OnDeck Business Loan Review 2024

Are there any downsides to OnDeck business loans?

Several downsides to be aware of include:

• High interest rates: OnDeck's interest rates are higher than some other lenders.
• Personal guarantee and business lien required: You will be personally liable for the loan, and your business assets may be used as collateral.
• No money saved for early payment: You will not save any money by paying off your loan early.
• Frequent repayment schedule: You may be required to make weekly or daily payments.
• Not available in all states: OnDeck is not available in all states.

Do I need a credit check to take out a business loan with Ondeck?

The prequalification process with OnDeck is a soft credit check, which means it will not affect your credit score. A hard credit check will only be performed if you decide to proceed with the application process and select a loan.

Are there any hidden costs and fees associated with Ondeck business loans?

OnDeck charges two types of fees: an origination fee and a monthly maintenance fee.

• Origination fee: This fee is charged when your loan is funded. It ranges from 0% to 4% of your loan amount.
• Monthly maintenance fee: This fee is charged for lines of credit. It is $20 per month, but it can be waived for the first six months if you withdraw at least $5,000 per month.

Here is an example of how these fees might work:

• If you borrow $10,000, you would pay an origination fee of $400.
• If you have a line of credit with a $5,000 monthly minimum, you would not pay a monthly maintenance fee for the first six months. After that, you would pay $20 per month.

It is important to note that these are just examples, and the actual fees you pay may vary.

How is OnDeck’s customer service and support?

OnDeck offers multiple customer support phone lines to help you quickly connect with the right representative, depending on your needs.

• If you are applying for a loan: Call (888) 269-4246.
• If you already have a loan with OnDeck: Call (888) 556-3483.

**You can also reach customer support by email through the OnDeck website.

Here are some additional ways to contact OnDeck customer support:

• Live chat: OnDeck offers live chat support on their website.
• Social media: OnDeck is active on Twitter, Facebook, and LinkedIn. You can contact them through these platforms.
• Mail: You can send a letter to OnDeck's customer support address:

How to qualify for a loan with OnDeck

OnDeck's lending criteria are based on a number of factors, including your personal credit score, business revenue, and time in business. However, generally speaking, you may be eligible for a loan if you meet the following requirements:

• Personal credit score of at least 625.
• Be located in the United States.
• Annual revenue of at least $100,000.
• Have been in business for at least one year.
• No bankruptcies within the past two years.

It is important to note that these are just general guidelines, and your actual eligibility may vary depending on your individual circumstances.

How to apply for a loan with OnDeck

The application process for a business loan through OnDeck is simple and usually quick.

• You can apply online or call OnDeck at (888) 269-4246.
• You will need to provide some basic information about your personal financial history as well as your business's financial history.
• OnDeck will analyze this information and determine if they are able to lend you the funds you need.
• If you are approved for a loan, you will receive the funds within hours.

Is OnDeck legit?

OnDeck is a trustworthy and legitimate business loan lender.

• They offer exactly what they say they will offer, and they promote high security standards among their staff and users.
• You can find a comprehensive outline of their security procedures on their website.
• OnDeck has been an Accredited Business with the Better Business Bureau since 2008 and currently holds an A+ rating.

Closing thoughts

Overall, I think OnDeck is a great option for small businesses that need quick and reliable financing. However, it's important to understand the terms of the loan before you apply, so you can make sure it's the right fit for your business.

• The application process is quick and easy. You can apply online and get approved in minutes.
• You can often receive your funds within just a few hours. This is great if you need money fast to cover unexpected expenses or take advantage of a business opportunity.
• Individuals with low credit scores can still qualify. However, higher-risk borrowers will likely see higher fees and more frequent payments.
• The service offered through OnDeck is reliable. They have been in business for over 15 years and have a good reputation.