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)
OnDeck offers business loans with APRs ranging from 9.99% and up to 99%.
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 depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
Some lenders only provide business loans for certain purposes. OnDeck offers considers loan applications for the following reasons:
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:
Yes, OnDeck charges borrowers with a late payment fee of up to $25.
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.
Loan amounts start at $5,000 and go up to $500,000.
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.
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 1 year in business. Active duty servicemembers and their covered dependents are eligible to apply for a loan via OnDeck. Its rates and terms fall within the limits of The Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
OnDeck will typically approve (or deny) a business loan application within 24 hours and fund the loan within 1 business day of approval.
OnDeck reports credit data to the following credit reporting agencies:
Since 2007, we’ve issued over $8 billion in loans for many business needs including inventory purchase, equipment acquisition, hiring, and general corporate purposes. Serving more than 700 industries throughout the country, OnDeck has been trusted by over 70,000 small businesses by providing them with a term loan or line of credit to help them build a growing and thriving enterprise. From our first $3 billion loaned, we’ve created an $11 billion impact on the economy and 74,000 jobs nationwide.