Understanding the New Landscape of Business Lending
OnDeck has partnered with MYOB to help MYOB customers access financing solutions for their businesses. OnDeck is a direct lender of business loans to the small business market. OnDeck is not a “peer to peer” lender or crowd funder and does not lend to consumers.
OnDeck Capital Australia Pty Ltd (“OnDeck Australia”) is a subsidiary
of US-based On Deck Capital, Inc. MYOB holds a 30% stake in OnDeck
Australia and earns a commission on loans referred to OnDeck
Checking a business credit score is easy. The business simply needs
to visit OnDeck's free 'Know Your Score' tool. Press the "Get
your score now" button and provide the necessary company details
to receive the score right there and then. Businesses must apply for
themselves - this cannot be done by an adviser. Visit
myobloans.com/kys for more information.
A business credit score is a key indicator used by banks and lenders
when assessing credit or loan applications – so knowing what it is
will give your customers an indication of the health of their
business, and help them make informed financial decisions.
OnDeck provides business loans from $10,000 - $150,000 over 6-24 months.
Loans designed for inventory, marketing, equipment, cash flow, or any
other opportunity for your customer's business to generate a positive
Rates: You may find lower rates at a bank – if they approve you. But you will find OnDeck’s rates competitive, OnDeck’s funding fast and OnDeck’s service world class
Fees: There is no application fee. OnDeck charges a standard 2.5% origination fee for its lending.
OnDeck has provided MYOB with the criteria on which to base the
pre-qualification. MYOB has not shared any of your customer's personal
or business information with OnDeck.
All that’s required is a simple online application and 3 months of
bank statements. Customers can apply over the phone as well.
Approval will be based on the health of the applicant's business
cash-flow, as well as their business credit score.
Loans are repaid automatically through a fixed weekly or daily debit
to the applicant's business account.
Once approved, they could receive funding as fast as the next
MYOB has not shared any of your customer's personal or business
information with OnDeck. OnDeck has provided MYOB with its lending
criteria to enable MYOB to internally determine loan
*Loans are issued by On Deck Capital Australia Pty Ltd
ABN 28 603 753 215 (OnDeck Australia). MYOB holds a 30% stake in
OnDeck Australia and has a referral agreement under which it earns a
commission on loans referred to OnDeck Australia. For the latest
of receiving promotional materials from MYOB, please visit