Small Business Lender Review - OnDeck
Overview
OnDeck Group has been operating globally since 2007. In the last decade they have issued over US$10 billion in loans and have provided business loans to more than 80,000 small businesses across the US, Canada and Australia.
OnDeck use cutting-edge technology to evaluate businesses based on their actual performance, not just on the business owners’ personal credit score.
They offer unsecured business loans of up to $250,000, with flexible repayment terms, including weekly or daily payment options. They have a quick and easy online application process, so you could receive funding within one business day.
Features
- Short-term loan you can use for any business purpose
- Borrow between $10,000 and $250,000
- Weekly or daily repayment options
- Fast application – funds could be in your account within one business day
- Team of Loan Specialists to support you through the application process
Summary
| Name | OnDeck Small Business Loan |
|---|---|
| Min Loan Amount | $10,000 |
| Max. Loan Amount | $250,000 |
| Minimum Loan Term | 6 months |
| Maximum Loan Term | 24 months |
| Loan Security | Unsecured |
| Repayments | Weekly or daily |
Qualification criteria
| Type | Criteria |
|---|---|
| Minimum turnover | $100,000 per annum |
| Minimum trading period | 12 months |
| Minimum business credit score | 500 |
Cost
OnDeck offers flexible terms and interest rates based on your business’ performance.
They will use a number of factors to calculate the interest on your OnDeck Small Business Loan. These will include how much you want to borrow and the term of the loan, as well as their perceived risk profile of your business. They will assess your business on a variety of important performance metrics, not just on your credit score.
To set up your OnDeck Small Business Loan facility you’ll have to pay an establishment fee of 2.5% of the loan amount. They offer a loyalty bonus to repeat customers which halves this set-up fee to 1.25%.
How to apply
To apply for an OnDeck Small Business Loan you’ll need to fill out a simple online application form, which should take a few minutes. You’ll be asked to provide personal details and information about your business and to upload copies of your bank statements to prove you meet their qualification criteria.
You’ll know whether or not you’ve been approved within hours, not days, and if your application is approved you could receive funding in as little as a single business day. What’s more, you’ll receive ongoing support throughout the entire loan process from a dedicated Loan Specialist.
How Does Ondeck Compare?
| Lender | Product | Term | Loan Range | Interest Type | Fees | Security | Repayments |
|---|---|---|---|---|---|---|---|
|
OnDeck Small Business Loan | 6 – 24 Months | $10k – $250k | Percentage | Establishment fee of 2.5% | Unsecured | Daily or weekly |
 |
Prospa Business Loan | 3 – 24 Months | $5k – $300k | Simple interest rate | Establishment fee | No asset required up to $100k | Weekly or fortnightly |
 |
Spot On Business Loan | 1 – 24 Months | $10k – $250k | Percentage, but only on balance drawn | Drawn on fee (% of credit limit) | Unsecured | Weekly, fortnightly or monthly |
 |
GetCapital Flexible Business Loan | 6 – 24 Months | $5k – $500k | Percentage | 2% Draw down fee, plus $3.85 direct debt fee per week | Unsecured | Weekly |
 |
Flexible Business Loan | 6 – 24 Months | $5k – $500k | From 0.87% per month | 2% Draw down fee, plus $3.85 direct debt fee per week | Unsecured | Weekly |
 |
Beyond Merchant Capital Unsecured Business Loan | 9 – 12 Months | $10k – $500k | Factor Rate | None | Unsecured | Daily or weekly |
 |
Moula Business Loan | 6 – 12 Months | $5k – $250k | 0.75% to 2% per fortnight | None | Unsecured | Fortnightly |
 |
Business Fuel Business Loan | 3 – 18 Months | $5k – $250k | Factor Rate | None | Secured or Unsecured | Weekly or monthly |
 |
Max Funding Business Loan | 1 – 36 Months | $2k – $1m | From 1.5% per month | Fees are laid out in loan agreement | Secured or Unsecured | Weekly or tailored |
