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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
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.
ConsumerAffairs has collected 85 reviews and 323 ratings.
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Reviewed 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.
Reviewed 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.
Reviewed May 19, 2020
I think you work with someone for a payback on a loan especially during a Pandemic and NOT send them into collections for payment. I won't ever use them again... Sandra ** an employee for them, says she'd work with me and then I find out that I'm in collections shortly thereafter.. If she waited a few more weeks like she said they would, I would have paid them off... It's a shame and not necessary to treat a customer that way...
Reviewed May 19, 2020
I went with OnDeck to secure a much needed SBA PPP Loan for my small business after first trying unsuccessfully with my bank CHASE. The experience with OnDeck was quick and simple, I was funded within 2 weeks of the initial application. Rachel, Dannita and Maria were wonderful during the process. I'll definitely be using OnDeck for any future financing needs!
Reviewed May 19, 2020
I have dealt with OnDeck many times since starting my business 20 years ago. OnDeck was my first thought in regards to applying for a PPP loan during the Covid crisis. Anthony ** was very helpful and my loan was carried out quickly!
Reviewed May 16, 2020
In times of Coronavirus when no services were providing personal customer service, Dillon from Ondeck was assigned to take care of my loan. He gave me great feedback and made it happen. It was very important for me to be able to talk to someone in this time of crisis. The customer service is what made the whole difference between Ondeck and other companies that just provided automated responses.
Reviewed May 16, 2020
I applied for the PPP Loan in April, 2020 with On Deck. COVID-19 has had a immense financial impact on all small businesses, and mine is no exception. After applying and within a few hours, Jose contacted me to introduce himself and request some documentation. For the last 3 weeks, Jose has contacted me on a daily basis to ensure my loan was processing correctly. He kept me updated, and throughout all of my concerns, he always reassured me that he was steadily working on my account. Jose relentlessly worked for my loan account. There were a few minor glitches that needed correction, and every time underwriting would request further documentation, Jose would reach out and have it submitted immediately after I sent it. He was understanding of small business owners, and I appreciated that he could sympathize with the owners who did not have loan documents readily available - as we did not anticipate this pandemic.
I am a business owner that has never relied on any loans. I built a business from scratch, and put my heart and soul into this business. The financial impact on many small businesses has been irreversible. Without the dedication of one motivated loan specialist, my business would have had to file bankruptcy or liquidate. I have had various experiences with mortgage brokers and loan specialist for investment properties, and by far, Jose is one of, if not, THE top loan specialist I have ever had the pleasure of conducting business with.
When applying for a loan, it is the specialist that you are assigned that creates the business for the company. It is the personality, dedication, timely responses, and guidance that make an experience. One specialist can building portfolios for themselves and their company. They are the voice of the company, and Jose definitely gained a lifetime customer here with endless referrals. Thanks again On Deck!
Reviewed May 7, 2020
I am very pleased with my experience working with OnDeck and specifically Jose as a loan advisor. Jose was clear and concise and kept me updated throughout the loan application process. I greatly appreciated his guidance.
Reviewed May 6, 2020
I got PPP thru OnDeck. OnDeck assigned Jon A as my advisor. He guided me for the every steps. It was such a relief to be connected to him to complete the application and asking questions about the whole process. He was knowledgeable and really understands my concern. This experience was totally different from the major bank. During this difficult time, On Deck and Jon A was such a big help. Jon A was SUPER! Really appreciate. :)
Reviewed May 4, 2020
Been screwing around with this company for a week trying to get a PPP. Send more forms and bs, and now says previous application expired and won't let me go further. try using chat no answer. Tried calling no answer, emailed rep Blake and no response. To top it all off, I own 22000 shares of this company's stock. NOT LONG...I WILL SELL IT AT OPEN IN THE MORNING AND TAKE THE LOSS!!!
Reviewed May 4, 2020
After many weeks and many many tries to apply for the PPP Loan with our bank with NO response....I reached out to OnDeck and Jose. The process was pretty simple and Jose was amazing working all hours and thru the weekend for us. His dedication to EXCELLENT customer service was amazing. I was able to get all my documents in Friday night and we finalized the loan Monday morning. If it wasn't for Jose....we may have never been able to make it through this time. Thank you Jose!!!!
Reviewed May 3, 2020
Jose, Jose, Jose. That is all you need to know. This man worked day and night and weekends to make sure that my small business got the loan it needed to continue operating. He called me just a few minutes ago, on a Sunday, just to let me know that my loan had been approved. He's been working with me for about a week and has helped me through all obstacles we faced in applying. He is amazing and we will definitely be using OnDeck again in the future.
Reviewed May 2, 2020
Without OnDeck, our PPP Loan Application would not be successful. Anthony ** played a very instrumental role to have our application ready and complete before SBA started receiving the applications. Thanks to OnDeck in general and Anthony ** in particular for making our loan application get resulted in success.
Reviewed May 2, 2020
I have had loans thru On Deck … everything went rest with Adam. They contacted me to help me with PPP submission … I decided to use them since Wells Fargo is awful and doesn't care about small business. Jose from On Deck was assigned my account and was FANTASTIC!!!! He made sure all my paperwork was in order before the 2nd submission date of Monday 4-27 2020. I was submitted … and approved by Tuesday night … and signed papers by end of week. Jose guided me thru the whole process and was patient with my several calls. I have nothing but Top praise for Jose and On Deck. They saved my business with this PPP Loan! THANK YOU!!!
Reviewed May 1, 2020
I applied for a PPP loan, having no expectation that I would be able to qualify for one, let alone do so in time. Yet, after working with Stanley **, I not only qualified but was approved within a week. Truly. While I realize that PPP loans are a different species of loan, I was really impressed with how quickly Stan responded to my emails and questions and how quickly and flawlessly the process proceeded. I would not hesitate to recommend On Deck to anyone looking for a loan.
Reviewed April 30, 2020
They helped me and communicated with me throughout the process. The underwriters were extremely helpful and responsive. They answered my emails right away. They successfully submitted and funded the loan. Excellent experience!!!
Reviewed April 7, 2020
They cancelled my line of credit once COVID19 hit our country. In a way they did me favor as their interest rate was really high. Line of credit was for 15k. Will use my credit card instead. If you read this do not use them as they do not stand behind small businesses. Why apply and sign a contract when they can do this? Not an ethical company when small business counts on them more than ever.
Reviewed April 6, 2020
This company had representatives from "zip capital" calling us multiple (6-11) times a day every single day including weekends! Super high pressure sales people who were VERY misleading in order to get us to accept the loan to begin with, which ended up being one of the worst decisions for our business. During the initial hardship caused by this loan we reached out and the company was helpful in offering a lowered payment option for a period of time. Payments are automatically withdrawn from your business account on a weekly basis. Now at a time like this, with the covid pandemic our company has suffered a 93.7% decrease/loss.
ONDECK representatives and responses oddly disappear but our account continue to be debited weekly. We have reached out to them for weeks now requesting a payment deferral plan in order to keep our employees somewhat employed and paid and to keep our business from going bankrupt. We have received no responses from them whatsoever and have now filed a complaint with the BBB. What a shady way to conduct business during a global pandemic, especially from a company that had a direct impact specifically on the nation's small businesses.
Reviewed April 4, 2020
I recently finalized my third loan with OnDeck. They treat you with fairness and respect. Something not found with other loan companies. As a repeat customer, the costs to get a loan are almost zero, if not zero. The process is greatly streamlined and simple. I have dealt with other companies and was left feeling taken advantage of or abused. OnDeck has renewed my faith with loan companies.
Reviewed March 27, 2020
OnDeck immediately closed my LOC when the Covid-19 Virus Pandemic started. They then asked for financials which I provided. I have a solid company with perfect credit. After reviewing my financials (which are solid and look better than they did a year ago) they stopped all funding with me. Hard to believe a company would do this at this time. My company does social science research and actually needs to hire right now in this difficult time. I would suggest you find another lender that cares about its customers.
Reviewed March 6, 2020
Every interaction with OnDeck is a pleasant experience. I was skeptical about an online lender at first. But OnDeck put my fears to rest immediately. We have been with them for 4 years. Our account manager, Chris S is fantastic. The process is fast and easy. OnDeck has been there for us when we needed capital to hire new employees, purchase equipment or pay off some lingering debt. I wouldn't go anywhere else!
Reviewed Feb. 27, 2020
I had an account with Ondeck. I cancelled my account and immediately I began receiving hundreds of phone calls. This was almost a year ago and I'm still receiving phone calls daily. I am having to change my cell phone number. Beware that after you do business with them they will sell your information and you will literally be bombarded by funding companies.
Reviewed Feb. 25, 2020
We have been working with OnDeck for about 3 yrs now. OnDeck handled everything and their Senior Account Manager Sarah ** is the best. Sarah will keep you informed from beginning to the end of the loan process. If you need a quick loan or just a line of credit, we would highly recommend Sarah ** and the OnDeck Finance Corp. Thank you OnDeck...
Reviewed Feb. 3, 2020
Anthony ** was professional, courteous, and always available to answer questions or concerns. He had great follow-through, via both email and phone. In fact, it was Anthony's diligent and timely follow-up today, and his patiently explaining again how the OnDeck line-of-credit works that actually convinced us to use OnDeck for a new line of credit for our company. He also made some great suggestions on how we could use the OnDeck Line-of-Credit to benefit our business and build our business's credit history. Not only is Anthony a pleasure to work with and thorough (he was quick to send us an email he had promised, right after we got off the phone), he is also committed to doing the best for the client and his organization, which is a rare quality today. I would be happy to work with Anthony again!
Reviewed Jan. 30, 2020
I have used OnDeck several times for business funding. They have helped me at times that other banks refused and other times I turned to them when I needed a quick answer and funding. They have been a great resource for business capital. The application process has been simple and they have always made me feel like a valued customer.
Reviewed Jan. 21, 2020
This company was there for me when my company needed them. I will continue using them in the future to consolidate my bills. They call immediately and are on the processing time quickly. Within a few days the money was in my account. Such a relief was taken off my shoulders. Now I can start fresh. Thank you again!
Reviewed Jan. 20, 2020
We have been with OnDeck for at least 5 years and it's our third loan with them. They give quick and bigger approvals and I love their online portal. Makes the process so easy and seamless! Alexis ** is our agent and he's always very helpful. He gave me tips on how to get approved and when we were ready to refinance we got two different approvals that exceeded our expectations.
Reviewed Jan. 2, 2020
My OnDeck representative Jonathan was very professional and provided me several loan options and helped me decide which one would be best based on what my finances are now as what they will be 6 months out. This was very important in securing the best plan for me to replay my loan and save money at the same time.
Reviewed Jan. 2, 2020
Shakers Roofing and Siding was in a bind from getting burned from a job well done. OnDeck made it super easy and kept me very informed about the very easy process. They were very professional, and made me feel a lot better at a time when my confidence was shaking, thank you OnDeck.
Reviewed Dec. 23, 2019
I was looking for capital to expand an operation in my business. This was my 3rd loan. (Honestly my 1st one was a little scary). However, they made the whole process simple and the funds were in my account the very next business day. I was able to take advantage of an opportunity that was not going to last long. Their service is some of the best I could possibly ask for. I would (and probably will) use their services again in the future. Thanks OnDeck.
OnDeck Company Information
- Company Name:
- Year Founded:
- 1400 Broadway
- New York
- Postal Code:
- United States
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