Lender review
OnDeck Business Loans, Reviewed
A veteran direct lender built for speed, with two core products and same day funding for qualified businesses.
Lender review
A veteran direct lender built for speed, with two core products and same day funding for qualified businesses.
OnDeck has funded small businesses since 2006 and is backed by NYSE listed Enova International, giving it real scale and one of the longest track records in online lending. It keeps things simple with just a term loan and a line of credit through one application, though its 625 credit score and one year in business bar rule out newer or lower credit businesses that Fundivi would still consider.
OnDeck funds two products under one roof, a business term loan and a business line of credit, both evaluated through a single online application.
What makes OnDeck straightforward is that you never have to guess which product fits. You submit one application, and OnDeck’s underwriting decides whether a term loan, a line of credit, or both make sense for your business. From there a US based loan advisor walks you through the numbers before you sign anything, rather than leaving you to interpret an offer on your own.
Prequalify in minutes without affecting your credit score.
Exact rates and loan amounts vary by product and by applicant; see the product breakdown below for details on each one.
One application covers both products below. OnDeck’s underwriting decides which one, or both, fits your business, then a loan advisor helps you settle on the amount and term.
| Business term loan | A lump sum from $5,000 to $400,000, repaid on a fixed daily or weekly schedule over 18 to 24 months. Secured by a general business lien rather than a specific pledged asset. |
| Business line of credit | Revolving credit up to $200,000 you can draw from as needed and repay over 12, 18, or 24 month terms. Unsecured, with a monthly maintenance fee on the open line. |
Rate, term, and amount figures are set per applicant during underwriting.
OnDeck sets a higher, more traditional bar than a hybrid lender like Fundivi, then moves quickly once you clear it.
OnDeck asks for a personal FICO score of 625 or higher. That is a meaningfully higher bar than Fundivi’s 550 minimum, so OnDeck fits businesses that already have fair to good personal credit rather than businesses still rebuilding it.
A business needs at least one full year of operating history to qualify. Startups and businesses in their first year should look elsewhere on this network, as OnDeck will not consider them regardless of revenue or credit score.
OnDeck looks for at least $100,000 in annual revenue, or roughly $8,300 a month, verified through recent business bank statements as part of the application.
Rather than routing a file to a partner lender the way a hybrid model would, OnDeck evaluates a single application against both its own products and offers whichever one, or both, your file supports. A loan advisor then helps you finalize the amount and repayment schedule before you sign.
The application runs online and takes minutes, but unlike a fully automated lender, OnDeck pairs the decision with a US based loan advisor before you sign anything.
Complete OnDeck’s application in a few minutes. Checking eligibility uses a soft pull only and does not affect your credit score.
Once approved, a US based loan advisor walks you through your term loan, line of credit, or both, and helps you choose the amount and term.
Sign your contract and funds can hit your account as soon as the same day.
OnDeck has underwritten small business loans since 2006, and that history shows up in how fast approved businesses see funds, often the same day they sign.
Shopping OnDeck costs you nothing in credit score terms. A hard pull only happens once you accept an offer, so you can compare terms first.
You do not need to decide upfront between a term loan and a line of credit. OnDeck’s underwriting evaluates your file against both and a loan advisor helps you pick.
On time payments are reported to the business credit bureaus, which helps establish a credit history separate from your personal score.
OnDeck is backed by NYSE listed Enova International and holds an A+ rating with the Better Business Bureau, a level of transparency and scale that newer online lenders cannot yet offer.
Starting APRs begin near 35 percent, but OnDeck’s own disclosures put average effective APRs in the mid fifty percent range on both products, well above what a bank or SBA lender would charge.
Term loan and line of credit payments come out daily or weekly rather than monthly, which takes planning for businesses with seasonal or uneven revenue.
A 625 credit score, one year in business, and $100,000 in annual revenue rule out newer or lower credit businesses that a more accessible lender like Fundivi would still consider.
Yes. OnDeck funds both its term loan and its line of credit directly rather than matching you to a third party, and a US based loan advisor works with you once you are approved.
OnDeck asks for a personal FICO score of 625 or higher, a step above many of the more accessible lenders on this network.
Approved businesses can see funds as soon as the same day, and OnDeck only runs a soft credit check to determine eligibility, so getting an offer does not cost you anything in credit score terms.
OnDeck offers a business term loan of up to $400,000 and a business line of credit of up to $200,000, both evaluated through one application.
OnDeck looks for a 625 or higher personal credit score, at least one year in business, and at least $100,000 in annual revenue.
Starting APRs begin near 35 percent, but OnDeck’s own disclosures put average effective APRs in the mid fifty percent range on both the term loan and the line of credit, so it is worth comparing the full cost against other lenders before you accept.
No. OnDeck uses a soft credit pull to determine eligibility, which does not affect your credit score. A hard pull only happens if you move forward and accept an offer.
We score lenders on loan cost, eligibility and accessibility, funding speed, and customer experience, drawing on the lender's own disclosures, public complaint records, and third party review platforms. Ratings are reviewed monthly and reflect our independent analysis; lenders cannot pay for a better score.
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