OnDeck offers term loans of up to $500,000 and lines of credit of up to $100,000 with fast application processing and funding.
Pros
- Fast application, approval and funding process.
- Available in all 50 states.
- Loyalty benefits for returning customers.
Cons
- Business revenue of $100,000+ per year required.
- Some industries not eligible for a loan.
Looking for business lenders that offer higher loan amounts?
Alternative sites like OnDeck
1. Kabbage
Get access to ongoing funds for your small business with a Kabbage line of credit of up to $250,000.
Pros
- Link your business accounts for added convenience when applying.
- Borrow only what you need and pay it back on your own schedule.
- Three ways to withdraw funds: online, mobile app, and card.
Cons
- Monthly fee could be as high as 10% of the borrowed amount.
- Business revenue must be over $50,000 a year.
2. LendingClub Business Loans
Offering fixed-rate loans of up to $300,000, your business can get the affordable financing it needs.
Pros
- Prepay without penalties.
- Fixed interest rate.
- Quick approval.
Cons
- Lien required for higher amounts.
- Check fee of $7 per payment.
- Not for new businesses.
4. SmartBiz SBA Loans
Looking to grow your business? You could qualify for up to $5,000,000 with a low interest rate, longer term SBA loan.
Pros
- Prequalify in minutes.
- Quick turnaround for smaller loans.
- Long repayment terms.
- Connects you with multiple options.
Cons
- Fee for prepayment.
- Longer turnaround time for large loans.
- Good personal credit required.
- Restrictions on how funds can be used.
5. Wise Business Loans
Qualify for a business loan of up to $2,000,000, even if you have bad personal credit.
Pros
- Fast turnaround, with minimal paperwork required.
- No prepayment penalty.
- Apply with a low personal credit score, even in the 500s.
Cons
- No pre-approval.
- Daily loan repayment could eat into cash flow.
- High rate of loan renewals, which could indicate inability for borrowers to repay high rates.
- $100,000+ minimum annual revenue required.
6. Biz2Credit
A secure business lender connection platform that could help you get up to $5,000,000 to finance your small business.
Pros
- Network of legit business lenders with a wide variety of financing options.
- Fast funding options available.
Cons
- Not a direct lender.
- $250 – $400 underwriting fee if you accept a loan their platform.
- Typically requires good personal credit.
OnDeck small business loans
Among the largest online business lenders offering long and short term loans at fixed rates.
- Must have been in business for at least one year with annual revenue of $100,000+
- Minimum Loan Amount: $5,000
- Maximum Loan Amount: 500000
- Loan Term: 3 to 36 months
- Turnaround Time: As fast as 24 hours
- Simple online application process
- No prepayment penalties