OnDeck small business loans review

A loan to help your business grow at the speed you need.

Tired of the rigid eligibility requirements of banks or the cost of other short-term business financing options? OnDeck could be a helpful alternative. It has higher approval rates because it bases its loan decisions on cash flow and performance, rather than just on credit score. And it can deliver funds with the speed of a short-term loan without the expense. Read on to find out if OnDeck can help you.

Product NameOnDeck Small Business Loans
Min Loan Amount$5,000
Max. Loan Amount$500,000
Min APR From
RequirementsMust have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
  • Company must have been in business at least one year
  • Company must be based in the US
  • $100,000+ in gross annual revenue
  • At least one owner with a 500+ personal credit score
  • No bankruptcy in last 2 years
  • No unresolved liens and judgements

First, do I qualify?

You’re eligible for an OnDeck business loan if your credit score is 500 or higher, your business is at least one year old and it makes at least $100,000 annually. However, the average OnDeck customer has a business that’s been around for seven years and earns $450,000. The majority of OnDeck customers have a credit score of at least 660.

How does a small business loan through OnDeck work?

Getting financing from OnDeck works in three steps: You apply online, receive your decision and then get funded. Applying is simple and quick, and you can get a decision within minutes.

OnDeck looks at at cash flow and business success when determining a decision, rather than just your credit score. You can choose between short- and long-term loans, ranging from $5,000 to $500,000.

You can get small business loan funding fast, in as fast as 24 hours, and use the loan to build your business credit with good payment history.

Top three benefits of OnDeck small business loans

  1. Fast decisions. After applying, you can expect a quick decision, usually within minutes. You can receive an answer as soon as one business day.
  2. Dedicated specialists. US-based specialists are available to help with customer questions six days a week.
  3. Loyalty perks. Customers who return to the company for additional services may receive reduced fees.

More features of OnDeck small business loans to consider

  • Availability. Businesses from all 50 states and Canada, excluding Quebec Provence, can apply to get funding.
  • Industries served. OnDeck serves over 700 different industries, including: retailers, restaurants, auto repair shops, healthcare providers and more.
  • Automatic payments. You pay for your small business loans through fixed and automatic daily or weekly payments.
  • Loan terms. You can repay your loan over a short period of time, or a bit longer depending on your qualifications and what you need. Terms run from 3 to 36 months.
  • Rates. Term loans can have an AIR as low as a 9.99% while the starting APR for lines of credit is 13.99%.
  • Origination fee. You will have to pay a one-time origination fee that helps service and process the loan. The origination fee for the first loan is 2.5% to 4% of the loan amount, 1.25% to 3% for the second loan and 0% to 3% for the third loan.
  • OnDeck receives stellar customer reviews

    OnDeck has been accredited with the Better Business Bureau (BBB) since 2008, which gives it an A+ rating. The BBB bases its rating on criteria including complaint history, transparent business practices and government actions against the business.

    better business bureau accredited business

    OnDeck also fares well when it comes to customer reviews. The majority of BBB and TrustPilot customer reviews are mostly positive, with 92% of nearly 1,000 TrustPilot reviewers rating it as “Excellent.” They gave it an average 9.4 out of 10.

How do I apply?

Before applying for a business loan with OnDeck, be sure you meet the following eligibility criteria:

  • Your business has been around least one year and is based in the US
  • You generate $100,000+ in gross annual revenue
  • You have a personal credit score of at least 500
  • No bankruptcy in last 2 years
  • No unresolved liens and judgements

After confirming you’re eligible, it takes an average of seven minutes to fill out the online application. Here’s how it works:

  1. Click the Go to site button on our page to be directed straight to OnDeck’s website and then click Apply Now.
  2. Fill in OnDeck’s four-page application with information on your loan, your business and your personal information. Carefully read and check off the application agreement and e-signature agreement before submitting your application. ondeck business loans application
  3. Wait for OnDeck’s automated underwriting software to process your information and do a soft pull on your credit score. You should find out if you’re approved for funding within minutes, unless OnDeck needs additional information like bank statements before making a decision.
  4. An OnDeck loan specialist will call you to go over the details of your application and ask for additional documentation.
    Once your loan is finalized, you can receive funding in as quickly as one business day.

Required documents and information:

  • Business tax ID
  • Credit card statements for the previous three months
  • Bank statements for the previous three months
  • Social Security number for business owner or owners
  • Driver’s license number and state of issue

I got the business loan from OnDeck. Now what?

After receiving your funds, OnDeck will start taking daily or weekly “micropayments” out of your business’s bank account. They’re intended to have as little impact as possible on your cash flow, but you could end up in trouble if your bank account has low funds for a short period of time.

Try to avoid making large purchases that might temporarily drain your account and keep a close eye on your balance. If you have any trouble with repayments you can call the customer service line, which is open 8am–9pm ET Monday–Friday and 9am–5pm on Saturdays.

I didn’t get the loan. What can I do?

First, don’t panic. There are other loans out there and you can always reapply after tweaking your finances. Turn it into a learning experience: Contact OnDeck to find out why your application was rejected. Knowing your weaknesses — and making the appropriate changes — is a great way to get ready for your next loan application.

Why business loan applications are rejected — and what you can do about it

See how OnDeck compares to its competitors

OnDeck vs…

Kabbage
Prosper
LendingClub
Swift Capital

Bottom line

If you are looking for a way to fund your small business without turning to standard banks, OnDeck is a helpful solution. It bases its decision on more than just your credit score, and provide financing for any amount between $5,000 and $500,000. Before choosing OnDeck for your small business loan, you may want to check out other small business loan companies similar to it.

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