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OnDeck Review
ConsumersAdvocate.org Rating: 4.5 / 5 (Excellent)
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How is OnDeck rated?
Breakdown
Overall Rating: 4.5 / 5 (Excellent)
Loan Options
Available Loan Types
| SBA Loans | |
| Revenue-based Financing | |
| Equipment Funding | |
| Working Capital Loans | |
| Term Loans | |
| Lines of Credit | |
| Invoice Financing | |
| Merchant Cash Advances | |
| Equipment Loans |
Term Loans
| Min Loan Amount | $5,000 |
| Max Loan Amount | $250,000 |
| Min Term Length | 6 months |
| Max Term Length | 24 months |
| Repayment Terms | Fixed daily or weekly payments |
Business Lines of Credit
| Min Loan Amount | $6,000 |
| Max Loan Amount | $100,000 |
| Max Term Length | 12 months |
| Repayment Terms | Fixed weekly payments |
Loan Options - 4.5 / 5
The company provides the ability for clients to borrow as much as $250,000 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 6 months to 2 years. The company offers a $100,000 max with a term capped at 12 months.
OnDeck Rates & Fees
Term Loans
| Min APR | 29.94% |
| Max APR | 97.34% |
Term Loans
Lines of Credit
| Min. APR | 29.9% |
| Max APR | 65.9% |
Lines of Credit
Average Rates & Fees - 4.5 / 5
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 29.90%-65.90%.
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 | $100,000 |
| Min. Credit Score | 625 |
| Additional Qualification Requirements | Personal Guarantee Lien No Recent Bankruptcies Connect Bank Account |
Application Requirements - 4.5 / 5
OnDeck Reputation
Customer Feedback
| Trustpilot Score | 4.8 out of 5 |
| BBB Rating | A+ |
| BBB Positive Reviews | 44 |
| BBB Negative Reviews | 20 |
| Date Collected | 2022-12-13 |
Consumer Education - 4.5 / 5
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 | 2006 |
Our Comments Policy | How to Write an Effective Comment
Applying won’t affect credit score
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Loan Amounts: $5,000 to $250,000
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Average Yearly Revenue requirements:$100,000
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Minimum Credit Score: 625 FICO
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Minimum Time in Business to apply: 1 year
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 businesses looking to get funding quickly, in as little as 24 hours.