OnDeck Review: Good But Pricey Option for Quick Biz Funding (2026)
OnDeck short-term loans isn't available on Finder right now.
- Min. Amount
- $5,000
- Max. Amount
- $400,000
- APR
- Average is 56.4% to 56.6%.
Our verdict
Fast financing for newer businesses and fair credit borrowers, but is it worth the high rates?
OnDeck is an online lender that offers business term loans and lines of credit. The application is straightforward, and the criteria are fairly easy to meet: A credit score of 625, one year and business, $100,000 in revenue and a business bank account are all that’s required. But repayment terms are short, and APRs are high, so if you have a strong credit profile and business financials, you might want to consider other lenders.
Best for: Businesses that need emergency funding and can’t qualify for a lower APR elsewhere.
Pros
-
Only one year in business required
-
Accepts fair credit (625 minimum)
-
Same-day funding available
Cons
-
High APRs (average of 56%)
-
$20 monthly maintenance fee on line of credit
-
Origination fee of up to 4% on term loans may apply
Is OnDeck legit?
Yes, OnDeck is a legitimate lender. Founded in 2006, OnDeck was one of the first lenders in the online business loan space. Since then, it has funded more than $15 billion in small business loans across the globe. The company is accredited by the Better Business Bureau (BBB) with an A+ rating and has earned a 4.7 average rating from past customers on Trustpilot.
OnDeck uses industry-standard security measures, including encryption, to help protect customer data. However, it shares some user information with third parties, so you may receive unexpected marketing messages.
What makes OnDeck shine?
- Fast application with quick decisions. OnDeck’s online application typically takes about 10 minutes, with initial offers within minutes.
- Same-day or next-day funding available. Approved borrowers may receive funds as soon as the same day or within one business day, which is faster than most banks.
- Has lower credit score requirements compared to banks. OnDeck works with borrowers who have fair credit, making it more accessible than traditional lenders that usually require strong credit profiles.
- Lower time-in-business requirement than many lenders. With a minimum of one year in business, OnDeck is easier to qualify for than competitors that require two or more years of operating history.
- Offers term loans and lines of credit. Borrowers can choose between a lump-sum loan or a revolving line of credit, depending on how they plan to use the funds.
- Flexible repayment schedules depending on the loan. Payments may be daily, weekly or monthly, giving borrowers some flexibility based on loan type and cash flow needs.
- No draw fees on lines of credit. Unlike some competitors, OnDeck doesn’t typically charge a fee each time you access funds from a line of credit.
- Reduced or waived fees for repeat borrowers. Returning customers may qualify for lower fees or waived charges, which can make future borrowing more affordable.
Where OnDeck falls short
- High APRs, averaging around 56%. OnDeck’s rates are significantly higher than traditional business loans and many competing online lenders. To shop for lower rates, use a loan match service like Fundera or Lendio.
- More expensive than most online lenders and banks. Between interest, fees and repayment structure, the total cost can add up quickly compared with other financing options.
- Short repayment terms compared to traditional loans. OnDeck loans typically need to be repaid within three to 24 months.
- Frequent repayment schedules can strain cash flow. Depending on the loan, daily or weekly payments may pull funds from your account before revenue has time to catch up.
- Monthly maintenance fee on lines of credit. Lines of credit generally include a monthly maintenance fee that increases the overall cost of borrowing.
- Origination fees on term loans. Short-term loans may come with origination fees of up to 4%, raising upfront borrowing costs.
- Instant line-of-credit withdrawals capped at $10,000. Even with a higher credit limit, instant access is typically limited to smaller withdrawals.
- Instant funding requires a business debit card on file. Without a debit card, line-of-credit withdrawals are sent via ACH, which takes a bit longer.
- Not available in all states. OnDeck doesn’t operate in Nevada, North Dakota or South Dakota, so you’ll have to find another lender if you’re located in any of these states.
OnDeck loan details
| Line of credit | Short-term loan | |
|---|---|---|
| Loan amount | $6,000 to $200,000 | $5,000 to $400,000 |
| Terms | 12, 18 or 24 months | 3 to 24 months |
| APR | 56.6% average APR | Average is 56.4% |
| Approval turnaround | 1 business day | Offers same day funding |
| Minimum credit score | 625 | 625 |
| Other requirements | 1 year in business $100,000 annual revenue Business checking account | 1 year in business $100,000 annual revenue Business checking account |
| Fees | $20 monthly maintenance fee Late payment fees vary | 0% to 4% origination fee Late payment fees vary |
| Availability | Not available in Nevada, North Dakota and South Dakota | Not available in Nevada, North Dakota and South Dakota |
OnDeck contact information
| Phone number | New loan: 888-269-4246 Existing loan: 888-556-3483 |
| Customer service hours | Weekdays: 9 a.m. to 7:30 p.m. ET |
| New loan: sales@ondeck.com Existing loan: customerservice@ondeck.com | |
| X, formerly Twitter | @OnDeckCapital |
| @OnDeckCapital |
How to qualify for OnDeck
OnDeck only has a few minimum requirements to qualify for a business loan or line of credit:
- 625 credit score
- One year in business
- Minimum $100,000 annual revenue
- Active business checking account
How to apply
OnDeck’s application process is fully online and designed to move quickly, with an initial decision often delivered within minutes. Here’s what to expect from the process:
- Apply online or by phone. Apply online in about 10 minutes or call 888-269-4246 to apply with a loan specialist. Be ready to provide your business tax ID (EIN), recent bank statements and basic owner information.
- Review your initial offer. OnDeck typically provides an offer within minutes. At this stage, you can review loan amounts, terms and estimated costs before moving forward.
- Submit documents and complete the application. If you accept the offer, OnDeck may request additional documentation and run a hard credit check to finalize approval.
- Receive funds. Once you sign the loan agreement, funds can be deposited as soon as the same day or within 24 hours. For lines of credit, instant withdrawals typically require a business debit card on file and are usually capped at $10,000. Otherwise, funds are sent via ACH.
How OnDeck compares to other lenders
Compare other products
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How we picked theseWhat is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
OnDeck reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 2.24 out of 5 stars, based on 147 customer reviews |
| BBB customer complaints | 35 customer complaints |
| Trustpilot Score | 4.7 out of 5 stars, based on 5,182 customer reviews |
| Customer reviews verified as of | 18 December 2025 |
Reviews of OnDeck on Trustpilot and the Better Business Bureau (BBB) tell two completely different stories. On Trustpilot, the majority of reviews are positive, while reviews on the BBB are mostly negative.
Positive reviews praise the fast approval process, easy application and great customer service. Other satisfied customers comment on the accessible funding and overall frictionless experience.
Those who post negative reviews mention the high cost of borrowing, declined applications, poor communication, no assistance during hardship and misleading sales tactics.
What do people on Reddit say?
Frequently asked questions
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Christi Finder
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