About OnDeck
OnDeck is a financial technology company that specializes in online lending for small businesses. Founded in 2006, OnDeck provides business loans and lines of credit to small and medium-sized enterprises (SMEs) through its online platform. The company utilizes technology and data analytics to assess the creditworthiness of businesses quickly, allowing for faster and more efficient loan approvals.
OnDeck offers a variety of financing options, including term loans and lines of credit, to help businesses with working capital, expansion, and other financial needs. The online application process and automated decisioning make it convenient for small business owners to access funding without the lengthy processes often associated with traditional banks.
Loan Programs
OnDeck’s primary loan product is a business term loan but it also offers a business line of credit.
A term loan usually carries a fixed interest rate for as long as it is amortized. OnDeck offers term loans up to 24 months, and loan proceeds can be used for working capital, expansion, marketing, inventory, equipment and any common business capital need.
Visit OnDeckTerm Loan Highlights / Guidelines
- Receive funds in as little as 24 hours
- Term loans from $5,000 to $250,000
- No collateral required
- Terms up to 24 months
- Business checking account required
- Minimum of 1 year in business
- $100,000 minimum gross annual sales
- 625 preferred minimum credit score
- Daily or weekly loan repayment
- Over 700 eligible industries are eligible for financing through OnDeck
Line of Credit Highlights / Guidelines
- Draw from your credit line 24/7 and receive funds almost instantly
- Lines of credit from $6,000 to $100,000
- No collateral required
- Terms of 12, 18, or 24 months
- Business checking account required
- Minimum of 1 year in business
- $100,000 minimum gross annual sales
- 625 preferred minimum credit score
- Monthly or weekly loan repayment
- Over 700 eligible industries are eligible for financing through OnDeck
The Loan Process
OnDeck offers a quick and easy online application that takes only a few minutes, asks the basics about your funding request, yourself and your business, and may prompt you to upload your most recent business bank statements.
Once your application is complete, OnDeck uses a proprietary scoring technology to determine if you are approved and what your loan terms will be. In some cases your application will also be reviewed manually and additional documentation may be requested. OnDeck can complete the underwriting of your loan application in a few hours and funds can be available as soon as the next business day.
Pros
- OnDeck is an experienced company with over $15 billion funded.
- OnDeck is publicly traded with an A+ BBB rating and a 4.6 out of 5-star Trustpilot rating.
- Fast and easy funding up to $250,000 is available, the loan application is simple and funds can be delivered in as little as one business day.
- OnDeck’s pricing is low compared to its competition, enabling you to access large amounts of inexpensive working capital not available on your business credit card or from a merchant cash advance.
- OnDeck funds over 700 industries so most likely yours is eligible.
- In addition to financing, OnDeck offers small business owners many free educational resources that can assist in building business credit and growing your business.
Cons
- Although OnDeck’s rates are lower than its competitors, they are higher than what you would expect to receive with an SBA or bank loan if you were able to qualify.
- OnDeck does offer interest discounts in some cases if you pay early, but its loans do carry an interest guarantee.
- OnDeck’s credit minimum has increased over the years and it now prefers a minimum credit score of 625.
Why OnDeck is the Best
OnDeck’s experience, excellent client service and funding volume (over $15 billion) has cemented it as one of the leaders in the online term loan space. OnDeck uses state of the art technology to evaluate your business for financing, making the company’s application process fast and easy. OnDeck’s term loans are affordable for most businesses and the company often rewards repeat customers with reduced fees and rates, while providing free educational resources to help grow your business.