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OnDeck

Review by RAECHEL CONOVER
Updated December 2, 2024

OnDeck is an online lender that provides one of the best short-term small business loan options. It boasts a robust loyalty program – a perk for businesses that plan to grow and use funding resources in the future. It also waives prepayment penalties for qualified companies that pay off their OnDeck business loan early. With a quick approval process and funding as fast as the same day, OnDeck should be on your list of lenders to consider.

Pros

  • Quick same-day funding
  • Encourages loyalty with benefits
  • SmartBox comparison tool
  • Transparent fees and pricing
  • Prepayment penalty and fees waived for qualified businesses
Cons

  • Higher credit score requirement
  • Only two funding options available
OnDeck logo
Best Short-Term Loans
4.3
Requirements
4
Features
5
Transparency
4
Reputation
4

What is OnDeck?

OnDeck is a small business loan lender offering term loans and business lines of credit. It is designed to grow with a business as they grow. It’s the only online lender on our list that offers loyalty perks that include waived interest on your current loan when it is 50 percent paid off and you renew your contract or take out another loan with them. The lender also waives interest and fees for qualified businesses that pay off their term loan early.

Best for Established Credit

smb compass logo

SMB Compass

  • Flexible repayment terms
  • Large loan amounts
  • Quick business loan option

Start Application Visit the SMB Compass website

OnDeck is a small business loan lender offering term loans and business lines of credit. It is designed to grow with a business as they grow. It’s the only online lender on our list that offers loyalty perks that include waived interest on your current loan when it is 50 percent paid off and you renew your contract or take out another loan with them. The lender also waives interest and fees for qualified businesses that pay off their term loan early.

These metrics include APR, monthly payments, total disbursement amount, total repayment amount, and more, making it easy to understand your terms.

OnDeck Smartbox screenshot

OnDeck SmartBox comparison tool that breaks down your funding costs. Source: OnDeck website.

OnDeck loan requirements

OnDeck loans require at least one year in business to qualify.

Time in business:
12 months
Annual Revenue:
$100k
Credit Score:
625
OnDeck Lender Details
Loan Amounts Time to Funding Repayment Terms
Up to $250k Same Day Up to 24 months

What does OnDeck offer?

Business Loan Types
Term loan
SBA loan
Line of credit
Invoice financing
Working capital loan
Merchant cash advance
Equipment financing

Other notable OnDeck features

  • Loyalty benefits
  • Business credit building
  • Prepayment benefits
  • Predictable, fixed payments
  • Transparent pricing
OnDeck applying FAQs screenshot

OnDeck interest rates, OnDeck fees, and application process. Source: OnDeck website.

OnDeck application process

You will need the following information to apply for an OnDeck business loan or OnDeck capital:

  • Business tax ID
  • Last three months of business bank statements
  • Social security number of business owner(s)
  • Drivers license numer and state issued

OnDeck Customer Support

New Customer Phone (888) 269-4246
Existing Customer Phone (888) 556-3483
Customer Support Email customerservice@ondeck.com
Chat Available
FAQs Available
Knowledge Base Available

OnDeck user review highlights

We analyzed 3,707 user reviews about OnDeck from two third-party review websites to provide this summary.

Overall, most borrowers find OnDeck a quick and pain-free option. OnDeck reviews report the application process is minimal, the funding quick, and the representatives are very professional and helpful.

Some complaints surface in OnDeck business loan reviews regarding payment fees that were supposed to be waived or lowered not happening, and some users find pricing with OnDeck to be steep.

  • Application process – Users find the application process easy, with minimal requests for documentation.
  • Ease of Use – Most users say that using their OnDeck login to move funds around through the OnDeck platform is easy and responsive.
  • Features – Users appreciate the loyalty benefits and repeatedly comment on the ease of application and quick funding.
  • Quality of Support – Most reviewers find the OnDeck representatives helpful and professional.
  • Convenience – If it’s quick funding you’re after, users say you will find it with OnDeck, but in turn, you might end up paying higher prices.

OnDeck Contact Information

Parent Company:
Enova International
Headquarters:
New York, NY
Year Founded:
2006
Website:
ondeck.com
Facebook:
facebook.com/OnDeckCapital
Twitter:
twitter.com/OnDeckCapital
LinkedIn:
linkedin.com/company/ondeck
Instagram:
instagram.com/ondeckcapital

OnDeck alternatives

Lender Loan Amounts B2B Reviews Score
OnDeck Up to $250k 4.25
Biz2Credit Up to $2M 4.75
QuickBridge Up to $500k 4.5

OnDeck Reviews

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