In recent years, OnDeck has emerged as one of the most prominent online small business lenders. Having formed in 2006, the company has provided over $13 billion of business loans to over 100,000 companies worldwide.
OnDeck specializes in providing small businesses with quick access to loan funding. OnDeck requires personal guarantees for loans instead of collateral, which is the industry’s standard practice. OnDeck also works with credit bureaus to report payments, helping to build up the credit profile of businesses it works with.
You can get two types of business loans from OnDeck, both specifically tailored to small businesses. Term loans and lines of credit are available, and anyone interested can get estimated rates and terms within ten minutes of starting an enquiry.
OnDeck Business Loans Terms & Requirements
OnDeck business loans can be used for most purposes, but there are some restrictions on who OnDeck will lend to. OnDeck does not enter into loans with businesses based in Nevada, North Dakota, or South Dakota. Additionally, OnDeck will not provide loans to companies that operate in some industries, including adult entertainment, gaming, firearms, or financial services.
Other than these restrictions, if your business has been operational for over a year and your annual revenue exceeds $100,000, you could be eligible for a loan.
OnDeck has several requirements for businesses looking for a loan. Compared to other lenders, OnDeck’s conditions are less challenging to achieve than most.
|Credit score & credit history
|Minimum age of business
||1 year old
|Minimum annual revenue
|Minimum age of borrower
||Business checking account needed
To obtain a business loan from OnDeck, you will need to provide the following information:
- Business name and address
- Business incorporation date
- Legal entity status
- Business Tax ID
- Annual revenue
- Average bank balance
- Personal details
- Percentage of the business owned
- Loan required
- How soon you will need the loan
- What you will use the loan for
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