OnDeck also developed their ordinary loan by 20%, from $52,000 to $62,000. Their most advanced tech is the KOALA score. It enables them to get approval more promptly.
KOALA is evaluation software that implements OnDeck with permission of loans in as short as two hours. Therefore, receiving a name of Lightning Loans.
KOALA, short for Key Online Australian Lending Algorithm, reviews bank statements from small businesses. Moreover, it has risk management tech to fast-track decisions.
SMEs with simple criteria can get approval in as little as 90 minutes, enabling brokers to concentrate their time on more complicated deals.
Yearly Results Excellent
The result for the 12 months to June 30 is excellent, spoke OnDeck National Channel Manager Nick Reilly. It has developed ongoing momentum from our broker channel partners during 2021. The amount of broker-originated loans almost doubled each month after January 2021.
OnDeck has invested in a team of expert agents who appreciate the product and can promptly analyze a scenario for our brokers.
In extension, 2021 saw the company launch their KOALA credit assessment algorithm, which is more predictive, allowing them to lend more significant amounts and always unsecured.
The company has also launched Lightning Loans, which present a fast-track process for loans up to $100,000, with funding settlements in 60 minutes or less. Funds made ready to approved applicants in as little as two hours.