OnDeck Small Business Loans: 2021 ReviewCheck Your Rate
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Overview of OnDeck
Pros and cons
Fast application process Same-day funding on finalized loans Both term loans and lines of credit are available Loan payments are reported to the credit bureaus, which could help build a borrower’s positive payment history
Must be in business for at least one year Not available in Nevada, North Dakota, or South Dakota Loans are secured by a general lien on existing business assets No longer offers SBA Paycheck Protection Program (PPP) loans
OnDeck Small Business Loan Terms, Rates, and Fees
What Type of Lending Does OnDeck Offer?
Important to Keep in Mind
Adult entertainment Firearms sales Governmental and not-for-profit groups Drug dispensaries Horoscope and fortune telling services Lotteries, gaming, or gambling Money service businesses (MSB) Boarding houses Vehicle dealerships, used goods sellers, or auctions Religious institutions or civic associations
Applying for an OnDeck Small Business Loan
Business tax ID number Social Security number of the business owner Estimated annual gross revenue for the business Average bank balances for the business
OnDeck Eligibility Requirements
Businesses need to have been established for at least one year Annual minimum business revenue of $100,000 Potential borrowers’ personal FICO® scores need to be at least 600 Businesses must possess their own bank account
OnDeck Loan Repayment
The Bottom Line
Frequently Asked Questions
About the Author
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