OnDeck Business Loan
OnDeck Business Loan
in Business Loans from OnDeck

OnDeck Business Loan

in Business Loans from OnDeck
SuperMoney Net Recommendation Score +29  


This product is mostly recommended by SuperMoney users with a score of +29, equating to 3.6 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly recommended

10 users recommend
2 users are unsure
5 users don't recommend
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Rating not yet determined  

4 reviews
Community Rating Mostly recommended
Loan Amount $5,000 - $500,000
APR  (Fixed APR) 10.99% - 99%
Loan Term (Months) 3 - 12 months
Number of Reviews 17

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’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 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.

What limitations does OnDeck set on the purpose of the business loan?

OnDeck considers business loan applications for business purposes, such as:

  • Equipment Purchase
  • Inventory
  • Lease Improvement
  • New Location
  • Product or Service Expansion
  • Working capital

What types of small business loans does OnDeck offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. OnDeck provides access to the following business loan types:

  • Unsecured Term Business Loans

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.

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

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

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

  • Proof of income
  • Business formation documents
  • Driver's license
  • 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 approve (or deny) a business loan application within 24 hours and fund small business loans within 1 business day of approval.

Does OnDeck Business Loan report your account activity to credit bureaus?

Yes, OnDeck Business Loan 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 may help improve your credit.

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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.

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.


  Available in 47 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Late Fee Amount $25
No Prepayment Fee
Origination Fee (%) 2.5% - 4%
Credit Score Range 600 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Months in Business 12
Minimum Revenue $100,000
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Business Loan Type Unsecured Term Loan
Collateral Requirement Unsecured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • New Location
  • Product or Service Expansion
  • Working Capital
  • Inventory
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
Funding Time Range 1 - 2 days
Payment Frequency Monthly
Payment Options Automatic Payments
Pre-Qualified Soft Credit Inquiry
APR Type Fixed APR
Loan Amount $5,000 - $500,000
APR (Fixed APR) 10.99% - 99%
Loan Term 3 - 12 months

OnDeck Business Loan Community Reviews


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This product is mostly recommended by SuperMoney users with a score of +29, equating to 3.6 on a 5 point rating scale.


Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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