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OnDeck

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in Business Loans

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8 users recommend
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3 users don't recommend
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Overview

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% 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?

OnDeck considers loan applications for business purposes, such as:

  • Equipment Purchase
  • Inventory
  • 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 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 companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $100,000.

Only U.S. citizens and permanent residents can apply for a loan OnDeck only considers borrowers who are employed or self-employed. To qualify, applicants may need to provide the following documentation:

  • Proof of Identity
  • Proof of Income
  • Proof of citizenship/residence (Green Card)

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:

  • Equifax
  • Experian
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Message from OnDeck

OnDeck has business financing that is tailored for today’s small businesses, with fast access to capital, a streamlined and efficient application process, and service customers rave about. Our mission is to be the first choice lender for small businesses. Since 2007, we’ve issued billions in loans and served more than 700 industries throughout the US, Canada, and Australia.

Other Services by OnDeck

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • 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

Feature Breakdown

No Fees
No Prepayment Fee
 
List of Fees
Late Fee Amount
$25
Origination Fee
2.5% - 4%
Credit Score Range
500 - 850
850 300 500
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Months in Business
12
Minimum Revenue
$100,000
Verification Documents Required
  • Proof of Identity
  • Proof of Income
  • Proof of citizenship/residence (Green Card)
Dollar Amount
Loan Amount
$5K - $500K
    $25 $1M+
Integer
Loan Term (Months)
3 - 36
    1 360
Percentage
APR
(Fixed APR)
9.99% - 99%
    0% 100%+

Reviews

 
 

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