OnDeck Review

Kevin Mercadante

In a Nutshell

OnDeck offers conventional business loans and lines of credit, allowing flexibility to get the loan you need. Best of all, you can have your money within 24 hours with fast approval and excellent customer service.

pros

  • 24 hour approval
  • Excellent customer service

cons

  • $100,000 yearly revenue is high for younger businesses
  • 1+ year in business or more only

OnDeck OnDeck Visit Site

OnDeck at a Glance

Loan types
Term loans, lines of credit
Loan amount
$5,000-$500,000
Repayment terms
3 to 36 months
Minimum credit score
600+
Minimum monthly revenue
$8, 000
Time until funding
As fast as 24 hours

Service Profile

OnDeck offers two flexible financing options: a line of credit available up to $100,000 and a term loan, available up to $500,000. You can apply online in just a few minutes or call directly and speak to a loan specialist. Rates start as low as 9.99% AIR for term loans and 13.99% for lines of credit. Decisions are made within minutes and you can receive money in as fast as 24 hours.

Loan Features

  • 3- to 36-month terms
  • $5,000 to $500,000 limit
  • Rates as low as 9.99% annualized interest rate
  • Approval within minutes
  • Funding in as fast as 24 hours
  • Prepayment options
  • Transparent rates and fees

Loan Application Information

To apply for a business loan or line of credit from OnDeck, you must be a U.S citizen and at least 18 years old. Your loan will be originated under either Virginia or Utah law depending on the location of your business, but all 50 states are eligible. For all financing, you must have been in business for a year with  at least $100,000 in annual revenue. OnDeck will require details from you to assess your application, which will cover both yourself and the business that you’re representing. Expect to enter some standard information including company revenue, address, annual revenue.OnDeck has an A+ BBB rating, with a privacy policy and practices that have been reviewed by TRUSTe for compliance with its standards on transparency, accountability and choice regarding the collection and use of personal information.

Repayment Terms

For OnDeck financing options, repayment terms range from 6-36 months, which allows you to use financing for various use cases like funding purchases you can’t put on your credit card to purchasing a bulk inventory deal. There is a one-time origination fee, which will be based on your loan amount as well as prepayment options if you decide to pay back early.

Help & Support

OnDeck offers highly skilled advisors that are available 6 days a week to answer questions and provide ongoing support. You can call, email or live chat to ask questions and receive a customized assessment of your business The website itself provides more information than most of its competitors – but for queries that we had otherwise, OnDeck answered them quickly and honestly.

Summary

OnDeck is one of the most accessible, friendly and well-known lenders on the market at the moment. With endless positive reviews, in business since 2007 and $10 billion delivered to small businesses globally, it’s safe to say that OnDeck is making big waves in the industry and providing a much-needed booster shot for the American economy.

OnDeck OnDeck Visit Site

Company Profile

OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the Company has powered Main Street’s growth through advanced lending technology and a constant dedication to customer service. OnDeck’s proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry’s widest range of term loans and lines of credit. To date, the Company has deployed over $10 billion to more than 80,000 small businesses in 700 different industries across the United States, Canada and Australia. OnDeck has an A+ rating with the Better Business Bureau.

Physical Address

OnDeck

1400 Broadway Suite 2500

New York, NY 10018

Kevin Mercadante is a freelance professional personal finance blogger, and the owner of his own personal finance blog, OutOfYourRut.com. He has extensive backgrounds in both accounting and the mortgage industry.

OnDeck customer reviews

Based on 28 reviews

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30 Sep 2020

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Top Reviews

Gene, OR
10 months ago

Ease of use

Brand satisfaction

Value for money

Service quality

I had poor credit but I was still able to get a business loan. That's the sign of an accommodating lender.

Harold, CA
9 months ago

They are very reliable. OnDeck are one of the companies I can vouch for and got me the loan when I needed it.

Maisha, NY
a year ago

It is a really good website and really amazing customer service. We got the loan we were looking for.

Tiffany, WA
8 months ago

I like on deck because its easy to use and manage. The company provides online help tools and on call customer service reps to trouble shoot any problems you have

Mandy, KY
8 months ago

They lent me what I needed. And they have always answered all my questions to the best of their knowledge and they are straight up.

Samantha, TN
a year ago

On deck is a very good business loans provider. The customer service is immaculate, and I got what I needed in timely fashion.

Antoinette, NY
7 months ago

Very accommodating explain a lot high rates for small company. They were the first to help us out

Jona, TX
8 months ago

It was very easy to use. Both my husband and I use On Deck with our businesses and are very satisfied with everything.

Jasmine, NY
7 months ago

It gets you the money you need in the time you need it in. We think it will help us make more money at our new company.

Ranvir, NY
7 months ago

It's very easy to use and fast! Good for the price and fair questions. We got the money we needed at a reasonable rate

Renee, NC
8 months ago

Because they go out of there way to do what they can to provide the best loan they can to all there customers.

Vegas, NY
a year ago

On Deck had great transparency. It was an easy process from a to z to get money fast and at a competitive rate

Jazmin, IL
9 months ago

it is as good as expected and I feel like not many lenders are like this one. It's unique and different in my opinion

Josh, NJ
9 months ago

I feel like there pretty easy to use though sometimes I feel like they run a bit slow when they could be at a totally better pace

Jessica, MO
a year ago

In the beginning when I tried to get the loan the guy on the phone told me that I didn't qualify. But the next day I called back and talked to a different person and got the loan that I needed.

Maise, MO
8 months ago

Decent service, couldn't be much better but thorough training seems to be lacking. Though customer treatment and overall attitude are spotless. Things could simply be streamlined.

Nikki, GA
a year ago

The quality of service outweighs some of the cons about OnDeck. It does make it simple for customers to use. You get help if needed and it is always dependable, because loans are delivered on time.

Devina, WA
a year ago

A pleasure working with OnDeck. The process of borrowing from OnDeck was so quick and easy. I had my funds within 24 hours. Approval was quick. Rachel's help both times were flawless. Would not hesitate to use again when needed

Jeffery, TX
8 months ago

They were very easy to navigate and their customer service was very helpful whenever I needed assistance. I have the money I need for my company.

Kady, WY
10 months ago

OnDeck is a simple software that funded what I needed to conduct my company.

28 reviews