OnDeck provides financial assistance to small businesses in the form of short-term loans and lines of credit. We compiled reviews from our own website plus user reviews from around the web and determined that OnDeck generally has positive ratings. We also compared the most popular pricing options for small business owners.
Summary of OnDeck User Reviews
What OnDeck does well:
Users who gave OnDeck positive feedback said that the process of getting financial assistance was easier and quicker because of the professional and friendly customer service. According to customers, their representatives guided them throughout the entire process, making sure everything went smoothly.
What OnDeck does not do well:
Customers who gave OnDeck critical feedback mentioned their costly fees compared to other similar companies.
Most Helpful Positive User Review
“OnDeck has solid customer service, and they genuinely want to lend you money if it will help your business. This is a refreshing take from alternative loan providers. Their application process and funding time is as advertised.”
Most Helpful Negative User Review
A customer who gave OnDeck Capital a 1-star review on Trustpilot doesn’t like the rigidness of the company’s lending process. He also complained about the high fees they charge.
OnDeck offers 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 (2.5-4% of loan amount) and a $20 monthly maintenance fee for lines of credit.
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.
- Fast process
- Values cash flow, not just credit score
- Repeat customer benefits
- Build business credit
- Transparent SMART Box pricing tool
Useful OnDeck Resources
Business Line of Credit: What It Is, Where to Get One, & More – Understand what a small business line of credit is, what you need to get an approval, how to determine the credit amount, and more.
Kabbage vs OnDeck Capital – Who Offers the Best Business Loans – In this article, we review the rates, terms, and qualifications of the two top short term business lenders: Kabbage vs. OnDeck Capital.
How to Get a Small Business Loan in 3 Steps – Learn about the most important aspects of small business financing and how to choose the right loan provider.
Best Unsecured Business Loans for Small Businesses 2017 – In this article, we’ll review the best unsecured business loans for borrowers who either can’t (or don’t want to) pledge personal collateral in order to get a business loan.
Best Small Business Line of Credit 2018 – Read our in depth review of the top business line of credit providers. Get the scoop on rates, terms, fees, and more. Find a flexible, revolving line of credit for your business.
OnDeck Video Overview
This video shows how OnDeck financing works.
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