OnDeck Small Business Loans

Information verified correct on January 19th, 2017

The only loan that makes your business grow at the speed you need.

OnDeck launched in 2007 and works to help small businesses with financing. The company has higher approval rates because it bases its loan decisions on cash flow and performance, rather than just on credit score. Financing 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. Businesses from all 50 states can apply to get funding.

Product NameOnDeck Small Business Loans
Interest Rate (p.a.)From 9% (fixed)
Comparison Rate (p.a.)19%
Interest Rate TypeFixed
Minimum Loan Term0.25 years
Maximum Loan Term3 years
Min Loan Amount$5,000
Max. Loan Amount$500,000

OnDeck Small Business Loans Review

If you are tired of the rigid eligibility requirements of banks, and the cost of merchant cash advances, On Deck provides a helpful alternative. OnDeck specializes in providing funding for small businesses, and looks at cash flow and business success when determining a decision, rather than just your credit score. Applying is easy and the company does not require you to do mountains of paperwork.

You can get small business loan funding fast, usually within 24 hours, and use the loan to build your business credit. Payments are fixed and automatically deducted. Payment history is reported to business credit bureaus. Businesses from all 50 states can apply to get funding.

You can choose between small and long term loans, ranging from $5,000 to $500,000. Your loan will be originated under California, Utah or Virginia law, depending on your location.

Benefits of OnDeck Small Business Loans

  • Affordable. OnDeck claims to be around 50% less expensive than merchant cash advances.
  • Fast Decisions. After applying, you can expect a quick decision, usually within minutes. You can receive an answer as soon as one business day.
  • Specialists. US-based specialists are available to help with customer questions six days a week.
  • Loyalty Benefits. Customers who return to the company for additional services will receive reduced fees and pricing.

Features

  • Eligibility requirements. To qualify for a small business loan, your business needs to have made at least 100,000 (annual revenue), and have a personal score of at least 500. Your business needs to have been in operation for at least one year.
  • 50 states. OnDeck’s small business loans are available to residents of all 50 states.
  • 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 monthly payments.
  • Term Loans. You can choose between long and short term loans. Short term loans last for 3-12 months and are used for projects with an immediate return on investment. Long term loans last from 13-36 months and are meant for larger projects that will take longer to pay back.
  • Rates. Short term small business loans can have as low as a 9% p.a. Total Interest Percentage, but typically average at a rate of 19% p.a.. Long term loans can have an Annual Interest Rate as low as 5.99%, but usually average around 30%.
  • Origination fee. You will have to pay a one-time origination fee that helps service and process the loan. The origination fee for the 1st loan is 2.5-4% of the loan amount, 1.25-3% for the 2nd loan, and 0-3% for the 3rd loan.

How to apply to for a small business loan

Eligibility criteria:

  • 1+ year in business
  • 100,000 (annual revenue)
  • 500+ FICO score from the business owner

Required documents & information:

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

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

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