OnDeck Business Lines of Credit Review

OnDeck Business Lines of Credit is offered by OnDeck, founded in 2007 and based in New York, NY. OnDeck Business Lines of Credit is available in 47 states (and Washington, DC).

What APRs does OnDeck Business Lines of Credit offer?

OnDeck Business Lines of Credit offers a fixed APR product that ranges from 13.99% APR up to 99% APR.

Does OnDeck Business Lines of Credit charge an origination fee?

Yes, OnDeck Business Lines of Credit charges an origination fee of 2.5% to 4% of the line of credit amount. OnDeck Business Lines of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does OnDeck Business Lines of Credit set on the purpose of the line of credit?

OnDeck Business Lines of Credit considers line of credit applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

Does OnDeck Business Lines of Credit charge a late fee?

Yes, OnDeck Business Lines of Credit charges borrowers with a late payment fee of up to $25.

Does OnDeck Business Lines of Credit charge prepayment fees?

No, OnDeck Business Lines of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

How much can you borrow from OnDeck Business Lines of Credit?

Line of credit amounts start at $6,000 and go up to $100,000.

What is the maximum term you can get with OnDeck Business Lines of Credit?

OnDeck Business Lines of Credit offers business lines of credit with terms ranging from 3 to 12 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for OnDeck Business Lines of Credit?

Applicants with a credit score of at least 600 and up to 850 may be eligible for OnDeck Business Lines of Credit.

OnDeck Business Lines of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via OnDeck Business Lines of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by OnDeck Business Lines of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Recent bank statements
• Business formation documents
• Proof of identity
• Proof of citizenship or residence permit

What is the estimated funding time for the OnDeck Business Lines of Credit?

OnDeck Business Lines of Credit can approve (or deny) a line of credit application within 24 hours and fund business lines of credit within 1 business day of approval.

What are the business financing requirements for OnDeck Business Lines of Credit?

To apply for OnDeck Business Lines of Credit, the applicant needs to provide the following documentation:

• Business license
• Business bank account

Does OnDeck Business Lines of Credit report your account activity to credit bureaus?

Yes, OnDeck Business Lines of Credit reports your account activity to the following credit reporting agencies:

• Equifax
• Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.