OnDeck Business Loans Review | U.S. News

OnDeck Business Loans Review | U.S. News

OnDeck offers business term loans and lines of credit.

A term loan may be best if you are borrowing for a specific investment, such as a new project or large purchase, according to the lender. You will get a lump sum of cash and repay it over a fixed term.

On the other hand, a line of credit may be better if you need quick access to working capital for short-term needs, such as purchasing inventory or paying bills. OnDeck’s revolving line of credit allows you to withdraw money as needed up to a certain amount, and the line replenishes as you repay it. You only pay interest on what you borrow.

OnDeck cannot serve certain restricted industries – such as nonprofits, money services businesses and firearms vendors – and does not lend to businesses in Nevada, North Dakota or South Dakota.

Start by completing an application for an OnDeck business loan either online or by phone at 888-269-4246.

Be prepared to provide basic information about yourself and your business. OnDeck may ask for your business tax ID number, last three months of business bank statements, Social Security number, and driver’s license number and state of issuance.

You may receive a decision in minutes. If you are approved for a loan and accept the offer, you may receive your money in as little as 24 hours.


OnDeck’s short-term loans have repayment terms of up to 24 months, and lines of credit come with 12-month terms that reset with each withdrawal. Rates are determined by your company’s creditworthiness and cash flow.

Loans carry origination fees of 0% to 4%. Once you’ve paid off half of your loan, you can apply to renew the loan and will not be charged any remaining interest on it. You may also qualify for a lower or 0% origination fee.

An OnDeck line of credit has a $20 monthly maintenance fee, but it is waived for the first six months if you withdraw at least $5,000 within one week of opening the line.

These are the minimum requirements for an OnDeck business loan or line of credit:

  • Operate your business for at least a year.
  • Have a personal FICO credit score of 600, which falls in the fair range.
  • Make $100,000 in annual gross revenue.

What Credit Score Do You Need?

A business owner who wants to apply for an OnDeck term loan or line of credit will need a minimum FICO credit score of 600.

Where Does Operate?

OnDeck lends everywhere but in Nevada, North Dakota or South Dakota.

OnDeck has an A+ rating with the Better Business Bureau and an excellent rating of 4.7 out of 5 stars with Trustpilot, based on more than 3,300 reviews.

OnDeck provides customer service by phone and mail. For help with a new loan, call 888-269-4246 or email [email protected] If you have questions about an OnDeck loan, contact 888-556-3483 or [email protected]

You may also find answers to your questions in the lender’s FAQs online.

Your online account lets you monitor your loan and payment activity anytime. OnDeck also has a mobile app that allows borrowers to check account balances and transaction history, make payments, and contact customer service.

  • Businesses that prefer to choose between a term loan and a line of credit.
  • Businesses that want up to two years to pay off term loans.
  • Businesses at least 1 year old with $100,000 in annual gross revenue.

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