It can be rather challenging to obtain any type of loan. When it comes to expanding your business, it’s essential to find the most suitable lending solution. If you want to bring your startup or small business to the next level, it’s essential to get a business loan.
While it may be difficult to prove that you are an accountable borrower, it may be even harder to find a trustworthy lending company to turn to. This is a review of one of the top-rated online lending services. OnDeck has been around for a few years and here is why it has become so popular.
The History of OnDeck Australia
Every entrepreneur should understand that every lending institution is different and has both advantages and drawbacks. We won’t take into account big traditional banks today as they are usually preoccupied with larger clients and big businesses.
The reason for that is that banks obviously want to concentrate on clients with larger needs and who will take larger loans. At the same time, smaller lending companies and services like the OnDeck finance platform are eager to deal with startups and small businesses that need extra funds to expand.
This online service has been around for over 12 years. It was founded in 2007 as OnDeck Capital in the USA. Later it has expanded to Canada and Australia helping out entrepreneurs in three countries to build their businesses and make them successful. As a result, the company has given out up to $12 billion in small business loans by 2019 and more than 80,000 entrepreneurs across Canada, the USA, and Australia trust this service.
Why You Should Opt for This Service
We’ve done our research and found out that this online lending institution has been working in Australia since 2015 and has helped thousands of satisfied clients and entrepreneurs to grow and expand their businesses and become even more successful.
The reason for their popularity is that they use the modern technology that evaluates startups and businesses not just on credit history but on their actual performance. So, you can become a businessman even if you don’t have money. They give out loans for entrepreneurs in more than 700 various industries. Plenty of positive feedback and OnDeck reviews prove that the company understands the needs of entrepreneurs and aims at providing quick and secure financial help.
Choose the Best Online Lending Company
OnDeck loans are unsecured and given for a short term which is very convenient for borrowers and presents fewer risks. The minimum loan amount which can be obtained through this service is $10,000 and the maximum amount is $250,000.
This is a great range that may satisfy the financial needs of each entrepreneur and help support their company. An unsecured small business loan from OnDeck financial platform may be taken for a period from 6 to 24 months with a set fee of 2.5% of the total loan amount.
The main benefits of turning to this lending service are as follows:
- Fast and Secure Application – apart from many other lending services and traditional banks with their queues and tedious paperwork, OnDeck offers a quick and safe application form. It will take up to 10 minutes to complete a small form online and get your loan request in the line. The whole application process doesn’t take long so it will definitely save you a lot of time.
- Quick Funding – if your business loan request is approved, you will be given funds as soon as the next business day. This is extremely convenient especially when you need the money urgently to finance your business or pay urgent bills.
- Flexible Repayment Schedule – another important benefit of this service is the ability to set a flexible repayment schedule with daily or weekly automatic payment options.
- Set Fee – The cost of processing and servicing the small business loan are all covered by just one set fee of 2.5%. There are no hidden fees or extra charges if you repay the debt in time and in full.
- Loyalty Discounts – an extra bonus is offered to loyal clients who turn to this company more than once. If you decide to renew the loan or take out extra funds, you will get a discount and receive a set fee OnDeck share price of just 1.25%.
Get Funded Here
OnDeck offers small business loans to over 700 industries including wholesale, hospitality, trade services, retailer, health care providers, and professional services such as consultants or accountants, etc. However, there is a small list of industries that can’t be given financial help by this online service. Visit their website and check this information about your industry.
All in all, OnDeck is one of the top-rated and reliable online lending institutions that has gained popularity in Australia, Canada, and the US. Opt for their services if you need some extra cash to fund your business and let it flourish.