OnDeck Review
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OnDeck Reviews

Lauren Le-Hair


Lauren Le-Hair

Quick Funding for Businesses with Poor Credit Score
Quick Funding for Businesses with Poor Credit Score
About OnDeck

Since 2006, the online-only OnDeck has specialized in providing small businesses financial help and business loans. The company offers two types of funding; short-term installment loans and lines of credit, with the selling point being that funding can be available on the same day. OnDeck’s differentiation from the market is its willingness to issue loans and lines of credit to businesses with poor credit scores. Yet, as a result, the APRs charged are relatively high.

While its headquarters are in New York City, OnDeck employs over 500 people in offices across the US.









OnDeck Business Loans Review

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 Highlights


$5,000 - $250,000


3 months to 24 months


24 hours


12 months








Maintenance fee on lines of credit of $20/month







Pros & Cons

  • More straightforward to obtain a loan than with conventional banks
  • Very quick funding available
  • Full fee transparency
  • Longer initial application process than competitors – 10 minutes
  • Origination fees applied of up to 4%
  • Lines of credit incur a $20 monthly charge
  • Expensive APRs

Business Loans Type

  • Business Line of Credit
  • Term loans

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.

How to Apply

Head to OnDeck’s website and hit either the ‘Get Started’ or ‘Apply Now’ button. In our experience, doing so took us to the form to fill out to kickstart the loan process. 

Screen 1

Step 1: fill the form to kickstart the loan process

Qualification Requirements

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 Over 600
Minimum age of business 1 year old
Minimum annual revenue $100,000
Minimum age of borrower 18
Citizenship US resident
Other requirements Business checking account needed

Required Information

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
  • SSN
  • Loan required
  • How soon you will need the loan
  • What you will use the loan for

State Availability

Available - Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming.

Not Available - Nevada.

Privacy & Security

The Better Business Bureau has issued OnDeck with an A+ rating. This rating is not achievable unless privacy and security are at the forefront of operations. Therefore, prospective borrowers can put their trust in OnDeck. The business loans company has also received TRUST’s Privacy Seal, indicating that privacy policies and practices align with current standards.

Customer Support

OnDeck’s website has a comprehensive FAQ section where you can find informative answers to the most common queries. Yet, for further help and support, you can reach the professional yet friendly OnDeck customer support staff via phone, email, live chat, or social media.

Phone Support
(888) 727-5449
Mon - Fri
9:30 AM - 7:30 PM ET
Sat - Sun

In Conclusion

OnDeck provides a quick financing facility for small businesses needing short-term funding. Alongside its top-rated security and quality services, OnDeck is an excellent choice for smaller companies looking for a simple yet swift application process instead of applying at a traditional bank. OnDeck is incredibly flexible with the businesses to that they provide loans. However, you should note that OnDeck business loans have relatively high APRs for these reasons.


How much can I borrow from OnDeck?
Short-term loans are available from $5,000 to $250,000, with lines of credit open up to $100,000.
How long does it take to receive funding?
Short-term loans of up to $100,000 can be in your account on the same day.
How long does my business need to run before I can be considered for an OnDeck business loan?
Your business needs to be operational for a year before being eligible for a business loan.

OnDeck Disclaimer

Same Day Funding is only available in certain states for term loans up to $100K. The eligibility window is Monday-Friday before 10:30am EST. If checkout completes before 10:30am EST, funds will be available by 5pm local time the same day. If checkout occurs after 10:30am EST or on a weekend or bank holiday, it will not qualify for Same Day Funding, and funds will be deposited within 2-3 business days. Eligibility rules around creditworthiness and length of term loan apply.
Eligibility for the lowest rates is limited, available only to businesses with the strongest creditworthiness and cash flows, and typically companies that have shown an excellent payment history on prior loan products with OnDeck. The average rate for term loans is 62.1% APR, and the average rate for lines of credit is 48.9% APR. Averages are based on loans originated in the half-year ending March 31, 2022.


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Lauren Le-Hair

As an experienced content writer, Lauren’s passion for the finance sector is only exceeded by her love of writing. Lauren specializes in the financial industry, drawing on her knowledge and experience to deliver top-quality, specialized content with an expert tone of voice and a unique flair. She also holds a First Class (Hons) Batchelor’s degree from Staffordshire University.