Product Overview of OnDeck
OnDeck is a leading online platform specializing in providing flexible and efficient financing solutions to small businesses. Since its founding in 2006, OnDeck has delivered over $15 billion in loans to businesses across the U.S., Canada, and Australia.
What OnDeck Does
OnDeck bridges the gap between small businesses and traditional lenders by offering faster access to capital with more flexible eligibility criteria. The platform leverages advanced technology and automated underwriting processes to streamline the loan application and approval process, making it quicker and more accessible for businesses.
Key Features and Functionality
Loan Products
OnDeck offers two primary loan products:
- Term Loans: These loans range from $5,000 to $250,000 with repayment terms of 3 to 24 months. Repayment is typically made through daily or weekly payments. Interest rates start at 35% APR, and there is an origination fee of 0-4% of the loan amount.
- Lines of Credit: These lines of credit range from $6,000 to $100,000 with a 12-month draw period. Businesses can withdraw funds as needed and are charged interest only on the amount borrowed. Repayment terms are 12 months per draw, and there is a $20 monthly maintenance fee (which can be waived).
Application and Funding Process
- Online Application: The application process is quick and easy, taking as little as 10 minutes to complete online or over the phone.
- Fast Funding: Funds can be received as quickly as the same business day after approval, with lines of credit funding instantly upon withdrawal.
Credit Requirements and Building Credit
- Flexible Credit Requirements: OnDeck considers factors beyond just credit scores, making it accessible to a broader range of businesses.
- Soft Credit Pulls: OnDeck uses soft credit pulls that do not affect your credit score.
- Building Business Credit: OnDeck reports payments to business credit bureaus, helping businesses establish or improve their credit profiles with on-time payments.
Customer Support and Transparency
- Dedicated Loan Advisors: Each customer is assigned a dedicated U.S.-based loan advisor available five days a week to guide them through the entire process.
- Transparent Pricing: OnDeck provides a Loan Comparison Tool that gives a comprehensive breakdown of the cost of capital, including all key terms necessary to evaluate potential loan offers.
Security and Loyalty Benefits
- Digital Security: OnDeck is committed to protecting the safety and security of customer data through robust security measures.
- Loyalty Perks: OnDeck offers loyalty benefits, such as waiving all remaining interest on the original term loan when customers renew their loans.
Additional Benefits
- No Hard Credit Pulls: Check your eligibility without affecting your credit score.
- Instant Access to Funds: Lines of credit can fund instantly, 24/7, even on nights and weekends.
- Customizable Repayment Terms: Businesses can tailor their repayment terms to fit their specific needs.
Overall, OnDeck’s innovative use of technology, flexible loan options, and commitment to customer support make it a top-rated online small business lender, helping thousands of businesses succeed on their own terms.