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OnDeck

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91 User Reviews

7.7

Overall Score

LAST UPDATED: February 2nd, 2021

OnDeck began offering small business loans in 2007 in an effort to solve a major issue facing small businesses: efficient access to capital. Since its founding, the lender has provided more than $10 billion in funding to businesses in more than 700 industries. Today, OnDeck is one of the top sources for business financing, including term loans and lines of credit.

The company has a generally positive reputation among borrowers, and many people who have taken out business loans with OnDeck have left positive reviews expressing their satisfaction with the financial option. The lender values cash flow and not just credit score; however, the minimum allowed personal credit score is 600 and the majority of those who borrow from OnDeck have a score of 660 or higher.

Read on to discover The Good, The Bad, and The Bottom Line about OnDeck, or jump straight to OnDeck reviews from verified customers to learn more about how consumers feel about the lending option.

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The Good

  • Simple Loan Application
  • Low Qualification Requirements
  • OnDeck Term Loan
  • Line of Credit Options
  • Fast Access to Money
  • Fund Use Options
  • Prepayment Benefits
  • Customer Service Experience
  • Loyalty Advantages
  • Positive Reviews

Simple Loan Application

OnDeck saves time and makes applying for a business loan quick and straightforward. Prospective OnDeck borrowers can apply online in minutes by sharing the requested loan amount your business needs, intended use of funds,  uploading qualifying documents including bank statements.

Potential borrowers may also apply over the phone by speaking to a loan specialist.

Approval can be received as quickly as within a few hours to OnDeck and customers may only wait 1–3 business days to hear if they have been approved.

Low Qualification Requirements

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Highlight: OnDeck's requirements for qualification are comparatively minimal. 

Lower qualification requirements open the door for more business owners to receive critical funding and grow their business.

Even borrowers with bad credit may be considered for an Ondeck loan. For example, traditional bank and many other alternative lender options typically do not consider borrowers with a personal credit score of 600, but OnDeck will.

Most of these other lenders also require the business to be at least two years old, but OnDeck only requires one year in business.

OnDeck's revenue requirements are also relatively low compared to competitors at $100,000+ in the past 12 months.

OnDeck Term Loan

OnDeck offers both short-term and long-term loan amounts up to $500,000.

Short-term loans range from 3 to 12 months and are generally used to finance projects that have an immediate return on investment, such as updating or refreshing locations, purchasing inventory with a quick turnaround, marketing, and seasonal hiring and inventory. The interest rate for a short-term loan can start at as low as 9 percent simple interest.

Long-term loans have repayment terms ranging from 15 to 36 months and are typically used to fund larger projects that pay back longer term, such as expansion or adding new locations, large-scale inventory purchases, equipment purchase, and new product development. The annual percentage rate for long-term loans starts at 9.99 percent.

The actual loan amount and rate that a borrower receives will be based on OnDeck's assessment of the business, as well as the borrower's personal and business credit history and profile.

The origination fee, which is used to cover the cost of servicing and processing the loan, for fixed term loans ranges from 2.5 to 4 percent of the total loan for the first loan, 1.25 to 3 percent of the total loan amount for the second loan, and 0 to 3 percent of the total loan for the third loan and beyond.

The repayment schedule is somewhat flexible; fixed term loans can be paid back with fixed daily or weekly payments and are automatically deducted from the borrower's business bank account. Note that there is no monthly payment option. 

Line of Credit Options

In addition to offering fixed-term loans, OnDeck also offers a business line of credit up to $100,000 that can be used as flexible working capital to manage accounts receivable gaps, take advantage of new opportunities, and manage unexpected expenses. The annual percentage rate for OnDeck lines of credit starts at 13.99 percent.

With a credit line business owners can draw the money they need directly into their business checking account at any time. Interest is only paid on what is drawn, and the balance can be paid back at any time. The line of credit is paid back with fixed weekly payments that are automatically deducted from the business bank account. There is no additional interest rate or fee to draw cash, but a $20 monthly maintenance fee is charged. However, this fee is waived for six months if a borrower draws $5,000 or more in the first five days after opening an account.

Fast Access to Money

As mentioned above, a small business owner can generally fill out OnDeck's online application within a couple of minutes and will know if they have been approved in a few hours. Once approval is received, business owners can receive funding as quickly as one business day.

Fund Use Options

Business owners who borrow from OnDeck can use their small business loan for a variety of purposes within their company. For example, borrowers can use the financing received to purchase inventory, manage receivables, run marketing campaigns, expand their business, hire employees, acquire business assets, renovate their location, relocate their business, and more.

Prepayment Benefits

OnDeck strives to minimize prepayment penalties by offering a prepayment benefit that waves up to 25 percent of the remaining interest if a loan is paid off early.

Customer Service Experience

OnDeck strives to provide its borrowers with great customer service. In addition to offering business financing, the lender also provides borrowers with credit resources and renewal benefits. Additionally, OnDeck allows borrowers to access their accounts via a customer portal or mobile app around the clock. For borrowers who prefer to speak with a real person, OnDeck provides a customer service team that can be accessed six days a week. Borrowers can also get in touch with a dedicated loan specialist who will answer questions about loans and help them pick the best financing for their situation.

Loyalty Advantages

OnDeck strives to be there for business owners now and in the future, which is why the company offers loyalty benefits such as fee discounts and the ability to qualify for lower pricing on subsequent loans to repeat borrowers.

For example, if you're a current term loan customer and you take a new small business loan, the remaining interest from the first loan is waived and the origination fee of the subsequent loan can be as low as zero. 

Positive Reviews

The majority of OnDeck reviews are positive, many consumers highlighting a quick funding process, exceptional customer service, and competitive rates. Positive reviews are a good indicator that a company is trustworthy and worth doing business with. This may provide peace of mind for business owners looking for quality business lending. 

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The Bad

  • Personal Guarantee Required
  • Restricted Industries
  • Availability
  • No Merchant Cash Advance (MCA) 

Personal Guarantee Required

When a borrower takes out a loan with OnDeck, a general lien is placed on the business's assets and a personal guarantee, which is a signed promise to pay back the loan if the business defaults and puts all of the business owner's personal assets on the line that aren’t protected by law from creditors, is required. A personal guarantee is different from collateral in that collateral is a specific asset or assets that the business owner pledges as security for a loan if the business defaults.

Restricted Industries

While OnDeck provides small business loans to companies in more than 700 industries, there are a few industries the lender is unable to work with. Restricted industries include:

  • Adult entertainment/media
  • Drug dispensaries
  • Firearms vendors
  • Government and non-profits, public administration
  • Horoscope/fortune-telling
  • Lotteries/casinos/raffles/gaming/gambling
  • Money services businesses
  • Religious, civic organizations
  • Rooming and boarding houses
  • Vehicle dealers/used good dealers/auction houses

Availability 

OnDeck does not lend to small business owners businesses in Nevada, North Dakota, or South Dakota. 

In addition, the company is currently limited in how many clients it can take on in light of the PPP loan demand. 

No Merchant Cash Advance (MCA) 

OnDeck does not do Merchant Cash Advances. A Merchant Cash Advance isn’t a loan but is rather an advance of cash based upon the credit card sales deposited in a business’s merchant account. While Merchant Cash Advances do not help build or strengthen a business credit score, business owners often use them to obtain fast financing. 

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The Bottom Line

OnDeck is a good alternative lending source for small businesses that do not qualify for traditional SBA loans or bank loans. The online lender, which provides fixed-term loans and lines of credit, is extremely upfront and transparent about its loan process, loan products, rates, terms, and fees.

OnDeck's application process is simple and loans are funded in as little as one business day. Although a personal guarantee is required, OnDeck offers great customer service, prepayment benefits, and advantages for return borrowers. The business lender has a respectable reputation, the majority of its customer reviews being positive and noting a satisfactory business loans experience. 

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Star Rating

4.9

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91 Reviews

Review Breakdown

5 grade

96%

4 grade

1%

3 grade

0%

2 grade

0%

1 grade

3%

Sentiment Criteria

Value

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Quality

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Service

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Trustworthiness

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Paul Burchell (Island Friendly Computers)

We have been getting loans with On deck for 4 Years now. As a small business owner you don't have the time to do the things that Local Banks want..a lot of paper work ..anyway one day On deck popped up on my screen and i'm glad it did..I never looked back..it was so easy with On Deck! Fast getting approval and fast getting funds! Helps us with inventory and other business expenses. Thank You Charlene for my 4th loan with you. You have been great to work with! And also i would like to thank Max as well..i never had a chance to do a review for him in the past and he deserves it as well! Thanks Again On Deck! Looking forward to doing business with you guys in the future :) and i recommend you guys all the time for people that needs funding :) Paul (Island Friendly Computers, Nova Scotia, Canada)

2 years ago

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Joe M. Saint George, UT

Finding small business funding after the recession was very difficult for My company! My Bank wasn't interested in loaning money! I found OnDeck financing! I read lots of reviews! I was concerned about the costs! I decided that the ability to manage cash flow and the peace of mind while I waited for customers who paid SLOW all the time. Was definitely worth the costs! My first Loan is paid off and a new loan is in place. I also have a Line of Credit that is separate from the term loan, which is available within one business day when needed! I have lots of work this year and OnDeck will be there to help me manage my cash flow! Joe M. SMDrywall

2 years ago

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Mike M West Chicago, IL

In comparison to the other "business lenders" out there, OnDeck seems to be much less predatory. You may jump through more hoops to start, you may pay more interest on your first loan, but, I paid off the first loan, a few months later, wanted to upgrade a piece of equipment for my business, got a much better rate, and this time a LOC so, I borrow what I need, pay it back quickly, it helps smooth out our cash flow, and, it was quick and easy! A lot of other lenders wanted my user name and password so they could run some "algorithm" on my business banking history. Fortunately, my bank is one that the software doesn't work with, but even at that, I don't care how "reliable" these systems are and how "normal" this is, there is just absolutely NO reason any lender needs to access your bank account that way. I don't know how many people actually DO this, but, I had 2 or 3 competitors request it and I simply refused to do it. One guy offered a loan at 5% interest (supposedly), when I refused to comply with his request to login to my bank, he looked at my credit score and 6 mo bank statements, cams back at 114% APR! When I said "why so much higher than advertised" he said it was because we didnt let him run his algorithm. I told him no way that was true...certainly not going to be THAT big of a delta in interest.

2 years ago

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Julie Lakewood, WA

I was scared and skeptical to explore On Deck- after reading other reviews and also interviewing other similar companies, I went ahead withe the call. I am so glad I did! I had funds within DAYS. My contact - Tegan worked late into her night even giving me her cell so we could make the deal happen. Rates are higher, weekly payments both good and bad but that makes it happen . The company is easy to work with, honest and fair in my experience with them. I have for years received their advertising and now will not hesitate if I need money for expansion or other emergencies. Special thank you again to Tegan for holding my hand through the process!!!!

3 years ago

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Justin Cockle Murrieta, CA

We are a small field repair and installation company that needed some funds for some larger jobs coming up. On Deck's approval process was very simple and they clearly have their processes down to a science. We shopped other lenders as well. On Deck required less paperwork where other required just about everything except a DNA sample. Most importantly, the funds from On Deck cost us 40% less than their closest competition. Their customer service is outstanding. They truly understand our (small business) needs, and the level of knowledge is great. We will only use On Deck for future funding.

4 years ago

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Ralph Johnson RJS AUTOPROS INC Kent, OH

This by far is the most amazing experience I have ever had with a loan co. We were treated with so much respect and follow up service that I want to let everyone know that this is the best thing to happen to our company and to let us expand with out missing a beat . THANK YOU to the best underwriting team in the nation for guiding us through our loan process. RJ.

2 years ago

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Jennifer College Station, TX

This is the first time we have ever processed a loan through an on line service. The process was non invasive to our overall business financials and required a minimum amount of information to determine a go forward decision. The professionalism from everyone connected to the process was excellent and knowledgeable. Thank you to SnapCap and On Deck Jennifer BCS ALL PRO - Property Services

2 years ago

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B&B Auto Supply of NJ Piscataway, NJ

I have used On Deck a few times for small business loans. It is a quick and easy process most times. Only once did it take a little longer to get loan processed as they were asking for some more information from me to verify my business. But this is understandable to protect both mine and their security of getting and giving the loan. I will continue to do business with them in the future. Also want to give my own personal loan rep Taylor Buske a shout out. She is really good to work with and makes the loan process easy for me!

4 years ago

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Megan Van Peenen

OnDeck literally gave me the kick start we needed. Up until we got our loan from OnDeck, we had been "recycling" money. We would be making money, but then have to invest in inventory for the following season and it seemed like we were just going in circles. OnDeck BELIEVED we could do it - they gave us capital when no one else would because my business is small and only four years old. Tegan - who I worked with, was beyond the greatest!! It was simple, fast, and easy.

4 years ago

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Micah Pleasant Grove, UT

We are a truly small company with no working capital and not enough cash flow to get a loan from our own bank. OnDeck reviewed our bank statements and tax returns along with our application (a simple one!) and we had a loan within a few days. It wasn't huge but it helped us get a new piece of much needed equipment. These folks are not running a scam. The terms of the loans are simple and easy to understand and the process goes like they say it will. If you have a small business and need a small to medium sized loan, check it out.

6 years ago

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Byron Donics Scottsdale, AZ

The team at OnDeck (Jordan, Nathan and Ryan) with whom we have worked were professional and very courteous. Emails and phone calls were answered promptly resulting in our working together to supply the short term cash needs of our growing company. I highly recommend OnDeck! Byron D Donics Founder & CEO HTI Collection, Ltd.

2 years ago

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Daisy Dominguez Pearland, TX

I totally recommend OnDeck for bussines capital funding, is easy, fast , and highly efficient professional personnel. this is my 3rd time in 1. 1/2 year borrowing money and every time is been better and better. Thank you OnDeck for a great opportunity

2 years ago

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Adam Pittsburgh, PA

It was an easy application, the customer service was excellent and quick. They went over the terms of the financing thoroughly, and the funds were deposited the next day. It was exactly the financial service I was looking for.

2 years ago

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Martin

My experience with On Deck, and my company is that we have been in business for some time but had no business credit. With that being said combined with a personal low credit score based off of deliquesce waiting for account reciables, and no business credit Ondeck was still able to work with me to establish my business credit.

2 years ago

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Pastora Beerman Cumming, GA

On Deck was there when I needed them to help me put a down payment on my business property. They have also helped me to obtain quick and easy loans for business capital, which has removed a heavy burden of financial worry from my shoulders. My agent, Jessica has been extremely supportive & responsive .

2 years ago

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Therese McLoughlin

I am a small salon business owner , with On Deck I was able to achieve my aspirations in growing my business and having access to funds to help make that a reality. This has been an on going relationship with On deck for a couple of years and highly recommend for convenience , honesty and promptness.

2 years ago

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Tom

Having worked with On Deck for a couple of years now, they make funding short term loans easy and affordable. It helps solve cash flow problems and funds for capital expenses and at reasonable rates. Excellent customer service and super quick and easy now.

2 years ago

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D&G Rehabilitation services LLC

Excellent service and fast approval of loans. There are several choices that helps the small companies survive. There are no hidden fees. Everything is in paper. Thank you for helping the small business owners like us. God bless your company.

2 years ago

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Pablo Suarez Arden, NC

We’re very pleased with the entire process, it was simple and clear cut. We look forward to doing business in the future for our working capital needs. Funding was provided directly into our business checking account in 24 hours.

2 years ago

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Marcie Vance Port Orange, FL

Very quick, hassle-free transaction. My representative: Ms. L was always available to answer any questions. I love the online capability to track my account. Definitely recommend On Deck as an alternative financing option when turn-around time is essential.

2 years ago

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Brad Witty Turtle Lake, ND

On Deck was a way for my company to raise some fast capital to purchase some inventory at discounted prices that I otherwise would have missed out on. Maria was very helpful, courteous and responded to questions very quickly. Thank you!

2 years ago

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Angeline Frame Saluda, VA

On Deck is fast and very easy to obtain working capital for a small business. My loan was approved and funded the same day. Excellent customer service and follow up as well. I highly recommend this company if you are in need of business funds.

2 years ago

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Richard Washington, VA

I spent lots of time trying to get financing for my three businesses and when I finally came across On Deck I was able to get the funding I wanted, quickly, without the typical hassles of endless paperwork and the funding came through just as promised.

6 years ago

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Matthew UT

OnDeck helped me get the money I needed for some long overdue construction projects. I really didn't want to dip into my savings for the project or mess up my cash flow. OnDeck helped out in every way. The process was easy and the people I dealt with were professional and top notch. Thanks a million

6 years ago

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Craig Fetter Baltimore, MD

I dealt with Scott. Very knowledgable. He is great on follow through and follow up. I am very pleased with his abilty to serve my short and longer term needs. Highly recommend. And I have used a few competitors.

1 year ago

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Eugenia C Norwalk, CT

Ondeck is an amazing company with the following components that work well for me. Easy application, speed in funding, Good customer service and far better company to deal with than those others out there!

2 years ago

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Cathy Griffin Salisbury, NC

OnDeck Has absolutely been the most wonderful company that I have ever dealt with. It is fast it is thorough it is complete and it is easy. The service is impeccable. It is always there when I need them.

2 years ago

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Certified Auto Detailers McKinney, TX

I have applied with several companies who said they could help but only OnDeck actually helped me. They have a business relationship with my company for as long as they keep me :)

2 years ago

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Wilson Diaz Romeoville, IL

Very Simple, straight forward service. Fast and efficient !! My agent Steven G stays on top of things. My sixth or seventh loan with OnDeck. My only wish would be that rates would be lower.

2 years ago

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Earl Paugh Glen Burnie, MD

OnDeck has an easy checkout and funding process, I have an excellent agent , who gives alternatives , never pushes me to buy. I’m given there offer and terms and allowed to choose.

2 years ago

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Deborah Hazelwood Piedmont, OK

OnDeck is great company to do business with. The representative was friendly and always easy to contact. When they request information they made it easy and convenient for me to get it back to them.

2 years ago

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Iris Calatayud Las Vegas, NV

It was very fast, my agent Christopher S is very respectful friendly, efficient and professional, I received the money a day after I apply, they qualify me super fast. I recommend them 1000%

2 years ago

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Gary Mills South Jordan, UT

I appreciated the ease of the loan process and the terms that were offered. I have been working with groups to find a place I could create a great lending relationship and I believe OnDeck is the place I will find it.

2 years ago

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Carl Byington Redwood City, CA

OnDeck has been very professional to work with, they have returned all of my questions, and worked very hard to get me into the right fit for my situation, and in a timely manner. Highly recommend !! -Carl

2 years ago

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Ednita Williams Orlando, FL

On Deck Is A Company A Small Business Can Trust. I Like The Short Term Loans. And The Money Is In My Account The Next Business Day. Thank You Ednita Williams

2 years ago

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Patrick toby Toby’s Electric Centralia, WA

When I first called them they were very nice and easy to work with I’ve been with on deck for three years I my self consider them number one in my book

2 years ago

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E-Z-TECH COMPUTERS INC

OnDeck was able to provide short term financing I needed for my business. My service rep was professional, personable and understood what my short term goals were.

2 years ago

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Stephanie Zebulon, NC

Chris S was the best. He explained everything we where doing. He kept me in the loop through the whole process. I had the funding I asked for in 3 days.

2 years ago

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DAVID CRAMER Williamsport, PA

it was very easy to do the loan , and the people were great and work well with you to get you what you need, this is my second time and i will allways use them

2 years ago

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H. Harris Wilmington, NC

I was very pleased with the professional way the OnDeck team handled my business information and the guidance I received in putting my loan request together.

2 years ago

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Ted Attlebery

Third loan with OnDeck, and our overall experience has been great. Quick response time, easy online approval, easy access to progress of our account.

2 years ago

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Ashley E Dallas, TX

Amanda R.'s outstanding communication and the ease of the OnDeck application coupled with the quick response time are the reasons I would give this agency an A++

2 years ago

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Brinley Knowles Smithfield, UT

I LOVE onDeck. I am able to checkout and apply online and will walk you through the whole process. The customer service representatives were super friendly and helped me with all my questions and concerns.

2 years ago

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Maureen Foss Dover, DE

58% interest rate. Asked for a payoff letter and they sent one, then after the money was wired insisted on another payment promising that it would be the end and put that statement in writing. The following week they asked for yet another payment, frst it was one amount and a few hours later they cited a second amount for the additional payment. One week after that , they came back and said "we still need another payment" The pay off letter should be the end of the subject, especially when there are 5 days between getting the payoff letter and the payment, which occurred before the next weekly due date. If the payoff letter can't be counted on, when can anyone say the payments to this company end?

3 years ago

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Lawrence West Monroe, LA

Great and quick turnaround time.. Love the follow up didn't just fund and wait to collect. They followed up with education of what to expect and answered all my questions.

4 years ago

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Tracey Larsen Payson, UT

This was the best experience I have ever had. Very easy. Easy to understand. Customer service was amazing. Thank you On Deck for the great experience!!!

4 years ago

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Ananda Bsa Renton, WA

Be careful with Ondeck fine print. Please make sure you completely understand what you are getting into. Here are some learnings for me: 1. Don't get tempted by fast funding. While Ondecj was superbas the in funding, they had some fine print which caused problems later. 2. They will charge interest on the day you take the loan. For example, if you take 40k loan with interest of 19% , on day 1 of your loan, you are legally obligated to pay 47,600$ 3. Record all your conversations and deal with only Ondeck employees and no third party. 4. Don't fall into the trap of reducing interest rates in 6 months. They will not reduce the interest rates no matter how well you pay off the loan

5 years ago

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JOHN BAKER Columbus, OH

It was easy to get started and they instantly get the money into your account. A great relief that I don't have to worry about any payroll bouncing.

2 years ago

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Alan Weatherly Brinkley, AR

Scott_F was very knowledgeable and professional in help me refinance my loan. Excellent customer service Scott. Thanks Alan

2 years ago

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Sonia Chavez Humble, TX

Thank you OnDeck for your financial support on taking my flooring business to the next level. I appreciate the service I received.

2 years ago

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