OnDeck Australia Review for Borrowers

This review of OnDeck Australia will help you understand who is the global OnDeck lender, why does it have such a great reputation in the USA, what kind of offering does it have in Australia, and how does it compare with other major Australian lenders. 

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)
⌚ Requirements
  • Trading for at least 12 months
  • Turnover greater than $100,000 a year
  • No bankruptcy (prior or recent)
  • Minimum 500 business credit score
⭐ Online Reviews 97% Positive (aggregated score from  across the web)
⭐ Editorial Score 93.4% by Small Business Loans Australia
📝 ABN 28 603753215
📝 Credit License 603 753 215
🌐 Website: https://www.ondeck.com.au
🌝 Easy Sign Up Online? Yes
⏱️ Response 24h
📃 Required: All personal, business, and financial details.
💳 Minimal Interest Rates:
  • Interest varies but generally tends to begin at around 9.9%.
  • There is a 2.5% origination fee.
  • 1.5% loan renewal fee.
💌 Online Feedback: 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.
⚖️ Comparison
🏆 Awards and Recognition:
  • 2017 Australia Fintech Awards “Finnies” – Winner
  • 2017 Fintech 100 – Leading Global Fintech Investors

OnDeck Australia Review Summary
  • Credibility - 100%
  • Client Reviews - 94%
  • Website - 90%
  • Requirements to Apply - 86%

Editor's Conclusions

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.

Topics Covered on this OnDeck Review

Notable Competitors Reviews

  • Prospa – The largest Australian lender with 95% positive feedback
  • Speedy Finance – one of the longest lasting Australian SME lenders



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.


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OnDeck Client Reviews

 In Numbers:

– 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)

The Feedback:

All OnDeck Australia reviews provide verified positive feedback, including:

“Just great people who understand the constraints of small business”.

“Can highly recommend OnDeck. They were great to deal with and were able to give me an answer and had the money in my bank the same day. Would definitely use them again”.

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.


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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.


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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


Editorial OnDeck Australia Review Summary:

The American owned 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.

The maximum loan amount is smaller than other lenders but with good reason – Ondeck focus on being small business loan specialists serving over 700 industries.  OnDeck has business financing that is tailored for today’s small businesses, with fast access to capital, a streamlined and efficient application process, and service customers rave about. Their mission is to be the first choice lender for small businesses. Thus their annual turnover requirements are lower and encourage businesses who have been operating for 12 months or longer to apply. 

Submit an Expedited Application to OnDeck Business Loans through Become using the link below.

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