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OnDeck Review

Founded in 2007, this business lender provides quicker funding with looser loan qualifications than most banks.

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OnDeck Capital Inc. specializes in short-term loans and business lines of credit.

With OnDeck, you’ll get support from knowledgeable loan advisors throughout every step of the business loan funding process.

Consider OnDeck if you:

  • Face unexpected expenses
  • Need to bolster your cash flow during the slow season
  • Have less than perfect credit

OnDeck Term Loans

OnDeck’s term loans provide a one-time infusion of capital up to $500,000. OnDeck charges a one-time origination fee between 2.5% to 4% of the total loan amount on your first loan. This fee drops to 1.25% to 3% on your second loan, and to 0% to 3% on your third and future loans.

OnDeck offers payback flexibility. You may choose between a fixed daily or weekly payment to be deducted directly from a business bank account.

OnDeck term loans at a glance:

  • Loan amounts from $5,000 to $500,000
  • Funds in as fast as 24 hours
  • Interest rates starting at 9.99%

OnDeck Business Lines of Credit

Their business line of credit provides flexibility to borrow up to a certain limit — say $50,000 — and only pay interest on the portion of money you use. OnDeck offers lines of credit from $6,000 to $100,000 that can help you pursue new opportunities or sustain your company during cash crunches.

With this line of credit, you can draw cash whenever you need to and receive much-needed funds instantly for transactions between $1,000 and $10,000. You can also repay your line of credit early without any prepayment penalties.

One of the most accessible lenders in the marketplace, OnDeck is an excellent option if your business needs frequent access to short-term capital for day-to-day business – payroll, staffing and inventory, for example.

OnDeck lines of credit at a glance:

  • Lines of credit from $6,000 to $100,000
  • Interest rates starting at 13.99%
  • Enroll and get funds instantly for transactions between $1,000 and $10,000

OnDeck Lending

OnDeck works with many small businesses — like medical offices, auto shops and beauty salons – with annual revenues of $100,000 and up. In fact, the company has served over 700 different kinds of industries to date.

OnDeck term loans and business lines of credit don’t require any personal or business collateral, and the company emphasizes doing business with a human touch.

To evaluate your small business, OnDeck Inc. takes into account your personal credit score, your business credit profile and many other data points to assess the health of your company.

OnDeck reports your payment activity to the business credit bureaus Equifax, Experian and PayNet. Making timely payments on your OnDeck accounts should build your business credit score, which helps you get larger loans with better rates in the future.


The Pros of OnDeck

  • They offer looser lending guidelines than other lenders and banks. In fact, they accept a minimum personal credit score of 600 for term loans and business lines of credit.
  • OnDeck’s application can be completed online in minutes. They typically approve loan requests within hours.
  • Conveniently, you’ll have your choice of daily or weekly payments that OnDeck automatically deducts from your business bank account.

The Cons of OnDeck

  • OnDeck Inc. will not work with businesses that have total liens and judgments against their business amounting to $20,000 or more than 5.5% of annual revenue.
  • OnDeck cannot accommodate borrowers who have a single lien against their business exceeding $100,000.

Requirements for OnDeck Loans

  • Time in Business 1 Year
  • Personal Credit Score 600
  • Annual Revenue $100,000
  • What You Need to Apply

    • Business tax ID
    • 3 months of bank statements
    • Social Security Number
    • Driver’s license

OnDeck vs. Kabbage

These lenders are often compared because they’re among the top short-term loan providers in our marketplace. Here’s where they differ:

  • OnDeck loans start at 9.99% annualized interest rate, while Kabbage loans start at 24%.
  • OnDeck’s minimum credit score loan requirement is 600, while Kabbage is 550.
  • Kabbage business loans fund quicker and are easier to get approved.
  • Kabbage may be a better choice if you plan on monthly payments since OnDeck offers only weekly and daily repayment options.

Most customers report high-satisfaction rates when working with OnDeck Inc. When you need extra capital or a business line of credit, OnDeck is a solid online lender that offers accessible term loans and business lines of credit.

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