Features

OnDeck is an online lender that focuses on small businesses. Since the company was launched in 2007, it has delivered over $1.7 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.

What Are OnDeck Interest Rates?

Interest rates range from 8% to 39%. The average interest rate is about 15% of the total loan amount. On average, borrowers pay 17 to 33 cents on the dollar in loan interest. For instance, a $25,000 loan paid over 6 months will cost $4,250 in interest. There is also a 2.5% 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. Larger businesses with a solid credit history can qualify for larger loans with interest rates ranging from 19.99% to 39.99% APR.

How Much Money Can I Borrow From OnDeck?

Loan amounts range from $5,000 to $500,000 and repayment periods go from three to 24 months. Loan amounts above $50,000 are for larger businesses with an established credit history.

Which States Does OnDeck Operate In?

OnDeck operates in all 50 states.

What Is OnDeck Application Process Like?

The application process only takes 10 minutes to complete and you will 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 nine months, have a personal credit score of above 500, and an annual revenue of $75,000 or more. Loan amounts of $50,000 and more require borrowers to have been in business for 3 or more years and have $100,000 or more in monthly revenue.

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.

  • Interest APR
    13% - 98%
  • Loan Amount
    $5000 - $500000
  • Max Loan Term (Months)
    24
  • Minutes
  • Same Day
  • 1-7 days
  • 1-2 weeks
  • 2-4 weeks
  • Min Revenue
    $75000
  • Min Years in Business
    9
  • Origination Fee
    2.5% - %
  • Credit Type Offered
    Unsecured Term 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)
    1
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0 votes

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!


0 votes

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.


0 votes

OnDeck and specifically my rep Alex have helped my business tremendously in just a short 5 months. Everyone knows how hard it is for the "smaller guy" and it's comforting to know someone is there to have your back when banks do not. I have been with the same bank for 13 years and put a lot of money in their business to have them really do nothing but hold my money. God Bless Alex and the OnDeck team!!


0 votes

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 sitting in their accounts) still said no to our loan request? Well that is OK, I will give my business ... to OnDeck for any future capital needs going forward! Customer for life! More Less


0 votes

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.


0 votes

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 they were. I've never experienced anything like that. Go OnDeck!


0 votes

OnDeck is so upfront with all of their fees, which is absolutely amazing. I've gotten out so many other loans before from other lenders, and end up paying fees that I didn't even know were associated with my loan. I actually ended up calling two different times in order to speak with different people. I wanted to make sure the information as correct across the board, and that there were no misunderstandings. They were great to work with.


0 votes

On Deck really focuses on providing loans to small businesses so that they can grow. I've gotten loans in the past that were meant for growth, but in the end, the payments were so high that it ate up most of our revenue. I was able to get a loan from On Deck and invest it into marketing, advertising, and public relations for my business. We've been able to make, and keep, tons of revenue and have made more in profits than ever. We appreciate that On Deck wants us ... to grow and succeed. More Less


0 votes

Out of all the direct lenders I've used in the past, OnDeck is definitely the best out there. Like all lenders, the company has its perks as well as it's down falls. For starters, OnDeck has a crazy quick approval and funding rate. I applied Monday and received my loan Thursday. They also have amazing customer service. The only downfall I've seen with this company is that it's interest rates are higher than others out there. But if you can look past paying a slightly higher rate, OnDeck is the ... way to go. More Less


0 votes

The interest rates OnDeck provides are HIGHER than traditional banks. At least, the ones I've used in the past. I needed a business loan quick for urgent building repairs, so I enlisted OnDeck's help. Yes, they can get you funded within a few days whereas banks take weeks. But, if I can wait for a loan in the future, I may just go with a traditional bank in order to save some on interest. Call me frugal, but that's the way it goes.


0 votes

I've gotten out so many loans for my business over the past 10 years, and I've always felt like I need to "baby" my lending companies. I've had to check up on the status of my loans, call customer service when they didn't return my calls, and so much more. I wanted to go a different route, and OnDeck provided a different experience. They let me run my business and not worry about following up with my loans. They are the perfect company for small business owners.


0 votes

My brother and I run an auto shop, and when we needed to replace a few pieces of equipment, we turned to OnDeck for a loan. The application was so easy, and being approved was even easier. We started the application, and the money was deposited into the business account about three days after. The quickness and ease of the loan will definitely be the cause of us coming back in the future. They made the entire process of getting new equipment so easy for us.


0 votes

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 customer service is always professional, which I absolutely love.


0 votes

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. We've been using them for almost a year, and haven't looked back since.


0 votes

The online application for OnDeck is honestly one of the easiest I've ever used. When using other companies, I've applied online, in person, and with a mixture of both, but it still hasn't been as easy as OnDeck's online application. I really appreciate that they made it easy for everyone to use. It was guided, so you really feel confident when putting in information. I mean, I've worked directly with lenders in person and have felt confused about the questions. Not with OnDeck!


0 votes

My small business has been getting small business loans from OnDeck for quite some time now. In total, it's probably been around 4-5 loans for my business. I've had the same account manager each time. The consistency which this company is great, and having the same person with me through the process each time has been great. It really puts me at ease. As a small business owner, I like putting my time and business into a business that actually cares about their clients.


0 votes

My small business is considered a little high risk, so in addition to having high insurance rates, I have a heck of a time getting loans. So glad to have found OnDeck. They overlooked what I do for a business and focused instead on my credit rating, which is excellent. I got a loan just in time for a balloon payment that was coming due.


0 votes

If there was an award for amazing customer service, OnDeck's team would no doubt take the gold ten times over. Every time I spoke with them, they asked how I was doing and genuinely cared about the response. Other lenders I've used will open with something about how my business is running, and it usually ends with a conversation about cash flow. OnDecks' employees are concerned with you, not just the money you and your business make. They want you to have a positive experience, not just make the payments ... to their company. More Less


0 votes

Because OnDeck's interest rates are higher than I've seen, I'm on the fence about them. They provide great customer service, and when my business partner and I wanted to open a second location, they were great at getting us a loan quick (and I mean quick!). But, I've gotten loans in the past with lower interest rates, which makes me hesitant to use OnDeck again. Atleast, maybe we'll look around for other potential lenders in the future.


0 votes

I've found that OnDeck is really geared towards helping small businesses grow. After speaking with a representative, I was so confident that OnDeck was so us. He explained that the majority of their customers were small business owners looking to grow their businesses, which was exactly what I was looking to do. After receiving my loan, I began paying it back. Even with the interest, the monthly payments were reasonable for my business. The team at OnDeck has been there to answer my questions the entire way, and I'm definitely ... a satisfied customer. More Less


0 votes

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 elsewhere. Depending on my needs, I may or may not look around for a different lender in the future.


0 votes

After dealing with traditional bank loans for my two small businesses for years, I decided it was a change. I was just so sick of filing out piles of paperwork, then waiting weeks for an answer. I came across OnDeck after the recommendation from a friend (another business owner), and it's been great. The time is takes to apply for a loan with them is seconds compared to a bank. It's so easy, and there's hardly any paperwork or hassle. I'd recommend them to any busy entrepreneur!

0 votes

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.

0 votes

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 never happened.

0 votes

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 felt that any negative reviews that I read were from individuals who 1- had a failed business or 2-couldn't take ... after a couple of straightforward guidelines given by the On Deck handling group.

All I needed to submit was a short application (one page), a 2013 expense form and 3 months of banks statements.

Eric, the guy on the phone, was amazing, we talked on Wednesday and by Friday at 6:00 AM MST, there was $14,475 in my bank.

We will pay it again on a 6 month timetable to create a good record with Experian and Equifax Business. We were really promised for 50k, however it took a little to build credit so possibly it will be bigger next time.

I very much recommend and suggest them to any business looking for capital. They were professional, productive and easy to work with.

Very happy customer here.
More Less


0 votes

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 recommend OnDeck if you need money quick. I'm very happy with them.


0 votes

My OnDeck customer service representative is a darling. She's the nicest person I have ever spoken to, and considering this is a loan company we're talking about, that's saying a lot. I've never experienced such a helpful customer service department. They really set you up to succeed with your loan, which is hard to find in the loan shark industry. I've gotten three loans through them and have the same representative each time.


0 votes

I decided to remodel my families pizza shop to make the eating area more modern and efficient, and we needed a loan to help with the construction. OnDeck was a great choice for a small business lender and I couldn't be more satisfied with them. They have great customer service reps and loan officers who really care about their customers. As a small business owners, I appreciate when others take the time to satisfy me. They focus on you and only you, which is a nice touch.


0 votes

They do a great job at this company with explaining what you can expect. They don't charge hidden fees as they indicate and they take a lot of factors into mind when considering your loan. Where they fall behind, though, is in their follow through after you are funded. I had questions and it took awhile to get them answered.


0 votes

I like the customer service, the loans and their terms, but I'm not thrilled with their daily automatic payment. I'm a small business owner, and I'm not always flush with cash. This has been giving me many sleepless nights, as I wonder if there will be enough in my account the next day to cover the payment.


0 votes

If you want excellent and knowledgeable service and money within days not weeks, then this is the place to apply for a small business loan. I love their whole process, which is really intuitive. And they have people on hand you can actually talk to.


0 votes

I didn't get the amount of money I wanted the first loan, but the folks at OnDeck assured me that by paying off the loan as agreed that I would get a bigger amount the next loan, and they were right. I doubled the amount of money I could take out. Nice deal here.


0 votes

I was floored when I got an approval in just one minute and then saw money go into my business checking account the next day. I wish my clients paid a quarter as fast! The slow payment was actually the reason I got a loan in the first place. I will be back for more loans.


0 votes

One business friend said she had used this service and that it worked well, so I gave it a try. I was a little taken aback when I learned that I'd need to pay the loan back everyday, bit by bit, but I understand the concept. Now that I'm paying it back and watching the balance go down, I kind of like it.


0 votes

No need to got to a bank when you have OnDeck at your disposal. My brother and I run a carpet cleaning business and one of our machines went on the fritz. We've been busy, so it made sense to get out a small loan to cover the cost of a new machine. We got what we wanted at a great interest rate. Really pleased.


0 votes

Found out on Friday that I had to cover the cost of recarpetting the front office of my business. Long story, but someone else was supposed to be paying for it. The floor was showing subflooring, and we had a big show coming up--I have a design studio. So I tried OnDeck. I got funding within 24 hours, which allowed me to pay the carpeting guys. Interest rate was okay; otherwise I'd give them 4 stars.


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