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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
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.
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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.

prosAndCons icon
PROS
  • Transparent rates and fees
  • Business loans & lines of credit
  • No hard credit pulls
prosAndCons icon
CONS
  • Requires high annual revenue
  • Comparatively high-interest rates
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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
FAQs About Working Capital Loans
Financing your business has become easier than ever with many lenders and business loan providers available. From working capital loans to lines of credit, businesses can apply for many types of loans in the market. Get started with the most commonly asked questions about working capital loans.
What is a working capital loan?
A working capital loan is short-term financing designed to help businesses cover everyday expenses, such as payroll, inventory, and rent. It ensures businesses have enough liquidity to manage cash flow gaps.
How do I apply for a working capital loan?
To apply for a working capital loan, choose a lender, complete a working capital application, and provide financial documents like bank statements and tax returns. Online lenders offer a fast working capital apply process, with funding available in 24–48 hours.
What are the requirements for a working capital loan?
Lenders evaluate credit score, time in business (6–12 months minimum), revenue, and financial stability. Some working capital loan requirements include collateral or a personal guarantee, depending on the loan type and lender.
What are the best working capital loans?
The best working capital loans depend on business needs. SBA loans and bank loans offer low rates but require strong credit. Online lenders provide instant working capital loans, while business credit lines offer flexible access to funds.
Is a working capital loan different from a line of credit?
Yes. A working capital loan provides a lump sum with a fixed repayment schedule, while a business capital line of credit offers revolving credit that businesses can draw from as needed.

*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. American Express® Business Line of Credit offers two loan types, installment loans and single repayment loans for eligible borrowers. All loan term types, loan term lengths, and pricing are subject to eligibility requirements, application, and final approval. This chart contains general information about the American Express® Business Line of Credit installment loan type only.
**Biz2Credit Disclosure: See website for details. Varies depending on product and qualifications.
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