OnDeck is a company that provides financial assistance to small businesses in the form of short-term loans and lines of credit. We compiled OnDeck Capital reviews from our own website plus user reviews from around the web to determine what OnDeck customers think about the company. We also covered the fees associated with taking out a loan.
OnDeck Customer Reviews
Summary of User Reviews
We scoured hundreds of reviews around the web, and found that OnDeck has generally positive ratings. Here’s what we found:
What OnDeck does well:
Users who gave OnDeck a positive review said that the process was made easier and quicker thanks to the professional and friendly customer service. According to users, their representatives guided them throughout the entire process, making sure everything went smoothly.
What OnDeck does not do well:
However, some customers had the misfortune of getting an unprofessional rep. According to negative reviewers, they got representatives who led them on, telling them that everything was okay, only to get rejected in the end. Ultimately, it seems that customer experience with OnDeck depended on the representative that was assigned to the user.
Most Helpful Positive User Review
According to one user who gave OnDeck a 5-star review, he decided to opt for OnDeck after receiving several rejections from banks. Realizing that banks weren’t really for small business owners like him, he said he was happy with the customer service representative that was assigned to him. She gave him all of the details about his options as a small business. He finally signed up after doing research on the company and he wasn’t disappointed. The application went by without a hitch thanks to his rep, and the money was transferred to his account after two days.
Most Helpful Negative User Review
A user who gave OnDeck a 1-star review said that she had the misfortune of dealing with a dishonest representative. At first the representative was helpful and gave her the information she needed. After passing all the requirements, she found out that she was missing some records due to a bank error. The representative told her not to worry and that he’ll handle everything. He kept promising that he’ll fix the problem and that the application will run smoothly. However, the representative suddenly stopped contacting her and after weeks of hearing nothing from OnDeck, she gave up and decided to look elsewhere.
Other OnDeck User Reviews From Around the Web
Here are a few other resources for finding helpful OnDeck customer reviews. We rated the review sites on a scale from poor to excellent based on how trustworthy and useful the reviews seemed.
*Average rating as of date article was written: Feb. 23, 2017
How We Determined Quality of User Review Websites
- Better Business Bureau is one of the most trustworthy consumer protection watchdogs out there. The site is a great place not only to read reviews, but to file complaints against the company in question. Users can also check the progress of the complaints to see if the company has resolved it or not.
- Facebook is a popular social media platform, which is why it’s a good place to look for user reviews of a service. Since most people have easy access to Facebook, they are more likely to share their experiences with the service on its FB page.
- Yelp has tons of reviews on the service. While some comments are simple one-liners, others are detailed descriptions of their experiences with the company.
OnDeck Pricing & Other Details
|Short-Term Loans||Line of Credit|
|Expected APR Range||30-50%||13.99-39.9%|
|Borrowing Amount||$5,000 - $500,000||Up to $100,000|
|Extra Fees||2.5%-4% origination fee||$20 per month maintenance fee|
OnDeck provides financial assistance to small businesses in two ways: through short-term loans and business credit lines. Short-term loans cater to larger monetary needs like funding for a new location or a new website. Credit lines are for smaller recurring purchases like inventory financing. To apply for either type of loan, applicants need to be in business for at least a year, earning a minimum of $100,000 per year, and have a FICO score of 500.
The repayment periods for short-term loans range from 3 months to 3 years, while lines of credit have more flexible repayment terms depending on how much you borrow and what your company’s financial situation is.