OnDeck Business Loan Review

APRs:

13.99% - 63.00%

Minimum Credit Score:

600

OnDeck offers small-business owners with less-than-stellar credit looking to expand their business fast term loans.

OnDeck Capital offers business loans that feature speed, convenience, and looser qualifications than banks but comes at a cost as OnDeck charges higher interest rates compared to competitors.

Features of OnDeck Business Loans

Fast Application and Funding Process: Applying takes as little as 10 minutes and, if approved, your loan can be funded in as little as 24 hours for a term loan. Line of credits between $1,000 and $10,000 can be funded instantly.
Doesn't require great credit: While OnDeck borrowers typically have credit scores between 680 to 720, the minimum credit score requirement is 600.

Line of credits: OnDeck’s line of credit can help you out during times of low cash flow.

****APRs, the amount you can borrow, and terms vary depending on the lending partner.
**Personal loans from our partners offer APRs ranging from 3.49% to 35.99% + applicable fees. Our partners personal loan partners offer terms between 2 to 8 years (24 to 84 months). We receive payment from lending partners. * Ex. of a personal loan: A $7,000 loan with an origination fee of 5% will have a funding amount of $6,650, repayable in 36 monthly installments, with an APR of 16.74% would carry monthly a payment of $164 over 3 years.