• ANNUAL REVENUE: $100,000
  • ORIGINATION FEE: 0%-5% on Loan
  • BORROWING: $5,000-$250,000
  • FUNDING TIME: Same Day

OnDeck Reviews – Plans, Repayment, Pros & Cons

  • ANNUAL REVENUE: $100,000
  • ORIGINATION FEE: 0%-5% on Loan
  • BORROWING: $5,000-$250,000
  • FUNDING TIME: Same Day

Best For

Small Projects in Need of Quick Cash


  • Funds are available on the same day
  • Return clients will receive loyalty benefits
  • The online application process is extremely quick and easy


  • Requires daily or weekly payments
  • Requires personal guarantee or a general lien on business assets as collateral

OnDeck business loans provide an excellent combination of good service and speed. Since its humble beginnings in 2007, the company has grown significantly to its current status of being a leader in online small business loans. Through the last 13 years, they’ve loaned $3 billion, created 74,000 jobs, and made an $11 billion impact on the economy.

Judging by the numerous OnDeck reviews it is apparent that this business loan company is in high demand. With an A+ Better Business Bureau (BBB) rating, a number one place for customer satisfaction with LendingTree in 2019, and a membership in the Innovative Lending Platform Association, OnDeck is a credible small business loans service.

OnDeck small business loans reviews are generally positive, and in our review, we will find out exactly what makes it a great business loan option:

  • Features of the loan provider
  • Loan application procedure and terms
  • Plans, pricing, and repayment
  • Pros and cons
  • FAQ

OnDeck Borrower Requirements & Terms

Here is a complete list of requirements and terms that all borrowers should be aware of:

Feature Data
Minimum time in business 1-3 years
Credit score required 600
Annual revenue required $100,000
Borrowing amounts range $5,000-$250,000
Borrowing fee $20 p/month
Origination fee 0%-5% on your loan
Funding time Same day funding
Location requirements USA (excluding Nevada, North Dakota, and South Dakota), Canada, and Australia
Bankruptcies No active bankruptcies allowed
Eligible industries 700+ eligible industries (excluding 10 types of businesses: drug dispensaries, firearms vendors, religious organizations, boarding houses, vehicle dealers, governments, non-profits, the horoscopes industry, money services (MSB), and adult entertainment)
Personal loan guarantee required Yes
Collateral A personal guarantee or a general lien on business assets
APR Term loans – from 11.89%
Lines of credit – from 10.99%


OnDeck provides its clients with two options: an OnDeck Term Loan and an OnDeck Line of Credit (LOC).

OnDeck Term Loan

This product is perfect for businesses that need to borrow funds for a specific project. You’ll receive a one-time sum that you can invest in business expansion, new projects, or other business-related purchases.

Loan amounts vary between $5,000-$250,000 depending on your credit score. If your application is successful, you’ll normally receive funds in your account on the same day before 5 p.m.

Short-term business loans have repayment terms of up to 12 months with options to decrease the term lengths. OnDeck gives you the choice of repaying weekly or daily.

Many OnDeck business loan reviews have confirmed that the application process is extremely easy and that their customer service representatives are friendly and helpful.

OnDeck Line of Credit (LOC)

This product assists business owners in maintaining ongoing cash flow. It provides a revolving credit line from $6,000 – $100,000 with possibilities of increasing this amount. Clients have the option to withdraw an amount of cash only when they need it so that they can only repay the amount they withdrew and the used amount’s interest rate.

You’ll be able to receive funds 24/7 after you make a withdrawal (even weekends and nights). This plan doesn’t hold any prepayment penalty fees, and you can pay it off any time you like. As long as you make timely payments, your funds will replenish once you’ve paid them back.

Customers have testified to its flexibility and convenience in OnDeck line of credit reviews.

How to Apply for a Business Loan With OnDeck?

Applying for a business loan from OnDeck is very easy. Here is a step-by-step guide to the process:

Step 1: Go to the following address https://online.ondeck.com/ and complete the online questionnaire. Alternatively, you can phone (888) 727 – 5449 / (888) 269 – 4246 or click on the Chat Live icon at the bottom of the page.

Step 2: Enter basic information:

  • Amount of funding you need
  • When you need the funds
  • Personal details and contact information

Step 3: Enter business details and specifications

Step 4: Choose the purpose of the business loan

Step 5: Submit the following documents and information:

  • Last 3 months business bank statements
  • Personal social security number
  • Tax ID number
  • Estimated annual gross revenue
  • Average bank balance

Step 6: Review your application and accept OnDeck’s disclosure form, credit authorization, and consumer pricing information.

Step 7: Within minutes your application will be reviewed. If accepted and approved, the loan may be issued by a Utah-chartered industrial bank, Celtic Bank, or a member of the FDIC (Federal Deposit Insurance Corporation).

Step 8: Receive funds. Funds can be available on the same day.

Pricing & Repayment

OnDeck is dedicated to giving its clients the utmost transparency on pricing and repayments. They do this by using a capital comparison tool named SMART Box (Straightforward Metrics Around Rate and Total Cost).

If you’d like an example, for a loan amount of $75,000 with a repayment term of 12 months and an APR of 24.20%, the full disbursement amount will be $73,125, and the full amount to be repaid will accumulate to $82,500 if you add the interest rates. When a client commits to prepayments, the interest rate will be decreased on the loan fees owed.

Additional fees may be incurred when the client misses a payment or when a debit order doesn’t go through. The exact amounts of the late payment penalty and the returned payment fee are included in the loan arrangement document.

It’s important to note that you’ll be required to pay a $20 monthly maintenance fee as well.

Pros  Cons
The online application process is extremely quick and easy Requires daily or weekly payments
Funds are available on the same day Requires personal guarantee or a general lien on business assets as collateral
Paperwork is limited and much less than other companies in the same industry require
Requires a low credit score of 600
Offers 2 flexible plans that can be tailored to your needs
Excellent OnDeck online reviews from current and past clients
Praised for great client service online and over the phone
Transparent pricing system using SMART Box

OnDeck Reviews & Ratings

This business loan provider has excellent OnDeck online reviews. Just looking at OnDeck BBB reviews it is clear that they’re doing something right. They have a BBB rating of A+. Since OnDeck’s accreditation in 2008, they have received only 31 complaints all of which have been resolved.

Out of 2,533 OnDeck customer reviews on Trustpilot, the company receives a 4,9-star rating. OnDeck has a 4,3-star rating out of 52 votes on ConsumerAffairs.com. OnDeck reviews on Yelp give the company 3,5 stars based on 110 reviews, of which the most negative reviews are due to the uncertainty for many small businesses during the COVID-19 outbreak.


Both businesses that need cash immediately and those that require constant cash flow will benefit greatly from OnDeck. It has a quick and easy application process that can be completed online or over the phone. With 17 years’ experience in the industry, OnDeck has proven to be a leader in the sphere of short-term loans and lines of credit.

With many satisfied clients who have been with the company for years, OnDeck reviews are a testimony to its great quality of client service.


Can my business get a loan if I have an active bankruptcy?

It will be more difficult to have your business loan approved when your company has an active bankruptcy. Especially if the bankruptcy reflects on your business credit report. If the bankruptcy has been discharged for a minimum of 2 years, you can get a loan with OnDeck.

What industries are ineligible to get a business loan?

OnDeck gives business loans to businesses in 700+ eligible industries that include dental and medical practices, beauty salons, landscapers, cleaning services, etc. Ineligible industries include drug dispensaries, firearms vendors, religious organizations, boarding houses, vehicle dealers, government and non-profits, horoscopes services, money services (MSB), and adult entertainment.

What is the customer service availability that OnDeck offers like?

Customer service is available 24/7. Clients can either sign in online to chat, email customer service, or phone a representative.

Who is OnDeck business loan best for?

According to OnDeck reviews, OnDeck loans are best suited for small business owners who need a quick injection of cash for running projects and small business owners who want a line of credit throughout the year as a backup.


What is OnDeck’s BBB rating? Is it accredited?

OnDeck’s BBB rating is A+. They’ve been accredited since 2007.

Does OnDeck report to credit bureaus?

Yes. OnDeck reports to Experian, PayNet, and Equifax, the three nationwide business credit bureaus.

Is there a professional service fee?

OnDeck charges a once-off origination fee per term loan and a $20 monthly maintenance fee.


I am a curiosity-driven creature searching for answers — and questions — in the digital realm. From marketing through online business creation to software tools — I am fascinated by everything that can make life easier. When not looking for meaning, yoga and good food keep me grounded.