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OnDeck Review

Reviews 4,235
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Reviews 4,235
Michael Graw
Mar. 31, 2024
2 min read
Michael Graw
OnDeck Summary
OnDeck offers small business loans and lines of credit. This lender stands out by getting money in your account in as little as the same business day. OnDeck has a low minimum credit score requirement, but it’s important to note that with OnDeck, you’ll need to back your loan with a business lien and personal guarantee.


  • Get money in as little as 1 day
  • Low minimum credit score requirement


  • Requires a business lien and personal guarantee
  • $100,000+ annual revenue requirement

OnDeck at a glance

Editorial score

Online experience

Has learning resources, access to rates, mobile app

Customer services and support

Multiple ways of reaching lender, wide range of hours

Variety of loan types

Offers all loan types*

Loan amount range

Loan amount up to $500K


Doesn't cover bad credit, low revenue, new businesses

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OnDeck is a small business lender offering term loans and lines of credit. You can borrow up to $250,000 or set up a line of credit up to $100,000.

One of the appealing things about OnDeck is how fast it delivers funds. You can typically get money within a few hours of applying.

We also like OnDeck’s customer service and loyalty rewards. The lender has support available 6 days a week and offers perks like lower origination fees for returning businesses.

Why OnDeck Is Good For Your Business

OnDeck is an attractive option for businesses that need a loan quickly. Lending decisions are typically made in a few minutes and you can get funds the same day you apply. Lines of credit are typically just as fast.

OnDeck also stands out for its relatively lenient lending requirements. In order to be approved, you need a credit score of 625, at least one year in business, and at least $100,000 in annual revenue. However, your loan with OnDeck requires a lien on your business and a personal guarantee.

Loan Features

OnDeck’s small business loans offer transparent pricing. Payments are made daily or weekly, which is more frequent than for most small business loans.

In addition, OnDeck offers a Prepayment Benefit option, which allows you to pay off your loan early and have the remaining interest waived. Loans that include the Prepayment Benefit option typically have higher interest rates.

  • Borrow $5,000 to $250,000
  • Get funds the same business day
  • 3- to 24-month terms
  • Daily or weekly payments
  • Rates as low as 11.89% APR
  • Prepayment Benefit option available

Application Process

OnDeck’s application process can be completed entirely online or over the phone. You’ll need to enter information about yourself and your business, as well as upload supporting documentation. The whole process takes about 15 minutes and OnDeck typically responds with a loan decision within minutes. 

How Much Can You Borrow? 

OnDeck offers term loans from $5,000 to $250,000 and lines of credit from $6,000 to $100,000. The lender requires an annual revenue of $100,000 to qualify for a loan. However, it’s worth noting that the average OnDeck customer has more than $500,000 in revenue and has been in business for more than 4 years.

  • Minimum credit score of 625
  • 1 year in business
  • $100,000 in annual revenue
  • Business lien and personal guarantee required

Repayment Terms

OnDeck offers terms from 3 to 24 months for its loans. Unless you opt for the Prepayment Benefit, your remaining loan interest is not waived if you pay off your debt early. Payments are made daily or weekly with OnDeck.

OnDeck advertises interest rates as low as 11.89% APR. However, the average business using OnDeck receives an APR of 49.06% for term loans or 35.2% for lines of credit.

In addition, OnDeck charges an origination fee for term loans. This is 2.5% to 4% for first-time borrowers. The origination fee drops to 1.25% to 3% for your second OnDeck loan.

Privacy and Security 

OnDeck uses SSL encryption to protect all information entered using the online application. The company’s privacy policy has been reviewed by TRUSTe for compliance with transparency and accountability standards. OnDeck has an A+ rating with the Better Business Bureau.

Help & Support

OnDeck offers support by phone, email, and live chat 6 days a week. The company also offers a loan calculator that provides a clear look at how much an OnDeck loan or line of credit will cost.

Phone: (888) 727-5449

Email: info@ondeck.com

Physical Address


1400 Broadway,

 New York, NY 10018


OnDeck offers business loans and lines of credits with incredibly fast turnaround. You can apply online and get money in just a few hours. Plus, you can access customer support 6 days a week.

OnDeck’s loans aren’t cheap and come with daily or weekly repayments. However, the company offers relatively lenient minimum credit score and revenue requirements and offers incentives for returning customers.

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Michael Graw
Written by
Michael Graw
Michael Graw is a Bellingham, Washington-based writer focusing on finance, tech, and science. His work has been featured in print magazines and high-impact websites. He writes for BestMoney and enjoys helping readers make sense of the options on the market.‎
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