OnDeck

OnDeck

 3.9/5 (210 ratings)
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About OnDeck

OnDeck is an online business lender for small businesses. The company offers two main products: short-term installment loans and revolving lines of credit. Customers can adjust loan amounts and repayment terms according to their needs. Applying takes as little as 10 minutes, and funds are available as soon as the same day. OnDeck lends to businesses in over 700 different industries in all states except Nevada, North Dakota and South Dakota.

Overall Satisfaction Rating

  • 5 stars
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  • 1 stars

Pros

  • Fast application; no hard credit pull
  • SMART Box comparison tool
  • Dedicated loan advisor
  • Loyalty benefits on additional loans

Cons

  • High APR
  • Unavailable in some states and industries

Bottom Line

OnDeck is an online lender offering short-term installment loans and lines of credit to small businesses that need fast funding. Average APRs are 54.96% on term loans and 47.14% on lines of credit. Apply online or by phone.

Top OnDeck Reviews

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Rated with 5 stars
Verified

My entire experience took less than 48hrs. Within 24hrs of signing the Agreement, the money was wired to my account as promised. Interest rates are a bit high but I would rather p...

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Rated with 5 stars
Verified

Excellent Company especially our account manager Anastasia. She is very hands-on with her clients and very knowledgeable. She returns your call, answers all your questions and giv...

Read full review

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What is OnDeck?

OnDeck is an online lender that serves small businesses in most states with two main products: term loans and lines of credit. Both are secured by a general lien on business assets.

Customers can apply online or over the phone, get a same-day decision and have access to funds as soon as the same day. The company assigns clients a dedicated, U.S.-based loan advisor who’s available six days a week for support throughout the process.

OnDeck works with businesses from more than 700 industries, including retailers, restaurants and contractors, in all states except Nevada, North Dakota and South Dakota. The company was founded in 2006 and is based in New York.

How does OnDeck work?

OnDeck makes it easy to apply for a term loan or line of credit. You can get started online or by calling. You’ll need the following:

  • Employer Identification Number
  • Business bank statements from the last three months
  • Social Security number of business owner
  • Driver’s license number and state of issue

A loan expert contacts you within one business day to discuss your offers, which are good for 30 days. If you’re approved, you choose your term, amount and repayment schedule. Then, you complete an online checkout process. Once you’re done, you can receive your funds as soon as the same day. Same-day funding is available both with term loans and lines of credit.

OnDeck services

OnDeck offers two main products: short-term loans and lines of credit. Each option has its own benefits for small business owners.

Term loan: OnDeck provides a one-time lump sum of cash from $5,000 to $250,000 as soon as the same day you apply. OnDeck offers repayment terms of up to 24 months, with automatic, fixed deductions from a bank account daily or weekly. Term loans may have a prepayment penalty.

Line of credit: The revolving credit line gives you access to money when you need it. Revolving lines of credit range from $6,000 to $100,000. There is a 12-month repayment term that resets after each withdrawal, with automatic weekly payments. You only pay interest on the amount you use, and there are no prepayment penalties.

With both the term loan and the line of credit, OnDeck shows you transparent pricing with the SMART Box capital comparison tool; it gives an easy-to-understand breakdown of key metrics, including:

  • The total cost of the loan, including interest, the origination fee and other fees
  • The annual percentage rate
  • Weekly and monthly payment amounts
  • Details about prepayment

OnDeck fees

OnDeck rates are based on business health, annual revenue, cash flow, credit history and time in business.

The APR on term loans starts at 35% and averaged 54.96% in the first quarter of 2021. There is an origination fee of 0% to 4%. If you qualify for the “100% Prepayment Benefit” option, you can pay back the loan early, and OnDeck will waive all remaining interest without penalty. Otherwise, you may owe 75% of the remaining interest.

OnDeck lines of credit have APRs starting at 35.9% and averaged 47.14% in the first quarter of 2021. There is a $20 monthly maintenance fee; OnDeck waives it if you withdraw at least $5,000 within one week of the line opening. There are no prepayment penalties.

OnDeck FAQ

What are OnDeck’s eligibility requirements?
Eligibility requirements for OnDeck’s loans include the following:
  • At least one year in business
  • Annual gross revenue of $100,000 or more
  • Personal FICO credit score of 600 or more
  • A business checking account
Where is OnDeck available?
OnDeck is available in most states. It doesn’t lend to businesses in Nevada, North Dakota or South Dakota.
How long does it take to get approved for an OnDeck loan?
OnDeck provides a decision as soon as a few minutes after you apply. A loan expert calls you to go over offers within one business day. Offers are good for 30 days.
Does OnDeck report to credit bureaus?
Yes, OnDeck reports payments to the credit bureaus.

Is OnDeck legit?

OnDeck is a legitimate lender, with over $14 billion extended to small businesses globally. According to the company, the typical customer has been in business for three years or more and has an annual revenue of at least $300,000. We like OnDeck’s simple, fast application process and the SMART Box loan comparison tool. But you may pay less for a loan from a traditional bank or credit union — we recommend comparing offers from OnDeck and other lenders before deciding on the right loan for your business.

OnDeck Reviews

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How do I know I can trust these reviews about OnDeck?
How do I know I can trust these reviews about OnDeck?
  • 4,026,869 reviews on ConsumerAffairs are verified.
  • We require contact information to ensure our reviewers are real.
  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

For more information about reviews on ConsumerAffairs.com please visit our FAQ.

Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Nov. 19, 2021

Filled collection on an account I am not responsible for. I was not a cosigner or responsible for the loan they gave the business. I have the paperwork to prove it. Still they continue to attack my credit for it. Bad business practices. Read the reviews I'm not the only one. Don't fall for it! Use anyone else.

Be the first one to find this review helpful
Rated with 1 star
Verified Reviewer
Original review: Oct. 2, 2021

I just don't think this kind of business is ethical. I can't imagine what business can pay 25% and more for a loan and not be hurting someone in the process. Greed is ruining this world and this tank of sharks has to be leading the charge.

10 people found this review helpful

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    Rated with 5 stars
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    Verified Reviewer
    Original review: Feb. 5, 2021

    My entire experience took less than 48hrs. Within 24hrs of signing the Agreement, the money was wired to my account as promised. Interest rates are a bit high but I would rather pay a high interest to release my stress and sleep better at nights. Now, the only thing left for me is to see if the amount I agreed to is withdrawn from my account each week. I will definitely be giving an update in a week and another one after 30-days.

    2 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: June 17, 2020

    This company is a ripped off. They try to get all the interest when you sign up for a loan. Because when you want to early pay off they already got all the high rate interest. You just have a very little deductible interest left.

    11 people found this review helpful
    Rated with 5 stars
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    Verified Reviewer
    Original review: June 9, 2020

    Excellent Company especially our account manager Anastasia **. She is very hands-on with her clients and very knowledgeable. She returns your call, answers all your questions and gives you the best customer service than anyone could ask for. Any companies searching for business loans I would definitely recommend OnDeck to other businesses.

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    Rated with 5 stars
    Verified Reviewer
    Original review: June 2, 2020

    The whole process took about 2 weeks. Johnny was an excellent loan specialist, that moved quickly to assist me with obtaining the funds my small business needed. I was very pleased to see their responsiveness during a time of a pandemic. I highly recommend them.

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    Rated with 5 stars
    Verified Reviewer
    Original review: May 27, 2020

    I can only say great things of them, Scott ** was great, he called me several times to solve all the problems and today my PPP laon got approved. I tried other lending service and they were not close to Ondeck for service and speed.... If you will come across Scott ** you will be very lucky, he is great.

    2 people found this review helpful
    Rated with 5 stars
    Verified Reviewer
    Original review: May 27, 2020

    My Payroll company Gusto recommended OnDeck as specialist in PPP loans. Gathering all the documents for this loan was a very tedious process. I was very nervous about making a mistake and then not being eligible for the loan. It was such a help to be assigned to Anthony ** as loan specialist. He looked over everything carefully and made sure all was in place. Once he was assigned to me, the process went very fast and smoothly. If I needed to provide anything in addition, I was send a secure way to upload the documents. I'm forever grateful to having made the decision to go with OnDeck and recommend them highly.

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    Rated with 5 stars
    Verified Reviewer
    Original review: May 27, 2020

    I was referred to OnDeck by my payroll company Gusto. The purpose was to apply for a PPP loan. The process was easy to understand, mostly automated, and went very smoothly. Once I had submitted my documents, I was contacted shortly thereafter by a representative from OnDeck who helped me with the agreements and closing details. I had been a little concerned because I had accidentally put the wrong number of employees in the online application, but this was readily corrected when I let the representative know.

    I was very pleased and rather surprised that the whole thing only took about a week, from the time I started the application until the time that the PPP loan was in my bank account. I have a friend who went through a similar process for his PPP loan with another bank and his process took several weeks. I am very happy to fully recommend OnDeck.

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    Rated with 5 stars
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    Verified Reviewer
    Original review: May 25, 2020

    Great customer service! Fast and easy no hassle.. Had a great agent that helped me through the process.. answered any concerns through email in a timely matter. I would definitely recommend you guys to everyone.

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    OnDeck Company Information

    Company Name:
    OnDeck
    Year Founded:
    2007
    Address:
    1400 Broadway
    City:
    New York
    State/Province:
    NY
    Postal Code:
    10018
    Country:
    United States
    Website:
    www.ondeck.com