OnDeck provides financial assistance to small businesses in the form of term loans and lines of credit. They offer three- to 36-month terms for their loans. In this article, we cover OnDeck Capital reviews and rates. Ready to get started with OnDeck? Apply now.
What OnDeck Does Well
Users who gave OnDeck a positive review appreciate the fast and uncomplicated processing of loan requests, which is very beneficial for their businesses. They added that its customer service representatives are very helpful.
“OnDeck is the ideal option for small businesses. It offers online loans for startups with big dreams and goals. Its interface is interesting and simple for the user and really gives many credit options when paying. I recommend it.” – Luis Enrique Alcalá
What OnDeck Does Not Do Well
Users who gave OnDeck a negative review said that its interest rates are high. Some added that it does not offer much security.
“It has very expensive rates. I have used other lenders and have made rebates to the prices when it comes to a large sum of money, but OnDeck has never done so. Their prices are always stable.” – Jose Daniel Cardenas Guzman
OnDeck pricing includes term loans (up to $500,000) and lines of credit (up to $100,000). The lowest annual interest/percentage rates are 9.99% for term loans and 13.99% for lines of credit. There’s a one-time origination fee for term loans (2.5 to 4% of loan amount) and a $20 monthly maintenance fee for lines of credit.
OnDeck provides financial assistance to small businesses in three ways: short-term loans, long-term loans, and business credit lines. Short-term loans fund projects that have an immediate return of investment. Long-term loans finance larger projects that pay back on a longer term. Credit lines are for smaller recurring purchases like inventory financing.
The repayment periods for short-term loans range from three months to 12 months and 15 to 36 months for the long-term loans, while lines of credit have more flexible repayment terms depending on how much you borrow and what your company’s financial situation is.
Ready to get started with OnDeck? Apply now.
Top Lender Pick from Fit Small Business
Best SBA Lenders: Top 100 SBA Lenders – With more than 3,000 SBA lenders nationwide, choosing the best SBA lender can be difficult. Some of the best SBA lenders approve average loan amounts of about $75,000 to more than $1.5 million, with interest rates averaging around 6.4% to more than 9.2%. In this guide, we’ll show you the 100 top SBA lenders per current SBA data, and review 10 of the top SBA lenders.
Check out the list below of some of OnDeck’s features:
- Fast process
- Receive funding in as fast as 24 hours
- Values cash flow, not just credit score
- Repeat customer benefits
- Build business credit
- Transparent SMART Box pricing tool
What are the requirements to apply for a loan on OnDeck?
To apply for any loan they offer, applicants must be in business for at least a year, earning a minimum of $100,000 annually, and have a personal credit score of 500+ for the term loans and 600+ for the lines of credit loans.
How can users pay their loans with OnDeck?
Users can make fixed or weekly payments, which can be automatically deducted from their business bank account. OnDeck also offers pre-payment options, with potential interest reductions.