OnDeck Australia Review for Borrowers

This review of OnDeck Australia will help you learn more about Ondeck’s straightforward short term small business loans. We try to understand why OnDeck has such a great reputation in the US and around the world, the presence OnDeck has in Australia, and how OnDeck compares with other major Australian online business lenders. Read our OnDeck Review to see if your business is eligible for an OnDeck small business loan.

🌐 Website:https://www.ondeck.com.au
®️ Logo:
📝 ABN:28 603753215
📝 Credit License:603 753 215
💰 Loan Amount$5,000 – $250,000
⏲️ Loan Term6 months – 24 months
💸 Unsecured Loans?Unsecured Loans are Available
⌚ Lender Requirements
  • Trading for at least 12 months
  • Turnover greater than $100,000 a year
  • No bankruptcy (prior or recent)
  • Minimum 400 business credit score
📃 Required:All personal, business, and financial details.
⏱️ Response Time:24h application processing.
🌝 Easy to Apply:Yes, fully online (expedited application here)

The Nitty-gritty

💌 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:
  • 2019 Australian Mortgage Awards Winner – Fintech lender of the year
  • 2019 – Great Place to Work – Certified Australia
  • 2017 Australia Fintech Awards “Finnies” – Winner
  • 2017 Fintech 100 – Leading Global Fintech Investors
  • Many other awards outside of Australia
💳 Minimal Interest Rates:
  • Interest varies but generally tends to begin at around 9.9%.
  • There is a 3% origination fee.
  • 1.5% loan renewal fee.
⚖️ Advantages
  • Great reputation in Australia and globally
  • 98% satisfaction from clients in Australia
  • Annual interest rate starts at around 9.99%
  • Existing customers can access a 1.5% origination fee on repeat loans
  • Traded on the NYSE
  • Application in 10 minutes
  • One of the best known lenders in the world
⚖️ Disadvantages
  • Not headquartered in Australia
  • Min $100,000 annual turnover
⚖️ Compare OnDeck
Compare OnDeck with 20+ Australian Lenders on Lend.com
Review Table of Contents
Overall Rating: ⭐⭐⭐⭐⭐


Company Story & Credibility

OnDeck is completely focused on funding small businesses. With no fancy products, they simply offer unsecured business loans to small business owners throughout Australia. Their application process takes around 10 minutes, you can understand your business credit score for free, and OnDeck’s response time is usually 24 hours or less. Across the globe, OnDeck is a huge international lending company. Partnering with big-name organizations such as JP Morgan Chase, CommonWealth Bank and MYOB.

OnDeck was founded in 2007 in the United States. After experiencing rapid growth in the US the firm then listed on the New York Stock Exchange 7 years later in 2014. Interestingly, the firm had only issued US $1 billion in small business loans by then – it then went on to lend another $10 billion over the next ten years.

The company was brought to Australia in 2015, extending to Canada at around the same time too. Judging purely by the number of online reviews, it would appear the firm has enjoyed significantly more growth and success in the Australian business loans market.

They are, without a doubt, one of the most established lenders in the Australian online business lending industry. JP Morgan Chase partnered with OnDeck in 2015 to expand their own small business lending products for borrowers. OnDeck is very open to partnerships that boost their ability to provide lending solutions to small businesses. They partner with both big institutions (Commonwealth Bank) and individual advisers.

Their team creates a professional and friendly environment for SMEs to discuss their options. At OnDeck, all team members focus on providing responsible loans with transparent information, facilitating the best customer experience and listening to and treating their customers with respect – all conducted with the strictest focus on 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, as does winning the Certified Australia 2019 Award as a great place to work. We generally find that having happy employees will result in the best customer service experience. 

Iמ October 2020, OnDeck ceased trading on the NYSE when the financial analytics company Enova International became majority shareholder. In the move, Enova paid $1.89 per share and completed a $122 million purchase of the online business lender.

In February 2022, the senior directors at OnDeck Australia completed a management buyout of the company. CEO Cameron Poolman, CFO Jerry Yohananov and COO Charlene Batson have bought 58% of the company, buying shares from Enova International, who will maintain 20% control, whilst 22% will remain in the hands of Australia-based long-term investors. The move advances the level of independence OnDeck Australia has from the wider group and is a testament to the belief of the management team as to its future growth prospects. CFO Jerry Yohananov had this to say, “The right factors are in place for OnDeck Australia to enjoy sustainable growth… Our delinquency rates are low, our loan book is performing amazingly well, and we have the ongoing support of outstanding business partners including many in the broker space.”

Credibility Score: ⭐⭐⭐⭐⭐ 


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OnDeck Products & Services

OnDeck can support your business with a business loan offered on these terms:

Maximum Loan Amount:$250,000
Minimum Loan Amount:$10,000
Loan Term6-24 Months
Origination Fee3%

Established businesses are likely to prefer the 24 month loan term on offer, compared to Capify’s 12 month term – providing more flexibility to extend the period you wish to borrow. You’ll likely pay more interest overall with a 24 month loan vs a 12 month loan but weekly repayments will be smaller.

OnDeck does not provide lines of credit, invoice finance or equipment finance – just straightforward and easy to understand small business loans. That’s not to say you can’t use a short term business loan from OnDeck to purchase equipment of course. An OnDeck small business loan can be used for virtually any business purpose.

Businesses seeking a simple solution provided by a trusted lender will be attracted to an OnDeck online business loan.

An Ondeck unsecured loan is truly unsecured – they don’t require asset security under any circumstances, period. There are no clauses where if a loan repayment is missed then it can trigger asset security or anything like that.

OnDeck Client Reviews

 In Numbers:

– TrustPilot Australia: 946 Reviews, 88% Excellent, 9% Great, 1% Average, <1% Poor, 2% Bad – 4.7 / 5  Total Score (Excellent)

– 4.7 / 5 OnDeck America (3,739 reviews)

– 4.8 / 5 OnDeck Canada (76 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”.

There are two bad reviews which jump out at us from our research. In the first, the user questions OnDeck’s lending practices as their business has great cash flow and large deposits with the bank but due to personal credit card debt is unable to attain a loan. The focus on personal credit of small business owners is not uncommon with online business lending but it’s certainly worth considering before you apply for an OnDeck loan if you find yourself in a similar situation. The other bad review which jumps out at us is of an existing client who asked for a payment holiday over christmas. OnDeck was running a payment holiday promotion for all NEW clients and unfortunately didn’t offer this to existing clients. It can be a little disheartening when firms don’t prioritise existing clients as much as new but it has to be said this review is not consistent with the 97% positive reviews who praise the ongoing support that OnDeck provides throughout their repayment period. OnDeck does also reward repeat customers with a drastically lower origination fee as well (more on this later). This bad review could have just been down to one individual agent on the OnDeck customer service team.

In the vast majority of cases OnDeck reviews seem to have one common theme – clients are very happy with the service received. And with over 900 reviews, OnDeck enjoys the second highest number of reviews of any online lender in Australia. Trailing only market-leader Prospa who has over 7,000.

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 consistently happening 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 are 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 bad reviews seem to be isolated cases where a member of the OnDeck team didn’t handle a particular situation correctly –  perhaps not wholly surprising given the sheer volume of small business loans that OnDeck processes. On the whole, OnDeck’s global credibility and top-class customer service shines through in the overwhelming majority of OnDeck reviews we could find online. In virtually all cases clients believe the loan coast is well worth the value and appreciate there are no ongoing hidden management fees.


Client Reviews Score: ⭐⭐⭐⭐⭐ 


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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 shares various customer success stories to give potential borrowers a better understanding of OnDeck as an online lending partner. 

The loan calculator is simply presented and assists business owners in gaining an estimation of the weekly repayments on a small business loan from OnDeck – just bung in your desired loan amount and desired loan term.

OnDeck has its very own business credit tool that’s completely free to use and has no impact on your credit score. Known as the KOALA score, OnDeck’s innovative technology draws on big data, sophisticated credit algorithms and data from illion and Equifax credit reporting agencies.

Typically in Australia, your credit score can be negatively impacted each time you check it through a bank. With OnDeck’s ‘KOALA Score’, you can check your business credit score without leaving a footprint. This way, you can establish the health of your business without the risk of damaging your business credit score. If you don’t know your business credit score, it’s well worth using OnDeck’s free credit score service, even if you plan on actually applying with another online business lender.

Website Score: ⭐⭐⭐⭐⭐ 


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OnDeck Loan Compatibility

  • Startup: No, OnDeck only works with businesses who have been operating for 12 months.
  • Bad credit: OnDeck does accept Australian businesses with ‘poor credit’ – your business credit score just has to be 400 or more. See our client review section of this OnDeck Review for information about applying for an OnDeck business loan with poor personal credit.
  • Sole trader: Yes, OnDeck works with sole traders.
  • 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, forestry or fishing, electricity/gas or water services, and a few other specific industries.


Flexibility Score: ⭐⭐⭐⭐ 

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OnDeck Pricing & Rates

In terms of origination/establishment fees, OnDeck charges exactly the same as all of the leading online business lenders in Australia. A business loan with Prospa will set you back an origination fee of 3%, likewise a business loan with Capify will be charged a 3% origination fee, so you guessed it OnDeck charges a 3% origination fee too.

Something definitely unique to OnDeck is its loyalty to existing business loan customers. Repeat customers are charged a 1.5% origination fee on any additional loans they take out with OnDeck. Drastically lower than the industry average for business loans in Australia, particularly for such an established brand as OnDeck.

OnDeck makes no real mention of the interest rates they offer but does say this in its disclaimer, “Eligibility and approval are subject to a standard credit assessment and your business circumstances which may include information such as industry, time in business, estimated revenue and other data.” So we can strongly assume, just as with all business lenders, these sorts of factors will ultimately influence the rate you’re able to achieve with OnDeck.

We have been able to identify a recent OnDeck review which specifically mentions OnDeck’s rates: “Great rates, easy process, quick settlement, perfect for small cash injections when you need equipment or shop improvements etc.” Based on the 97% positive reviews it would appear clients are happy with the rates they are achieving through OnDeck.

Pricing Score: ⭐⭐⭐⭐ 

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 12 years now, has previously traded on the New York Stock Exchange and was recently acquired by Enova International, a major finance and analytics company. 

Demonstrating strong belief in OnDeck Australia’s future, its management team recently completed a management buyout of the Australian division and firmly believes its responsible lending policy will drive many years of sustainable growth.

The 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.

Our OnDeck review reveals that whilst this lender may lack a variety of lending solutions, its focus on providing straightforward small business loans offers a streamlined and comfortable process with clear and efficient terms and conditions. With a business credit score of just 400 required to apply, they are also one of the fairest in accepting bad credit businesses. There are no early repayment penalties or other cheap tricks that some 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.

The maximum loan amount is smaller than other lenders but with good reason – Ondeck focuses 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 a service that 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.


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