OnDeck Review

Ondeck Review

The sole reason why OnDeck was created was to cater for the needs of small businesses in regards to the acquisition of small business loans. It was started in 2007 to integrate different needs of small business owners apart from just offering them capital but also evaluating their performance. OnDeck has managed to offer more than US$7 billion in loan to small businesses.  OnDeck has 100% commitment on offering services to clients with diverse needs and give them customized financial solutions.  

The understanding of the fact that small business have challenges acquiring capital for their business is what has grown OnDeck to where it is presently. To counter this challenge of the need for more time to grow, OnDeck gives its clients financial options in the form line of credit that are either short-term or long-term for the purpose of growing their business gradually. 

What type of funding does OnDeck provide?

Business loans 

Highlights

requirments_icon1Loan Amount
Up to $500,000 or $100,000 Lines of credit 

Terms
Up to 12 or 36 months

Fund received
Low simple interest of 9% and reduce as you take more loans

What do I need in order to qualify for funding?

You will need a few things to qualify for funding: 

  • One year and above in business 
  • Business revenue of US$100,000 yearly, within the last 12 months. 
  • Personal credit score of 500 and above 

How do I apply to get funding?

OnDeck has a straightforward and easy application process. You will fill a form that asks basic information about your loan, intended use, and your urgency for the loan. The next step is where you are required to fill information about your business information followed by your personal information. OnDeck then takes a few minutes go over your information before making decision on whether or not your loan is approved.  

Find the right funding for your business

What is the process to receive funding?

OnDeck has a straightforward and easy application process. You will fill a form that asks basic information about your loan, intended use, and your urgency for the loan. The next step is where you are required to fill information about your business information followed by your personal information. OnDeck then takes a few minutes go over your information before making decision on whether or not your loan is approved.  

Does OnDeck run a credit check? 

Yes, though it has not impact on your credit score. 

Do I have to provide security or a guarantee? 

No 

Are there fees involved? 

Yes. 

  • Origination fee of 2.5% -4%, which decreases to 1.25% -3% for your next application, and 0% – 3% during your third application. 
  • APRs of between 9 -99% for term loans, whereas the lines of credit rates range from between 14% and 40%. 

What are the loan rates? 

The loan rates range from 9% – 99% depending on your creditworthiness 

What documentation do I need to provide? 

There are no documents that are needed during the application process though after your loan is approved, you may be asked for documents to verify your business and its revenue, bank statements and credit card.  

How long will it take for money to get into my account? 

It may take as little as one day for you to receive funding from OnDeck upon approval. 

What happens in the case of a default? 

You will be given a grace period, usually one month, to pay after which your loan details are given to a collection agency to help in the loan recovery.  

Is OnDeck regulated? 

OnDeck is regulated and all moneys are disbursed by the Celtic Bank Corporation.