September 12

by Michael Granados

How would you like to see 6 Overpowering reasons people choose OnDeck over ANY other platform inside this Ondeck Review today?

What about getting a small business loan much Faster and approved the same day unlike what the banks can ever do?

Your life as a business owner is hard enough as it is, you have to take care of expenses, worry about keeping your employees happy and not to mention these unparalleled economic times that keep reminding you like a background screen saver on your phone…

But what’s worse is the banks denying you, you can’t reach deeper into your savings account, and ask for friends and family's help (anymore). Luckily, there’s a better way - Ondeck. You’ll want to stick with me until the very end of this post as I’ll be pulling back the curtains to show you ALL there is to know about Ondeck, the pros and cons, alternatives, and WAY more so you can finally rest your head on your pillow at night knowing you made the right call.

Let’s get into it.

What Is OnDeck Capital?

what is ondeck capital

OnDeck is an alternative lending company focused on helping small businesses get the right funding loan they need to manage challenges and opportunities of building, growing, expanding, and even getting out of a tight pinch. Since founded in 2006, Ondeck has been committed to helping small business owners get efficient and convenient help to accessing financing online.

For a while, they were just focused on getting you what’s called “Revenue Based Funding” which is a cash advance given to small businesses based on having consistent monthly revenue and less emphasis on credit scores. With that was also offered Merchant Cash Advances which are quicker ways to give you money. More on these two later.

Related: Merchant Cash Advance For Same Day Funding Post

OnDeck CFO

The current CFO of OnDeck is Howard Katenberg.

OnDeck Timeline

Here’s kind of an overview or a transformation of Ondeck and how they came to be:

  • 2006 - Founded
  • 2010 - Surpassed $100 MILLION in capital delivered to small businesses in all 50 states.
  • 2015 - Launched a line credit and long-term loans. They expanded to Canada and Australia
  • 2016 - OnDeck launched the SMART Box Tool, which is the industry-leading tool to make your financing more transparent.
  • 2018 - ODX goes live, a game-changing platform to help banks better manage their small business lending process.
  • 2020 - Acquired by Enova
  • Today - $13 BILLION extended to small businesses and counting

Why OnDeck?

What makes OnDeck different and separates them from the many lending programs on the internet?

Here are 6 of them:

  • Faster Than The Banks. It can take days, weeks, and even more to get funding through banks, but with OnDeck, you can apply in as little as 10 minutes and receive a decision as soon as today!
  • Tailored Loans. Unlike many online lenders handling one or a few loan types, OnDeck has multiple ones. The ones they specialize in are like Revenue Based Funding, Merchant Cash Advances and even SBA PPP loans now. Their amounts and repayment terms can be set to your needs as well.
  • Real People to Help You. What if you have a question? No worries, you’ll get a dedicated, U.S-based loan advisor who will be available 6 days a week to help you through the entire process.
  • Transparent Pricing. With the SMART Box Capital Comparison Tool, you will get a fully comprehensive breakdown of your cost of capital - including all the key terms you will need to evaluate potential loan offers.
  • Loyalty Benefits. As a returning OnDeck customer who takes out another loan, OnDeck will wave all remaining interest on your current loan, unlike most lenders who will not do that. Over 80% of customers come back for more financing needs.
  • Business Credit Building. Unlike most online lenders, OnDeck uses soft pulls of personal credit reports which doesn’t affect your credit score (don’t worry there). Ondeck will report your payments to the business credit bureaus so that every time you pay on time, you’re building your business’s credit!

Going Inside OnDeck

I’m sure you’re “dying” to know what types of Loans OnDeck offers and which one is Actually best for your needs, right?

Here they are:

  • Term Loans (Short and Long). Are you thinking of borrowing money for a specific investment like starting a new project, or making a large purchase? If so, then OnDeck’s term loans will be the right loan type for you. The reason I say this is because with a term loan you’ll be borrowing a ONE-time lump sum of cash and you’ll pay it back over a fixed period of time, or a “term” as it commonly goes by.
  • Line Of Credit Financing. What about needing ongoing, lightning-quick access to working capital, say for managing cash flow? Then Ondeck business line of credit is the way to go for sure, how so? With the flexible business line of credit revolving, you can withdraw from your credit line up to $100,000 and funds replenish as you repay the line. In other words, this means you can use it on a routine basis. PLUS, with a line of credit (LOC), you ONLY pay interest on the funds you use. How great is that?
  • SBA PPP Loan. Has your business been impacted by the ever-looming presence of the Corona Virus? For businesses impacted by COVID-19, there are SBA Paycheck Protection Programs (PPP) loans. Since PPP loans aren’t “Evergreen”, meaning they can end, OnDeck is no longer accepting new applicants for SBA PPP Loans, unfortunately. However, to learn more about PPP, including forgiveness and repayment terms on your PPP loan, you can visit the OnDeck SBA PPP loan page here.

Recommended: When The Banks Can't Help Or The SBA Can't Either, You Can Get Up To $2,000,000 In Fast Funding (Bad Credit Approval) With This Special Program

Now that you know about each loan type, let’s cover the benefits of each, okay?

For Business Line Of Credit:

  • You get revolving lines of credit from $6k-$100k so you can have the flexibility and more growth.
  • 12-month repayment term, resets after each withdrawal which means you get a good time span and ensures you can make the payments.
  • Automatic weekly payments so you don’t have to worry about manually checking and forgetting to pay.

Here’s more:

ondeck business line of credit

For Term Loans:

  • Loan amounts from $5k-$250k so you can have more room to distribute your cash around your business as you’d like.
  • Your repayment terms are up to 24 months so you get more than enough time to pay it back.
  • You get automatic daily OR weekly payments so you can decide “how” YOU wish o make your payments back.

Here are more:

ondeck term loans

Term Loan Requirements/Qualifications

Ondeck loan requirements consists of:

  • Time In business: 1 Year
  • Personal FICO score: 600
  • Business Annual Gross Revenue: $100k
  • Business Checking Account: Yes

BONUS: 4 Ways to Use Short Term Loans

Are you unsure how to use a short-term loan or want to brush up on it?

  1. Reopening your business
  2. Expanding to a new location
  3. Investing in renovations
  4. Financing Marketing Campaigns


The Payment Protection Program (PPP) was created by the SBA lending program under the CARES act designed to help you make ends meet with your payroll.

Here's the eligibility for a PPP loan with OnDeck:

If you're drawing out a second PPP Loan here's what you must meet:

  • You previously received a PPP First Draw Loan and has used or at least expected to use the full principal amount for your approved expenses
  • You must be able to show proof of 25% OR more gross revenue loss from 2019 to 2020.
  • You have 300 or fewer employees

If you'd like to learn more about the SBA PPP from OnDeck, click here AND/OR check out my #1 recommended alternative to an SBA PPP Loan where you can get up to $2,000,000 in fast business capital delivered into your bank account.

Ondeck Australia interest rates

For Australia interest rates here are the minimal interest rates:

  • Tends to begin around 9.9%
  • 3.5% origination fee
  • 1.25% loan renewal fee

To read more about interest rates in Australia, click here.

3 Step Application Process

Very simply, here are JUST the 3 steps you need to apply for any loan type:

  • STEP 1: Complete the application 
  • STEP 2: Get a decision (fast).
  • STEP 3: Receive your funds

Here is more or less what you’ll see on the application page:

ondeck application

You get 4 sections to fill out:

  • Basis-Information
  • Your Business information
  • About You
  • Your documents

As you can see from the image above you’ll get asked a few key details for basic like:

  • How much funding do you think you’ll need?
  • How soon do you need your money?
  • How will you use the loan?
  • First name
  • Last name
  • Your email address
  • And so forth.

The Best way to get your Ondeck Term Loan and or Line of Credit is through a partner program where you can get better rates/terms and better benefits, as well as get reviewed for the best possible offer from the best lenders...

And if you'd like to get a look at by OnDeck and more lenders, click here to get started with the up to $2,000,000 program

Ondeck Capital Jobs

If you're looking for a career with OnDeck, there are positions in:

  • Analytics
  • Compliance
  • Contact Center
  • Corporate Development
  • Finance 
  • And many more!

You can view all these categories and positions on the OnDeck Careers page here.

OnDeck Reviews

Ondeck trustpilot:

ondeck reviews
ondeck reviewed

Here are some Ondeck reviews glassdoor:

ondeck glassdoor
ondeck glassdoor reviews

Now that you saw the Ondeck glassdoor reviews, let's look at the BBB.

Ondeck bbb:

ondeck bbb

Ondeck Reddit:

ondeck reddit

How Much Does OnDeck Cost?

There is no cost or fee to fill out an application with OnDeck, however, the only other “intangible” cost would be your time and energy, what do I mean? If you know this isn’t the right type of loan or “identity/program” you want to go with OR know you won’t get approved because of your business type, then save yourself the time and energy!

I can’t begin to tell you the number of people who waste their time filling out applications (not just with OnDeck) to find out they didn’t get what they were looking for, they didn’t get approved, or any other case.

Aside from OnDeck (which I’ll cover in the alternative section), if you’re looking for something more “revenue-based funding” and with less of a “credit score” requirement (because I know 600 can be somewhat high for people)...

Then I highly recommend checking out my merchant cash advance same-day funding post right here to learn more about how to get up to $2,000,000 in fast capital with one of the best companies and lenders here.

Who Is OnDeck For?

  • Non-Startup small businesses who are interested in Term loans, business lines of credit, and possibly an SBA PPP Loan.
  • Beginners with either no experience eve getting alternative business loans or haven’t tried the types of loans OnDeck offers.
  • Small business owners wit at least a 600 FICO score
  • Business annual gross revenue of $100k
  • Business checking account
  • One year time in business

Who Is OnDeck Not For?

  • Startups
  • People not seeking the types of loans OnDeck offers
  • Merchant cash advance seekers
  • Revenue Based Funding seekers

Pros And Cons


  • $13 BILLION delivered to small businesses all across the world with superior help so you can be confident and certain you'll get the right help you need with a reputable company.
  • Minimum eligibility requirements so you can have a great chance of qualifying and getting your desired loan right away which means you won't have to keep building more experience just to get approved!
  • Dedicated U.S. based loan advisor available every step of the way with you so you can get the help you need at all times which means you'll never feel lost and alone.
  • SMART Box capital comparison tool so you can get a comprehensive breakdown of your cost of capital which means you'll know how to "wisely" spend your money.
  • Multiple loan types so you can get the right loan for your needs now and in the future.


  • No long-term loansondeck
  • Went away from Merchant Cash Advances and Revenue Based Funding
  • SBA PPP not opened


There are Definitely other alternatives to OnDeck and some that are close and I’ll highlight what I feel is better as well Ondeck Competitors here:

By FAR, my favorite is this up $25,000 same-day instant approval program with Bitty Advance and the up to $2,000,000 program for NON-STARTUPS, because you can get up to $2,000,000 in fast “revenue-based funding” capital which is based more around what you have coming in monthly as opposed to just looking at your credit score (500+ credit score approval!).

The Up to $2,000,000 funding has many great revenue-based funding programs which are:

  • Up To $2,000,000 and
  • Up to $25k same day instant approval
  • Up To $100k in a business line of credit
  • And Also 1099 gig worker funding!

There’s nothing else out there like them and if you are a NON-STARTUP, and would like to learn more about like their requirements/qualifications, pros and cons, and WAY more, click the button below to see my review post:

For Business Lines of Credit, the above option is great, Credit Suite OR Fund and Grow offer great alternative and even better options than OnDeck for specific individuals.

What I Liked Most About OnDeck

If I had to pick just ONE thing I liked most about OnDeck I would have to say is the core principle or I should say “core principles” they stand by and continue to deliver which are responsible business financing, Truthful and transparent information, and some of the best customer experience in the lending space.

I really do believe they hold themselves to the highest standards when it comes to delivering you exceptional lending options so you can get proper funding amount whatever time and crunch you find yourself in. PLUS: To add on another thing I liked (I couldn’t resist)...

The SMART BOX Capital Comparison Tool. With this tool, you will be shown key terms you need to evaluate ANY potential short-term loan offers so that you have a great comprehensive, standardized breakdown of your cost of capital. 

What I Liked Least

I will say that because of the Corona Virus (COVID-19), OnDeck adjusted their loan types and qualifications/requirements, how so?

Well, since so many people’s small businesses were hit hard, it also caused lenders uncertainty and more of this “wall”, so they started to raise their minimum credit scores, how much lending you can get, time in business, rates, and much more because they needed to protect themselves.

So this caused a huge fluctuation in the type of small businesses they could help, they had to turn down business because they raised their credit score to like a 600+ now and many other factors. So it’s a double-edged sword that can be good and bad - It may be bad for people with less time in business and less monthly revenue…

Asa well, those looking for a merchant cash advance and revenue-based funding options you can’t really get anymore. 

Final Thoughts

What was your favorite part about OnDeck? Did you have a favorite feature?

Small businesses right now are struggling to keep their doors open because of the banks shutting them down for funding, savings can’t be withdrawn anymore, and you can’t any longer rely on your friend and family's support…

So the next obvious place for assistance would be online with alternative lenders with a platform like Ondeck that’ll stick by your side in times of need. What I really loved about OnDeck that I believe you will agree with too is their rise to helping so many small business owners like yourself get proper funding to build, grow, expand and even get out of a tight pinch. 

When external (and even internal) circumstances get out of your control, you’ll want to make sure you’re covering your butt and to be ahead of the game with alternative loans like OnDeck. If you’re thinking OnDeck is the right fit for you, then click here to learn more about applying with them BUT if you’d rather like to explore greater options for Merchant Cash Advances and Revenue Based Funding with same day funding instant approval...Even with bad credit, then check out my #1 Recommended place to get that done for you by clicking the button below right now.

Michael Granados

Michael Granados is an expert blogger and a 6+ figure-a-year affiliate marketer. As an expert, He's created a health and wellness brand as well enjoys helping others learn about different marketer tools, systems, and helping people achieve an awesome life personally, physically, and professionally.

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