OnDeck Small Business Loans Review

Rating: 9.6 / 10 (Excellent)
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OnDeck is a New York-based non-bank small business lender founded in 2007 to provide capital financing services, such as term loans and lines of credit. They also offer online tools and resources, including data aggregation and electronic payment technology. OnDeck has an A+ rating with the BBB, and a 5-star TrustPilot score.

How is OnDeck rated?


Loan Options
Application Process
Rates & Fees

Overall Rating: 9.6 / 10 (Excellent)

Ondeck is a great choice, particularly for term loans. Customers can get up to $500,000 with flexible repayment terms of 3 months to three years. APRs are on the reasonable side, especially if you opt for longer terms, but can get quite high for lesser qualified borrowers. The company also rewards loyal clients with decreasing origination fees that can get to 0% by the third loan. Ondeck has a strong reputation with the BBB and Trustpilot, and customer reviews are, on the whole, positive. Where the company really shines is with application and qualification. Ondeck's qualification requirements are lenient and approval/funding times fast. This makes Ondeck an ideal option for business just starting out to get funding quickly, in as little as 24 hours.

Loan Options

Available Loan Types

SBA Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Term Loans

Min Loan Amount
Max Loan Amount
Min Term Length
3 months
Max Term Length
36 months
Repayment Terms
Fixed daily or weekly payments

Business Lines of Credit

Min Loan Amount
Max Loan Amount
Min Term Length
6 months
Max Term Length
6 months
Repayment Terms
Fixed weekly payments

Loan Options - 8.8 / 10

Ondeck is an online lender that is a good choice for customers, provided they're in the market for a small business term loan or line of credit. The company provides the ability for clients to borrow as much as $500,000 for term loans, which is on the generous side compared to other lenders. Additionally, the repayment period for term loans is rather flexible as well at 3 months to 3 years. Ondeck's lines of credit, however, are somewhat more restrictive than other providers. The company offers a $100,000 max with a term capped at 6 months.

OnDeck Rates & Fees

Term Loans


Term Loans

Fees: One-time fee to cover cost of servicing and processing the loan: * 1st loan: 2.5-4% of loan amount * 2nd loan: 1.25-3% of loan amount * 3rd+ loan: 0-3% of loan amount

Lines of Credit

Min. APR

Lines of Credit

Fees: $20 monthly maintenance fee, which is waived for 6 months if you draw $5,000 or more in the first five days of opening your account. There are no fees to draw money.

Rates & Fees - 9.5 / 10

For those who meet the qualifications, Ondeck's minimum APRs for term loans are quite reasonable, especially considering the small business loan landscape as a whole. However, the rate can become rather high for lesser qualified borrowers choosing shorter terms. Origination fees range from 0%-4%. Ondeck rewards loyal customers with decreasing fees on subsequent loans. By the third loan, customers will pay no fee at all. APRs for lines of credit are pretty much standard, ranging from 13.99%-39.99%.

Application & Qualifications

Online Application
Approval Time
As fast as 24 hours
Funding Time
As fast as 24 hours
Min. Years In Business
1 year(s)
Min. Annual Revenue
Min. Credit Score
Additional Qualification Requirements
Personal Guarantee
No Recent Bankruptcies
Connect Bank Account

Application Process - 10 / 10

Ondeck provides a lightning fast online application and approval, that can see customers getting funded within 24 hours. Furthermore, the company requires a credit score of just 500, and for businesses to have been in operation for only one year. These are some of the most lenient qualifications in the small business loan industry. Ondeck also requires a minimum annual revenue of $100,000.

OnDeck Reputation

Customer Feedback

TrustPilot Score
9.4 out of 10
BBB Rating
BBB Positive Reviews
BBB Negative Reviews
Date Collected

Reputation - 9.8 / 10

Ondeck has a better than average reputation among small business loan lenders. The company carries a Trustpilot score of 9.4 out of 10. Ondeck is also BBB accredited with a grade of A+ and 70% positive customer reviews.

Contact & Additional Information

Homepage URL
Company Phone
(888) 269-4264
Headquarters Address
1400 Broadway, New York, NY, 10018
Mailing Address
1400 Broadway, New York, NY, 10018
Year Founded

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Top Rated
Our Partner
9.6 / 10
  • Our #1 Choice: A+ BBB Rating - 9.4 of 10 on TrustPilot
  • Largest Small Business Online Lender - 50k+ Customers
  • Loans up to $500k, and Lines of Credit up to $100k
  • Decision in minutes - no obligation
  • Funding in as fast as 24 hours
  • Must have 100k in revenue, minimum 12 mo in business, 500+ Fico