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OnDeck Business Loans

Jessica Cotzin Jessica Cotzin Last update:
Loan Amount
$5K-$500K
Min Credit Score
600
Funding time
1-3

OnDeck is an online lender providing financing for small businesses since 2006. It’s the largest online SMB lender, having provided over $12 billion to 100,000 small businesses around the globe. OnDeck is a great choice for small business looking for a simpler, faster application process than applying at a traditional bank. Additionally, while most banks will require collateral for a business loan, such as a vehicle or mortgage, OnDeck offers personal guarantee loans, which don’t require any specific personal or business collateral. Unlike many other online lenders, OnDeck reports their customers’ payments to business credit bureaus, which helps customers build their business credit.

OnDeck currently offers two main business loan types: term loans and lines of credit, both of which are designed for small businesses. Borrowers can apply online in as little as ten minutes to see what rates and terms they qualify for.

OnDeck Types Available

  • Term Loans
  • Lines of Credit

Term Loan—Good for: Specific business use cases

  • $5,000 – $500,000
  • 3 – 36 months
  • Requirements: 600+ credit score, been in business for 1 year or more, $100,000 in annual revenue

OnDeck’s term loan is perfect for businesses looking for fast and flexible funding up to $500,000. Funding takes as little as 24 hours and their requirements are much less strict than most banks. Borrowers only need to be in business for one year and with a minimum credit score of 600. Traditional banks will require two years in business or more, and often require collateral.

Line of Credit—Good for: Short term cash flow needs

  • Up to $100,000
  • Payback on draws are up to 12 months (the lines of credit are revolving, so as you pay it back your available funds increase)
  • Requirements: 600+ credit score, been in business for 1 year or more, $100,000 in annual revenue

For businesses that may not have the most reliable cash flow, an OnDeck lines of credit loan can help keep your finances sustained with up to $100,000 line of credit. Same as their terms loan, requirements are more lenient than banks with the perk of offering instant funding (for transactions between $1,000 – $10,000).

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OnDeck: Pros

  • Funding is quick
  • Transparent about costs and fees
  • Looser qualifications than many banks

OnDeck: Cons

  • Application takes a bit longer than competitors—10 minutes
  • Application requires three months of bank statements
  • 0-5% origination fees
  • Lines of credit have $20 monthly maintenance fees (but it’s waived for the first six months if you withdraw $5K or more in the first week of opening).
  • Need to submit an application go get information on interest rates
  • Application Process

To see what rates and terms you qualify for, you fill out their online form, which can take up to 10 minutes. You’ll be asked a series of questions including some basics about yourself and your business. You’ll also be required to create a password for your OnDeck account.

Information you’ll need to provide:

  • How much funding you’ll need
  • How soon you need the money
  • How you will use the loan
  • Business name and address
  • Business start date
  • Legal entity type (Non-profit, LLC, etc)
  • Business tax ID
  • Estimated gross annual revenue
  • Average bank balance (used to determine what you can afford to pay back)
  • Your name, address, and contact info
  • Percentage of the business you own
  • SSN

Once you submit this information, OnDeck will run a soft credit check, which won’t impact your credit score. Then you’ll be upload three months of business bank statements. Their underwriting team will review your application and call you to discuss your loan offers within one business day.

If approved, you can select your loan amount and related terms, followed by a quick online checkout. If you’re applying for a term loan, you may be eligible for same-day funding. OnDeck now offers Instant Funding at no extra cost for line of credit withdrawals between $1,000 – $10,000. Same-day funding is available for transactions up to $25,000 for select states.

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Privacy & Security

OnDeck has an A+ rating with the Better Business Bureau and holds privacy and security as one of their core principles. They’ve received TRUSTe’s Privacy Seal, which signifies that their Privacy Policy and practices are in compliance with current standards.

Customer Support

OnDeck offers customer support via email, phone, and live chat. They have a specific phone number and email for new loan inquiries and another for existing loan inquiries, making it easier to get help.

They also have a FAQ section on their Support page which contains information regarding their products, applying, funding, repayment, general customer questions, and line of credit customers. Here, you can find all of the necessary requirements and details about their two different loan products.

Final Thoughts

Overall, OnDeck provides solid financing for small businesses, and it’s especially good for borrowers looking for a quick and easy application and funding process supported by great customer service. To qualify, you only need one year of business, a minimum credit score of 600, and $100,000 in yearly revenue. While this beats many banks, you still might want to compare your offers with other lenders, especially online lenders which could offer a lower APR.

The application process with OnDeck is a bit longer than some of their competitors and can take up to ten minutes to complete, but it only runs a soft credit check which won’t harm your credit score. You’ll also need to submit three months of bank statements with your initial application.

All-in-all, OnDeck is a good solution for small business financing if you qualify for a good rate. They have mostly positive reviews online, and though there are some loan fees and a lengthier application process, their excellent customer service makes them worth considering when comparing other small business lenders.

Address

OnDeck

1400 Broadway 25th Floor

New York, NY 10018-5225

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website. These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Jessica Cotzin Jessica Cotzin
Jessica Cotzin is a writer and the Lendstart authority on small businesses and personal loans. She has been writing about personal finance and the loans industry for a number of years, and holds a bachelor’s degree in journalism from Florida Atlantic University.
This review is based on the writer's personal opinion.