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OnDeck Reviews


bestfor-icon Quick Funding for Businesses with Poor Credit Score

Written by Lauren Le-Hair

About OnDeck | Read More


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Opening Hours Opening Hours drop-down-btn
Mon - Fri 9:30 AM - 7:30 PM ET
Sat - Sun Closed
Contact Information Contact Information drop-down-btn
  • customerservice@ondeck.com
  • (888) 727-5449
  • Headquarters: 1400 Broadway, New York, New York
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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 Highlight


Min Credit Score

Min 29.9%

APR. Fixed Rate


Loan Amount

3 months to 24 months

Repayment terms


Soft Credit Pull


Lender Type

Maintenance fee

Other Fees


Origination Fee


Prepayment Fee

24 Hours

Funding Time


Annual Revenue

12+ Months

Time in Business

Pros & Cons

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

Business Loan Types

  • 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. 

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,

Written by Lauren Le-Hair linkedin-icon

As an experienced content writer, Lauren's passion for the finance sector is only exceeded by her love of writing. With years of experience writing for financial websites, she has honed her expertise and developed a deep understanding of the industry. Lauren specializes in delivering top-quality, specialized content with an expert tone of voice and a unique flair, leveraging her extensive knowledge and expertise. In addition, she holds a First Class Bachelor's degree from Staffordshire University.



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.

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.

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.

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.

Brand 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.