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Overall Rating3.6 out of 5
See all 85 reviews & ratings

About OnDeck

OnDeck provides term loans and lines of credit for small businesses. Businesses must have been in operation for at least a year with a minimum of $100,000 in annual revenue to qualify. Repayment terms are offered up to 24 months on term loans, and lines of credit are revolving. Loans are available for up to $250,000 and lines of credit up to $100,000. Origination fees and interest rates apply.

Pros & Cons


  • Flexible secured loans
  • Multiple repayment terms
  • Small business specialty
  • Same-day funding


  • Restricted industries
  • Not available in all states
  • High interest rates

Bottom Line

OnDeck specializes in small business term loans and lines of credit. Term loans offer up to $250,000 and lines of credit up to $100,000 in funding. Origination fees and interest rates apply.

Featured Reviews

Brooklyn, NY

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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Orland Park, IL

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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Our editor’s take

OnDeck is a good option for business owners in 47 states (not available in North Dakota, South Dakota or Nevada) who’ve been operating for at least a year, have a good personal credit score and are looking for quick loan processing. Loans are available to borrowers in over 700 industries, but there are restrictions so if your business falls in one of those categories, you’ll need to look elsewhere.

Additionally, there are only two loan options, term and business lines of credit, so if you need or prefer a different type of funding, another lender would be a better choice.

OnDeck loan products

OnDeck specializes in small business loans and lines of credit. Same-day funding is available in some states for term loans up to $100,000. OnDeck offers two types of small business loans:

  • Line of Credit: Lines of credit range from $6,000 to $100,000. Repayment terms for lines of credit are 12, 18 or 24 months.
  • Term Loan: Term loans are a one-time, lump sum payment, with amounts ranging fom $5,000 - $250,000 and repayment terms up to 24 months.

OnDeck loan requirements

To qualify for an OnDeck business loan or line of credit, there are minimum requirements you must meet:

  • Minimum of one year in business
  • Personal FICO credit score of 625 or higher
  • $100,000 or more in annual business revenue
  • Business checking account

OnDeck lines of credit are unsecured and term loans are secured. However, OnDeck secured term loans are flexible, meaning there is not a specific amount, type or value of collateral required.  You’ll also want to make sure your business is not on the list of industries OnDeck will not work with before applying.

OnDeck rates and fees

OnDeck interest rates will vary based on the business' health and cash flow.

For term loans, OnDeck charges an origination fee of 0% to 4%. If you renew a term loan, you might be eligible for subsequent fee reductions. For OnDeck lines of credit, there is a $20 per month maintenance fee.

How to apply for an OnDeck loan?

To apply for a business loan with OnDeck, you’ll complete an online application. Make sure you include all required information including your business tax identification number, the last three months of business bank statements and your Social Security number. You’ll also need to indicate which type of loan you’re applying for.

The company will then review all your application materials. If approved, funds may be deposited in as little as one day.

How does OnDeck compare?

OnDeck is a good choice for business owners looking for term or business lines of credit with higher limits and longer repayment terms. However, if you’re looking for a shorter-term loan or need less than $5,000, a competitor like PayPal loans might be a better option.

Repayment Terms 24 months 12 months
Loan Amounts $5,000 to $250,000 $5,000 to $100,000 (up to $150,000 for repeat borrowers)
Line of Credit $6,000 to $100,000 Not offered
Working Capital Loan Not offered $1,000 to $150,000 (up to $250,000 for repeat borrowers)
Origination Fees 0% to 4% Fixed Fee

OnDeck FAQ

What is OnDeck?

OnDeck is an online small business lender providing lines of credit and term loans to borrowers in 47 states and over 700 industries.

Can I get an OnDeck loan if I have bad credit?

A business owner must have a minimum personal FICO score of 625 to qualify for an OnDeck loan or line of credit.

Does OnDeck offer loans to start-up companies?

OnDeck may lend to newer companies. However, you must have been in business for at least one year to qualify for OnDeck services.

Are there any regulatory issues related to getting a loan from OnDeck?

There are no regulator issues related to loans from OnDeck.

Is OnDeck legit?

OnDeck is a legitimate loan provider, issuing small business loans and lines of credit to businesses in throughout the United States (excluding North Dakota, South Dakota and Nevada). With multiple repayment terms, you can stretch loan repayment up to 24 months. Revolving lines of credit are available as well.

OnDeck Reviews

ConsumerAffairs has collected 85 reviews and 323 ratings.

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Page 1 Reviews 0 - 10

Reviewed June 18, 2023

I applied for a very modest $50K in a line of credit to help support and grow my business that has been doing the best it's ever done in terms of revenue and I was denied because I had an insufficient funds on one of the bank statements I provided for proof of income. I run a business and money moves in and out and sometimes more money goes out temporarily and then comes back in. I feel violated that I gave all of my personal and business information to this company who based on my excellent credit, high monthly revenue and time in business was pretty much guaranteed to be approved for either a loan or line of credit. I didn't need a loan. A line of credit would have been perfect for the ebbing of a growing business. How OnDeck doesn't get that I don't understand. You would think that in light of other factors, the insufficient funds issue would have been given the opportunity to be discussed and explained prior to denial. Bad experience.

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Response from OnDeck

Hi Izzy, We are sorry that we could not meet your business lending needs. Many factors go into our approval process, and we strive to make reasonable decisions for our company and customers. Feedback and suggestions are always being evaluated and we will share your feedback with our teams. For further assistance, please contact our dedicated OnDeck Customer Service team at (888) 556-3483."

Reviewed Feb. 15, 2023

Put my line of credit on hold for NO REASON! Claimed it was because I had another loan. I am a small business. We need capital to run! All payments were made on time! Never late or missed on both line of credit and loan from Crestmonth which I found out owned part of OnDeck? Hmm. Received a line of credit from OnDeck and it really helped us as a small business. This set us into a financial hardship as we were trying to get through slow season. Hoping I don't need their money in April when they will supposedly reactivate the loan. I would rather have been declined than to have them give me a line of credit than take it away for no reason! Very disappointed.

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Response from OnDeck

Hi Lora, Thank you for reaching out. As part of an ongoing review related to changes in the overall credit environment, some accounts were placed on a draw hold. If you have questions regarding your most recent account review please reach out to our customer service team directly at customerservice@ondeck.com or call (888) 556-3483. Thank you.

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    Reviewed 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.

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    Reviewed 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.

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    Reviewed 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.

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    Reviewed 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.

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    Reviewed 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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    Reviewed 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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    Reviewed 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.

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    Reviewed 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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    OnDeck Company Information

    Company Name:
    Year Founded:
    1400 Broadway
    New York
    Postal Code:
    United States