OnDeck Business Loans Review
Get a personalised quote on OnDeck business loan interest rates and compare them to other small business lenders.
In this comprehensive review of OnDeck, get a personalized quote and compare this lender to other small business funding options.
OnDeck provides quick access to funding for any small business, including fast options of up to $150,000 in as little as two hours. This review will show that this is remarkably quick. It also has a free business credit score service and a predictive business lending model, so you know what loan amount you can borrow. OnDeck Australia services businesses in over 700 different industries.
OnDeck Loan Interest Rates Explained
The cost of an OnDeck loan is determined when you make an application. Your credit score will be the biggest determining factor. OnDeck’s rates are not the lowest in the market – speed and ease of applications are its key selling points for borrowers. But if you have an excellent credit history and a strong application overall, this lender will still be competitive. Many reviews for OnDeck on platforms like Trustpilot discuss the customer experience.
OnDeck Loan Eligibility and Credit Criteria
Like many providers, OnDeck requires a minimum trading history and annual turnover to approve funding. 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 500 business credit score
- Financial documents: Bank statements for the last 6 months
How to Apply: The OnDeck Easy Process
This easy process takes 10-minutes and has four parts: Create a login, About Your Business, About You, and Bank Statements. Many online reviews for OnDeck confirm the application is straightforward.
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