Applying for financing can be difficult for small business owners. It takes a great deal of time that most small business owners do not have, and loads of paperwork. Ondeck offers a convenient online application that takes on average of 7.2 minutes to complete, with easier qualifications than most banks. This article will guide you to what information you will require before you contact OnDeck. OnDeck has funded over $5 billion to Small Businesses loans in the USA, Canada, and Australia.

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When to Use Ondeck

If you need a loan quickly, you could get funding in one day.

Credit Score Should Not Deter You From Applying

OnDeck requires a minimum of a 500 credit score for term loans and 600 for their line of credit product.

Minimum requirements

  • $100,000 in annual revenue
  • 1 year in business
  • 5 deposits to your business checking account per month

Information required when Applying:

  • Your Tax ID number (EIN)
  • Your Social Security number
  • Estimated annual gross revenue
  • Average bank balance

Made a Big Sale

If you need cash quickly for inventory or a credit line to manage cash flow.


  • A+ Rating with the Better Business Bureau
  • Trust Pilot Rating 5/5
  • Consumer Affairs Rating 3/5

Terms And Conditions

Loan Amounts $100,000 in gross annual revenue. Typical gross annual revenues exceed $450,000.
Required Credit Score Business owner’s minimum personal credit score of 500. The majority of owners have scores of 650 or higher.
Types of Income any
Variable Rate Option no
APR Range OnDeck Minimum Requirements Include: 1 year in business. Our median customer has been in business for 7 years. Business owner’s minimum personal credit score of 500. The majority of owners have scores of 650 or higher. At least 5 deposits to your business checking each month
Loan Term 6 – 24 months. Our lines of credit go up to $50,000. Payments are made over six or 12 months. The lines are revolving so as you pay down your balance, your available funds increase.
Repayment Schedule yes
Credit Inquiry Soft
Fees and Closing Costs 0-4% origination fees
Secured Loans yes, OnDeck will require a personal guarantee and
Co-Signer No
Loan Purpose Business loans, debt consolidation, equipment purchase, working capital

OnDeck Interest Rates

  • Term loans carried APR's from 16.7% to 99.4% (Weighted average 48% APR)
  • Lines of credit APR's range from 11% to 60.8%. (Weighted average 32.4% APR)

Lien Requirements

  • OnDeck requires a blanket lien on all of a business’s assets.
  • OnDeck requires a personal guarantee

Repayment Requirments

  • Term loans are repaid daily or weekly
  • Lines of credit are repaid weekly 

Restricted Industries

OnDeck works with most types of small businesses that have annual revenues above $100,000. OnDeck does not lend to the following industries:

  • 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

In Our View

Expect higher interest rates and shorter repayment terms. If you need cash quickly, they are an option. OnDeck will not charge prepayment penalties, but early repayment of the term loan will not save the business money as OnDeck requires a fixed amount of fees. If you have a proven track record with your company, there are better options than OnDeck

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OnDeck Disclaimer: Loans Subject to Lender Approval. Depending on the state where your business is located and other attributes of the loan, your business loan may be issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Your loan agreement will identify the loan issuer prior to your signing.