OnDeck Small-Business Loans - review

 

OnDeck is a company that offers small-business loans, with an aim to help entrepreneurs and small business owners thrive.

The company was founded by Noah Breslow and On Deck Capital, Inc. was launched in 2006. The company is based in New York City, New York, and has over 500 employees.

OnDeck provides SBA-approved loans to small businesses in the United States. The company uses its proprietary data science platform to evaluate loan applications and make funding decisions within 24 hours of being submitted. Businesses can also use OnDeck's online portal to manage their accounts, pay bills, track expenses and manage cash flow.

Pros:

OnDeck Small-Business Loans are the perfect choice for small business owners looking for a quick cash infusion. OnDeck offers loans with as little as $2,000 and can provide funding in less than one day, which means you can get the money you need when you need it most.

In addition to being fast and convenient, an OnDeck loan requires a low minimum credit score of 600, so even if your business has had trouble maintaining good credit in the past, you may still be eligible for a loan. This makes OnDeck a great option for those who have struggled to find financing elsewhere.

Finally, many other lending organizations demand extensive paperwork before they will consider your application; however, OnDeck only requires a simple application form and proof of income.

Cons:

OnDeck Small-Business Loans are a great option for businesses that need fast cash, but there are some potential drawbacks to borrowing from them.

OnDeck charges a fixed fee for all loans, so if your company is in a position to pay off a loan early, you won't save any interest by doing so. This means that you should only take out a loan from OnDeck if you're going to be able to repay it completely within the specified period of time.

In addition, OnDeck requires frequent (daily or weekly) repayments; this means that your business will need to have enough liquidity on hand at all times to make these payments. If your company is already struggling financially, this may be difficult. Finally, OnDeck requires a business lien and personal guarantee—so if something goes wrong with your business and it can't pay back its debt, both you and your personal assets will be at risk.

OnDeck term loan

OnDeck term loans are available for up to $250,000 and offer a wide range of options.

Loan amounts start at $5,000 and can be repaid over six months to three years. Loans have a fixed APR of 9% to 99% depending on your credit rating, although for borrowers with low credit scores, the APR will likely be higher than it would be for a borrower with excellent credit.

To qualify for an OnDeck Small Business Loan, you must have at least a 600 minimum credit score, be in business for at least 1 year with $100,000+ in annual revenue, and not have filed bankruptcy in the past 2 years. You'll also need to provide a personal guarantee on the loan.

Reasons to use OnDeck

Fast and easy

OnDeck is a fast and easy way to get the money you need for your small business.

With OnDeck, you can get an online loan in as little as 24 hours. They have flexible terms, competitive rates, and no hidden fees. Plus, they offer free credit scores and reports, so you can see where your business stands with potential lenders before you apply.

Build business credit

If you're a small business owner, you may be wondering whether to use a bank or OnDeck to get the funding you need. While banks can be great for certain types of businesses, we think that OnDeck is the better option for many small-business owners. Here are some reasons why:

1. Build business credit with OnDeck

OnDeck gives your small business the opportunity to build business credit, which can help you get more loans and other financial products in the future. If you've never had any credit before, this could be an excellent way to start down that path.

2. Get access to more funding options than banks offer

Banks typically offer only short-term loans and sometimes require collateral. OnDeck offers longer-term loans and doesn't require collateral—making it easier for some small businesses to get the funds they need when they need them most!

Does OnDeck report to the credit bureaus?

Yes, OnDeck does report to the credit bureaus.

OnDeck is one of the few lenders that is a direct lender and reports to the credit bureaus. The other major difference between OnDeck and other lenders is that it does not require a minimum FICO score or a certain type of credit history. This means that you can apply for an OnDeck loan even if you're new to credit.