OnDeck review June 2018 | Compare small business loan rates

OnDeck small business loans review

We know that everyone's situation is unique and we aim to help you find the right product for you. We may receive compensation when you visit our partners' sites or are approved for their products. You can read more about how we maintain editorial independence and how we make money here.

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
Interest Rate TypeFixed
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 93% of over 1,000 TrustPilot reviewers rating it as “Excellent.” They gave it an average 9.7 out of 10.

What to watch out for

  • Weekly or daily repayments. Shorter periods of time between repayments might now work for businesses that don’t have an even cash flow or want to make a large purchase that could temporarily clear out their bank accounts for a few days or weeks.
  • Restricted industries. While many lenders have restrictions on which industries it does business with, but OnDeck’s is extensive. Flea markets, funeral services, farms and more are just a few of the restricted industries. Be sure your business isn’t on this list before you apply.
  • No prepayment benefits on short-term loans. While OnDeck doesn’t charge prepayment penalties, the way it calculates how much you owe in interest and fees means that you won’t be able to save by paying your short-term loan off early.
  • Not great for startups. Your business must be around for over a year and make at least $100,000 annually to qualify for an OnDeck loan.

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, you can start the application by phone or online. Call 888-545-8382 to start the process by phone.

If applying online, it takes an average of seven minutes to fill out the online application. Here’s how it works:

Steps to apply online

  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

Compare more business loan providers

Rates last updated June 21st, 2018
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
2+ years in business; $50,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.
Lending Express Business Loan Marketplace
Lending Express Business Loan Marketplace
At least 3 months in business and $10,000+ in monthly revenue. Your business might also qualify if it has at least 6 months in business and $3,000+ in monthly revenue.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is. Startups welcome with 680+ credit score.
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.
Excel Capital Management Small Business Loans
Get personalized financing options that suit your unique business needs in just a few simple steps.
Varies by loan type
Varies by loan type
Your business must operate in the US, be at least 1 year old and have monthly revenue of $15,000+.
Balboa Capital Small Business Loan
Short-term business financing with no minimum credit score or physical paperwork required.
Must make $100,000 in annual revenue and be established for at least one year prior.
LendingTree Business Loans
Compare multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.

Compare up to 4 providers

See how OnDeck compares to its competitors

OnDeck vs…

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.

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Conditions and Privacy Policy.
Go to site