The purpose of OnDeck is to help small businesses access financing through an online lending platform. In addition to business lines of credit, the company also offers term loans. OnDeck offers two borrowing options that may be suitable for companies that require quick access to cash. One solution is the use of a line of credit, which allows companies to borrow what they need when they need it. The second type of loan is a small business loan. is the company’s website where its services are advertised. 

OnDeck Logo

OnDeck Overview

Many lenders offer business loans, so deciding which is best can be confusing. It’s no secret that OnDeck is a popular lender, but is it the right choice for you? You can make an educated decision by looking at what they offer.

Using OnDeck, you can get a business line of credit or a business term loan online for your small business.

A closer look at their website and terms and conditions revealed some interesting features. The following are the key points that stood out to us.

  • OnDeck’s average rate for term loans is 62.1% APR, and its average rate for lines of credit is 48.9% APR.
  • There are loan amounts ranging from $5K to $250K.
  • There is a 24-month repayment term available.
  • For term loans up to $100K, same-day funding is only available in certain states.
  • A creditworthiness test and loan term length are required to determine eligibility.
  • There may be an increase in the total cost of a term loan if it includes the Prepayment Benefit option, which has a higher interest rate.
  • A personal guarantee is required in addition to a business lien.
  • OnDeck business loans and credit lines
  • You may receive a business loan from a member of the OnDeck family of companies or Celtic Bank, a Utah-Chartered Industrial Bank, depending on the state in which your business is located and other factors.
  • There are no OnDeck loans available in Nevada, North Dakota, or South Dakota.

What Is OnDeck?

It was founded in 2006 and is an online lending platform that provides small businesses with short-term business loans and lines of credit. Located in New York, NY, OnDeck can be reached at (888) 269-4246.

With an A+ rating on the Better Business Bureau and an average customer rating of 121, OnDeck appears to be a popular choice for small business loans. Over the past three years, they have resolved 35 complaints.

There are two main types of loans offered by OnDeck: short-term loans and lines of credit. For small business owners, each of these offers has its advantages.

How Does OnDeck Work?

There are a variety of loan products available through OnDeck, and the application process is straightforward. You can complete the entire process online or over the phone with the assistance of a loan advisor. Within 24 hours of submitting your application, you will receive a decision. The funds will be deposited into your account as soon as the next business day after you accept a funding option and agree to the repayment terms.

Your business loan may be issued by a company within the OnDeck family or by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. The lender will be identified in your loan agreement before signing it. Lender approval is required for loans.

How To Qualify


Applicants must have been in business for at least one year, have a personal Fico score of 650, generate $100K in revenue annually, and have a business bank account to qualify for an OnDeck loan.

Although OnDeck’s loan application process is mostly automated, you will also have the opportunity to speak with a loan advisor after completing the application. Your advisor will provide you with information about the loan options available to you, explain how the loan works, and walk you through the repayment process.

Here are a few basic requirements:

  • Employer Identification Number (EIN) for businesses
  • Number of Social Security Cards (SSN)
  • Tax identification number for businesses
  • Estimated gross revenue for the year
  • The average balance of a business bank account

A loan from OnDeck may require you to provide copies of your business bank statements from the last three months before you apply. Within a day, you will be contacted by a loan advisor from OnDeck, who will go over your options and explain the details, including terms, amounts, and repayment schedules. Once you are satisfied, you can proceed to checkout online.

The company has a business line of credit, which is similar in many respects to a business credit card. You will be assigned a credit limit so that you may borrow as much as you qualify for to qualify for this financing. As long as you repay the balance during the draw period, you may use this credit limit.

The advisor will explain how the loan is developed, and he or she will walk you through the repayment process as well. Compared to other options for business financing, the interest rate and fees may be higher.

OnDeck BBB Reviews

A+ is OnDeck’s rating from the Better Business Bureau, and the company has an average of 121 reviews from customers. Over the last three years, they have been able to resolve 35 complaints.

Richard M 09/21/2022

The customer service is excellent. They’re honest about every detail upfront. The weekly payment system is something I’d never do again. Overall ok but not for me. I paid off the loan early to stop the weekly bleeding.

James N 06/23/2022

This is not the same OnDeck community that I first became involved with several years ago. Very disappointed in the manner in which they now operate. I have never missed a weekly payment in the 3 plus years of loan arrangements with OnDeck. They will not allow me to draw from my LOC.I would never recommend this company to anyone.***** *

Steven H 05/26/2022

I was one of the first customers when On Deck started, at that time they gave me a $5000 LOC no questions asked. I was so impressed I did an internet video testimonial. They later did 2 business loans of $35,000 and $25,000 and continued to raise my credit limit on LOC to where I’m at $33,000. However, when I went through a rough patch, due to the housing bubble, they wouldn’t give me a new loan, as they had basically gone to a bank underwriting process, which forced me to go into the day-pay loan environment, which over time, crushed my cash flow. Then when they went into the *** environment they essentially stopped doing any other loans.

Now I know I’m a small fish, but that was who they marketed to, and I’m a CPA at one point I was someone involved in the program soliciting my clients to take out loans. I stopped doing that when they stopped helping me. They once again failed me this past January when, due to a check being in the float, my auto pull bounced back but it went through the next day, they put a hold on my LOC for 30 days, then I had to send in bank statements, which 5 years ago when this happened, I did not have to do, they didn’t like what they saw and put a 90-day hold which they finally released today.

I understand they are a business and have to follow their guidelines it is just that they have stopped being supportive of a small fry such as myself which until they grew they were very good at. Due to their changes in approach, they were a contributing factor to excess costs and stress. Mine is a cautionary tale. My recommendation would be to look into working with ****** as they are more like what On Deck used to be.

OnDeck FAQs


How Much Does OnDeck Charge?

Small businesses can access term loans and business lines of credit from OnDeck, a leading online provider of small business loans.

There is an average annual percentage rate of 62.1% for term loans and 48.9% for lines of credit, respectively. The loan amount ranges from $5,000 to $250,000, with repayment terms of up to 24 months. Furthermore, OnDeck charges a one-time origination fee and a monthly maintenance fee, as do most other lenders.

Do They Charge Pre-Payment Penalties?

With OnDeck, you don’t have to pay prepayment fees if you pay off your loan early. This makes it a great option for borrowers who want the flexibility to repay their loans when it’s convenient for them.

Your payment activity is reported to three business credit bureaus by OnDeck: Experian, Equifax, and PayNet. In this way, you can build business credit by making timely payments on your OnDeck loan.

If you pay off the loan before the due date, there is no prepayment penalty, and you only pay interest on the amount you have used.

If you choose to pay off your line of credit or term loan early, OnDeck does not charge a prepayment penalty. Furthermore, some applicants may be eligible for OnDeck’s Prepayment Benefit, which waives any remaining interest. If you are not eligible for the Prepayment Benefit, you will still be responsible for 75% of the remaining interest on your loan contract.

How Does OnDeck Affect Your Credit?

The process of applying for a loan and how it may impact your credit score should be understood before applying.

A 12-month repayment term is available for OnDeck’s small business loans. Payments are made automatically each week after each withdrawal. Additionally, OnDeck combines all of your credit line draws into one loan. If you wish to make a payment on your line of credit every week or daily, you may do so.

To determine what interest rates and loan terms you may qualify for, most lenders will perform a soft credit check initially. Your credit score will not be affected by this. However, once you decide to apply for the loan, the lender will need to conduct a hard credit inquiry to fully assess your credit history and determine the final interest rate. You may experience a decrease in your credit score as a result of these hard inquiries.

You won’t be reported to credit bureaus for your repayment history with OnDeck. The honoring of your payments is encouraged, but there is always the possibility of unexpected financial difficulties. If you cannot meet the terms of your loan, your credit score will not be adversely affected. You will, however, have a lower business credit score.

How To Cancel OnDeck

Don’t take out a personal loan unless you are certain of your decision. Once the funds have been dispersed into your account, you are unable to reverse or cancel the transaction. Make sure you are certain upfront to avoid cancellations or changes later on.

Do you find it difficult to make ends meet? You can get back on track with these helpful tips.

Regardless of your financial situation, it is possible to get your finances in order. By following these simple steps, your future will look brighter in no time at all.

  • The first step in managing your finances is to create and adhere to a budget. Maintaining tight control over your expenditures will enable you to make room for other important expenses.
  • In addition, it is a good idea to consult with a financial advisor who can help you explain your different options, as well as arrange a plan that is tailored to your unique situation.
  • Lastly, do not put too much stress on debt. To create a more manageable payment plan, many companies are accommodating and willing to work with their customers. You can obtain more information by contacting their customer service team.

Is OnDeck Legit Or A Scam?

Financial services are offered by OnDeck to businesses since 2006. It has an A+ rating from the BBB and mixed reviews online, with some customers having great experiences and others having bad ones. If you need a loan fast or don’t qualify elsewhere, compare small business loans before choosing OnDeck.

The interest rates and repayment terms of different lenders should be compared before taking out a personal or business loan. Research and reading customer reviews can assist you in choosing the best option for you and prevent you from taking out a loan that you cannot afford.

Have you worked with in the past? Let us know how your experience went in the comments below.

Thank you for reading!

OnDeck Review
  • OnDeck

OnDeck Summary

Financial services are offered by OnDeck to businesses since 2006. It has an A+ rating from the BBB and mixed reviews online, with some customers having great experiences and others having bad ones. If you need a loan fast or don’t qualify elsewhere, compare small business loans before choosing OnDeck.

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Felicia Valentine is a force of nature. She volunteers her time at the local homeless shelter. Felicia also has a degree in theology, and she grew up in the Midwest. Her parents were both class action attorneys. Felicia is always looking to help others, and she hopes to make the world a better place for everyone.

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