OnDeck is an online lending platform with a mission to help small businesses gain access to financing. The company offers business lines of credit and term loans. OnDeck offers two borrowing solutions that may work well for companies needing fast access to cash. The first solution is a line of credit, which gives companies the flexibility to borrow what they need when they need it. The second one is small business loans. The company advertises its services at ondeck.com.Â
OnDeck Summary
There are a lot of different lenders out there that offer business loans, so it can be tough to know which one is right for you. OnDeck is a popular lender that has been getting a lot of attention recently, but is it the best choice for your needs? Here’s a closer look at what they have to offer so you can make an informed decision.
With OnDeck, you can borrow money for your small business using a business line of credit or business term loans online.
When we took a closer look at their website and terms and conditions, we found a few interesting things. Here are the key points that stood out to us.
- The average rate for OnDeck’s term loans is 62.1% APR and the average rate for lines of credit is 48.9% APR.
- Loan amounts of $5K–$250K are available.
- It offers repayment terms of up to 24 months.
- The same Day Funding is only available in certain states, for term loans up to $100K.
- Eligibility rules around creditworthiness and length of term loan apply.
- Term loans including the Prepayment Benefit option will have a higher interest rate and may increase the total cost of the loan.
- In addition to a business lien, a personal guarantee is required.
- Lines of credit and OnDeck business loans
- Depending on the state where your business is located and other attributes of your business and the loan, your business loan may be issued by a member of the OnDeck family of companies or by Celtic Bank, a Utah-Chartered Industrial Bank.
- OnDeck does not lend to businesses in Nevada, North Dakota, or South Dakota.
What is OnDeck?
Founded in 2006, OnDeck is an online lending platform that offers short-term business loans and lines of credit to small businesses. Headquartered in New York, NY, OnDeck can be reached by calling (888) 269-4246.
OnDeck seems to be a popular choice for small business loans, with an A+ rating on the BBB and an average of 121 customer reviews. They have closed 35 complaints in the last 3 years.
Among the programs offered by OnDeck, there are two main products: short term loans and lines of credit. Each of these offers has its own advantages for small business owners.
How does OnDeck work?

OnDeck offers small businesses a variety of loan products with a straightforward application process. The entire process can be completed online or over the phone with the help of a loan advisor. After you submit your application, you will receive a decision within 24 hours. Once you accept a funding option and agree to the repayment terms, funds will be deposited into your account as soon as the same day.
Your business loan may be issued by a member of the OnDeck family of companies or by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. The lender will be identified in your loan agreement prior to signing. Loans are subject to lender approval.
How to qualify?
In order for a business to qualify for an OnDeck loan, the minimum requirements are: being in operation for at least 1 year, having a personal Fisco score of 650, generating $100K in minimum annual revenue, and having a business bank account.
It is true that the OnDeck loan application process is mostly automated, but you will also speak with a loan advisor after filling out the application. The advisor will help you learn about your loan options, explain how the loan works, and walk you through the repayment process.
Some of the basic requirements are:
- Business Employer Identification Number (EIN)
- Social Security number (SSN)
- Business tax ID
- Annual gross revenue estimate
- Average business bank account balance
An OnDeck loan may also require you to provide copies of your business bank statements for the last three months prior to your application. In less than a day, an OnDeck loan advisor will get in touch with you, usually within one business day. During this time, they will discuss your options and explain the details, including the terms, amounts, and repayment schedules. If you are satisfied, you can proceed to checkout online.
They have a business line of credit, a revolving account similar in several ways to a business credit card. In order to qualify for this financing, your business will be assigned a credit limit, so that you can borrow as much as you qualify for. You can use this credit limit as long as you repay the balance during the draw period.
In addition to helping you explore your loan options, the advisor will explain how the loan is developed, and he or she will take you through the repayment process as well. The interest rate and fees may be higher than those offered by other business financing options.
OnDeck BBB Reviews
According to the Better Business Bureau, OnDeck has an A+ rating and an average of 121 customer reviews. They have closed 35 complaints in the last 3 years.
Here are some reviews:
Richard M 09/21/2022
James N 06/23/2022
Steven H 05/26/2022
OnDeck FAQs
How much does OnDeck charge?
As a leading online provider of small business loans, OnDeck offers both term loans and business lines of credit to help small businesses meet their financing needs.
Average rates for term loans and lines of credit are, respectively, 62.1% APR and 48.9% APR. Loan amounts from $5,000 to $250,000 are available, with repayment terms of up to 24 months. It is also standard for OnDeck to charge a one-time origination fee and a monthly maintenance fee, like most other lenders.
Are there any pre-payment penalties?
OnDeck does not charge prepayment fees, so you can pay off your loan early without any penalties. This makes it a great option for borrowers who want the flexibility to pay off their loans on their own terms.
There are three business credit bureaus that OnDeck reports your payment activity to: Experian, Equifax, and PayNet. Therefore, if you make timely payments, you can use your OnDeck loan to build business credit by making timely payments.
There is no prepayment penalty if you pay the loan off before the due date, and you pay interest only on the amount you use.
OnDeck does not charge a prepayment penalty if you opt to pay off your line of credit or term loan early. In addition, some applicants may qualify for a Prepayment Benefit where OnDeck waives any remaining interest on your loan. You will, however, still be responsible for 75% of the remaining interest in your loan contract if you do not qualify for the Prepayment Benefit.
How does OnDeck affect your credit?
When considering applying for a loan, understanding the process and how your credit score may be impacted is important.
The OnDeck small business loans offer a 12-month repayment term that resets after each withdrawal, with automatic weekly payments. Moreover, OnDeck combines all the draws from your credit line into one loan. You can choose between weekly or daily payments for your line of credit.
Most lenders will perform a soft credit check initially to give you an idea of the interest rates and loan terms you could qualify for. This won’t affect your credit score. However, once you decide to proceed with the actual loan application, the lender will need to do a hard credit inquiry to get a full view of your credit history and offer you final rates. These hard inquiries can lower your credit score.
Fortunately, OnDeck does not report your repayment history to personal credit bureaus. While honoring your payments is encouraged, there is always the possibility of unexpected financial difficulties. If you cannot honor the terms of your loan, your personal credit score will not be adversely affected. However, your business credit score will be lowered.
How to cancel OnDeck?
Be sure of your decision before taking out a personal loan. You cannot reverse or cancel the transaction once the funds have been dispersed into your account. So, be certain upfront to avoid any cancellations or changes later on.

Are you struggling to make ends meet? Here are some helpful tips to get you back on track.
No matter your financial situation, it is possible to get your finances in order. Just follow these simple steps and soon enough, your future will look brighter.
- Creating and sticking to a budget is the first step. This will help ensure that your spending is kept under control and leaves room for other important expenses.
- Another great tip is to consult with a financial advisor who can help explain your different options as well as set up a plan that suits your unique circumstances.
- And lastly, try not to stress too much about debt. Many companies are understanding and willing to work with customers in order to create a more manageable payment plan. All it takes is reaching out to their customer service team for more information.
Is OnDeck legit or a scam?
OnDeck has been operational since 2006 and offers financial services to businesses. It has an A+ rating with the BBB and mixed reviews online, with some customers have had great experiences and others not. It’s worth making a few small business loan comparisons before choosing OnDeck, especially if you need a loan fast or don’t qualify elsewhere.
Before taking out personal and business loans, it is important to compare interest rates and repayment terms from different lenders. Doing your research and reading customer reviews can help you choose the best option for you and avoid taking out a loan that you can’t afford.
Do you know ondeck.com? Leave your experience and review below!
Thank you for reading!
OnDeck
OnDeck Review
OnDeck has been operational since 2006 and offers financial services to businesses. It has an A+ rating with the BBB and mixed reviews online, with some customers having had great experiences and others not.