The listings featured on this site are from companies from which this site receives compensation. This influences where, how and in what order such listings appear on this site.
Adv Disclosure
We aim to provide valuable content and useful comparison features to our visitors through our free online resource. It's important to note that we receive advertising compensation from companies featured on our site, which influences the positioning and order in which brands (and/or their products) are displayed, as well as the assigned score. Please be aware that the inclusion of company listings on this page doesn't imply endorsement. We don't feature all providers available in the market. Any information presented on this page, including pricing, is subject to change without notice. We want to emphasize that we disclaim all representations and warranties concerning the accuracy of the information provided on this site, unless otherwise explicitly stated in our Terms of Use.
Close
Outstanding
Apply Now
OnDeck In-Depth Review
In a nutshell: OnDeck provides flexible business loans as well as lines of credit. OnDeck's system only takes minutes to review the application, and once accepted, businesses can expect to receive their money in as fast as 24 hours.
OnDeck In-Depth Review
In a nutshell: OnDeck provides flexible business loans as well as lines of credit. OnDeck's system only takes minutes to review the application, and once accepted, businesses can expect to receive their money in as fast as 24 hours.
OnDeck In-Depth Review

Overview

OnDeck provides flexible business loans between $5,000 and $250,000 as well as lines of credit for up to $100,000. With the easy application process, businesses can apply online or call support to get started. Their system only takes minutes to review the application, and once accepted, businesses can expect to receive their money in as fast as 24 hours. Although OnDeck accepts applicants with credit scores of 625 and above, they require businesses to have an annual revenue of at least $100,000 to qualify.

Features

With OnDeck, businesses can apply for loans between $5,000 up to $250,000. Applicants with bad credit can still qualify as OnDeck only requires a minimum credit score of 625 or higher. However, OnDeck does require applicants to have a yearly revenue of at least $100,000 or a minimum monthly revenue of $8,000. Their speedy service processes loans in as fast as 24 hours.

OnDeck offers two flexible financing options. Their Term Loans have rates as low as 35.4%* APR for loans up to $250,000. OnDeck also provides Lines of Credit for businesses up to $100,000 with rates as low as 39.9%*.

*Provided APR rates are at least 5% of customers received (and not the absolute lowest rate we offer.) Eligibility for the lowest rates is very limited, available only to businesses with the strongest creditworthiness and cash flows, and typically businesses that have shown an excellent payment history on prior loan products with OnDeck.

Application Process

OnDeck business loans has an easy 3-step application process. Businesses can apply online in just a few minutes or call OnDeck directly at (888) 269-4246 (M-F 9:30 am - 7:30 pm ET). Next, their system will evaluate your business and respond with a decision within minutes. With OnDeck, businesses can expect quick turnaround and receive money within 24 hours after submitting an application.

In order to qualify, applicants must have U.S. citizenship and be at least 18 years old. OnDeck also has business loan options for citizens of Canada and Australia. In addition, OnDeck requires that applicants have been in business for at least one year with an annual revenue of at least $100,000. Businesses can apply online through the form on the OnDeck website.

Repayment Terms

OnDeck gives borrowers the flexibility to choose a repayment plan that works best for them. Their terms allow for repayment terms of up to 24 months. In addition, their loan service has prepayment options as well. OnDeck offers competitive rates on loans for as low as 9.99% - 35.4% annualized interest.*

*Provided APR rates are at least 5% of customers received (and not the absolute lowest rate we offer.) Eligibility for the lowest rates is very limited, available only to businesses with the strongest creditworthiness and cash flows, and typically businesses that have shown an excellent payment history on prior loan products with OnDeck.

Customer Support

With OnDeck, businesses enjoy excellent reliable customer support. Customers have several options for reaching support. Their live chat option makes it especially convenient to ask questions directly online. OnDeck also has phone support available at (888) 269-4246 between Monday and Friday 9:30 am - 7:30 pm ET. Their active social media pages help customers stay informed on company updates and financial tips.

Back To Top
PROS
  • Transparent rates and fees
  • Business loans & lines of credit
  • No hard credit pulls
CONS
  • Requires high annual revenue
  • Comparatively high-interest rates
OnDeck at a Glance
9.4 Editorial Score
Loan terms
9.0
Competitive rates and flexibility in loan terms
Application process
10
Quick and mostly online process
Eligibility requirements
10
Clear and fair eligibility criteria, including standard industry requirements,
Additional benefits
9.0
Excellent access to loan specialists, comprehensive educational resources, good perks for repeat borrowers, and financial tools
Customer service and support
9.0
Extensive hours of support, good variety of contact methods, quick and effective issue resolution
FAQs About Business Loans
Financing your business has become easier than ever with many lenders and business loan providers available. From SBA loans to lines of credit, companies can apply for many types of loans in the market. Get started with the most commonly asked questions about business loan services.
Should I get a business loan?
Business loans have a few advantages. By obtaining a loan, the lender does not have equity in the business. Instead, you simply need to repay the principal plus interest. After repayment, you do not need to share profits with the lender. This also reduces administrative duties by eliminating the need for shareholder meetings and votes. In addition, loans do not require the same regulations on investments.
What kind of information do I need to provide to apply for a loan?
Lending requirements depend on the business loan service. Often, lenders expect good credit, collateral, and steady monthly revenue for approval. A commercial lender may also request a business plan to prove that a business can repay the loan.
What is APR?
The APR (annual percentage rate) refers to the annualized interest rate charged for your personal loan. Typical APRs range from about 5% up to 30%. The APR of the loan depends on the applicant's financial history, assets, income, credit history, and other factors.
How much time do I have to repay the loan?
Repayment agreements depend on the terms negotiated between your business and the lender. Repayment periods can be as low as 6 months or less or for up to 5 years or more. When negotiating your loan, make sure to agree upon repayment terms that suit your current budget.
What kind of business loans are available?
There are many options for financing your business. Below are a few of the most common types of business loans:

Business Lines of Credit: A line of credit that businesses can access when needed
Equipment Financing: Loans to finance equipment in which equipment serves as collateral
SBA Loan: Low-cost, flexible loans secured by the Small Business Administration
Short-Term Loan: Small loans with short repayment terms between 3 to 18 months.

*American Express Business Line of Credit Disclosure: All businesses are unique and are subject to approval and review. The required FICO score may be higher based on your relationship with American Express, credit history, and other factors.
Back To Top