A loan to help 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 Name||OnDeck Small Business Loans|
|Min Loan Amount||$5,000|
|Max. Loan Amount||$500,000|
|Minimum Loan Term||0.25 year|
|Maximum Loan Term||3 years|
|Requirements||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.|
- Company must have been in business at least one year
- $100,000+ in gross annual revenue
- At least one owner with a 500+ personal credit score.
How does a small business loan through OnDeck work?
If you are tired of the rigid eligibility requirements of banks, and the cost of merchant cash advances, OnDeck 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, and 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 of OnDeck Small Business Loans
- 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.
- 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 three to 36 months.
- Rates. Small business loans can have as low as a interest annually, but typically average at a rate of 38% APR.
- 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.
How to apply to for a small business loan with OnDeck
- 1+ year in business
- $100,000 revenue in the past 12 months
- 500+ FICO score from one or more of the business owners
Required documents and 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 owner or 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.Back to top