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OnDeck Review

Reviews 4,046
OnDeck
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OnDeck
OnDeck
Excellent
Reviews 4,046
Michael Graw
Sep. 28, 2022
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.

Pros

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

Cons

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

OnDeck at a glance

8.8
Editorial score

Online experience

Has learning resources, access to rates, mobile app
10.0

Customer services and support

Multiple ways of reaching lender, wide range of hours
8.0

Variety of loan types

Offers all loan types*
10.0

Loan amount range

Loan amount up to $500K
8.0

Eligibility

Doesn't cover bad credit, low revenue, new businesses
8.0

OnDeck OnDeck View Rates

Overview

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 18-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 18 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

OnDeck,

1400 Broadway,

 New York, NY 10018

Summary

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.

OnDeck OnDeck View Rates

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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Trustpilot reviews
See what some customers are saying about OnDeck
OnDeck
Excellent
Reviews 4,046
on
Excellent
93%
Great
3%
Bad
4%
B
brenda doles
20 hours ago
We requested the loan over the weekend…
We requested the loan over the weekend and uploaded all requested documents. Monday, all was approved, and the money was in the bank as promised, Tuesday morning. The entire process was smooth and without incident. OnDeck saved the day and we're most appreciative for the exemplary customer service.
H
hyon
21 hours ago
He answered all my questions
He answered all my questions
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annette fannin
2 days ago
Easy process
Easy process. Will be a great benefit for my company
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ronald lambdin
3 days ago
Quick, efficient and very fair
Quick, efficient and very professional very easy to deal with. I will only use on deck moving forward.
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lissa meza
5 days ago
Jordan was very helpful and straight…
Jordan was very helpful and straight forward. I appreciated his patience while I gathered necessary documents and greatly appreciated the short term loan.
D
denise ban
6 days ago
I had a very easy and fast experience.
I had a very easy and fast experience.
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carmine vendittoli
6 days ago
Gina was fantastic.
Gina was fantastic. Made the process easy and quick. Pleasure working with her. Regards, Carmine
O
osborn k naweli
6 days ago
Mendy Telsner & Matt worked together…
Mendy Telsner & Matt worked together tirelessly to get what my boss wanted. In the end, my boss agreed to the terms and the rest was history!
o
omer sarikaya
7 days ago
They are reliable!
They are reliable!
E
embarrassed customer
8 days ago
OnDeck's terms are predatory and trap…
OnDeck's terms are predatory and trap small businesses into a never ending cycle of debt.
J
john
8 days ago
very fast and pleasant
My problem was resolved in 15 minutes.
M
mark
8 days ago
Highly Recommend On Deck
When I needed a quick loan for a slow few weeks On Deck came thorough for me. I've used them in the past and would highly recommend them. Interest is a bit high but you have some trade offs on how quickly they fund you.
S
samuel stoker
13 days ago
Everything went fairly smooth
Everything went fairly smooth. No real issues.
K
korytt brito
13 days ago
Amazing company!
In customer service and attention they are number one! Also they answered to my needs very fast as well. I totally recommend it. Victor has helped in find the best fit for my business. Thank you all.
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robert bryant
14 days ago
FAST AND EASY
FAST AND EASY
J
john
14 days ago
Amanda was very helpful and efficient
Amanda was very helpful and efficient. I got approved within two days.
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shining star childcare
14 days ago
5 Star from start to finish
The process from start to finish was super easy. Was able to get an approval and call from Jon in less than 24 hours from inputting the application. Will be referring them to other businesses.
M
monalisa onyekwere
15 days ago
A Great Experience
The rep listened to my needs, walked me through available options, helped me make adjustments as necessary, and informed me on what to expect of the entire process.
E
emine
15 days ago
Owner
Perfect Service
S
stone ace
16 days ago
Very good experience
Very good experience
A
alberto
19 days ago
April was great but result was not
April was great but result was not Indeck sent me strong password. I tried using it several times but still could not get into the system
c
clint's liquor
19 days ago
good
shey is very good
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tuyet vo
8 days ago
An evil organization that you should avoid. They should be called OnlyD*cks not onDeck.
My assigned brokerage was Fundera and OnDeck was the loaner. I trusted the person from Fundera and stupidly signed the Ondeck contract without going line by line. Long story short my principle loan was 117k. By the 24 month period it would have paid 160k. How can they even draft up such a contract? Here's another thing..I requested a loan payoff amount just one month in and they have this special clause on the contract that even states if you pay off early you get penalties 25%. I'll include the language below. So only one month in and they put about 28k interest on my payoff quote. My loan amount was 117k. My fault for trusting people that sounds nice on the phone. Fundera is the devil and ondeck are the demons. Very crooked company that leeches on small businesses bottom line. LANGUAGE from ondeck Contract. Be careful everyone!!! A "Prepayment Interest Reduction Percentage" of 25% (with respect to unpaid interest remaining on this Loan) will be applied to the extent that the Borrower prepays this Loan in whole in accordance with, and subject to, Section 10 of the Business Loan and Security Agreement. Note that 75% of remaining unpaid interest will still be due upon Prepayment in whole. You should keep in mind that partial prepayments will not reduce the Total Interest Expense
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don anderson
20 days ago
Jon D'Amico was excellent in helping…
Jon D'Amico was excellent in helping out my business with a line of credit. We are a very new company and needed funding fast. He was extremely helpful and very fast. Give that guy a raise!
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jamie loveless
20 days ago
Easy to work with
Easy to work with
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jonathan rinkevich
21 days ago
Amanda was incredibly helpful
Amanda was incredibly helpful, professional and fast!! OnDeck is just awesome!! I recommend Amanda & OnDeck as highly as possible!
D
darnell
21 days ago
Knowledgeable rep
Knowledgeable rep
D
derrick
22 days ago
Mary deserves to be recognized for her…
Mary deserves to be recognized for her exceptional work and dedication. She actively listens and effectively communicates, demonstrating a genuine concern for others. It is evident that she genuinely cares and goes above and beyond in her role. A promotion or bonus would be well-deserved for Mary.
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antonio mccoy
22 days ago
More than what I asked for...
Although I told them the amount of capital I needed, they offered me a loan product that not only got me more than the capital I needed, but at a lower cost, and greater flexibility than a term loan.
F
felix
22 days ago
Bianca handle my problem with excellence
Bianca handle my problem with excellence
S
susan
23 days ago
My time is short
My time is short, however, please read my first review. It was very refreshing to have real service including compassion and caring in customer service.
C
charles preston
23 days ago
Blake Overlander
Blake Overlander, my representative, was very helpful and professional in helping me get the funds i needed. Very prompt, and responsive. Explained all the details i needed to select On Deck as my preferred funding source. Im looking forward to the new business relationship.
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tonya dozier
a month ago
Gina was extremely helpful and…
Gina was extremely helpful and thorough. She pretty much kept me on as a client, she’s a jewel!
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roderick mcclinton
a month ago
Javier was very helpful
Javier was very helpful, the process was fast, easy, high interest but we had to start somewhere to build up the company business credit profile, I was able to get approved when had been getting turned down everywhere else, so thanks
K
kael
a month ago
Service For Small Businesses
Excellent Customer Service For Small Businesses.
J
john roscino
a month ago
Easy and fast
The whole process is quick and easy. Anastasia is a pleasure to deal with. I give her a call and tell here what my business needs are and within a few hours I have what I need.
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megan hammond burkett
a month ago
Highly Recommend
Quick, responsive and seamless transactions! Would highly recommend!
D
david berg
a month ago
Easy to work with very pleased.
Easy to work with very pleased.
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rock solid wellness studio bat
a month ago
Blake is awesome
Blake is awesome! Very professional, and very proactive at making sure he got me the amount requested at a rate that made me very comfortable and confident that I am in good hands and working with a company that will help mine grow.
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brad massey
a month ago
I am a return client
I am a return client. Application and approval process quick and easy. There were no processing fees. Funds deposited into accounts quickly.
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ez stay
a month ago
Extremely professional
Extremely professional. Easy & quick transaction. Funds were credited within 24hrs
L
lacorious
a month ago
On deck
She was wonderful
A
aaron
a month ago
Using a Broker? Exercise caution with OnDeck
Exercise caution with OnDeck. Although OnDeck may be reputable, we had an unfortunate encounter with an unscrupulous broker from Cheddar Capital. This broker disregarded a clear no-stack policy and added additional debt with CAN Capital, only to later triple-stack with OnDeck under the guise of a "better deal". The broker asserted that OnDeck had a unique offer where the second year was interest-free. When the situation was escalated, OnDeck merely gave a token reprimand to the broker, leaving my company burdened with nearly $40,000 in unexpected interest and fees. Beware – many businesses like ours use these advanced funds to foster growth. But if a lending institution cannot rein in rogue brokers who intentionally deceive and exploit, it's the businesses that suffer. The cynical side of me believes that these brokers funnel such a volume of business to lenders that their misdeeds are brushed under the rug. Always tread cautiously. The canned answer below didn't address anything - this is the same behavior that put us here. It wasn't about pricing but the deceptive, predatory practices that OnDeck associates with bad actors like Cheddar.
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thomas browne
a month ago
This was smooth
This was a smooth, efficient, and timely transaction. These qualities together in any company are impressive and leave a positive feeling.
S
scott phillips
a month ago
Andrew was very helpful and friendly
Andrew was very helpful and friendly
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becky smith
a month ago
Fast
Fast. Simple. Easy to understand.
A
anthony dillard
a month ago
good job ok for me today
good job ok for me today
J
jerome
a month ago
OnDeck loans and services was…
OnDeck loans and services was excellent. Thank you.
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devonte johnson
2 months ago
The process was simple and easy !
The process was simple and easy !
K
kathleen wright
2 months ago
Good Communication and Easy Process
Easy to process to apply. The information required was easy to submit. The account executive was easy to get in touch with and the funding was rapid.
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colin hayes
2 months ago
Working with Blake made everything…
Working with Blake made everything straight forward and in a way that made me feel very comfortable
G
glgc
2 months ago
Thank you Great
Thank you Great
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eli ndaba
2 months ago
Not everyone that runs a business has…
Not everyone that runs a business has perfect credit. I have owned my business since 2018, serverd thousands of clients and they are happy. When are going through this hard times who will be there from us. We all cannot work a fast food business. At this point I might as well just shoot myself in the head and put my mind at ease. This loan companys are absolutely unfair.
K
kenny yousif
2 months ago
Don't even think about getting a loan…
Don't even think about getting a loan from this company. Total scam high rates daily payments. You will go out of business getting a loan from on deck. Shame on them
J
juanariel martin
2 months ago
If you call them for any reason besides…
If you call them for any reason besides getting a loan, they will not return your calls and ghost you. Expensive loans and MCAs should be avoided at all costs especially when there are business credit cards a person could get with 0% APR for 12 months for example. If I had gone with Lexington Capital in the first place, I would be in a better place with my business. The quick delivery of money from companies like OnDeck isn't worth it.
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terri kerschen
2 months ago
GREAT EXPERIENCE!!
My lending advisor Victor Nunez was extremely helpful. He kept me informed thru the entire process. The on-line application process was painless. So happy to work with these folks!! Respectfully, Terri K
K
keithz
2 months ago
Small businesses exercise caution
Small businesses should be aware that I chose OnDeck due to the attractive renewal terms after completing a required number of payments against a high interest product. Come attractive renewal time OnDeck denied the renewal. In all honesty, I was not perfect on payment history over the course of six months (weekly payments); however, all payments missed were made up on or by the next payment date. Great for them that they get to continue with their high interest rate loan; bad for my business. Some would label this a classic "bait-n-switch".
K
karleene garcia
2 months ago
Would recommend
It was easy and they were very helpful. Allowed me to communicate solely through email.
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luis cruz
2 months ago
It was a very simple process I love ❤️…
It was a very simple process I love ❤️ how fast and easy they worked with us! Very profesional service
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robert pietz
2 months ago
Helped me out in a bind
Helped me out in a bind. Will use again
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rissa davis
2 months ago
Easy and Simple
Easy and Simple! Funding was between 1-3 days! The app is super easy to use as well. I WILL be going back and would definitely refer them to my business partners. THANKS AGAIN ONDECK!!!
r
rick raschillo
2 months ago
Amanda was great super fast and easy…
Amanda was great super fast and easy process she had all the answer to my questions. Great job
a
ashraf gendey
2 months ago
Work hard and serious work and fast
Work hard and serious work and fast
M
mehran
2 months ago
Smooth sailing
Smooth sailing. I than on deck for the easy process
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bryan szeliga
2 months ago
Processwas quick, simple and much better than working with a bank.
The process was quick and simple. Cayla who I worked with was fantastic. We did get a line of credit but the interest rate was crazy high, so we will most milky never draw funds, but it is makes for a nice access to funds if we are in need. If interest rates were reasonable we would consider using this as our primary funding.
C
carla
2 months ago
Lovely
They were efficient kind and kick ass!
r
rosalina
2 months ago
Good service and fast.
Good service and fast.
C
cathryn taylor
2 months ago
The customer service agent was great
The customer service agent was great
R
robert
2 months ago
It's nice to work with a real company…
It's nice to work with a real company and helpful company. not some scammer dude who sounds like Dice clay from Jersey.
H
hubert fountain
2 months ago
Phone help with April went very well
Phone help with April went very well. On deck very easy to work with and the system works very well.
D
deborah
2 months ago
Great Service today.
My Service Rep, Kabrie, was very pleasant and patient in answering all of my questions. The answers were clear and easily understood. I appreciate the Customer Service I received today.
s
small business owner
2 months ago
OnDeck ran me through the process of…
OnDeck ran me through the process of getting a loan and then when I sent bank Statements, they decided they could not use my bank statements. They claim my bank statements are personal checking accounts and not business checking accounts. Despite me having the bank send them a letter on the banks letter head showing that they are indeed business checking accounts. Frustrating when you have near perfect personal credit and just as good business credit to be told that you have the wrong checking accounts. Every other bank for the past decade has accepted these Checking accounts as the Business checking accounts they are.
H
hillary
2 months ago
Rep was grear
Customer service was knowledgeable and fast!
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miu mai
2 months ago
Just want us to sign
The rep at funera Hillary is not explained fully, and changed her words later . She first said the remaining interest will be waived if we choose to pay early. After we signed the loan, she said it will be discounted. I wouldn’t choose what I have chosen knowing that. Now I’m stuck with the loan
F
florist
2 months ago
Atticus has been very professional and…
Atticus has been very professional and helpful
F
franklin
2 months ago
Absolutely positively phenomenal
Absolutely positively phenomenal
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stephen foster
2 months ago
OnDeck is my Ace in the hole!
Love this company!! OnDeck is a real Ace in the hole if you are a small business owner!! Britney Smith is absolutely amazing!!! She explains everything very well, goes over my options, makes suggestions, and then executes the plan every single time! She’s the best!
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michael “ pro boats boat renta
2 months ago
Very simple and straightforward thanks…
Very simple and straightforward thanks Jon
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regina irene
2 months ago
Very helpful and seamless
Easy process and funding. They are always willing to provide new offers or payment relief as needed.
V
vanessa
2 months ago
Honest, straightforward, and no pressure.
My experience with OnDeck has honestly been exceptional. At no time did I feel pressured to take any action. Jon took the time to very clearly (and in plain language) explain the differences between lending options offered by OnDeck. I felt very comfortable explaining my current financial situation with him, and I felt like he understood and communicated this quickly and accurately to the underwriters. The process was simple, quick, and direct. I’ll be HIGHLY recommending OnDeck, and returning if I ever need business lending in the future.
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jacob schaeffer
2 months ago
This is my third time barrowing through…
This is my third time barrowing through OnDeck and every time has been fast, easy, and everyone is very professional and informative.
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christopher spencer
2 months ago
Simple and easy to apply!
It was easy to apply, they have very nice customer service, and I recommend you call and apply then online.
c
customer
2 months ago
They're my go-to people for small…
They're my go-to people for small business. Highly recommend
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lummisha lung
2 months ago
Amanda has very great customer service
Amanda has very great customer service. Helped answer all of my questions and very knowledgeable!
D
david l
2 months ago
Jonathan and the team at OnDeck went…
Jonathan and the team at OnDeck went above my expectations. The whole underwriting went smoothly and loan funding was done super quick. I highly recommend OnDeck for all your financial needs. Thank you!
c
celestin
2 months ago
Good customer service
Good customer service
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ernest bordini
2 months ago
Outrageous interest rates and seems to b deceptive about no prepayment penalties.
With constant mail and email about prequalifications and low rates, ended up with a loan with about a 70% interest rate. THen despite being told there was no prepayment prepayment penalty (which was a hook since I knew I could eventually get a loan at less than 70%, and months of weekly payments, they told me the payoff was more than I borrowed. Run, hide, beware of their fast and slick phone payments, toss the offers you get in the mail in the trash
D
dv wilson
3 months ago
Seamless Process
The process was seamless and not complicated. The entire process from start to funding took less than 24 hrs.
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amber carroll
3 months ago
Andy made the process very clear and…
Andy made the process very clear and extremely easy especially with my crazy schedule.
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freight and transportation
3 months ago
Very professional
Really fast and easy.
B
bryant sousa
3 months ago
Simply The Best!
With the utmost honesty and confidence, I could not recommend any other business lender. OnDeck was outstanding to work with! The application process was simple and communication was top notch. Sal, my loan specialist, kept me informed every step of the way and followed up when he said he would. I won't hesitate to use OnDeck for my funding needs in the future!
R
randy
3 months ago
They helped me with my loan info
They helped me with my loan info
R
roody
3 months ago
the fact is small business need the…
the fact is small business need the funds to work ASAP
G
greg vanek
3 months ago
Last minute loan deal
Good job & Great customer service.
E
evelyn co
3 months ago
Jonathan was very professional
Jonathan was very professional, knowledgable and efficient throughout the whole process! Thank you so much!
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top notch roofing, inc.
3 months ago
Very simple process and funds were…
Very simple process and funds were delivered the next day .
A
angie willard
3 months ago
Zach was easy to work with
Zach was easy to work with, informative and answered all of my questions. He was pleasant to talk to and responded timely.
K
ken
3 months ago
Chelsey was professional and…
Chelsey was professional and knowledgeable.
K
keith anderson
3 months ago
Alex is great to work with
Alex is great to work with. He is very professional and really works hard to get the job done. I have great respect for him and On Deck.
R
robert
3 months ago
Long time customer. Helped me when no one else would
Long time customer