OnDeck Business Loan Review

Borrow $5,000 - $250,000 as fast as same business day with loan terms from 3 to 36 months.

Ondeck was founded in 2006 with the aim to help small businesses get established online and boost their financial futures as much as possible. Since then they have grown to offer multiple financial products to residents of different states and countries - loans are available in Canada and Australia. In 2020, Ondeck was acquired by notable financial company Enova and continues to offer transparent business education and financing.

At a Glance:

  • Loans between $5,000 to $250,000
  • Fast funding means you can receive money within hours of application processing
  • Repayment schedule may be frequent and require weekly or possibly daily payments
  • Business term loans and business lines of credit available

Ondeck Pros and Cons


  • Fast funding
  • Easy application process with minimum paperwork
  • Low personal credit requirements


  • Personal guarantee and business lien required
  • No money saved when early payment occurs
  • Frequent repayment schedule

Ondeck Business Loan Rates and Fees



Loan term:

3 to 36 months

Loan amounts:

$5,000 to $250,000

Hidden fees:

Origination fees, Maintenance fees

Minimum credit score required


Extra perks:

Financial education

Fund availability

Within hours depending on loan type and amount

What type of business loans does Ondeck offer?

Business Term Loan

The most traditional type of business loan is a Business Term Loan which is a lump sum that you back at a fixed rate. Those who qualify for a Business Term Loan through Ondeck typically have an annual revenue over $100k, a credit score of 680, and have been in business for at least one year. Business Term Loans through Ondeck can be as high as $100,000. Best for business owners who are looking to fund a specific project or investment.

Business Line of Credit

A business line of credit is an amount of money that businesses can utilize on an as-needed basis. Borrowers will only pay interest on what they use. Those who qualify for a Business Line of Credit through Ondeck typically have an annual revenue over $100k, a credit score of 670, and have been in business for at least one year. Business Lines of Credit through Ondeck can be as high as $250,000. Best for businesses who need cash and borrowers who do not have a perfect credit history

What are some of the benefits of using Ondeck’s Services?

Ondeck offers fast funding options.

Some types of business loans, like SBA loans, are notorious for taking a long time to be approved and funded but Ondeck can fund business loans within hours in some cases. If you are facing a financial emergency this can be a huge help and a big perk of using Ondeck’s services.

The application process is easy and requires minimum paperwork

The application procedure is simple and may be completed online or over the phone. You'll need to supply some basic information about your personal and business financial records, and once Ondeck has that information, they'll be able to evaluate it and determine whether or not they can lend you the money you need. You can often get your answer within minutes.

Low personal credit requirements needed.

While the business loans are associated with your business, your personal credit history will be evaluated whenever you apply to a business loan. Ondeck has relatively low personal credit requirements so as long as your business financials do not have any red flags, those with lower credit scores may still be able to find a suitable loan for their business.

OnDeck Business Loan Review

Borrow $5,000 to $250,000

APR ranges from 9.00-99.00%

Get funded as fast as same business day

3 to 36 months

Origination fees apply

Minimum credit score: 600

Need help finding the right loan?

No worries, we've got you covered! Compare personalized loan options in just minutes without impact on your credit score.

What are some of the downsides to using Ondeck Business Loans?

There are no perks or benefits to paying off your loan early.

There are many similar lenders who do offer incentives to those who pay off loans early such as the ability to save on the money that would have been spent on interest. While Ondeck does not charge fees to those who pay back their loans early, borrowers will not save any money or receive any benefits for doing so.

Loan terms may require weekly or possibly daily repayments.

Many lenders will require bi-weekly or monthly payments and while Ondeck may offer you that repayment schedule, they may also require a weekly repayment schedule especially for those with lower credit scores. Those in certain situations may even be required to make daily payments. You will be informed as to these repayment terms before you accept your loan so you can be fully informed as to what you are agreeing to.

You will need a personal guarantee and business lien.

Ondeck, like other lenders, requires a personal guarantee for all business lines of credit, which means you (the borrower) will be personally liable for repayment if your company defaults on a loan. To secure the line of credit, borrowers must consent to a general lien on their business assets which means that your business or aspects of it may serve as collateral should you default on the loan.

Do I need a credit check to take out a business loan with Ondeck?

The prequalification process does not require a hard credit check - that comes later when you select a loan and complete your application process.

Are there any hidden costs and fees associated with Ondeck business loans?

There are two types of fees you may encounter when borrowing money with Ondeck. First, you may be required to pay an origination fee when your loan is funded. These fees will be anywhere from 0% to 4% of your total loan amount and will be deducted from the funds before they are deposited into your account.

Lines of credit may also be subject to monthly maintenance fees which can be around $20 but may be waived for the first six months if you withdraw at least $5,000 per month.

How is Ondeck’s customer service and support?

Ondeck offers multiple customer support phone lines so you will be able to quickly be directed towards the correct representative depending on if you are in the process of applying for a loan or if you already have one. (888) 269-4246 is for those who need help with a new loan and (888) 556-3483 is for those who already have a loan with Ondeck.

How to qualify for a Business Loan through Ondeck

The qualifications to borrow from Kabbage may vary but generally you will be able to qualify if you have:

  • Personal credit score of at least 600
  • Be located within the United States
  • Annual revenue of at least $100,000
  • Have been in business for at least one year
  • No bankruptcies within the past two years

How to Apply for a Business Loan with Ondeck

The application process for a business loan through Ondeck is simple and usually quick.  You can apply online or call Ondeck at (888) 269-4246. You will have to provide some basic information about your personal financial history as well as your business’s financial history and once Ondeck receives that information they will be able to analyze it and determine if they are able to lend you the funds you need.

Is Ondeck Legit and Trustworthy?

When it comes to business loan lenders, Ondeck is as trustworthy and legitimate as you can get. They offer exactly what they say they will offer and promote high security standards amongst their staff and users. If you are interested in a comprehensive outline of their security procedures, you can find them listed on Ondeck’s website.

Ondeck has been a Better Business Bureau Accredited business since 2008 and currently holds an A+ rating.


Ondeck offers reliable business loans and financial education that allows small businesses to grow and thrive. The application process is quick and easy and you can often receive your funds within just a few hours. Individuals with low credit scores can still qualify although higher risk borrowers will likely see higher fees and more frequent payments. That said, the service offered through Ondeck is reliable and can be a great option for those looking to get their small business off the ground.

Compare Business Loan Offers

How Pasha Funding Works

How it Works
Apply in minutes

Get pre-qualified in less than 2 minutes and compare offers from top lenders with no impact on your credit score.

Choose your offer

Compare and choose an offer that works best for you based on your timeline and budget needs.

Get funded

After your loan is approved with the lender of your choice, receive your funds as fast as 1-2 business days.

Need help finding the right loan?

No worries, we've got you covered! Compare personalized loan options in just minutes without impact on your credit score.

Compare Business Loan Offers

Business Loans By Credit

Business Loans for Fair Credit
Business Loans for Good Credit
Business Loans for Excellent Credit