OnDeck is an online lender that focuses on small businesses. Since the company was launched in 2007, it has delivered over $7 billion in loans. It has an A+ BBB rating and is backed by Google Ventures: the venture capital investment arm of Google Inc.

How Does OnDeck Work?

OnDeck uses proprietary software that allows it to evaluate businesses based on their performance, not on the personal credit of its owners. Applications are approved, or denied, within minutes and funding can be as fast as the next business day. The loans have daily payments, which are collected directly from your bank account each business day or week.

What Are OnDeck Interest Rates?

Interest rates start at 9.99% AIR for term loans and 13.99% APR for lines of credit (as of loans originated in the quarter ending June 30th, 2017). The average rate for term loans is 49.7% APR, while the average rate for lines of credit is 34.1%.

There is also a 2.5% to 4% origination fee to consider. However, returning customers only pay an origination fee of 1.25% for a second loan and there is no origination fee on the third loan. 

Lines of credit also charge a monthly fee of $20, which is waived with a $5,000 initial draw.

How Much Money Can I Borrow From OnDeck?

Loan amounts range from $5,000 to $500,000 and repayment periods go from three to 36 months. Lines of credit have a maximum loan amount of $100,000.

Which States Does OnDeck Operate In?

OnDeck operates in all 50 states and Canada (not including the Quebec province).

What Is OnDeck Application Process Like?

The application process only takes 10 minutes to complete and you can receive a reply within minutes. If approved, your cash could be deposited by the next business day. To qualify, you must have been in business for at least one year, have a personal credit score of at least 500, and an annual revenue of $100,000 in the last 12 months.

However, these are just the minimum requirements. The median OnDeck borrower has been in business for 7 years, has an annual gross revenue of $450,000, and a credit score of 660 or higher.

How Is OnDeck Better than Other Lenders?

OnDeck is a source of fast cash for small business that would otherwise not qualify for traditional bank loans. This is made possible thanks to its automated credit assessment technology, which makes processing small loan amounts financially viable.

Its interest rates are low when compared to other alternative sources of business loans. Another advantage is that OnDeck's eligibility requirements are not as stringent as traditional lenders. For instance, OnDeck focuses on the financial health of the business, not on the credit score of its owner, which means successful entrepreneurs can qualify even if they have a sketchy credit history.

  • APR
    Starting at 9.99%
  • Max Loan Term (Months)
  • Credit Score Range
    500 - 850
  • Minimum Revenue
  • Minimum Years in Business
  • No Prepayment Fee
  • Origination Fee
    2.5% - 4%
  • Business Loan Type
    • Unsecured Term Loan
    • SBA Loan
    • Line Of Credit
  • Intended Use of Funds
    • Equipment Purchase
    • Lease Improvements
    • New Location
    • Product or Service Expansion
    • Working Capital
  • Institution Type
    Direct Lender
  • Approval Speed (Hours)
  • Funding Time Range (in days)
    1 - 7
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