Overview

OnDeck is a U.S.-based online lender founded in 2006 and now operating under Enova International. It specializes in small business financing and offers two primary products: term loans and business lines of credit. Term loans range from $5,000 to $250,000 and have repayment options up to 24 months, while lines of credit extend up to $200,000 on revolving 12-month terms.

The application process is digital and streamlined, allowing qualification without a hard credit pull, and funds may be available as soon as the same day. OnDeck reports to business credit bureaus, helping businesses build their credit profiles. It also includes loyalty incentives; repeat borrowers may benefit from reduced rates, waived origination fees, or even waived interest on outstanding balances when refinancing.

While OnDeck is known for speed and flexibility, it generally carries higher APRs and requires frequent repayment schedules. Still, its ease of access and supportive service make it a notable alternative to traditional business lenders.

Features

OnDeck offers tailored financial products for small business needs:

1. Business Term Loans

• Amounts: $5,000 to $250,000
• Terms: 3 to 24 months
• Repayment: Daily or weekly automatic withdrawals
• Use: Working capital, equipment, inventory, etc.

2. Business Line of Credit

• Limit: Up to $200,000
• Repayment: Weekly
• Term: 12-month revolving, resets with each draw
• Maintenance Fee: $20/month (waived for 6 months with $5K draw)

Additional Features

• SMART Box pricing transparency tool
• Reports to business credit bureaus
• No prepayment penalties
• Loyalty perks for returning customers

These features prioritize speed, flexibility, and transparency for growing businesses.

Application Process

Applying for a loan with OnDeck is quick and user-friendly:

Step 1: Online Application

• Submit basic information: business name, EIN, industry, revenue
• Upload recent business bank statements
• No hard credit pull during initial prequalification

Step 2: Underwriting Review

• OnDeck evaluates business cash flow, revenue, and credit profile
• A dedicated loan advisor contacts you to clarify terms and confirm documentation

Step 3: Offer & Funding

• Qualified applicants receive loan offers with SMART Box disclosures
• If accepted, funds may be deposited the same day (or within 1-2 business days)

Eligibility Requirements

• At least 1 year in business
• $100,000+ annual revenue
• 625+ personal credit score

Repayment Terms

OnDeck structures repayment to support business planning and automation:

Term Loan Repayment

• Frequency: Daily or weekly (ACH withdrawals)
• Term Length: Up to 24 months
• Origination Fee: 0%–4% (can be waived for repeat borrowers)
• Prepayment: No penalty; interest may be waived if refinanced mid-term

Line of Credit Repayment

• Frequency: Weekly
• Term: 12-month revolving draw period
• Interest: Only on funds drawn
• Maintenance Fee: $20/month (waived with qualifying draw)

Repayments are automated to avoid late fees and improve predictability. OnDeck also reports to credit bureaus, helping businesses build credit.

Customer Support

OnDeck provides responsive, U.S.-based support through multiple channels:

• Phone: 888-269-4246 (new customers), 888-556-3483 (existing customers)
• Email & Live Chat: Available via official site
• Hours: Mon–Fri, 9 a.m. – 7:30 p.m. ET
• Resources: Comprehensive FAQ section on ondeck.com

The company holds an A+ rating from the Better Business Bureau and offers personalized assistance from loan advisors throughout the application process.

Bottom Line

OnDeck stands out for offering fast funding, clear pricing, and borrower-friendly policies. Businesses with steady cash flow and modest credit profiles benefit from streamlined approval, loyalty perks, and access to credit-building tools.