Declined by OnDeck

Declined by OnDeck because of your credit file?

If OnDeck declined your application, the director's credit file is often part of the reason, because unsecured working-capital loans lean heavily on personal credit. HomeSec has no credit score minimum. Loans of $20,000 to $5,000,000 are secured on real estate, so defaults and judgments are considered alongside the equity, purpose and exit rather than deciding the file.

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If OnDeck declined your application, or it went quiet after the credit check, the business itself may have had little to do with it. With unsecured working capital, the director's own credit history carries a great deal of weight. HomeSec offers Australia's fastest and most flexible business loans, with up to 6 months no payments, and no credit score threshold.

About OnDeck, briefly

OnDeck is an online lender that started in the United States and has lent to small businesses in Australia since 2015. It offers unsecured working-capital loans. For an established business with a clean credit history that needs a moderate amount quickly, unsecured working capital can be a convenient fit.

How a credit file can stop an unsecured application

With no property behind the loan, the director's personal file stands in for security. These are the entries that most often end the conversation:

A default, paid or unpaid. A default stays on a credit file for years whether or not it has been paid, and a system cannot tell a disputed phone bill from a real problem. Defaults on your credit file.
A court judgment. Including one entered against the company that the director did not see coming. A default judgment against the company.
Past bankruptcy or insolvency. Even long after discharge, it can rule out unsecured lending. Borrowing after a bankruptcy.
A run of recent enquiries. Shopping around leaves a trail, and several enquiries close together can read as distress.
An ATO debt on the record. Tax debts reported to the credit bureaus are now common, and many unsecured lenders treat them as a stop.

What a credit file means when the loan is secured on property

Credit history is considered here, and it is never disqualifying on its own. We read the file to understand it, not to score it. What decides a HomeSec loan is the property, the equity in it, the business purpose and how the loan will be repaid. A default from a dispute years ago, a judgment that has since been settled or an ATO debt that the loan is going to pay off are all ordinary on the files we write.

The loan amount comes from the equity, not the credit score: up to 80% of a residential property's value or 70% of a commercial one, less what is owing. More on bad credit business loans.

A person decides every loan

Every application is read by a Lending Manager and every credit decision is signed off by a person. We do not use artificial intelligence to assess, approve, decline or price a loan.

Industries where this comes up

Manufacturers, wholesalers and automotive businesses often carry larger working-capital needs, and a single old entry on a director's file can block the whole amount. See manufacturing, wholesale and automotive.

What to do in the next 24 hours

Get your credit reports. They are free from the credit reporting bodies. Check for anything wrong, out of date or not yours.
Do not apply anywhere else yet. Another enquiry adds to the trail that may have caused the decline.
Write a one-line explanation for each entry. What it was, whether it is paid and why it happened. A person will read it here.
Gather the property details: address, rough value and what is owing.
Call a Lending Manager and talk it through. You will usually know on the call whether it works.

Questions after an OnDeck decline

OnDeck declined me on credit. Does HomeSec check credit?

Yes, we look at it, but there is no credit score minimum and a poor file does not rule you out on its own. The property, the equity, the purpose and the exit decide the loan.

I have a default I am disputing. Should I wait?

Not necessarily. If the dispute is genuine, pursue it, but it does not have to hold up a secured loan. Tell us about it on the call.

Can the loan pay off the ATO debt that is on my file?

Yes. We can pay an ATO debt directly to the Tax Office at settlement. Tax debt loans.

Should I keep applying until someone says yes?

Please do not. Every application can leave an enquiry on your file. Talk to a lender that can tell you on the first call whether the file works before anyone searches your credit again.

Is unsecured working capital ever the better option?

For a business with a clean file and no property, often yes. Where the credit file is the obstacle and there is property, a secured loan is usually the better path.

Declined, delayed or messed around

The general guide, and the same question for other lenders.

Declined by a cash flow lender Messed around by a cash flow lender?Declined by Prospa Declined by Bizcap Declined by Lumi Declined by Moula Declined by Capify Declined by Shift Declined by Banjo Loans Declined by GetCapital Declined by Lendmigo Declined by BizFund Australia Declined by Octet Declined by Axle Capital

Credit file in the way?

Tell us what is on the file, what the property is and what you need. 1300 93 83 87, Mon–Fri, 8:30am – 5:30pm Melbourne time, or apply online.

Sixty seconds, no documents

See if you qualify in sixty seconds

Three short questions, no credit check to apply and no financial statements. A Lending Manager reads it and calls you back with a real answer — not a call centre, not an algorithm.

That's the HomeSec Advantage.

See if you qualify Call 1300 93 83 87 Mon–Fri, 8:30am – 5:30pm Melbourne time