business day. Read on to find out if this loan is right for your business.
|Product Name||OnDeck Business Loans|
|Min. Loan Amount||$10,000|
|Max. Loan Amount||$250,000|
|Upfront Fee||2.5% origination fee|
|Loan Term||6 months to 2 years|
How does a small business loan from OnDeck work?
When you apply for a small business loan from OnDeck, your approval will be based on not only your personal credit score but also data from your business. If approved, you can receive your funds within one business day.
The loan terms can extend up to 2 years and repayments are automatically deducted from your business bank account daily or weekly.
What features come with an OnDeck small business loan?
Various features are on offer with this loan, including:
- Flexible loan purposes. You can use the loan for a range of small business purposes such as purchasing equipment or inventory, hiring staff, renovating, moving or remodelling, bridging gaps in receivables or anything else your business needs.
- Quick application and turnaround. You can apply online in about 10 minutes. If your application is approved, receive your funds the next business day.
- Loan specialists. If you do need offline support, you can call the customer support team Monday through Friday for help with your loan application or loan account.
- Loan amount. You can apply for a loan between $10,000 and $250,000.
- Loan terms. You can choose loan terms between 6 months and 2 years, depending on what best suits your needs and budget.
- Fees and rates. Small business loans come with a loan origination fee of 2.5% origination fee, and the fee for loan renewals is 1.5% of the loan amount. Your rate will be based upon OnDeck's credit assessment.
- Repayments. Your repayments will be automatically deducted from your business bank account, so you won't have to worry about missing due dates.
How your small business can apply with OnDeck
If you'd like to apply for a loan from OnDeck, you can get your small business application started online. The eligibility criteria outlined below will need to be met before starting your application. Your small business needs to:
- Have been operating for at least one year
- Currently be operating in Australia
- Have had an annual revenue of at least $100,000 in the past 12 months
- Not be operating in a restricted industry (check OnDeck's website)
If you meet these criteria, you can start your application. Make sure you have your personal, business and financial details on hand to complete your application.
While OnDeck provides a competitive option for small business owners to consider, remember to compare all of your loan options before submitting your application.