Overview

OnDeck provides flexible business loans between $5,000 and $250,000 as well as lines of credit for up to $200,000. 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.