Kate Bregovic has been working in the financial planning and investment services industry for over 10 years. Now being a freelance writer, she is well equipped to provide advice on a wide array of areas.

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jan 20, 2021

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Not so long ago, online quick business loans were available only to a select few. Even online payday loans used to be something foreign. This was because lenders only operated within a few countries. The United States was the foremost of them. 

Times have changed, however, and small businesses today can access this type of financing almost anywhere in the world.

The ability to receive rapid online business loans is similar to buying cheap car insurance online instantly or finding a place to live sight-unseen.

Online financial services have made huge improvements in recent years. This change has had a big impact on the world of business and it will continue to do so. If you need to apply for a loan, make sure you find the best lender.

Top Business Online Lenders Worldwide: Case Study of OnDeck

The U.S. is where quick online lending took off. Unsurprisingly, it spread to other developed countries first. Today, these services are available not only in Canada and in Australia, but also in places like India and in South Africa.

Of course, we need to remember that business loan fraud is a big issue. As this type of lending is not as well regulated as the banking industry itself, both borrowers and lenders are at some risk. Therefore, when choosing a lender for your company, be sure to research it thoroughly first.

OnDeck, as one of the world’s most successful global quick loan providers, makes for a great example. Lenders like OnDeck should be used as your guide to help you to understand what you should be looking for in a trustworthy online business lender.

Impressive Revenue Reports

Any trustworthy lender needs to be as transparent as possible. As such, finding the company’s reports on its revenue and overall business growth should be easy.

For OnDeck, the last quarter was extremely good. The company reports record loan growth to $658.5 million and interest income growth to $105.4 million.

You should be able to find all such information using a simple online search. Finding expert forecasts for the lender’s future should be just as easy.

Transparency is key in any poorly-regulated industry. As online lenders often rely completely on the volume of loans they provide, “rich” companies are usually the most reliable.

When studying forecasts for such businesses, you should take the time to read up on the global economic situation as well.

In today’s world, every country is closely interconnected, and therefore, major events can affect even the smallest players. 

Trust the forecasts that are realistic, not those contained in often misleading advertisements.

For OnDeck and other similar online lenders, these forecasts aren’t as impressive as the company’s growth reports. This is because the overall volume of lending is subsiding, which is part of the reason why top providers are branching out. 

Going global enables online business lenders to enter new markets and offset the downturn in revenue caused by a slowdown in the number of new loans being awarded.

Stock Exchange Listing

OnDeck was listed on the New York Stock Exchange in 2014, seven years after its launch. This was a major step for the company, taking it to a new level. Today, this is a staple of all top global lenders.

Overall, any business owner who wants to be sure of the reliability of their lender should study its listing.

Smaller companies unable to boast similar status might be trustworthy as well. But if you’re given the choice, you should go for the best possible offer. 

The best finance providers will be up there with top businesses impacting the global economy.

Global Reach

Today, OnDeck loans are available in the United States, Canada, and Australia. They have offices in each of these countries. There are also other services and online peer-to-peer lending platforms which operate in several countries. 

For example, business owners can obtain financing from Funding Circle in the US, the UK, the Netherlands, and Germany.

There are also services, like Kiva, which are run by nonprofits. They finance entrepreneurs in some of the remotest locations. Kiva, for example, may originate from the US, but it now has offices in Bangkok and Nairobi. Overall, it brings lending opportunities to 77 countries.

Online quick business lenders with global reach are more reliable by default. Since they’ve reached such a point, the lender or lending platform has proven competitiveness.

It must also be approved and audited by the relevant financial authorities in the various countries in which it operates.

The rapid proliferation of these international lending platforms and companies demonstrates how quickly the world is changing, bringing business owners more opportunities. By giving them the means to realize these opportunities online lenders are changing the world.

Versatility and Innovation

OnDeck managed to get where it is today by relying on some unique technology. It currently remains one of the top online lenders in the world because it still uses innovative and unique tech.

The same goes for all successful online lending providers and platforms.

Today, these services, like all others, must work hard to remain competitive. They do so by using different types of advanced technological solutions. 

A good lender has to be more than innovative. They must also be versatile. Companies like OnDeck achieve this not only by expanding to other countries, but also by increasing the number and type of services they offer. 

From small, short-term loans, OnDeck went on to provide a range of all-purpose finance options, including long-term lending.

Of course, eligibility is quite easy to achieve because the essence of quick online lending is attainability. Therefore, even big loans from these lenders usually come with lenient requirements.

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The Future of Quick Online Lending for Businesses

Global lenders are growing in number, which is a good sign for world commerce as a whole. When limited to a single country, these businesses are unable to grow as much as they need to as the number of business opportunities in a single location is limited.

Many lenders like OnDeck grew quickly because they offered a service that had previously been absent. However, this has bottomed out as many business owners have already gotten the loans they need to repay their debt, and new lenders have appeared offering the same service.

All things considered, expanding to new countries offers hope both for lenders and for business owners who use them.

This gives many people, especially in developing countries, an opportunity to fund their businesses, providing a boost to the global economy as a whole.

If you need to apply for a loan, check out your options before going with a certain lender.