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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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
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.
Other Services by OnDeck
SuperMoney Net Recommendation Score
SuperMoney users mostly recommend this product, giving it a user recommendation score of +29, or 3.6 on a 5-point rating scale.
+29
-1000+100
No one recommends
Everyone recommends
OnDeck Business Loan Community Reviews
Would you recommend OnDeck Business Loan to your friends?
WM
Wesley M.
Jan 9, 2022
May or may not recommend
I've not had a loan through Or any of these financial institutions here. I have learned through legal firms that belong to a couple major banks that as of 2000 the deregulation has placed all financial institutions into a self governing position and the consumer protection will agree with the decisions of the instruction over the consumer. Checking this I was sent a reply by the consumer protection agency stating ...Show More
RO
Ronke O.
Dec 10, 2020
May or may not recommend
OnDeck is known for the speed of response. You will definitely know the status of your request within 24 hours. Provided you have submitted the right details, then approval will not be an issue. You can try them out as I have and it worked for me. I recommend OnDeck Business Loans
MP
Matt P.
Dec 1, 2020
May or may not recommend
OnDeck Business Loans has an A+ Rating with the Better Business Bureau and a 4.9 Rating on Trustpilot one can be assured their trust is safe with a company such as OnDeck Business Loans. They have currently globally delivered thirteen billion dollars to different businesses. Offering loan amounts ranging from $6K - $100K coming with a 12 month repayment term on said loan, convenient timing and the repayment term resets ...Show More
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Rosanne L.
Apr 14, 2020
May or may not recommend
OnDeck has frozen my Business Line of Credit purely due to the Covid-19 Crisis eventhough I have not missed a single payment. They did so without notification, I only found out when I went to my account to check on something else. I was told this was a decision they made across the board for certain businesses and that I had to submit another 3 months bank statements ...Show More
Shaaf P.
Nov 2, 2018
May or may not recommend
1st round went super smooth. Decent factor rate of 1.33 o a 1 year term. After that, went sour. Offers kept being thrown my way but then would be returned as denied. Out of the 16 times i applied i only got the initial loan.
U
Anonymous
Mar 18, 2016
May or may not recommend
The loan renewal process was so simple. Taylor, made me feel as if I was the company's only customer. She was always available by phone at any time during my busy schedule and her response time to my emails were within minutes. I am extremely pleased and would recommend this company to friends.
U
Anonymous
Mar 18, 2016
May or may not recommend
Anastasia made the whole process so simple and easy. I was very hesitant and concerned. I was waiting for that gotcha moment or that oh we forgot to to mention this fee. It was so easy and the daily payments concerned me at 1st but they are hardly even noticeable. So much easier than a large payment once a month. I will be using OnDeck again very soon!
U
Anonymous
Jan 19, 2016
May or may not recommend
My rep was very helpful explaining the process of what I needed to do to get the business loan for our company. We talked several times to get everything organized and he was able to get us the money we needed. Great company.
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Anonymous
Jan 19, 2016
May or may not recommend
When we were looking to open our new showroom for the business we knew we wanted it to be a First Class establishment but just needed a little extra working capital to cover any unexpected expenses. OnDeck came through with flying colors while my local bank - who we have been using for a couple of years now, and could clearly see our cash-flow and reserves (since it was already ...Show More
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Anonymous
Mar 20, 2015
May or may not recommend
OnDeck is so quick at processing your loans! I've gotten various loans in the past and they've taken weeks to process. Especially banks, they are the worst. You better have tons of time on your hands if you get a loan through a bank. OnDeck got me funded within a week and I was able to use the money right away. They've been amazing. I honestly can't believe how fast ...Show More
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Anonymous
Mar 10, 2015
May or may not recommend
My partner and I run a local homemade gift shop, and have used various different lenders over the years. We've used both direct and peer to peer lenders, and despite what everyone says, we still enjoy the convenience of direct lenders. OnDeck is great. They are absolutely geared toward small businesses in the fact that they help you build up your business credit. When we heard this, we were sold. ...Show More
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Anonymous
Mar 6, 2015
May or may not recommend
I've found the interest with OnDeck to be slightly more than the loans I've received previously from other lenders and banks (hence taking away one star), but the experience has been a lot more positive. I've never gotten a loan through a company before and wanted to go back to them when I needed a loan again. I've gotten two loans through OnDeck, and I can say, they're great. The ...Show More
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Anonymous
Mar 5, 2015
May or may not recommend
I love how quick OnDeck is! I've used other lenders for both small business and personal loans, and the approval process can take weeks. I put in the application for a small business loan on Thursday, and on Monday, I was approved. By that Thursday, I received the funds in the businesses bank account. I needed the money right away, and I got it in such a timely manner. I'd ...Show More
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Anonymous
Feb 28, 2015
May or may not recommend
I needed a short term business loan to help us make it through a tough time, and turned to OnDeck. I was really getting behind on essential bills, such an rental space and utilities for my office space. OnDeck had a really simple and straightforward application process. I had everything I needed in my filing cabinet! The only issue is the interest rates. They aren't astronomical, but I've seen better ...Show More
Martin S.
Jan 8, 2015
May or may not recommend
These guys were really professional the way they dealt with my questions etc. They explained the whole process and encouraged me to study how to make the best use of it. you don't see that with lenders usually. If you're looking for a business loan, I will very much recommend them.
Charles E.
Jan 7, 2015
May or may not recommend
I took three loans, two paid in full and the last one will be paid off fully in a couple of months. Meanwhile, I found that their follow up isn't that great. Perhaps I set the wrong expectations. I would not recommend this company. It took a lot of effort and pain to get approved for the first loan, although the web site promised an answer in minutes - that ...Show More
Susan R.
Jan 7, 2015
May or may not recommend
These guys are unbelievable!
I got an email from my Credit Card company saying that because of our predictable money inflow, we would meet all requirements for a cash advance with On Deck. How sweet!
We had recently paid off a line of credit, just a week ago and needed to move to another money related stage. Enter OnDeck...with a bucket load of cash.
I looked into them completely and ...Show More
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