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Small business lender OnDeck Australia (OnDeck) has rolled out a new broker experience that can reportedly help brokers move from an indicative quote to loan approval in under five minutes.
Included in the new broker experience is a new Lightning Check tool – currently being rolled out to brokers accredited with OnDeck – which can deliver unsecured lending quotes (including maximum loan amount, term and pricing) in under 60 seconds, with no credit check required.
Once a quote is received, brokers can then proceed to an online Lightning Loan application, should they so wish.
Brokers are then able to track the progress of their client’s loan application via live updates.
The launch comes after the SME lender completed a six-week trial with brokers, during which more than 3,900 Lightning Checks were completed and converted into $124 million in approved loans.
OnDeck has said that the median time from application submission to approval was around 4.2 minutes for new customers seeking up to $200,000 (as at September 2026).
According to the lender, the new broker experience has already resulted in stronger lending activity, with participating pilot brokers increasing their loan originations by 29 per cent.
The average requested loan amount was also higher under the new broker experience, rising 16 per cent, OnDeck said.
Pilot brokers reported that the new broker offering, including the Lightning Check tool, enabled them to set client expectations up front, provide immediate feedback to clients and move faster when applying for a loan.
Speaking of the new tools, OnDeck Australia CEO Cameron Poolman said the new experience gives brokers greater visibility and control over the lending process while reducing administrative back-and-forth.
Reflecting on the move to near-instant quoting, automated lending decisions and live deal updates, Poolman said: “We know what matters to our broker partners: clarity on pricing, confidence in their clients’ funding options and an experience that doesn’t slow them down.
“We believe brokers should be able to deliver the same speed and convenience their clients have come to expect from other digital services. That means getting answers when they need them.
“We’re not just making lending faster. We’re building an experience that gives brokers more confidence, more control and more opportunities to grow their business,” he said.
Touching on the broker pilot, the CEO added: “The early results are encouraging. We’re seeing brokers participating in the pilot write more business with OnDeck and explore larger funding opportunities for their clients.
“It’s a promising indication of what a faster, simpler lending experience can deliver.”
The new broker experience forms part of OnDeck’s continued investment in the broker channel and its lending offering.
Earlier this year, the unsecured lender increased the maximum limit on its Lightning Loan product to $200,000 and its Lightning Loans Plus product to $300,000 and introduced instant loan renewals.
[Related: Almost half of small businesses to lift prices after surcharge ban]
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