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OnDeck In-Depth Review
In a nutshell: OnDeck offers U.S. small businesses quick access to capital through term loans from $5K to $250K and revolving lines of credit up to $200K. With a streamlined online application, minimal documentation, and a combination of fast funding, transparent pricing, and loyalty perks, including waived fees and interest reduction for returning borrowers, OnDeck stands out for businesses needing flexible, speedy financing with moderate requirements.
OnDeck In-Depth Review
In a nutshell: OnDeck offers U.S. small businesses quick access to capital through term loans from $5K to $250K and revolving lines of credit up to $200K. With a streamlined online application, minimal documentation, and a combination of fast funding, transparent pricing, and loyalty perks, including waived fees and interest reduction for returning borrowers, OnDeck stands out for businesses needing flexible, speedy financing with moderate requirements.
OnDeck In-Depth Review
In a nutshell: OnDeck offers U.S. small businesses quick access to capital through term loans from $5K to $250K and revolving lines of credit up to $200K. With a streamlined online application, minimal documentation, and a combination of fast funding, transparent pricing, and loyalty perks, including waived fees and interest reduction for returning borrowers, OnDeck stands out for businesses needing flexible, speedy financing with moderate requirements.
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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.

prosAndCons icon
PROS
  • Same-day funding
  • No hard credit pulls
  • A+ BBB rating
prosAndCons icon
CONS
  • Comparatively higher APRs
  • $100K+ annual revenue
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Top 3 Lenders
OnDeck at a Glance
9.4Editorial 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
Commercial Real Estate Loans FAQs
Financing your business has become easier than ever with the many lenders and business loan providers available. Get started with the most commonly asked questions about commercial real estate loan services.
What is a commercial real estate loan?
A commercial real estate loan is a type of financing used to purchase, renovate, or refinance commercial properties, such as offices, warehouses, or retail spaces.
How do commercial loans differ from residential loans?
Unlike residential mortgages, commercial loans have shorter repayment terms, higher interest rates, and larger down payment requirements. They are typically issued to businesses rather than individuals.
What are the best commercial loans for small businesses?
The best commercial loans for small businesses include SBA 504 and SBA 7(a) loans, which offer long-term, low-interest financing. Traditional bank loans and private lender financing are also options..
How can I secure the best commercial loan interest rates?
To obtain the best commercial loan interest rates, businesses should maintain a strong credit profile, provide detailed financial documentation, and compare lender offerings.
What factors affect commercial real estate financing approval?
Lenders evaluate a business’s creditworthiness, property value, financial health, and the requested loan amount before approving commercial real estate financing.

¹Biz2Credit Disclosure: See website for details. Varies depending on product and qualifications.
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