OnDeck: A Closer Look at Small Business Loans

OnDeck have the goal of providing small businesses with the capital they need in order to succeed through small loans and small business loans.

Commercial Mortgage Best for
4 /5
$ 5,000 /mo
Starting Price
Visit Site
Table of Contents

    OnDeck claim to have offered around $12 million in small loans and small business loans and boast a 4.9/5 rating on TrustPilot and an A+ rating with the Better Business Bureau. OnDeck claim that while the standard application for small loans and small business loans takes 26 hours, their process takes merely 10 minutes. OnDeck was launched in 2007 to offer small businesses capital based not just on personal credit, but on the performance and future viability of the business itself. On Deck loans take advantage of innovative technology and best practices across the world of business to offer short term loans, long term loans, and lines of credit for all kinds of small businesses. On Deck business loans mean that more small businesses can achieve growth.

    They take a human approach through a range of tailored options covering most cases of small loans and business loans. The repayment options available are designed to be flexible, which shows that OnDeck understands that different businesses work in different ways. With no collateral required in either a personal or business sense, OnDeck make their lines of credit accessible to a greater range of people. OnDeck also report payments to business bureaus, which means you can build better credit scores through taking out small loans or small business loans.

    What is OnDeck Loans?

    The best way to understand the OnDeck financial options available to you is to check out On Deck loans reviews and On Deck lending reviews. These can help you determine whether OnDeck is the best option for your business. The main focus of OnDeck, which On Deck loans reviews will mention is that the company offers such a flexible and bespoke option for loans as they understand there isn’t a one-size-fits-all approach to business loans. The OnDeck financial options range from short-term loans to permanent lines of credit.

    With OnDeck, you can take advantage of loans between $5,000 and $500,000, or lines of credit from $6,000 to $100,000. These options mean that most business loan needs are covered. One of the major benefits that OnDeck claim is that they can get your business loan processed quickly, stating that applications before 12pm will have a response by the close of the business day. If successful, they aim to have the funds in your bank in a couple of days. The process – from start to finish – is therefore incredibly expedited.

    How OnDeck Works?

    The first step is to complete the application process, which will then lead a member of the underwriting team to contact you to discuss your application. Within one business day, you’ll be given your options based on your OnDeck application. In some cases, you can then have access to your OnDeck small business loan or line of credit on the same day. The transparent nature of the process and the way in which many factors are considered before approving or rejecting a loan is a key feature that OnDeck are trying to explain to potential customers. You can choose the terms of the loan or line of credit you want and have total control over your small business finances.

    How Do I Qualify?

    One of the main benefits of OnDeck is that to qualify for OnDeck small business loans and lines of credit, the requirements are more lenient than other providers. You must have at least one year’s experience being in business and you must make at least five bank transactions per month. Your credit score must be around 600, while the business must make at least $100,000 per year in revenue. There is also a range of restricted industries, for example businesses that could be deemed controversial or whose revenue might not be accrued through a straightforward method.

    For the rest of the process, OnDeck will help to take you through how to get a small business loan. The loan term can last between three months and 36 months. The fixed fee is around 0.4% or 0.43% of the amount borrowed each month with an origination fee ranging from 0% to 4%. The effective APR for a small business loan is between 11.9% and 99.4%, dependent on other factors. For the OnDeck business line of credit, the draw term lasts six months. This will be subject to no draw fee, but a maintenance fee of $20 per month. The rates range from 11% to 57.9%.

    Here's a quick checklist of the criteria for qualifying for an OnDeck loan:

    • Personal credit score of 600 or higher

    • Business is at least one years old and based in the US

    • At least $100,000 annual revenue

    • No bankruptcies in the last two years

    Advantages and Disadvantages of OnDeck Business Loan

    One of the most important things to consider when looking at On Deck loans reviews is to weigh up the advantages and disadvantages. All On Deck loans reviews are different, so it’s important to see what factors your business considers most important when deciding.


    • More lenient borrower and credit score requirements.
    • Quick-turnaround application process.
    • Discounts for prepayment. 
    • Strong level of customer support throughout. 
    • Range of loan options and lines of credit.
    • Flexible plans to work specifically for your business.


    • High rates if choosing certain options. 
    • All funding options incur debt.  
    • Some industries are restricted from borrowing with OnDeck.

    How Do I Apply?

    The application process is fairly easy – and emphasis should be placed on how quick it is. Through the OnDeck portal, you will begin applying by filling out a simple form. The form will request some basic information from you in order to determine who you are and what your business’s current financial state is. This is important for being approved and for determining your OnDeck term loan.

    Documents Needed to Apply

    • Business tax ID
    • Your Social Security number
    • Bank statements from last three months
    • Credit card statements from last three months

    OnDeck Loan for Bad Credit

    With OnDeck, a bad score doesn’t automatically mean no credit. On Deck loans are more flexible than their competitors. Provided other metrics are factored in, you may qualify for an OnDeck business loan even without an agreeable credit score. Substantial collateral may be taken into account when attempting to get a loan with bad credit. Small businesses that have been trading for around a year are less likely to be able to negotiate a good loan from a bank, but OnDeck will give them a chance to showcase their future as a business.

    Bad credit business loans can be achieved if you can prove you have the money coming in each month to make the loan repayments. This is more important than a credit score and can prove that you would be a viable business to offer a loan to. A healthy weekly cash flow is even better as it proves that you will have the income and not be reliant on monthly invoices.

    OnDeck Customer Support

    OnDeck pride themselves in their customer support, which is part of the human aspect of the way in which they offer and authorize loans and lines of credit. The standard modes of communication are there: phone, email, live chat. Customers can also make use of social media to ask questions or be redirected for more information, which shows OnDeck’s commitment to ensuring that customers are listened to. The customer service is present even when applying for a loan. You can email, call, or live chat with a loan specialist for assistance completing the form. There is also an FAQ section on the website that aims to answer any preliminary questions that customers might have. Customers can then make use of other channels should there be something they need to discuss in more detail.

    My Conclusion

    OnDeck prides itself on being fast for small business loans and lines of credit. As most On Deck loans reviews also state, OnDeck are well suited for those customers who might have more difficulty getting a loan elsewhere. The ability to judge the repayment terms based on the future performance of the business as well as what it has done means that more businesses are able to grow and thrive. On Deck capital reviews agree that the terms are favorable and flexibly designed with each specific business in mind.