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Bottom Line: OnDeck makes its case with get money in as little as 1 business day in Business Loans. Do your homework on fees and terms, but this one belongs on your shortlist.
Overview
OnDeck offers small business loans and lines of credit with incredibly fast turnaround times. Get money in your account in as little as the same business day with low minimum credit score requirements.
OnDeck operates as providing services in term loans, lines of credit, fast funding, small business, working capital, equipment financing, inventory financing, expansion loans, debt consolidation, seasonal business, with loans ranging from $5,000 – $250,000, accepting credit scores from 625 and up.
On the plus side: get money in as little as 1 business day, low minimum credit score requirement (625), transparent pricing with no hidden fees. The trade-offs? requires business lien and personal guarantee, $100,000+ annual revenue requirement.
Key Features
- Get money in as little as 1 business day
- Term loans from $5,000 to $250,000
- Lines of credit from $6,000 to $200,000
- Low minimum credit score requirement (625)
- 3- to 24-month terms available
- Daily or weekly payment options
- Rates as low as 11.89% APR
Rates & Fees
The rate and fee structure looks like this.
- APR range: 11.89%
- Loan amounts: $5,000 – $250,000
- Fees: 2.5% – 4%
Your actual rate depends on credit score, loan amount, and term length. These numbers reflect advertised ranges — your offer may differ.
Who Is This For?
OnDeck is geared toward those looking for fast funding. A minimum credit score of 625 makes this accessible to borrowers with fair credit or better. Particularly strong for anyone in the market for term loans, lines of credit, fast funding, small business, working capital, equipment financing, inventory financing, expansion loans, debt consolidation, seasonal business.
This might not be the best fit if requires business lien and personal guarantee is a dealbreaker for you.
Application Process
Apply through OnDeck’s website or platform. Response times are typically 1 day. Have your financial documents ready to speed up the process.
How OnDeck Compares
OnDeck positions itself as a no-frills business loans option. What you lose in bells and whistles, you gain in simplicity and speed.
With a rating of 8.8/10, it ranks among the stronger options available.
Best For: Fast Funding
Response Time: 1 day
