CA
OnDeck Business Loans review: lending options for various purposes
Read on this OnDeck Business Loans review to learn how this lender can help your small business to grow and expand.
OnDeck Business Loans: up to $250,000 with no prepayment penalties
OnDeck was founded in 2006 with a goal: to help small businesses to get flexible financing options to grow and finally expand with the best business loans.
How to apply for the OnDeck Business Loans?
OnDeck Business Loans offers capital for small businesses. Check out the full review!
Nowadays, this lender has delivered $14 billion to businesses globally. Also, it provides fast and easy application with simple eligibility requirements.
| APR | Starts at 29.90% |
| Loan Purpose | Businesses that need capital |
| Loan Amounts | From $5,000 to $250,000 |
| Credit Needed | 600 (fair) |
| Terms | Up to 24 months |
| Origination Fee | From 0% to 4% on the total loan amount |
| Late Fee | It may apply depending on the conditions and terms settled |
| Early Payoff Penalty | None |
Keep reading to learn how OnDeck business loans work and how your company can benefit from capital offered by the lender.
How does the OnDeck Business Loans work?
OnDeck offers different options of business loans for small businesses. The options include flexible terms and conditions, and the eligibility requirements are simple and consider less-than-perfect credit scores.
Firstly, the OnDeck Line of Credit provides amounts that range from $6,000 to $100,000. Usually, this type of loan is used for cash flow management, including buying inventory
and making payroll.
This revolving credit line offers easy access to cash whenever your business needs it. Also, it features a 12-month repayment term with resets after every withdrawal.
Secondly, the OnDeck Term Loan provides amounts that range from $5,000 to $250,000 with terms of up to 24 months.
Contrary to the Line of Credit mentioned above, this Term Loan offers a one-time sum of money for those who need to invest in their businesses, including large purchases and expansion projects.
In addition, OnDeck offers a Paycheck Protection Program (PPP) Loan that includes a PPP Loan Forgiveness program.
The loans offered by this lender are suitable for those who need fast funding with simpler eligibility requirement applications and capital for various purposes with no prepayment penalties.
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OnDeck Business Loans benefits
OnDeck offers accessible loan options for small businesses with good amounts and flexible terms. Also, it features an easy application with simple eligibility requirements and fast funding.
Therefore, considering getting a loan from this lender might be worth it in case you need capital for your small business, whether for cash flow or large purchases.
Pros
- Loan amounts range from $5,000 to $250,000;
- OnDeck offers different loan options for various purposes, including a line of credit, term loan, and SBA PPP loan;
- The application is easy with fast funding;
- The eligibility requirements are simple, and the process considers less-than-perfect credit;
- It doesn’t charge prepayment penalty fees.
Cons
- It requires a general business lien;
- It requires a personal guarantee;
- Interest rates might be relatively higher than other similar options.
How good does your credit score need to be?
Fortunately, the application considers less-than-perfect credit scores. It is recommended that you have at least a 600 FICO Score.
How to apply for OnDeck Business Loans?
If you are interested in finding out more about it, check out our next post to learn how the application works.
How to apply for the OnDeck Business Loans?
OnDeck Business Loans offers capital for small businesses. Check out the full review!
About the author / Aline Augusto
Reviewed by / Aline Barbosa
Senior Editor
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