OnDeck
Fast business funding with clear requirements—but it is expensive money.
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OnDeck is worth considering when speed matters and cheaper bank financing is not realistic. The application is straightforward and funding can be very fast, but the cost is high and frequent payments can squeeze cash flow.
At a Glance
How FundingRank Evaluates OnDeck
FundingRank does not assign one lender-wide star score across unlike financing products. We publish product-level requirements and costs, flag conflicting provider disclosures, and keep application privacy separate.
You apply with a single lender. That lender, or the bank it names before you sign, underwrites and funds the deal. Published material does not describe passing your application to a panel of other financing companies.
What we found: You apply through OnDeck, not a marketplace. The contractual lender is either an OnDeck company or Celtic Bank, and OnDeck says that lender is identified before you sign. OnDeck's published material does not describe routing your application to a network of outside financing providers. Its privacy policy does reserve broad permission to share information with third-party lenders, loan brokers and lead-generation partners, so read that policy before applying if marketing contact is a concern.
Why there is no lender-wide star rating
A term loan, line of credit, SBA product and revenue-based financing structure are not interchangeable. A single blended score can reward easier qualification or penalize missing disclosures in ways that look like a judgment about financing quality. FundingRank compares the underlying product facts instead.
Compare Your Business With Published Minimums
This checks published minimum requirements only. It is not prequalification or an approval estimate.
When OnDeck May Make Sense
Compare the lender's strengths and tradeoffs with your financing needs.
May Work Well If
May Not Be a Fit If
Financing Products
The line of credit has no annual, maintenance or draw fee. Term loans can include an origination fee, so check the actual offer rather than assuming the advertised amount is the cash you will receive.
Before You Apply
You generally need at least a 625 personal credit score, one year in business, $100,000 in annual revenue and a business checking account. Meeting those minimums does not guarantee approval.
Typical Requirements
What You May Need
- Basic owner and business identification information
- Business checking account information
- Financial information requested during underwriting; OnDeck may request bank or other business records depending on the application
How the Application Works
- Complete OnDeck's online application with basic owner and business information.
- OnDeck performs an initial soft personal-credit inquiry and evaluates business cash flow and underwriting criteria.
- A loan advisor discusses eligibility and the product or terms available to the business.
- Review the agreement, lender identity, payment frequency, total cost and prepayment provisions before signing.
- Eligible borrowers can receive funds as soon as the same business day; otherwise funding is generally within a few business days.
Fees, Credit Checks and Early Payoff
The three places a business funding offer usually costs more than the headline number suggests.
Fees
The line of credit has no annual, maintenance or draw fee. Term loans can include an origination fee, so check the actual offer rather than assuming the advertised amount is the cash you will receive.
Credit check
OnDeck says it uses a soft pull of the business owner's personal credit to determine eligibility, so checking eligibility does not affect the personal credit score.
Paying it off early
You can pay early, but the savings depend on your agreement. Some borrowers can have all remaining interest waived; others may still owe part of it.
What Happens After You Apply
Review who receives the application, how follow-up works, and the expected funding timeline.
Where Your Application Goes
You apply directly through OnDeck rather than sending one application to a large lender marketplace. Your loan may ultimately be issued by an OnDeck company or Celtic Bank, but that lender is identified before you sign.
Servicing, Availability and What Borrowers Report
What the relationship looks like once the money lands, and where the lender is actually able to operate.
Building business credit
OnDeck states that it reports repayment activity to business credit bureaus. Consistent on-time repayment can therefore contribute to business credit history.
Where it operates
Available in most U.S. states but not North Dakota. OnDeck also maintains a restricted-industries list. Only select borrowers with stronger credit and sufficient verified monthly revenue are eligible for the highest term-loan amounts.
Customer support
OnDeck provides U.S.-based loan advisors and separate support for existing borrowers.
What borrowers report
Borrowers commonly like the speed and simple process. The recurring complaints are cost and the pressure of frequent payments.
OnDeck Compared
Side-by-side breakdowns against the lenders business owners weigh against this one.
Alternatives to OnDeck
Compare the lender with other providers that may fit a similar financing need.
OnDeck FAQs
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