OnDeck began offering loans to small businesses in 2007. Since their founding, they have lent over $5 billion to over 700 industries. Today, OnDeck is one of the top sources for business term loans and business lines of credit.
In addition to having a generally positive reputation among borrowers, OnDeck was #11 on Forbes '100 Most Promising Companies' List in 2014. People who have taken out business loans with OnDeck have left positive reviews on our site. You can scroll to the bottom of the page to read what people are saying.
OnDeck caters to a variety of industries - the company has lent to over 700 industries to date. While the minimum credit score is 500, typical borrowers have a credit score over 600. The average borrower has also been in business for about seven years and makes roughly $600k/year. OnDeck loans are perfect for people who need cash fast - they take one business day to fund. OnDeck will loan you about 15 percent of your annual revenue at a time.
Short term loans from OnDeck (3-12 months) are typically used for seasonal industries, marketing, and inventory/everyday expenses. Longer term loans from OnDeck (15-36 months) are used more for expansion, franchising, and new equipment/product purchases.
- In business for one or more years
- Making $100k+/year
- 500+ credit score
- No bankruptcies in the last two years