OnDeck Australia Review for Borrowers
This review of OnDeck Australia will help guide your understanding of OnDeck as a lending company. We want to ensure you’re aware of who is running OnDeck, their business practices, their loan process, and how OnDeck operate. We will of course delve into feedback from existing OnDeck clients too. Read the following OnDeck Australia Review to find out if this lender fits with your loan requirements and how it compares against top competitors Prospa and GetCapital.
OnDeck Australia Review in Numbers: 2020 Updated
|Loan Amount||$5,000 – $250,000|
|Loan Term||6 months –24 months|
|Unsecured?||Unsecured Loans Available (Secured Loans Available too)|
|Reviews||97% Positive (aggregated score from across the web)|
|Editorial||91.7% by Small Business Loans Australia|
|Credit License||603 753 215|
|Requirements||All personal, business, and financial details.|
|Online Reviews||OnDeck is a big company with unanimously positive reviews. A small number of average rated reviews state that OnDeck might be a touch more expensive than lesser known providers.|
|Awards and Recognition||
Company Story & Credibility
OnDeck focus their business efforts on funding small businesses. They offer unsecured business loans to small business owners throughout Australia. Their application process takes about 10 minutes, they provide you a free business credit score, and their response time is usually 24 hours or less. OnDeck is, of course, a huge international lending company. They partner with big-name organizations such as JP Morgan Chase, CommonWealth Bank, and MYOB.
OnDeck was founded in 2007 in the United States and was listed on the New York Stock Exchange 7 years later, in 2014. The company was brought to Australia in 2015. It extended to Canada at around the same time too. They are, without a doubt, one of the most established lenders in the industry. JP Morgan Chase partnered with OnDeck in 2015 to expand their small business lending products for borrowers. OnDeck is also very open to partnerships that will expand their ability to provide solutions to small businesses. They partner with both big institutions (CommonwealthBank) and individual advisers.
Their team focuses on creating a professional, friendly environment for their borrowers. At OnDeck, all team members focus on providing responsible loans with transparent information, facilitating the best customer experience, listening to and treating their customers with respect and increasing their data security. With the company’s goal not just for employees to abide by these values at work but extending these values into their daily lives too. OnDeck’s super high ratings on the employee platform glassdoor certainly seem to back up the strong company culture built throughout. The CEO of OnDeck Australia, Cameron Poolman, has been with the Australian division of the company since its launch in 2015.
OnDeck Client Reviews
– TrustPilot Australia: 548 Reviews, 88% Excellent, 9% Great, 3% Average – 4.8 / 5 Total Score (Excellent)
– 4.9 / 5 OnDeck America (2,132 reviews)
– 4.5 / 5 OnDeck Canada (70 reviews)
All OnDeck Australia reviews provide verified positive feedback, including:
Amazingly there is no negative OnDeck Australia reviews which have been verified. The average OnDeck reviews seem to have one common theme – clients are very happy with the service
Analysis of Client Reviews:
OnDeck is a big lending company. This can occasionally mean a gap in service quality – but that doesn’t appear to be the case here. The overwhelming majority of OnDeck Australia reviews clearly state their stellar service as one of the reasons they’re so wonderful to work with. Other reviewers state that there are no hidden fees, the transactions are fast and straightforward, and that problems were dealt with easily. Clients also praise OnDeck’s partnership with MYOB offering discounts with MYOB and $500 in vouchers. On the other side of things, the average reviews say that sometimes OnDeck’s interest rates are higher than their competition – something perhaps not unwholly surprising giving their global credibility and top-class customer service. In virtually all cases clients believe the loan coast is well worth the value and appreciate there are no ongoing hidden management fees.
ondeck.com.au – Online Platform
Ondeck.com.au is a slick, easy-to-use website. Their lending criteria and customer expectations are clearly set so customers know exactly what they should expect from dealing with OnDeck. As well as a quick 10 minute application, OnDeck share various customer success stories to give potential borrowers a better understanding of OnDeck as an online lending partner. They even allow users to quickly link through to equifax so potential borrowers can gain an understanding of their business credit score before applying for a loan.
OnDeck Loan Compatibility
- Startup: No, OnDeck only works with businesses who have been operating for 12 months.
- Bad credit: OnDeck’s is not applicable for terrible credit businesses because your credit score has to be 500 or more.
- Sole trader: Yes, OnDeck works with sole trader.
- Established business: Yes, OnDeck works with established businesses. Make sure your business does not fall on their restricted businesses list.
- Turnover: OnDeck requires $100,000/year in revenue.
*OnDeck doesn’t serve financial services or investment businesses, sellers, vehicle/power equipment sales, services/administrative outsourcing, travel/transportation, and a few other specific industries
OnDeck Australia Review Summary
Credibility - 100%
Client Reviews - 94%
Website - 90%
Requirements to Apply - 86%
OnDeck is one of the most trusted lenders in the Australian small business loans space, and beyond. The company has been operating in the USA for more than 10 years now and is traded on the New York Stock Exchange. It has more than 500 employees and turns $500m in revenue just in the USA!
Our OnDeck review reveals that this lender may prove tougher to get approval for a loan from, in comparison to the industry, but when you do become eligible for one, it is a streamlined and comfortable process with clear and efficient terms and conditions. There are no early repayment penalties or other cheap tricks that some others lenders are trying to pull and all of your contact is with Australian based small business loan specialists. We conclude it is definitely worth spending the estimated 10 minutes filling in their application form.
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