OnDeck Review

OnDeck is a business financing offering by OnDeck, based in New York, NY. Founded in 2007, OnDeck offers access to business loans in 47 states (and Washington, DC).

What are OnDeck’s 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 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?

OnDeck considers loan applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• 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 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?

OnDeck requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $1,000,000 to be considered.

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

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. Their rates fall within the limits of The Military Lending Act.

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

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

• Proof of income
• Proof of identity
• Proof of citizenship or residence permit

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 your account activity to credit bureaus?

OnDeck 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 can help improve your credit.