About OnDeck

From its website:

OnDeck launched in 2007 to solve a major issue facing small businesses: efficient access to capital. Our passion for Main Street and the cutting-edge technology we use to evaluate businesses based on their actual performance, not solely business owners’ personal credit scores, make it possible for us to responsibly expand access to credit. This allows businesses to spend their time where it provides the most benefit—on their customers and on growing, not looking for a small business loan.

We understand that financing a small business can be a challenge that requires more time than most small business owners have in a day. Business operations, accounts receivable, accounting, and marketing are all an important part of running a small business—and financing shouldn’t slow down your focus on these issues; it should instead help a business grow. OnDeck offers financing options like short and longer-term loans and lines of credit, in order to grow your business.

Flexible terms and rates based on your business’ performance, and not solely personal credit history, may make an OnDeck loan an attractive option when compared to a traditional bank loan. We offer a quick response to loan applications by qualifying and evaluating business performance based upon a variety of important performance metrics.

OnDeck is the largest online small business lender in the U.S. Since 2007, we’ve issued over $10 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 80,000 small businesses by providing them with a term loan or line of credit to help them build a growing and thriving enterprise.

Loan Programs

OnDeck’s primary loan product is a business term loan but it also offers a business line of credit.

A term loan usually carries a fixed interest rate for as long as it is amortized. OnDeck offers term loans from 3 to 36 months, and loan proceeds can be used for working capital, expansion, marketing, inventory, equipment and any common business capital need. OnDeck lends in the United States, Canada and Australia.

Term Loan Highlights / Guidelines

  • Receive funds in as little as 24 hours
  • Term loans from $5,000 to $500,000
  • No collateral required
  • Rates as low as 9% simple interest
  • Terms from 3 to 36 months
  • 2.5% to 4% origination fee (can reduce to 0% with subsequent loans)
  • Minimum of 1 year in business
  • $100,000 minimum gross annual sales
  • 600 preferred minimum credit score (lower considered case-by-case)
  • Daily or weekly loan repayment
  • 5+ deposits to your business checking account required each month
  • Interest guarantee for the loan term with potential interest reduction options
  • Over 700 eligible industries excluding adult entertainment, drug dispensaries, firearm vendors, government and non-profits, horoscope/fortune telling, gambling/gaming, money services, religious or civic organizations, rooming & boarding houses, vehicle dealers, used goods dealers and auction houses

See how much financing you qualify for

The Loan Process

From its website:

OnDeck makes loan approvals to small businesses based on business fundamentals like cash flow, credit history, and other metrics that demonstrate a healthy business; not based on the value of any particular business asset. In addition to the business credit profile, the owner’s personal credit score, time in business, and cash flow, OnDeck considers dozens of other factors when evaluating the creditworthiness of any particular business. Making it possible for a healthy business, even if they don’t have specific assets that could be used as collateral, to secure a business loan.

When a small business takes a term loan from OnDeck, a general lien is placed on the business’s assets until the loan has been paid off (additionally, OnDeck does not take a security on specifc assets of the business when you take a line of credit with us.). The business owner does provide a personal guarantee for the loan, but there is no lien on the owner’s personal assets. In this way, business owners can get funding in as fast as one business day without needing a specific amount of real estate, inventory or other hard assets; and without needing to have their specific assets appraised and valued.

The Application

OnDeck offers a quick and easy online application, the company even allows you to start your application over the phone and there is little to no paperwork required. The loan application takes only a few minutes, asks the basics about your funding request, yourself and your business, and prompts you at the end to upload your most recent three months business bank statements in PDF format.

Here is an example of the information you will have to supply during your application process:

  • How much money do you need?
  • How soon do you need the money?
  • What is the money for?
  • Contact information
  • Business tax ID (EIN #)
  • Social Security Number
  • Estimated Gross Annual Income
  • Average Bank Balance
  • Your Last 3 Months Business Bank Statement
  • Underwriting

Once your application is complete, OnDeck uses a proprietary scoring technology to determine if you are approved and what your loan terms will be. In some cases your application will also be reviewed manually and additional documentation may be requested. OnDeck can complete the underwriting of your loan application in a few hours and funds can be available as soon as the next business day. In the United States OnDeck conducts a “soft” credit pull, which means your credit score will not be affected. OnDeck reports your loan activity to the credit bureaus which can help you build your business and personal credit.


If approved for a loan by OnDeck, you will be presented with a variety of term and loan size options for you to select from; you will also see all the costs associated with your loan and your payback frequency and amount. Once you select your desired loan product, OnDeck will transfer your funds electronically within one business day (in most cases). You’ll also receive access to an online loan portal where you can monitor your loan and payback. Payback occurs automatically, and OnDeck will draw daily or weekly from your funded business bank account until your loan is paid in full. Whether you receive daily or weekly payback will depend on what you were eligible for during your loan approval process, or which option you selected.


  • OnDeck is an experienced company with over $10 billion funded to over 80,000 small businesses.
  • OnDeck is publicly traded with an A+ BBB rating and a 9.7 out of 10 Truspilot rating.
  • OnDeck rewards repeat customers with fee and interest reductions, and on your 3rd loan your origination fee can go down to 0%.
  • Fast and easy funding up to $500,000 is available, the loan application is simple and funds can be delivered in as little as one business day.
  • OnDeck’s pricing is low compared to its competition, enabling you to access large amounts of inexpensive working capital not available on your business credit card or from a merchant cash advance.
  • OnDeck funds over 700 industries so most likely yours is eligible.
  • In addition to financing, OnDeck offers small business owners many free educational resources that can assist in building business credit and growing your business.


  • Although OnDeck’s rates start at 9% simple interest, its weighted average rate for term loans is presently is 25.3%.
  • OnDeck does offer interest discounts in some cases if you pay early, but its loans do carry an interest guarantee.
  • OnDeck’s credit minimum has increased over the years and it now prefers a minimum credit score of 600.

See how much financing you qualify for

Why OnDeck is the Best

OnDeck’s experience, excellent client service and funding volume (over $10 billion) has cemented it as the leader in the online term loan space, and LendVer’s pick for the 2019 Best Business Term Loan Lender. OnDeck uses state of the art technology to evaluate your business for financing, making the company’s application process fast and easy. OnDeck’s term loans are affordable for most businesses and the company rewards repeat customers with reduced fees and rates, while providing free educational resources to help grow your business.

Visit our featured business lender Idea Financial.

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