Do you own a business that needs quick and easy funding?
OnDeck might be what you are looking for, so let’s go ahead and check out the good and bad things about this company.
In this OnDeck Review, I am going to write about:
For starters, let’s check out the basic information you need to know about OnDeck:
Who are they? What do they do?
OnDeck is an online company that lends money to small businesses as fast as the same business day after you have been approved for financing.
The company was founded in 2006 and is listed in the United States. It has offices in New York; Arlington, Virginia; and Denver, Colorado in the United States; Toronto and Montreal in Canada; and Sydney in Australia.
But we are just getting started, so let’s not wait and get into more detail.
As already mentioned, OnDeck offers 2 types of loans: Short-term loans and revolving lines of credit.
Let’s check out the borrower must-haves and terms of usage.
|Minimum time in business||1 year|
|Credit score required||600|
|Annual revenue required||$100.000|
|Borrowing amounts range||$5.000-$500.000|
|Borrowing fee||$20 per month|
|Origination fee||0-5% on your loan|
|Funding time||Same day funding|
|Location requirements||USA (excluding Nevada, North Dakota, South Dakota), Canada, Australia|
|Bankruptcies||No active bankruptcies allowed|
|Eligible industries||700+ eligible industries (excluding: drug dispensaries, firearms vendors, religious organizations, boarding houses, vehicle dealers, governments, non-profits, horoscope industries, money services, and adult entertainment)|
|Personal loan guarantee required||Yes|
|Collateral||A personal guarantee or a general lien of business assets|
|APR||Term loans – from 11.89%
Lines of credit – from 10.99%
You can apply for an OnDeck loan very quickly. Here are the steps of the process:
Additionally, if you want to apply for an OnDeck loan, you can also phone (888) 727 – 5449/(888) 269 – 4246 or click on the Chat Live icon at the bottom of the page.
Let’s check out some OnDeck alternatives and see how those companies differ. Three of OnDeck’s top competitors are Kabbage, BlueVine, and Credibly. Let’s see why:
OnDeck vs. Kabbage
Both OnDeck and Kabbage offer lines of credit, but Kabbage’s lines of credit are larger, and they’ve got longer terms. On the other hand, OnDeck offers a short-term loan product that can be repaid over a longer time and the loan amounts are higher.
OnDeck vs. BlueVine
While OnDeck has a lower APR (starting and maximum), it has a monthly maintenance fee. On the other hand, BlueVine does not have any ongoing fees, but it has higher APR ranges.
OnDeck vs. Credibly
OnDeck offers a revolving line of credit from $6,000 to $100,000 and a term loan from $5,000 to $250,000. Compared to OnDeck, Credibly has lower loan requirements. To apply for OnDeck funding, you need a FICO score of at least 600.
With effective APRs that could reach up to 98.3%, this lender’s loans can be far from cheap. For comparison’s sake, lenders that offer more traditional term loans usually carry APRs that cap off at 40% or less.
How can you reach OnDeck? Easy, since there is more than one way. Let’s check them out. OnDeck is available by:
Additionally, they have amazing FAQs on the site, from which you can find out the answers to most of your basic questions about this company.
The borrowers are paired with a single representative for the entire loan until the end of that loan. Overall, people are happy with the customer service OnDeck provides because they are helpful and resourceful.
Every company has positive and negative feedback from its customers. Let’s see what people have to say about OnDeck’s services:
OnDeck has an A+ rating and is accredited with the BBB. Despite that, there have been some complaints from customers (31 out of 124 reviews), but it is not a big number if we consider the size of the company.
Let’s check out some of the things people have complained about:
Not only that OnDeck has some video testimonials on its site, but it also has a 4.9/5 rating on Trustpilot, which is extremely high.
Let’s check out what people liked about this company:
Furthermore, OnDeck rates 3.72/5 on BBB. Since most people are happy to have worked with OnDeck, maybe you should consider them for your loan as well.
Now let’s check out some of the company’s pros and cons listed below:
Cash can be available within the same business day
Requires low minimum credit score
Less paperwork than most lenders
Borrower qualifications are lower than with banks
Multiple types of financing available
Lower costs for repeat customers
Builds business credit
Financing isn’t available in some states
Not available to businesses in some industries
Rates can be expensive
Fixed-fee structure means early repayment will not save interest
Requires frequent (daily or weekly) repayments
If you want short-term loans and quick financing, then OnDeck is the right option for you. OnDeck can deliver decisions in minutes and funding in as fast as 1 business day.
What is helpful is that OnDeck reports to three of the major business credit bureaus—Experian, Equifax, and Paynet—so any future lender can see your good business credit profile if you make timely payments and pay down the loan in full.
We hope that we have been helpful with the information provided in this OnDeck Review, so take OnDeck into account when considering a loan.