OnDeck
OnDeck offers both short-term loans and lines of credit for a variety of business purposes.
Excellent 9.4/10
814 reviews 

Applying for either the line of credit or short-term loan with OnDeck will take no more than 10 minutes. You fill out OnDeck’s one-page, online loan application. If you choose to apply for the short-term loan product, you’ll submit your last 3 months of bank statements along with your one-page application. OnDeck pulls from Equifax, Experian, and Transunion.

NO AFFECT TO YOUR CREDIT SCORE

What DOES ondeck

OFFER?

OnDeck offers 2 kinds of Business Financing: Short Term Loans and Lines of Credit

minimum requirents to Qualify?

Short Term Loan

  • Annual Revenue: 100k

  • Credit Score: 500

  • Business Age: 12 months

  • Profitability: No

 

Line of Credit

  • Annual Revenue: 100k

  • Credit Score: 600

  • Business Age: 9 months

  • Profitability: No

HOW DO I APPLY?

Applying for either the line of credit or short-term loan with OnDeck will take no more than 10 minutes. You fill out OnDeck’s one-page, online loan application. If you choose to apply for the short-term loan product, you’ll submit your last 3 months of bank statements along with your one-page application.

Apply Here with OnDeck

OnDeck Financing at a Glance

Founded in 2007, OnDeck is truly a pioneer of the alternative lending industry. There’s a level of trust that comes with working with an experienced lender in a relatively new industry.

Borrowers that need fast access to cash for their business will benefit from the ease and speed of their one-page application. With such a simple application, you can get the funding you need very fast.

loan amount

Short Term Loan:

$5,000 to $250,000

Line of Credit:

$5,000 to $100,000

Loan Term

Short Term Loan:

3 to 24 months

Line of Credit:

6 months 

interest rates

Short Term Loan:

8.5% to 79% APR

Line of Credit:

13.99% to 36% APR

speed

OnDeck can give you an offer as soon as the same day you apply. And if you choose to take the offer from OnDeck, you’ll see the funds in your bank account as fast as the same day you apply.

OnDeck Does Not Offer Short Term Loans to the Business types below:

  • That are trusts or non-profits.

  • That are in the following industry: construction, brokerage, guns, law, and financial services.

  • That operate out of a home address.

  • In certain industries. To see if OnDeck can work with your industry, check out their Restricted Industry List.

OnDeck Does Not Offer Business Lines of Credit

to the Business types below:

  • That are trusts or non-profits.

  • That are in the following industry: construction, brokerage, guns, law, and financial services.

  • That need to purchase a business with the funds.

Other Important Eligibility Factors for OnDeck:

  • OnDeck requires you have a business bank account for both products.

  • OnDeck requires that you have at least 5 monthly deposits in your bank account.

  • OnDeck cannot work with businesses that have total liens and judgments against their business amounting to more than $20,000 and more than 5.5% of their annual revenue. Also, OnDeck will not work with borrowers who have a single lien against their business exceeding $100,000.

  • OnDeck requires a personal guarantee. They will ask for a guarantee by the owner who has signed the application.

  • OnDeck will check your business credit score but there is no minimum score required.

  • OnDeck requires 2 years to have passed since discharge if you’ve ever filed for personal bankruptcy.

You’ve Reviewed OnDeck.

Are You Ready to Apply?

Getting Started With OnDeck

Applying for either the line of credit or short-term loan with OnDeck will take no more than 10 minutes. You fill out OnDeck’s one-page, online loan application. If you choose to apply for the short-term loan product, you’ll submit your last 3 months of bank statements along with your one-page application.

OnDeck’s application and underwriting process is very simple. All you need to do on your end is fill out the one-page application in full. OnDeck will then consider your bank statements, cash flow, annual revenue, and credit score during the underwriting process. Unlike some lenders, OnDeck doesn’t need to speak with you during underwriting before they make their decision.

Most Customers who qualified had 

Annual Revenue
Over $100,000+
Time in Business
9 to 12 months+
Credit Score
500-600+

What your business will need to apply? 

  • 3 months business bank statements (for a short-term loan)

  • ​Voided business check

  • ​Copy of driver’s license

Find out if you Qualify for a Loan 

With OnDeck

What you should know about OnDeck

  • OnDeck charges an origination fee for their short-term loan. The first time you take out a short-term loan with OnDeck, you’ll have an origination fee of 2.5%. Your second short-term loan will have an origination fee of 1.25%. All loans after that come with no origination fee. OnDeck does not charge any other fees.

  • OnDeck will approve borrowers for loan amounts of roughly 10% of their revenue for both products.

  • OnDeck does not report to the personal credit bureaus, but they report to the business credit bureaus.

  • If you pay off your OnDeck short-term loan early, you’ll be forgiven for 25% of the outstanding interest owed.

  • OnDeck will soft pull your credit from Equifax, Experian, and Transunion. Learn more about credit pulls here.

  • OnDeck will file a UCC 1 lien on your business once you’ve been funded.

  • OnDeck will not take 2nd position to other lenders for their line of credit product.

  • OnDeck will allow borrowers to use the financing to refinance debt, but they’ll require the loan amount to be 200% of the existing debt.

Want to know if you Qualify

for OnDeck?

OnDeck Reviews: The Underwriting Process

Applying for either the line of credit or short-term loan with OnDeck will take no more than 10 minutes. You fill out OnDeck’s one-page, online loan application. If you choose to apply for the short-term loan product, you’ll submit your last 3 months of bank statements along with your one-page application.

OnDeck’s application and underwriting process is very simple. All you need to do on your end is fill out the one-page application in full. OnDeck will then consider your bank statements, cash flow, annual revenue, and credit score during the underwriting process. Unlike some lenders, OnDeck doesn’t need to speak with you during underwriting before they make their decision.

Because the process is so automated and simple, OnDeck can give you an offer as soon as the same day you apply. And if you choose to take the offer from OnDeck, you’ll see the funds in your bank account as fast as the same day you apply. The speed at which you’re approved and receive funding is heavily dependent on how quickly you can get OnDeck the information they need to underwrite and how responsive you are throughout the whole process.

Unlike most lenders, you won’t have to wait to reapply if you get a “no” from OnDeck.

OnDeck Reviews: Post-Funding

If you accepted your offer with OnDeck, you can get the funds deposited into your business bank account as soon as the same day you accept.

For both the line of credit or short-term loan product, you’ll be given access to an OnDeck online account where OnDeck automatically updates the status of your loan repayment. If you accepted an offer for a OnDeck line of credit, you’ll also be given access to a mobile app that will allow you to check the status of your credit line on other devices.

For the line of credit product, your first payment will be due the next business day after you draw from the credit line. After that, OnDeck will automatically deduct fixed weekly payments from your business bank account. And once you draw on your line, you should know that the money you borrowed needs to be repaid within 6 months.

For the short-term loan product, your first payment will be due the next business day after you receive funding. Depending on your loan agreement, you’ll either have daily or weekly payments automatically deducted from your business bank account on Wednesdays. You should also know that OnDeck’s loans truly amortize, so you’ll benefit from a prepayment discount. If you prepay your OnDeck short-term loan, you’ll be forgiven for 25% of the remaining interest due on your loan.

Both of OnDeck’s financing products are eligible for renewal once you’ve paid down 50% of your currently outstanding loan.

OnDeck Reviews: Why Work With Them?

 

Founded in 2007, OnDeck is truly a pioneer of the alternative lending industry. There’s a level of trust that comes with working with an experienced lender in a relatively new industry.

Borrowers that need fast access to cash for their business will benefit from the ease and speed of their one-page application. With such a simple application, you can get the funding you need very fast.

Since OnDeck has two types of financing products, you have a couple options. Having some choice is helpful for borrowers who are unsure of the right type of financing for them. Plus, if you qualify for the line of credit product with a low APR, you’ll have a pretty affordable financing product—as far as online business loans go.

And finally, not all lenders offer a prepayment discount. In fact, most will charge you for paying early with a prepayment penalty. If you know that you’ll pay off your loan early, OnDeck might be a good lender to work with—you’ll take advantage of that 25% outstanding interest discount when you prepay.

OnDeck Reviews: When Are They Not a Fit?

If you can qualify for more affordable options, like a bank loan or SBA loan, you should take that financing over what OnDeck offers. OnDeck has relatively affordable rates in the line of credit category, but their short-term loan can get expensive if you can only qualify for financing at a high APR. So, as always, shop your options to find the lowest rate. You might find that you can get more affordable financing with other online lenders.

Also, keep in mind that OnDeck will file a lien on your business—meaning they can come after your business assets if you can’t repay your loan. OnDeck also requires borrowers to sign a personal guarantee, allowing the lender to go after all your personal assets in the event you default on your loan. All in, if you can’t repay the loan, your business and personal financials could really suffer.

Finally, OnDeck’s short-term small business loan has either daily or weekly payments from your business bank account. If you have trouble managing your day-to-day cash flow, daily repayments could make your uneven cash flow even worse.

The information contained on this page was sourced from fundera.com. We are not in anyway affiliated with fundera.com.This page is for informational purposes only.

OnDeck offers both short-term loans and lines of credit for a variety of business purposes.

Quick Facts

✔ Loan Rate: 8.5% to 79%

Loan Amount: $5,000 to $250,0000

✔ Loan Term: 3 to 24 months

Credit Pull: Soft Pull From Eq,Ex, and Trans

Minimum Requirements

✔ Min Credit Score: 500

✔ Business Age: 12 months+

✔ Profitability: No

✔ Funding Speed: Fast as the same day

 

Documents Needed to Apply

✔ 3 months business bank statements (for a short-term loan)

✔ Voided business check

✔ Copy of driver’s license

Cannot Work With Businesses That Are:

X That are trusts or non-profits

X That operate out of a home address.

X In certain industries. 

X That need to purchase a business with the funds.

X In the following industry: construction, brokerage, guns, law, and financial services.

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