Last Updated: 06/21/2025
SuperMoney User Recommendation Score +29
Mostly recommended17 total votes
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Highlights
Community Rating
Mostly recommended
Amount Range
$5,000 - $500,000
APR (Fixed APR)
10.99% - 99%(Verified 06/21/2024)
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Loan Term (Months)
3 - 12
Number of Reviews
OnDeck Business Loan Review
OnDeck is a business financing offering by OnDeck, based in New York, NY. Founded in 2007, OnDeck offers access to small business loans in 47 states (and Washington, DC).
OnDeck FAQ
What are OnDeck rates?
OnDeck offers a fixed APR business financing product that ranges from 10.99% APR up to 99% APR.
Does OnDeck charge an origination fee?
Yes, OnDeck charges a loan origination fee of 2.5% to 4% of the business loan amount . OnDeck deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
Does OnDeck charge a late fee?
Yes, OnDeck charges borrowers with a late payment fee of up to $25 .Does OnDeck charge prepayment fees?
No, OnDeck does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.
How much can you borrow from OnDeck?
Business loan amounts start at $5,000 and go up to $500,000.
What is the maximum business loan term you can get with OnDeck?
OnDeck offers small business loans with terms ranging from 3 to 12 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for OnDeck Business Loan?
OnDeck Business Loan requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $100,000 to be considered.
Applicants with a credit score of at least 600 and up to 850 may be eligible for OnDeck Business Loan. U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by OnDeck Business Loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Business formation documents
- Driver's license or other government photo ID
- Government issued photo ID
- Proof of identity
- Proof of citizenship or residence permit
What is the estimated funding time for a business loan via OnDeck?
OnDeck can fund small business loans within 2 business days.
Does OnDeck Business Loan report your account activity to credit bureaus?
Yes, OnDeck Business Loan reports to the following credit bureaus:
- 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 build your credit.
Does OnDeck perform a hard credit pull?
As is the case with most providers, a hard credit pull will likely occur if you accept an offer after checking your rates. OnDeck allows you to check your rates with a soft credit pull.
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Message from OnDeck
Message from our editor
What do we love about the OnDeck Busines Loans?
At its core, the OnDech platform caters to small businesses for customized business financing. It is an effective way to streamline operations and get access to capital. The best thing about the OnDeck Business Loans is that you don’t need to worry about collateral. Another highlight of the online marketplace platform is that it offers approvals and denials in minutes. Once you get the approval, you can expect the money to be in your business bank account in a day. The convenience to apply for a loan via phone or online is also better than other online lenders.
What could the OnDeck do better?
The major pitfall of OnDeck that needs improvement is its high-interest rates. But if your company can offer viable collateral and have a consistently high credit score, you can find better lending options. Comparatively, However, it would be helpful if the online lending platform could increase the terms of the loans.
The backstory of OnDeck Busines Loans
OnDeck is a publicly-traded company as ONDK on the New York Stock Exchange. Since 2007, OnDeck has managed to serve hundreds of industries with billions in loans. The company extends its services throughout Canada, Australia, and United States.
In the online lending industry, OnDeck is one of the main players. It is easy to get lost in the alternative lending marketplace for people. OnDeck, however, has managed to simplify several complex processes to acquire business loans.
The Verdict
OnDeck loans are easy to apply for and require less paperwork than most lenders. Borrowers can obtain the cash within the same business day. However, it requires a business lien and a personal guarantee.