What it is
OnDeck offers US small businesses term loans and revolving lines of credit with fast funding, aimed at businesses with at least a year of trading.
Who it suits
US small businesses needing fast working capital.
How it charges
Rates are quoted as a total cost of borrowing or an annualised rate and are higher than bank lending; an origination fee applies. Repayments are drawn daily or weekly.
Getting started
Apply online with business bank statements; decisions are usually within a day and funding can be same-day for approved businesses meeting the minimum trading history.
At a glance
- Product
- Term loans and credit line
- Decision speed
- Fast
- Security
- Personal guarantee
- Repayment
- Daily or weekly
- Headquarters
- New York
- Founded
- 2006
Strengths
- Fast funding
- Line of credit option
- Established online lender
Watch for
- Expensive relative to banks
- Frequent repayment schedule
Readers ask2 questions answered
How does OnDeck repay?
Daily or weekly automatic debits, which suit businesses with steady daily takings.
Is OnDeck expensive?
Rates are above bank loans in exchange for speed and accessibility; compare the total cost with the credit-line calculator before accepting.
How it comparesIts standing in 1 comparison
Best for established businesses wanting a term loan quickly
- Product
- Term loans and credit line 1 provider in this comparison
- Decision speed
- Fast 1 provider in this comparison
- Security
- Personal guarantee 2 of them share this
- Repayment
- Daily or weekly 1 provider in this comparison
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