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Where does OnDeck do business?
OnDeck is a direct lender based in New York, NY. It was founded in 2007 and offers access to business loans in 50 states (and Washington, DC).
What are OnDeck’s rates?
OnDeck offers business loans with fixed APRs starting from 9.99% and up to 99%.
Does OnDeck charge an origination fee?
Yes, OnDeck charges a loan origination fee of 2.5% to 4% of the loan amount. OnDeck deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does OnDeck set on the purpose of the loan?
Some lenders only provide business loans for certain purposes. OnDeck offers considers loan applications for the following reasons:
- Equipment Purchase
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does OnDeck offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. OnDeck provides access to the following business loan types:
- Unsecured term loans
- Lines of Credit
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 loan off early.
How much can you borrow from OnDeck?
Loan amounts start at $5,000 and go up to $500,000.
What is the maximum loan term you can get with OnDeck?
OnDeck offers business loans with a maximum term of 36 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 a loan with OnDeck?
Applicants with a credit score of at least 500 can apply for a loan via OnDeck.
OnDeck requires businesses to be in business for at least 12 months in business.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of citizenship or residence permit
- Proof of income
What is the estimated funding time for a business loan via OnDeck?
OnDeck can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.
Does OnDeck report loan payments to credit bureaus?
OnDeck may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
- Active Duty Military
- Military Dependent
- U.S. Citizen
- U.S. Permanent Resident
- Employed Full-Time
- Employed Part-Time
- Proof of Identity
- Proof of Income
- Proof of citizenship/residence (Green Card)