OnDeck Capital is a lender that provides financial assistance to small businesses in the form of term loans and lines of credit. The company offers three- to 36-month terms for its loans. In this article, we cover OnDeck Capital reviews and rates. Ready to get started with OnDeck Capital? Apply now.
Quiz: Is Kabbage or OnDeck Capital Right for Your Business?
Summary of Positive OnDeck Capital Reviews
Users who gave OnDeck Capital 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 Capital 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
Summary of Negative OnDeck Capital Reviews
Users who gave OnDeck Capital a negative review said that its interest rates are high. Some added that it does not offer much security.
“OnDeck Capital 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 Capital has never done so. Their prices are always stable.” – Jose Daniel Cardenas Guzman
OnDeck Capital Pricing
OnDeck Capital 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 (2.5%-4%) for term loans and $20/month maintenance fee for lines of credit.
OnDeck Capital 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 Capital? Apply now.
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Check out the list below of some of OnDeck Capital’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
OnDeck Capital FAQs
What are the requirements to apply for a loan on OnDeck Capital?
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 Capital?
Users can make fixed or weekly payments, which can be automatically deducted from their business bank account. OnDeck Capital also offers pre-payment options, with potential interest reductions.