OnDeck Australia Review for Borrowers
This review of OnDeck Australia will help guide your understanding of the lending company. We want to ensure you’re aware of who is running OnDeck, their business practices, their loan process, and how they operate. Read the following OnDeck Australia Review to find out if this lender fit your needs.
OnDeck Australia Review in Numbers
|Australian Business Number (ABN):||28 603753215|
|Australian Credit License:||603 753 215|
|Loan amount:||from $10,000 – $150,000|
|Loan term:||from 6 months – 24 months|
|Unsecured Loans Offered?||Yes|
|Easy Online Application:||Yes|
|Response Normally Within:||24 Hours|
|Documents Required to Apply:||All personal, business, and financial details.|
|Requirements to Apply:||12 months in operation, $100,000/year in turnover, must be within the 700 industries they serve. (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).|
|Minimal Interest Rates:||Interest varies. There is a 2.5% origination fee and a 1.5% loan renewal fee.|
|General Feedback from Clients Online:||OnDeck is a big company with widely positive reviews. Some negative reviews state that funding can take longer than 24 hours, which can be a problem for some.|
|Awards and Recognition:||OnDeck is an international company who partners with many financial institutions and regularly wins awards and hosts their own contests to bestow awards on other financial players.|
The American OnDeck is one of the best-known lenders in the world, not only in the Australian market. This company is trusted by banks and large asset management funds and has almost endless resources, making their lending systems one of the most efficient in the business. Although they don’t serve many of the prospective businesses that may require their financing, they are still a great lender.
OnDeck focuses their business efforts on funding small businesses. They offer unsecured business loans to small and medium sized business owners in 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 brought to Australia in 2015. They are, without a doubt, one of the more established lenders in the industry. JP Morgan Chase partnered with OnDeck in 2015 to expand their small business lending products for borrowers. Additionaly, OnDeck has successfully expanded from just the United States to Canada and Australia. 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 advisors.
Their team focuses on creating a professional, friendly environment for their borrowers. At OnDeck, all team members focus on providing responsible loans, providing transparent information, facilitating the best customer experience, listening to and treating their customers with respect, increasing their data security, and extending these values into their daily lives – not just their professional sphere. The CEO of OnDeck Australia, Cameron Poolman, has been with the Australian division of the company since its launch in 2015.
OnDeck Client Reviews
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 majority of OnDeck’s 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. On the other side of things, negative reviews say that sometimes funding takes longer than the stated 24 hours – which could be a problem if you’re a small business who needs to be funded ASAP.
OnDeck Loan Compatibility
- Startup: No, OnDeck only works with businesses who have been operating for 12 months.
- Bad credit: OnDeck does look at your credit history. Their interest rate is based on the credit assessment.
- 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.