OnDeck Reviews: 2020 Edition

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COVID-19 has hit small businesses hard.

Now more than ever, business owners are looking for emergency funding to stay afloat.

If you are having trouble getting loan approval from the bank, you may want to consider an alternative lending option.

In our business lending platform review you will find the following information:

  • What is OnDeck and who it is best for
  • How to apply for an OnDeck PPP loan
  • The terms and requirements and loan eligibility
  • OnDeck reviews by business owners
  • The pros and cons of getting an OnDeck loan
  • The costs associated with an OnDeck loan
  • Frequently asked questions (FAQ) about OnDeck
OnDeck Logo

Editorial Rating


  • A+ rating with the Better Business Bureau
  • Same day funding available
  • Fast application process
  • No collateral required
  • The option to borrow money online
  • Low credit score requirements.


  • Business lien and personal guarantee are required
  • Requires daily or weekly payments
  • High estimated annual percentage rate of the loan
  • The prepayment benefit option is not available to everyone and increases the loan’s overall cost.

OnDeck Recap

Loan Amounts

$5,000 - $500,000

Loan Term

3 to 36 months

APR Range

Starts at 11.89%

Min. Credit Score



0–5% origination fee (reduced if you renew); charges a $20 monthly maintenance fee for lines of credit (fee is waived for your first six months if you withdraw $5,000 or more within one week of opening your line)

Funding Time

Same-day funding; within 1-3 business days

Years in Business


BBB Rating


Min. Revenue

$100,000 in annual revenue


United States

What Is OnDeck?

OnDeck Review
(Image Source: OnDeck)

Founded in 2007, OnDeck is a global online small business lending company.

It offers short-term and long-term small business loans, as well as lines of credit.

The main difference between getting a loan from a traditional bank and getting quick loans from OnDeck is the fact that OnDeck takes the performance of your business into account and not just your credit score when reaching a lending decision.

Who Is OnDeck Best for?

OnDeck is best for small business owners who need to borrow money online instantly to finance their venture.

With OnDeck, business owners have ready access to working capital by simply filling out an online form.

Getting started with OnDeck

There are two types of OnDeck loans:

  • Term loans and
  • Business lines of credit

OnDeck, however, has temporarily suspended term loans and lines of credit. They are now only offering SBA paycheck protection program loans while government funding remains available.

You can read more about the requirements for a paycheck protection program loan in our FAQ at the bottom of the page.

We will now go over the application process.

To start your application, visit the OnDeck official website.

Click on Apply Now.

You will then need to fill out a free application.

OnDeck Review
(Image Source: OnDeck)

The following information is requested in the first step:

  • First Name
  • Last Name
  • Contact Number
  • Email
  • OnDeck Password
  • How did you hear about us?

OnDeck Review
(Image Source: OnDeck)

You will then need to provide OnDeck with information about your business:

  • Legal Business Name
  • Do you do business under a different name?
  • Business Street Address
  • Zip Code
  • Business Phone
  • What year did you start your business?
  • Legal Entity Type
  • Average Monthly Payroll Cost
  • Number of Employees
  • Have you ever had a previous SBA Loan?
  • Have you received an SBA Economic Injury Disaster Loan between January 31, 2020, and April 3, 2020?
  • How will you use the funds?
  • Business Tax ID
  • Estimated Gross Annual Revenue

Then, you will need to provide information that will verify your identity:

  • First Name
  • Last Name
  • Home Address
  • Zip Code
  • Home Phone
  • Date of Birth
  • How much of the business do you own?
  • Social Security Number

Next, a final round of questions:

OnDeck Review
(Image Source: OnDeck)

And lastly, you will need to supply some documents.

Terms & Requirements

Now, let’s check out the term loan requirements and the line of credit requirements. We will start off with the OnDeck loan requirements.

OnDeck Review
(Image Source: OnDeck)

The minimum loan amount is $5,000.
The maximum loan amount is $500,000.

The loan term length ranges from 3 to 36 months.

The annual percentage rate (APR) starts at 11.89%. However, the APR will vary based on your personal credit score, business credit score, time in business, annual revenue, and cash flow.

And these are the OnDeck business loan requirements:

  • Minimum 1 year in business
  • Minimum of $100,000 in annual revenue
  • Minimum credit score of 600 FICO of the business owner

The following industries are not eligible for a loan:

  • Adult Entertainment / Materials
  • Drug Dispensaries
  • Firearms Vendors
  • Government & Non-Profits, Public Administration
  • Horoscope / Fortune Telling
  • Lotteries / Casinos / Raffles / Gaming / Gambling
  • Money Services Business (MSB)
  • Religious, Civic Organizations
  • Rooming & Boarding Houses
  • Vehicle Dealers / Used Good Dealers / Auction Houses

OnDeck Review

(Image Source: OnDeck)

The loan is repaid daily or weekly and the amount is automatically deducted from your account.

Same-day funding is available for loans of up to $25,000 if you apply within the eligibility window, from 7 pm previous day, to 10:30 am ET on application day. If you do, the funds will be available in your business checking account by 5 pm local time. Otherwise, you will receive the funds within 1-3 business days.

OnDeck also has enticing loan renewal policies. Once your current loan is 50% paid down, you have the option to renew it, and if you qualify you will not be charged any remaining interest on your existing loan.

If you pay off your loan early, you would still need to pay 75% of the remaining interest. If you get a loan with a prepayment benefit, you will have the option to pay off your loan early without paying off the remaining interest. Loans with that option, however, have a higher interest rate which increases the overall cost of the loan.

While OnDeck does not require collateral, they do secure the loans with a general lien on the assets of the business, as well as a personal guarantee. So, as with any loan, there are potential implications of non-payment.

With OnDeck you can also build your business credit score. They report payments to bureaus, so on-time payments are one of the ways to improve your credit score.

Their funding can be used as a startup business loan, for equipment financing, etc.

The terms and requirements for their lines of credit are a bit different:

OnDeck Review
(Image Source: OnDeck)

You can read more about them here.

User Reviews

We looked up OnDeck reviews online and we will sum up what business owners had to say about their experience with this lending market place.

Here are the good things business owners had to say about OnDeck:

  • Fast and easy service
  • Great communication
  • The financial advisors are knowledgeable and professional
  • The application process was easier than with a bank

OnDeck loan reviews from business owners:

OnDeck Review
(Image Source: Trust Pilot)

OnDeck Review
(Image Source: Consumer Affairs)

And here are the bad things business owners had to say about OnDeck:

  • High interest
  • No benefit to paying off early
  • The application sat dormant for too long
  • Information is shared with third parties that solicited business owners with offers

OnDeck reviews from business owners:

OnDeck Review
(Image Source: Trust Pilot)

OnDeck Review
(Image Source: Consumer Affairs)


OnDeck Review
(Image Source: OnDeck)

Rates & Fees

Interest rates start at 11.89% APR, however, the final rate will vary depending on your creditworthiness, revenue, and other factors.

You will also be charged a 0–5% origination fee on your loan. If you renew, this fee may be reduced.

OnDeck also charges a $20 monthly maintenance fee for lines of credit. This fee is waived for your first six months if you withdraw $5,000 or more within one week of opening your line.

We couldn’t find any info on their site about returned or late payment fees, so we suggest inquiring about this or reading the loan agreement carefully for other fees they may charge.

Privacy & Security

OnDeck Capital, Inc. collects the following information about you:

  • Contact information
  • Financial information
  • Social security number
  • IP address
  • Business information
  • Beneficial ownership information.

The information collected by OnDeck Capital will be used to:

  • To provide you with the product or service requested
  • To refer you to third-party lenders
  • To verify your identity
  • To process your application and determine whether you are eligible for a loan
  • To communicate with you
  • To conduct research and analyze data.

Your personal information will be shared with:

  • OnDeck Capital business partners
  • Third-party lenders
  • Service providers
  • OnDeck Capital subsidiaries and affiliates
  • Marketing partners.

If you don’t want your personal information to be shared with marketing partners, you can request to opt out at optout@ondeck.com.

To correct, update, amend, delete, or remove your personal information, you can contact Customer Support at marketing@ondeck.com.

Your information is secured with 128 bit-encryption.

Customer Support

OnDeck customer support can be contacted via phone, email, or the live chat feature on their website.

OnDeck Review
(Image Source: OnDeck)

Final Verdict

Now, let’s sum up what we liked and what we didn’t like about getting a business loan from OnDeck.

What we liked most is that OnDeck is a good lending platform for business owners that need quick money loans.

There is a shortlist of qualifications to apply and the application process is easier when compared to getting a loan from a bank.

Another advantage is that loyal or repeat customers can get better rates, so if you need a second or third loan, it will turn out cheaper.

And lastly, all of your payments will be reported to the major credit bureaus — a good way to improve your business credit score.

What we didn’t like are the high rates. Only businesses with high credit scores, large revenue, and repeat customers can qualify for lower rates.

OnDeck also requires a lien and a personal guarantee. Besides the financial implications of failing to pay off the loan, it will also damage your credit score.

And lastly, some business owners may find the daily and weekly payments too frequent.

OnDeck Logo

Editorial Rating


Who can apply for SBA PPP loans?

According to the SBA, the following entities affected by coronavirus (COVID-19) may be eligible for a loan: Any small business concern that meets SBA’s size standards Any business, non-profit organization, veterans organization, or Tribal business concern with the greater of: 500 employees, or That meets the SBA industry size standard if more than 500 Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location Sole proprietors, independent contractors, and self-employed persons.

What are the benefits of using OnDeck?

Here are some of the benefits of using OnDeck: Same day funding available Low borrowers requirements No collateral required Perks to loyal customers

What credit score you need for OnDeck?

If you want to borrow money from OnDeck, you need a personal credit of 600 on the FICO scale. According to OnDeck, their typical customer has a personal FICO score of 650+.

Does OnDeck report to the credit bureaus?

OnDeck reports to three major business credit bureaus — Experian, Equifax, and Paynet. Making the payments on time can help you improve your business credit profile. This can help you get better loan offers with lower rates, which will cut your monthly payments.

Does OnDeck conduct credit checks?

OnDeck performs a soft pull or soft inquiry on the credit report of borrowers in the United States. This won’t impact your score. However, if your credit file is restricted, they will ask you to lift the restriction and then do a hard inquiry. Hard pulls have a potential impact to credit score.

Is it hard to get an OnDeck loan?

It is easier to get a business loan from OnDeck than from a bank. The typical OnDeck customer has: Been in business for at least 3 years A business annual revenue of at least $300,000 A personal FICO score of 650 minimum.

Does OnDeck offer peer to peer lending?

OnDeck does not offer peer-to-peer lending. P2P lending is the practice of borrowing money from consumers and organizations, instead of large authorized lenders. With P2P lending, business owners may find business loans for bad credit; however, the rates will be higher. Another downside is that P2P lenders aren’t required to report the payments, so this won’t help you build your business credit.

How does OnDeck compare to other lenders?

OnDeck is among the best available lenders for small business owners. Before reaching a final decision, check out other OnDeck reviews, as well as our reviews of other lending marketplace platforms: LoanBuilder Guide to Lenders LendingTree Credible PersonalLoans.com AmOne Even Financial