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OnDeck said the renewed offering forms a part of its strategy to drive greater automation in small business lending.
The updated offering allows eligible customers to receive an instant decision on renewals of up to $60,000, streamlining access to repeat funding and reducing turnaround times for returning borrowers.
Under the updated suite:
- Lightning Loans offers unsecured lending up to $200,000 with decisions in minutes and minimal documentation.
- Lightning Loans Plus provides unsecured funding up to $300,000 with decisions in hours and low-documentation requirements.
- Instant Renewals enables eligible existing customers to access up to $60,000 with immediate outcomes.
The changes follow a recent increase to OnDeck’s core Lightning Loans product, which saw limits lifted from $175,000 to $200,000.
CEO Cameron Poolman said the enhancements form part of a broader strategy to simplify and accelerate the borrowing process for small businesses.
“Our focus is on using automation and data to remove friction from the borrowing process and deliver a more consumer-like experience for small businesses,” Poolman said.
“Over the past two years, we’ve reduced approval times for loans under $200,000 from around six hours to just 12 minutes.”
According to OnDeck, demand for fast, unsecured business lending continues to rise. February 2026 marked the lender’s largest month on record, with loan applications increasing 120 per cent year on year. Growth was particularly strong in Western Australia and Queensland, up 200 per cent and 150 per cent, respectively.
Businesses are primarily seeking funding for expansion (30 per cent), followed by inventory and stock purchases (18.3 per cent) and equipment investment (12.7 per cent).
Poolman said the higher loan limits would allow more businesses to act on growth opportunities without delay.
“Small businesses operate in real time, and waiting days or weeks for funding is often not an option,” he said.
The lender said the product updates are also designed to support brokers, who play a key role in SME funding.
“We recognise that brokers play a critical role in small business funding,” Poolman said.
“OnDeck is proud to partner with brokers to help Australia’s small businesses access finance more efficiently.”
[Related: OnDeck expands fast finance offering]