OnDeck Review

Our review of OnDeck

OnDeck offers short-term unsecured business loans to small and medium-sized businesses in Australia. Loan amounts range from $10,000 to $250,000 and involve a 10-minute application process. If your loan is approved, funds can be accessed within one business day.

OnDeck Business Loan Overview

OnDeck provides unsecured business loans from $10,000 to $250,000. Loans can be used for any legitimate business purpose such as:

• Purchasing stock 
• Increasing cash flow 
• Upgrading equipment
• Renovating premises 
• Launching a marketing campaign 
  

You can apply for a business loan with OnDeck online, and the application from start to finish takes less than 10 minutes:

• Once approved, funds can be made available in 24 hours
• The risk profile of your business will be assessed and will determine the interest rate applied to your loan 
• Interest rates begin at 9.9%
  
• 2.5% origination fee 
• 1.25% loan renewal fee
  
• Repayments can be structured around your company’s cash flow. OnDeck offers either daily or weekly repayment schedules.
  

Learn more about how Unsecured Business Loans work, and how to compare offers from lenders.

How to apply for an OnDeck Business Loan

You can apply for an OnDeck business loan online by supplying your personal and business credit information as well as bank statements. A personal guarantee is required for loan approval. 

To complete the application process you need to supply OnDeck with the following:

• Personal details 
• ABN or ACN 
• Business bank statements 
• Personal and business credit information 
  

How much does an OnDeck Business Loan Cost?

OnDeck include two fees: a 2.5% origination fee charged per loan and a 1.25% loan renewal fee. Interest rates start from 9.9% and the rate applied to your loan will be determined by your credit rating and business performance.

• No application fees 
• No ongoing monthly fees 
• 2.5% origination fee for new loans and a 1.25% fee for loan renewals  
  

The cost of an OnDeck unsecured business loan will include:

• The principal amount - between $10,000 and $250,000 
• Interest applied to the principal - From 9.9% fixed rate 
• Origination fee - 2.5% 
  

OnDeck Unsecured Business Loan Cost Example:

• A business applies for an unsecured business loan of $100,000 over a 12-month term 
• An origination fee of 2.5% ($2,500) is added to the total loan amount 
• An interest rate of 9.9% is applied to the principal amount
• The total amount to repay over the 12-month term is $112,647.50 
• The business agrees to weekly payments of $2,166 
• Interest paid over the term is $10,147.50
  

Want to compare business loan repayments? You can use our free business loan calculator.

Money.com.au OnDeck Summary

OnDeck offers unsecured business loans with fast turnaround times. You can easily apply online by supplying your personal, business, and credit details. 

OnDeck business loans can be used for any business purpose with no collateral required. The lack of collateral streamlines the application process and simplifies access to business credit. 

Founded in 2006, OnDeck is a publicly traded company on the New York Stock Exchange and was one of the first lenders to use data analytics and technology to make real-time lending decisions. 

OnDeck has provided over $10 billion in loans to customers in 700 different industries in the United States, Canada, and Australia. OnDeck reached a number of important milestones in 2019: 

• Achieved a 70% growth in broker-generated loans 
• Surpassed 10,000 individual business credit scores 
• Awarded the aggregator of the year at the 2019 Australian Mortgage Awards 
• Ranked amongst Australia’s best companies to work for 
  

Ondeck has received over 2,300 reviews on Trustpilot with 95% of people rating the business as “excellent.” Customers praised the lender for the following reasons:

• Great customer service 
• Trustworthy 
• Easy application process 
• Fast turnaround 
  

OnDeck employs over 500 people worldwide and has an average yearly turnover of over $423 million.