OnDeck Capital


Let’s have a candid conversation about who OnDeck is, what Ondeck does, and why Ondeck might be a great fit for your business. OnDeck Capital is one of the most reputable lenders in the country when it comes to small business loans and lines of credit.


  • Cash can be available same day
  • Low minimum credit score compared to banks
  • Less paperwork than most lenders
  • Very fast, online process
  • OnDeck offers daily / weekly payments
  • Business lien and personal guarantee

capital business loans

Full Review on OnDeck Capital

OnDeck provides speed, and has looser qualifications than most banks. But, they charge a higher APR than most traditional banks. Having said that, in the small business lending industry OnDeck is a beacon of light and have set the standards for success. They are a great fit for your business if you need cash fast, have less than stellar credit, and have big – unexpected, expenses.

You can apply online, or via phone, in as little as 10 minutes. If approved, you can get funded by OnDeck in less than 24 hours for a term loan. Their minimum credit score is 600. Typically, their borrowers have credit scores between 680 and 720. Moreover, they have a quick turnaround when it comes to funding you. Even if you have uneven cash flow, their line of credit product can help.

capital business term loans

OnDeck Term Loans

They offer as little as $5,000 to $500,000, in addition to offering an APR of 9% to 99%. Their loan is repaid daily, or weekly, for 3 to 36 months. In order to qualify you need a minimum credit score of 600+, and you should be in business for more than a year – with over 0,000 in annual revenue. Ideally, there should be no bankruptcy in the last 2 years – and you should be willing to sign a personal guarantee.


OnDeck Line of Credit

OnDeck Line Of Credit

The loan amount is up to $100,000 – with an APR of 13.99% to 63%. The line of credit is repaid weekly.

In order to qualify you need to have a minimum 600 credit score, and should be in business for over 1 year. It’s also recommended you have over $100,000 in annual revenue. Typical revenue exceeds $500,000. There should be no bankruptcy in the last 2 years. Like their term loan, Ondeck requires a personal guarantee.

using OnDeck Capital

Why you should use OnDeck Capital

OnDeck loan applications can be done online, or over the phone in literally 5-10 minutes. You really need some basic information to apply, like your tax ID, 3 months of bank statements, your social security number, and driver’s license number. If you’re approved, a loan advisor will typically reach out within 1 business day of finishing the application to review your offer and then complete your online checkout.

OnDeck has looser qualifications than banks
Traditional bank loans typically require collateral like a home, or personal asset. OnDeck does not. Banks typically want you to be in business for at least two years to get funding. They require only one year for its term loans and lines of credit. Banks often want borrowers to have a personal credit of 720 or higher. Their minimum is 600.

You should have a personal credit score somewhere between 680 and 720, with annual revenue exceeding $500,000. It’s important for your time in business to be between 4-6 years.

OnDeck can be cheaper for repeat customers.
OnDeck’s term loans have a 1 time origination fee between 2-4% of the total amount on your first loan. This fee drops to 1.25% to 3% on your second loan, and 0 to 3% on your future loans after that.

Build Credit
They report your payments to major business credit bureaus. If you make timely payments, it will help build your business credit. This means larger and less expensive small business loans in the future.

OnDeck capital

Why OnDeck Capital could be right for you

If you can’t qualify for a bank loan, then a small business loan  may be your option. While their APR is higher than a bank, the fact is – it’s one of the cheapest forms of non-bank lending money. Their APR can vary from 9% to 99%, with this APR fee including the origination fee and monthly maintenance fee. The maintenance fee is waived for the first 6 months if you draw $5000 or more within the first 5 days of opening their credit line. There are no fees to draw the money itself.

Liens are required, in addition to a personal guarantee

Although term loans aren’t backed by specific collateral, the company may put a blanket lien on your business assets. Like most lenders, OnDeck also requires borrowers to sign a personal guarantee which says the lender can go after your personal assets in the event you don’t pay back the loan. Failure to pay the loan back could damage your personal credit.

Frequent payments could be an issue

OnDeck deducts a fixed daily or weekly, payment from your business. Term loans are repaid daily or weekly typically. Their lines of credit are repaid weekly. If you have uneven cash flow, you must anticipate and build these payments into your financial planning.

  • Restaurants
  • Spas
  • Bars
  • Auto Repair
  • Contractors
  • Retail
  • Doctors
  • Salons
  • Gift Stores
  • Gas Stations
  • Dentists
  • Groceries
  • Non-profits
  • Arms & Ammunition
  • Adult Material
  • Gambling
  • Escorts
OnDeck Declined

What To Do If You Have Been Declined By OnDeck Capital

Lenders like OnDeck offer small businesses a lifeline when they need it the most. Many small business owners are cash strapped, due to MANY debts, and too many business challenges. Often, all it takes is one unexpected expenses to send you over the edge. If your business is unable to meet its obligations, it could mean trouble. Many businesses have to shut down when they face cash flow issues, or file bankruptcy. Having a small business loan from a company like OnDeck can help you during these rough times. The issue is lenders can deny your application for a variety of reasons. Here’s a list of common reasons why you might get declined, and what your potential solutions are.

No business lender is perfect. OnDeck for example, requires minimal paperwork – and can fund you in 24 hours. Your personal credit score doesn’t need to be perfect. But, many applicants find themselves declined. OnDeck offers two main products – the term loan, and line of credit. In order to understand whether you qualify or not the company assesses your monthly revenue and cash flow. You might think that if you meet the minimal annual revenue requirement you should have no problem being approved.

The annual revenue isn’t the real issue. OnDeck borrowers have to earn at least 8-10k per month, which means around 100-120k per year. Plenty of businesses earn this much.

You could be denied if your revenue is sporadic, and uneven

Say you only deposit 1-3 times a month into your bank account, this could be an issue for prospective lenders. For example, if you make $15,000 per month, and your deposits are:





OnDeck, and many other lenders, might reject your request for funding. It’s incredibly risk because if your $10,000 deposit doesn’t happen – your revenue drops by almost 66% – this is VERY risk. As a result, many lenders often require you have a minimum of 7-10 deposits per month. If your business is seasonal, and has tumultuous cash flow, it means that lenders might not lend you the funds you need.

Many service businesses don’t get paid in full until their project is complete. It means there are months where revenue is lower than average. In addition, there are considerable expenses during those month – so on paper, your business isn’t profitable during those months.

One of the great things about Delancey Street is that we have a spectrum of business loan programs that can work with virtually any business.

OnDeck Reviews

We think that their video reviews are the best source of information we can possibly provide about the company, and why so many business owners choose them.

Background about OnDeck Capital

OnDeck is a global small business lending company. It has offices in NY, Arlington, Denver, Colorado, etc. It was founded in 2006, by Mitch Jacobs. The company originally got funding from some big league funds, like First Round Capital, Khosla, Village Ventures, SAP Ventures, Google Ventures, and Tiger Global Management.

They use a proprietary software in order to aggregate data about a business. This information is then processed in order to understand if the company is eligible to get working capital. It started in 2007, when it first introduced its short-term loan products. After Jacobs left the company in 2012, and Noah Breslow became CEO.

In 2014, the company completed its IPO, and became listed under the symbol ONDK – raising $230 million in its offering. In 2015, the company extended its operations into Canada and Australia.

In 2016, the JPMorgan Chase partnered up with them to offer lending to its small business customers. The bank used OnDeck’s origination and loan servicing technology to supply small businesses with funding fast. OnDeck has a number of referral partners like QuickBooks, Angie’s List, Prosper, Credit Karma, and more.

OnDeck’s Top 10 FAQs

They try to make business financing easy and fast. Below are some of the top questions asked by small business owners trying to get financing for their business.

What products do you offer

They have small business term loans and lines of credit. There is one simple application for both term loans and lines of credit. They will present you with all of the financing options available to you and your business.

What are your loan amounts and terms

They offer term loans $5000 – $500,000 over a 3 to 36 month period. They have lines of credit up to $100,000 with payback as you draw up to 12 months. The liens of credit are revolving. As you pay it back, the amount of funds available increase.

How does the app process work?

The application takes minutes to complete. You can apply online, or over the phone. They only need your basic information, about the business, about the owner, and 3 months of the most recent bank statements.

Does applying to OnDeck impact credit?

Typically Ondeck does a soft pull, which doesn’t impact your personal credit – unless the credit file is restricted. If its restricted, they will reach out to you to lift the restriction, and then do a hard pull.

What are the minimum requirements?

OnDeck has some basic minimum requirements.

1 year in business. Most customers are in business for 7 years according to them.

$100,000 in gross annual revenue. Most businesses exceed $450,000 in gross annual revenue

The business owner must have a minimum credit score of 600. Most owners have scores of 650 or higher.

You should have over 5 deposits to your business checking account each month.

What information do you need to apply?

There’s little to no paperwork needed to apply. Before you start filling out the application, you should have some basic information available like your EIN, SSN, Estimated Gross Annual Revenue, and Average Bank Balance.

What are the rates?

The cost will depend on several variables. The actual rate is determined by OnDeck’s proprietary score technology. OnDeck looks at numerous data points, and base it on the health of your business – not just your personal credit.

How does payback work?

OnDeck uses daily or weekly payments to payback. Many vendors prefer this instead of one big monthly payment, which banks and others lenders insist on. This is a little different, but works for their customers. The daily/weekly payment is based on the amount, and term length.

How can they help with business credit?

If you get a loan from them, they report it to business credit bureaus. If you make timely payments it helps build your business credit profile. This can lead to better offers if you apply again in the future.

How long does it take to get funded?

OnDeck offers approvals in minutes, and funding as fast as 1 day.

What’s a business line of credit?

A line of credit is SUPER helpful when you have an ongoing project with expenses.

ondeck capital business loans

5 questions to ask when considering a business line of credit

Before your business takes a line of credit, you should ask yourself some questions.

Can you afford it? This is a huge question you really must ask yourself. It’s the main factor in your decision. Before you take on ANY type of debt, you should calculate all of the associated costs and make sure your cash flow is capable of handling the potential daily/weekly repayment. It’s super easy to take on extra capital, but sometimes if your margins are contracting – it can get difficult to pay it back.

For example Jan 13,2020, a report came from Nasdaq showing that Urban Outfitters’ Profits shrunk by 20% in 2019, despite their revenue growth. This was attributed to higher operating expenses, and the cost of manufacturing. Bottom line, if you’re going to take a line of credit, make sure you can still afford it after your margins contract otherwise you’re going to be in deep trouble!

How much can I borrow: Different lenders will give varying amounts of money. The most you can borrow will depend on many factors, like your credit history, the credit limit, cash flow, your assets, and your liabilities.

When will I get the line of credit?: Lenders like OnDeck provide almost immediate access to capital, if not within 24 hours. If you plan on getting a line of credit make sure you know what’s going to happen – in terms of timelines. If the lender you’re speaking to is slow, then it’ll be a waste of time and money. This is especially important if you’re going to continuously draw money from your line of credit.

How much will the line of credit cost?: Besides the interest rate of the line of credit, you will need to also look at what fees are charged, like the application fee, the origination fee, etc. Depending on which lender you speak to, there are other loan service fees, and annual fees as well. It can all depend.

How much is the repayment?: Your monthly repayment, with a line of credit, isn’t fixed, and will depend on how much your business can pay down. As long as you pay the interest, and other fees for the month, most lenders will provide great flexibility on how much of the balance they require you to pay back.

ondeck small business loans

Things to consider when comparing lenders like OnDeck

After you’ve looked at a few different lenders, you really have to get down to “brass tacks,” and think about the decision you’re about to make. You really need to look at a number of different factors about the line of credit, like the interest rate, the fees, whether the lender allows monthly repayment, and whether the loan is secured or not.

Some lenders charge a variable interest rate, whereas others charged a fixed interest rate. Keep in mind that you’re only going to be charged interest on the amount you actually borrow – not on the amount you’re initially approved for. Usually a line of credit will have one-off fees, of one sort or another. Some lines of credit allow for monthly repayment, whereas others will insist on a weekly, or daily, repayment. Some business lines of credit also require an asset as collateral.

[sc_fs_multi_faq headline-0=”h3″ question-0=”Who is OnDeck?” answer-0=”They are an online small business lender founder in 2007. They are one of the first lenders to primarily rely on technology to make major lending decisions. With their proprietary algorithm, the company is able to make a decision in minutes that usually took days or weeks. Currently, they have two options for funding: small business term loans and revolving lines of credit. ” image-0=”” headline-1=”h3″ question-1=”What should a business have to qualify?” answer-1=”Businesses should be in business for at least 12 months, and make at least $100,000 annually in order to qualify. It’s recommended you have a personal credit score over 600. ” image-1=”” headline-2=”h3″ question-2=”What are OnDeck’s terms and fees?” answer-2=”Typically OnDeck does funding between $5000 and $500,000 – with terms of 3-36 months. Their fees will vary depending on the type of financial loan you take from Ondeck. They have an origination fee of 0-4%. Aside from the factor rate, the only fee you have to worry about is their origination fee which is taken directly out of the principal before you get the loan. For example, if you take a $10,000 loan – you could have a 2.5% origination fee – which means OnDeck will subtract $250 and you’ll net $9,750. OnDeck doesn’t charge interest on their term loans. The repayment amount is a fixed rate, also called a % interest rate. ” image-2=”” headline-3=”h3″ question-3=”How does OnDeck’s line of credit work?” answer-3=”Typically the line of credit ranges from $6000 to $100,000, with a term length of 6 months. You can draw from your line at any time. The term lengths are 6 months per draw. You can repay the funds early without any penalty. Unlike the term loans, the lines of credit do not accrue interest. The earlier your repay the line of credit, the more money you save. Aside from the interest charged, it has a $20 monthly maintenance fee, but no origination or draw fees. If you withdraw at least $5000 within the first 5 days of opening an account, the company will waive your maintenance fees. ” image-3=”” count=”4″ html=”true” css_class=””]

OnDeck Term Loans

Small Business Term Loans

Business term loans can be great for financing any expenses your small business has. It can include things like SBA loans, and business loans from lenders.

How a business term loan works

If you have a car loan or mortgage, you already know how a term loan works. You are borrowing a lump of cash upfront, and then repay it over a period of time with fixed, equal, payments. Requirements and rates will vary depending on who you’re speaking to. It’s not uncommon for term loans to range from $2,000 to $2,000,000 and with APR rates of 3 to 50%!

Banks offer low rates on term loans, but have strict requirements – like strong personal credit scores, and high annual revenue. It’s not going to be something which is given to virtually everyone. It requires someone who has demonstrated they can be trusted to repay the term loan successfully.

Banks and online lenders both provide SBA loans, which are guaranteed by the federal government. SBA loans, in contrast to loans from places like OnDeck Capital, can provide up to $5 million and carry repayment terms up to 25 years. SBA loans also have some of the lowest APRs, which means if you can qualify for them – they are a great option for long term financing. Many people often use an SBA loan to pay off other loans they’ve taken. Like mortgages and car loans, term loans usually have an amortization schedule. It means most of the payment goes towards paying off the interest at the beginning of the term loan. As you get closer to the end of the loan you are paying off the principal. Term loans are usually repaid early to save on interest – many lenders charge a prepayment penalty.

Ondeck Short Term Loans

Business term loans: Pros and Cons

You can borrow large amounts of money to finance your expansion with a term loan. Usually, you can get funds equal to several months of income, if not more, at once. Because business term loans offer long repayment terms – it can make it easier to invest into something. In addition, repaying term loans on time can help you build your business credit, which means this helps you grow as an individual and business owner. Loan at online lenders who do business term loans, like OnDeck, can be approved quickly and funded quickly. It’s not uncommon for business term loans to be approved and funded within a few days, or a week.


What is a Business Line of Credit?

A business line of credit gives you a pool of funds you can draw from when you need it the most. Unlike traditional business loans, with a business line of credit you can borrow up to a set amount, and only repay the amount you withdrew plus interest. When you draw on a small business line of credit, like the one that OnDeck offers you, it allows you to handle cash flow gaps, get additional working capital, and address virtually any problem you have with extra capital!

On average, business lines of credit can be as low as k to m, with a term of 6 months to 5 years, in addition to interest rates of 7-25%, with speed as fast as 1 day. The great thing about business lines of credit is that you only pay interest on funds drawn, and capital is available when needed. Generally, a business line of credit is suitable for a wide range of business purposes, and in some cases bad credit is acceptable. By successfully using a line of credit, you can build your credit score as well. Some business lines of credits require updated documents on each consecutive draw. Some require collateral, and others have higher rates for lower credit scores.

Who qualifies for a business line of credit?

Younger, less established businesses, are eligible for this type of flexible financing. Medium term lines of credit are available for businesses with good credit, and a solid financial history. Typically, most people who get approved have annual revenue over $180k, a credit score over 630, and have been in business for over 1 year.

How do you apply for a business line of credit?

A business line of credit application can be very simple and easy. Most online business line of credit providers  have streamlined applications. You’ll need basic documents like drivers license, voided check, bank statements, balance sheet, profit and loss statements, credit score, business tax returns, and personal tax returns.

OnDeck vs Business Credit CardsCan a business credit card help?

If you aren’t able to qualify for an OnDeck term loan, another alternative is getting a small business credit. These credit cards are very popular business financing options. Entrepreneurs who don’t qualify for traditional OnDeck business loans or lines of credit can benefit from a business credit card. Small business credit cards usually have higher spending limits and have generous reward programs – more so than consumer cards. Some business credit cards have amazing benefits like low APRs, balance transfer promotions, concierge service, and fringe benefits. Many also come with annual fees, and require good to excellent credit to qualify.

Some business credit cards are just as strict as lenders. Typically, you’ll be expected to provide an EIN, evidence of incorporation, and financial statements. If you can’t prove you own the incorporated business have legitimate cash flow, you won’t qualify for a business credit card.

Reasons to get a business credit card

If your personal card doesn’t give you the type of spending limit you need, then a business credit card might work well. Business credit cards have a higher credit limit, and in most cases, the activity on your business credit card won’t affect your personal credit report. If you’re a sole prop, getting a business card is important because it protects your personal credit profile and assets. If you’re a bigger business, or aspire to grow into one, then having a business credit card is a MUST – not only to separate expenses, but also to establish business credit. In addition, you can get authorized cards for employees as needed.

Small business loan vs Business Credit Card

Small business loans and credit cards are the most popular source of financing for business owners. For example, a survey by the Federal Reserve said that 86% of applicants wanted a business loan or line of credit, while 31% applied for credit card financing. Whether or not you should get a business credit card or a small business loan depends on your financing needs, and several factors, like how long you plan on using the proceeds, your credit score, and the strength of your company. Here’s more information on both financing options, including pros and cons, and how to choose the best one for your business.

Small business loans  vs business credit cards

Small business loans from companies are great if you’re looking to refinance an existing debt, buy real estate or equipment, hire new people, or make a large investment. These types of loans are great because they can be paid back on a weekly or monthly basis, at a fixed interest rate, or factor rate, which makes them a great option for financing large investments or for working capital. These loans, however, are tougher to get approved for than business credit cards. Some business loans require collateral, and can take time to get funded depending on your lender. Often, lenders are focused on the strength of your business rather than abstract concepts like credit score, etc. They’re great for established businesses because you’re less likely to need strong revenue.

Business credit cards are usually suited to financing ongoing expenses and working capital. Credit lines offer great flexibility, and you only pay interest on what you borrow, up to your limit. Business credit cards usually carry advantages like rewards for spending, 0% introductory APR, and sign up bonuses, in addition you can build business credit. These revolving lines of credit come with high interest costs and fees.

Small business loans from companies: Pros and Cons

Borrowing amounts are usually higher with small business lenders. For example, the SBA has a maximum size of million, with many online lenders offering up to $2 million. Typically, costs for a small business loan are lower for businesses with low interest rates. For example, SBA loans – backed by the Small Business Administration – are issued by lenders, like banks, and are less likely to carry lower interest rates than business credit cards. It’s not uncommon for SBA loans to have a monthly payments. SBA loans of more than ,000 (and that are paid off under 7 years), carry an interest rate of 6.5% while the loan of $25,000 or less, which is paid off in over seven years has a rate of 9%.

Online lenders, usually charge lower interest rates than business credit cards, with the APR usually starting at 6% for term loans, and 8% for lines of credit. Small business repayment terms usually vary. Small business loan repayment can vary lender by lender, but can stretch as long as 25 years for some SBA loans. This results in much more affordable monthly payments for businesses that are looking to invest serious capital into their business. For example, if your business is approved for a ,000 loan and it has a 5 year rate at 10% APR, the business has to make a monthly payment of 7 (pretty reasonable!).

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