OnDeck Small Business Loans Review

#1 in Small Business Loans

OnDeck was launched in 2007 to help small and medium-sized businesses get better access to loans. It uses a unique software to evaluate and determine an applicant’s loan eligibility. OnDeck gives small businesses access to short term loans, long term loans and lines of credit of up to $100,000 to help them grow their business.

Features and Services

OnDeck can fund your small business for up to $500,000 and this with competitive interest rates. Its short term loans can be paid in 3 to 24 months terms that can be used for financing projects with an immediate return on investment. Long term loans are available for up to 15 to 36 month terms.

For term loans, average rates are about 15% of borrower’s total amount. It charges an origination fee of 2.5% of the borrower’s total loan amount. For its line of credit,  rates average about 10% of the borrower’s total amount drawn.

The company’s application process is simple and takes about 10 minutes. This can be done by applying online or over the phone. Ondeck can make a loan application approval in minutes, and funding in as fast as 24 hours.  Qualifying for a loan is simple. Applicants should be a U.S. citizen and a minimum credit score of 500 or higher for term loans. Its business should be at least 1 year in operation and with no personal bankruptcies in the previous two years.

OnDeck provides its borrowers a single account representative during the entire loan process. Representatives are available for assistance and answering client concerns. The company’s representatives can be reached via telephone, email, live chat and its social media.

Plan Details

Loan Amount

$250,000

Loan Terms

3 to 24 months

Interest Rates

1.20%

Fixed Interest Rate

10-20%

Variable Interest Rate

Down Payment

Loan Fees

Closing Cost

Guarantee

Other Fees

Prepayment Penalty

Loan Application

Online Application

Personal Credit Profile

Business Credit Profile

Approval Time

SAME DAY

Local Branches

Available Nationwide

Application Time

WITHIN MINUTES

Mobile App

Qualifications

U.S. Citizen

Good Credit

Bankruptcy

Years in Business

1

Qualified even with bad credit

Help and Support Services

Email Support

24 Hour Telephone Support

Live Chat

FAQs

Small Business Loans at OnDeck 

OnDeck is a good choice for small businesses searching for quick access to a much needed business loan. With low credit score requirements and a convenient application process, OnDeck get rids of the hassles and paperwork associated with applying for a business loan in traditional banks.