OnDeck Small Business Lender: 2018 Review

OnDeck® can get you funded in as fast as 24 hours!!

OnDeck launched in 2007 to solve a major issue facing small businesses: efficient access to capital. OnDeck uses cutting-edge technology to evaluate businesses based on their actual performance, not solely business owners’ personal credit scores, this makes it possible for us to responsibly expand access to credit, allowing businesses to spend their time where it provides the most benefit—on their customers and on growing, not looking for a small business loan. With top notch loan specialists in Canada, OnDeck is a great partner to go to for your financing needs.

Find out more

  1. OnDeck offers two types of products. Small business term loans and small business lines of credit
  2. There is one application and the end of you can you will be presented with the options that you have available to you.
  3. Term Loans are from $5000-$50,000 on 3-36 month termsLine of Credit go up to $100,000 on payback over 6 months (these are revolving so you can pay it back and then reuse when needed)
  4. Application takes a few minutes, you can apply online or call 1009809809809
  5. To apply you will only need your basic business information and 3 month bank statements. This is the case with most lenders so it is good to have this on hand anyway.
  6. OnDeck will do a soft credit check (which doesn’t hurt your credit score), you will need a score of over 640 to be able to qualify for with them
  7. Minimum Requirements:
      • 1 year in business (no start ups)
      • $100,000 in gross annual income

 

Application Criteria

  1. Company must have been in business at least one year
  2. Company must be based in the Canada
  3. $100,000+ in gross annual revenue
  4. At least one owner with a 500+ personal credit score
  5. No bankruptcy in last 2 years
  6. No unresolved liens and judgements

Apply now

OnDeck launched in 2007 to solve a major issue facing small businesses: efficient access to capital. OnDeck uses cutting-edge technology to evaluate businesses based on their actual performance, not solely business owners’ personal credit scores, this makes it possible for us to responsibly expand access to credit, allowing businesses to spend their time where it provides the most benefit—on their customers and on growing, not looking for a small business loan. With top notch loan specialists in Canada, OnDeck is a great partner to go to for your financing needs.

 

  • OnDeck has delivered over $10 Billion to small businesses globally
  • Excellent customer rating on TrustPilot
  • A+ Rating with Better Business Bureau

OnDeck will help you grow your business the quickiest way

Tired of the rigid eligibility requirements of banks or the cost of other short-term business financing options? OnDeck could be a helpful alternative. It bases its loan decisions on cash flow and performance, rather than just on credit score. And it can deliver funds with the speed of a short-term loan without the expense.

Top Benefits with OnDeck

1

Outstanding and friendly customer service

2

One application but many options will be presented if you qualify

3

Quick Funding as fast as 24 hours

Do I qualify?

You’re eligible for an OnDeck business loan if your credit score is 500 or higher, your business is at least one year old and it makes at least $100,000 annually. However, the average OnDeck customer has a business that’s been around for seven years and earns $450,000. The majority of OnDeck customers also have a credit score of at least 660.

How does a small business loan through OnDeck work?

Getting financing from OnDeck works in three simple steps. You apply online and receive your decision once your application has been process. If approved, your loan funds will be transferred to your selected bank account. Funding can be quick, and you can use your loan to build your business’s credit history by making timely payments.

OnDeck looks at at cash flow and business success when determining a decision, rather than just your credit score. You can choose between short- and long-term loans, ranging from $5,000 to $500,000. Loan terms run from 3 to 36 months, giving you a flexible payment period that suits your business.

FAQs

Getting financing from OnDeck works in three simple steps. You apply online and receive your decision once your application has been process. If approved, your loan funds will be transferred to your selected bank account. Funding can be quick, and you can use your loan to build your business’s credit history by making timely payments.

What Types of Financing is Offered?

OnDeck offers two types of financing solutions. Term Loans and Lines of Credit.

What are your Loan Amounts and Terms?

  • Term Loans are from $5000-$250,000 on 6 to 24-month terms.
  • Line of Credit can go up to $50,000 on payback over 6 or 12 months period.

How does the application process work?

Application takes only a few minutes, you can apply online or call (888)-727-6183.

How quickly can I receive an OnDeck loan?

OnDeck can deliver decisions in minutes, and funding in as fast as 24 hours.

How do I qualify for OnDeck Financing?

OnDeck has a variety of loan options to suit your needs.  To qualify for an OnDeck loan, your business should have the following characteristics:

  • 1 year in business
  • $100,000 in gross annual revenue
  • No history of credit default or bankruptcy
  • Minimum 50% business ownership for the person(s) applying

How can I use the funds for my business?

  • Purchasing Stock
  • Buying and Replacing Equipment
  • Hiring Staff
  • Marketing and Advertising
  • Managing Business Expenses
  • Renovation and Expansion
  • Balancing Cash Flow

Basically, anything to generate a positive return!

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