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OnDeck Business Loan review

Get transparent rates and personalized repayment options on a small business loan with OnDeck.

This reputable private lender has a high rating on Trustpilot and offers various types of loans with fixed and flexible repayment terms. You’ll need a credit score of at least 600 and a minimum revenue of $10,000 /month to qualify.

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Product NameOnDeck Business Loan
Benefit DescriptionOnDeck offers secured business loans in amounts from $5,000 to $300,000.
APR8.00% – 29.00%
Min. Loan Amount$5,000
Max. Loan Amount$300,000
Loan Term6 - 18 months
Loans OfferedSecured Term, Line of credit, Merchant cash advance
Turnaround Timein as little as 24 hours
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More Info

If you want to borrow money to grow your business, you may be able to qualify for a loan with OnDeck.

In December 2018, OnDeck combined its Canadian lending operations with Evolocity Financial Group to become OnDeck Canada.

What types of loans does OnDeck provide?

OnDeck offers a number of different loan options with different terms and repayment schedules. You can typically access the funds you receive in as little as 24 hours, and you’ll get competitive pricing based largely on your credit score and the revenue that your business earns.

  • Business loan. You can borrow anywhere from $5,000 to $300,000 with a term loan lasting from 6 - 18 months. You’ll have to repay the amount you borrow with fixed daily or weekly amounts, and your interest rates will range from 8.00% – 29.00%. The interest you have to pay will depend on a number of factors like the state of your credit, how much you borrow and the length of your term.
  • Line of credit. You can get a line of credit of up to $50,000. Average interest rates sit around 25%, but you may be able to qualify for lower rates depending on your credit history. You’ll only pay interest on the amount you borrow rather than on the full amount you qualify for, and you’ll top this up as you go with regular minimum payments.
  • Merchant cash advance. Also called “flex funds,” merchant cash advances allow you to pay back your loan with a percentage of your credit/debit card sales. You can borrow as much as $300,000 and pay this amount back as quickly or slowly as your business brings in revenue. There’s no interest on this type of product.

Quick comparison of loan types

TypeBest forHow it worksSales needed to qualifySize of loanInterest rates
Business loanPaying for a large, one-off expenseBorrow a lump sum with interest and pay it back over a fixed term.$10,000 /monthBetween $5,000 to $300,000Ranging from 8.00% – 29.00% depending on various factors.
Line of creditDay-to-day expenses and working capitalTap into a “wallet” of funds that lets you borrow money as needed$100,000 annual revenueBetween $6,000 and $50,000Fixed interest charged on the amount you take out of your line of credit (usually around 25)
Merchant cash advanceFunding daily expenses with future sales incomeGet an advance on your future sales and pay it back with a percentage of daily revenue$100,000 annual revenueBetween $5,000 and $300,000No interest charged

Industries list

Before applying for a loan, browse the industries list to determine whether or not you might be eligible for a loan.

  • Restaurants, cafes and bakeries
  • Fast food restaurants
  • Bars, taverns, lounges and nightclubs
  • Convenience stores, grocers and speciality markets
  • Retail – Clothes, shoes, accessories and cosmetics
  • Retail – Pet stores, products and supplies
  • Retail – Electronics
  • Retail – Gifts, games, hobbies and books
  • Retail – Sporting goods and supplies
  • Automotive – Parts, accessories, service and repairs
  • Health Care – Private clinics, dentists, pharmacies
  • Hotels and motels
  • Hair and nail salons, spas
  • Dry cleaning and laundry services
  • Florists, nurseries and gardening supplies
  • Optical centres, glasses and contacts

To be considered, you’ll need to have at least 8 deposits a month, average monthly sales of $50,000+ and have been in business at least two years.

  • Import/Export
  • Transportation services
  • Computer repairs
  • Retail – Antique stores
  • Retail – Vape products and accessories
  • Auction houses
  • Travel agencies
  • Recruitment/employment agencies
  • E-commerce
  • Daycares
  • Wholesalers
  • Automotive sales (previously owned)
  • Construction – General contractors
  • Vacation rentals

Applications from the following industries will be automatically declined:

  • Oil and gas services
  • Gas stations with no convenience store attached
  • Non-profit, political, religious, social and professional organizations
  • Gaming – Gambling, lottery and game services
  • Online database sites
  • Financial services
  • Money transfer services
  • Payroll companies
  • Pawn shops
  • Brokers
  • Adult entertainment/materials

What should I know before I apply?

How to apply

If you think that you qualify for a loan with OnDeck, it’s quick and easy to apply online. Just follow a couple of simple steps to get started.

  1. Fill out the loan application with your personal details and basic business information.
  2. Review and submit your application.
  3. Get a quote for a business loan (does not impact credit score).
  4. Agree on a loan offer.
  5. Complete the rest of the application and get final approval.

What are the benefits of working with OnDeck?

  • Easy to apply. You can apply online in a matter of minutes with a simple and straightforward application.
  • Quick distribution of funds. If you meet the eligibility requirements, you can usually be approved and get access to funds in as little as one to two days.
  • Transparent rates. OnDeck outlines how much you’ll need to pay and is honest about what’s required to get the lowest rates possible.
  • High loan amounts. You can apply for a loan of up to $300,000 with very little documentation required.
  • No collateral. You won’t need to put up an asset like your house or car to secure your loan.
  • Several loan types available. You can choose from flexible or fixed repayment options depending on what makes the most sense for your business.

What to watch out for

  • High sales requirements. Your revenue will have to be at least $10,000 /month, with many clients expected to earn more than this.
  • Credit score requirements. You’ll need a credit score of at least 600, even if your business makes a significant amount of revenue.
  • Startups can’t apply. You won’t be able to get approved for funds if your business is less than 6 months old.

Bottom line

You can find out if you qualify for a loan with OnDeck quickly and easily by filling out an application online. Get approved today to borrow up to $300,000 with decent interest rates and fixed or flexible repayment options.

Frequently asked questions

Compare other business loans

Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
SharpShooter Funding Business Loan
Prime pricing from 9.00%
$500 - $250,000
6 - 120 months
$10,000 /month
100 days
Unsecured Term, Merchant Cash Advance, Invoice Factoring
To be eligible, you must have been in business for at least 100 days with a minimum of $10,000 in monthly deposits.

SharpShooter provides capital to small businesses that are underserved by banks and credit unions. It measures overall business health and potential rather than focusing strictly on traditional metrics. Fill out a simple application and get pre-approved in minutes. Receive your funds within 24 hours.
Swoop Funding Business Loan
4.00% - 25.00%
$1,000 - $5,000,000
3 - 60 months
$10,000 /month
24 months
Term, MCA, LOC & more
To be eligible, you must have been in business for at least 24 months and have a minimum of $100,000 in annual revenue.

Swoop partners with banks and alternative lenders to match your business with the right funding options. Register for free and browse your offers without affecting your credit score.
Lending Loop Business Loan
Starting at 4.96%
$10,000 - $500,000
3 - 60 months
$8,500 /month
12 months
To be eligible, you must have been in business for at least 12 months and have a minimum of $100,000 in annual revenue.

Lending Loop is Canada’s first regulated peer-to-peer lending platform. Complete an application in 5 minutes. Once you accept your loan offer, investors will begin to fund your loan on the marketplace. Your loan will be transferred to your bank account when it is fully funded.
OnDeck Business Loan
8.00% – 29.00%
$5,000 - $300,000
6 - 18 months
$10,000 /month
6 months
Secured Term, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months with a minimum monthly revenue of $10,000.

OnDeck offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.
Loans Canada Business Loan
Prime Pricing from 9.00%
$2,000 - $350,000
3 - 60 months
$4,166 /month
100 days
Unsecured Term
To be eligible, you must have been in business for at least 100 days, have a credit score of 410+ and show a minimum of $4,166 in monthly deposits ($50,000/year).

Loans Canada connects Canadian small business owners to lenders offering financing up to $350,000. Complete one simple online application and get matched with your loan options.

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