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OnDeck Reviews: Expert Analysis & User Insights for 2024
OnDeck is a perfect option for businesses that want a substantial term loan but do not want to go through a stressful loan application process. With two different loan options and an easy application, OnDeck is there to help your business get the funds it needs.
Min. Credit Score 600+
Loan Amount $6K- $100K
Loan Repayment 3 - 18 months
Written by:Gordon Scott
Reviewed by: Sarah Brooks, Personal Finance Writer and Editor
Fact Checked by: Dr. JeFreda R. Brown, Financial Expert
Expert Reviewer Verdict
According to these numbers, just over 3% of people have anything other than an excellent or great experience.
When digging deeper into the reviews to see the average, poor or bad reviews that people left, it turns out that a lot of them were one-off things, nothing highly repeatable.
In fact, one of the bad reviews said that when they had tried to go and pay the loan off early, OnDeck had penalized them for doing so. That sounds like a big red flag. However, after contacting the company, we found that the information wasn't correct. Not only does OnDeck not penalize customers for paying off early, they often give an incentive for those who do.
Summarized Ratings
User Reviews4.9
Loan Features3
Interest Rates & Fees2.7
Qualification Leniency4
Application Process4
Customer Support5
Perks Bonus5
OnDeck boasts a best-in-class User Reviews rating of 4.9, which is reflective of the independent user reviews posted on Trustpilot.
OnDeck Review Video
Our expert, Gordon Scott reviews and describes OnDeck business loans in detail.
What Is OnDeck?
OnDeck is an online small business lending company offering term loans and business lines of credit to help small businesses with their financing needs. Term loans offer a one-time lump sum of cash that’s repaid on a daily or weekly basis. Lines of credit are a type of revolving loan where you get approved up to a certain amount (max $100,000) and use the funds as-needed. The main advantage of a line of credit is you only pay interest on what you use.
Both term loans and lines of credit can be used to purchase inventory, pay employee salaries, cover emergencies, or handle any gaps in revenue.
Loan amounts range from $5,000-$250,000 for term loans and up to $100,000 for lines of credit. Because of the low credit score requirement of 600, you may see higher interest rates on the loan products. The company does, however, offer better rates for returning customers.
OnDeck Pros and Cons
Pros
Cons
The OnDeck Loan Application Process
When applying for an OnDeck loan or line of credit, you’ll need the following documents:
- Tax ID number
- Social Security number
- Annual gross revenue (estimated)
- Three months of business bank statements
Let's look at some of the screens that you'll see when you go through the loan process.
1. First, you’ll fill out personal information about you and your business entity.
Frequently Asked Questions(FAQ)
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Written by: Gordon Scott
Gordon Scott is an author, trading instructor, trading coach and curriculum developer for financial education. His extensive experience and knowledge of trading concepts makes him a valued contributor and consultant for a wide variety of financial education resources.
More about meReviewed by: Sarah Brooks
Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.
More about meFact Checked by: Dr. JeFreda R. Brown, DBA
Dr. JeFreda R. Brown is more than a financial consultant: she’s an avid teacher and subject matter expert who helps people—individuals and groups in a business setting—master the skills they need to achieve lasting financial wellbeing.
More about me