OnDeck is 100% focused on small business.
OnDeck launched in 2007 to solve a major issue facing small businesses: financing. We combined our passion for Main Street with cutting-edge technology to evaluate businesses based on their actual performance, not just personal credit.
That has enabled us to say “yes” more often and faster than traditional lenders. And that lets owners spend their time where it should be – growing their businesses, not seeking financing.
Frequently asked questions about OnDeck
What products does OnDeck offer?
OnDeck offers business term loans.
What are your loan amounts and terms?
Our term loans range from $5,000 – $50,000 with 6-month terms.
How does the application process work?
OnDeck’s application process is simple and typically takes about 10 minutes. You can apply online HERE.
What information do I need to apply?
Typically, we only require basic information about yourself and your business. Depending on your loan amount, we may also ask for:
CRA business number
Bank statements for the previous 1-3 months
Credit card statements for the previous 3 months (if applicable)
SIN number of business owner(s)
Driver’s licence number and state/province of issue
How do I qualify for OnDeck financing?
To qualify for an OnDeck loan, your business should have the following characteristics:
1+ year in business
$100,000+ in annual revenue
600+ FICO score of the business owner
How quickly can I receive an OnDeck loan?
OnDeck can deliver decisions in as fast as 1 business day, and funding in as fast as 2 business days.
If I apply and get approved, do I have to take out an OnDeck loan?
No, there is no obligation.
How does repayment work?
OnDeck deducts a fixed, daily payment from your business bank account on a daily or weekly basis, depending on the product you are approved for. These fixed payments help ensure minimal impact to your cash flow and are proven to prevent the snowball effect often caused by missing larger monthly payments. As a customer, you will have access to an online account where you can monitor your loan and payment activity 24/7/365.
Is OnDeck an unsecured loan?
OnDeck loans are not unsecured. However, we do not require any specific amount, type or value of collateral and no appraisal or specific assets are required. They loans are secured by a general lien on the assets of the business and backed by a personal guarantee. We do not take personal assets as collateral.
How is OnDeck different from other lenders?
OnDeck is faster than a bank, and better than a merchant cash advance. Unlike banks, we can deliver decisions in minutes and we value your overall business performance – not just your personal credit score. And unlike merchant cash advances, we build your business credit and deduct fixed daily or weekly payments, rather than a batch percentage of your sales.
What industries do you work with?
We work with more than 700 different kinds of businesses in all provinces and territories other than Quebec, including: restaurants, retailers, auto repair shops, healthcare professionals, HVAC contractors and many other service providers.
What are your rates and fees?
For every $1 dollar borrowed, you will pay on average $0.15.
OnDeck Core Principles
OnDeck is transforming how small businesses access capital through lending and technology innovation. We are committed to establishing industry best practices and standards that ensure that small businesses are able to secure financing in a fair, efficient, and transparent manner so that they can get back to what they do best: growing their businesses, hiring workers, and fueling the economy. In support of this mission, we establish here key Principles that underpin how we engage with our small business customers.
Offering Responsible Business Loans
We are committed to building a sustainable and scalable model of small business financing that does not require public support or subsidy and that enables small businesses to grow and thrive.
Our advanced technology and underwriting platform enables small business customers to efficiently obtain responsibly-priced and right-sized short term capital to help them grow, avoiding opportunity costs of long searches and the cost commitments of long term financing. Our pricing also requires that we adequately cover our costs and permits us to continue to invest in our business. As has been demonstrated by steadily decreasing rates, we remain committed to responsibly sharing efficiency and cost-savings with our customers through lower prices. We similarly work to ensure that our loan offers are appropriately-sized according to a business’s performance and ability to repay, and are an appropriate fit for their intended use. Our loan products enable our small business customers to establish and build their business credit while growing their businesses, and the first $1 billion that we lent to small businesses is estimated to have generated more than $3.4 billion of economic activity.1
Providing Truthful, Transparent, and Complete Information
We are committed to ensuring that our small business customers are provided truthful, transparent, and complete information about our loans so that they can make prudent and informed decisions.
OnDeck loans are best-received and utilized by our customers when they are able to easily understand the loan terms and determine whether the product is the correct fit for their needs. Accordingly, we have tailored our disclosure forms to provide transparency, ensure readability and accessibility, and help our small business customers understand and compare the total costs and terms associated with their loans. We remain committed to accurate and effective disclosure, and will continue to consider new approaches to furthering this goal.
Enhancing the Customer Experience
We are committed to ensuring that all aspects of a customer’s OnDeck experience meet the highest standards of service excellence.
To this end, we are keenly focused on providing our customers with the best user experience possible at all stages of interaction with OnDeck, both online and offline. We actively survey, monitor, and interact with our customers to understand their experience with us, and are dedicated to incorporating this feedback into our industry-leading best practices. This focus also extends to third-party intermediaries who engage with our small business customers: we have implemented industry-leading standards around how we partner with and monitor intermediaries and brokers who bring small business customers to OnDeck. Our policy relies on proper vetting, clear intermediary guidelines, ongoing monitoring, and consistent enforcement of third-party partner requirements.
Respecting Our Customers
We are committed to serving as a trusted partner, promptly and fairly responding to inquiries, and treating our small business customers with respect in all matters.
We greatly admire the determination and positive impact demonstrated by our small business customers on a daily basis. To do our part in supporting their success, we have a dedicated internal customer service group trained to provide excellent service. We understand the significant demands that small business owners face, and strive to be a trusted partner in helping our customers satisfy their objectives and grow their businesses. We take the same approach when our small business customers face difficulties: we do not permit delinquent or over-burdened borrowers to roll-over into a new loan, and we do not offer loan products built around late fees and penalties. We try to work with our customers facing financial hardship with the goal of placing them back on sound financial footing and giving them the opportunity to manage their outstanding commitments.
Focusing on Privacy and Data Security
We are committed to ensuring the privacy and security of our small business customer’s information, and providing transparent disclosure of how borrower information is used.
Living by Our OnDeck Values
We are committed to attracting and retaining the best team of professionals in the industry.
We believe that the values of OnDeck – ingenuity, impact, passion, and openness – must first be reflected in the way we attract and develop our internal team. By retaining leading talent anchored in a culture of integrity, we are able to execute on our guiding Principles and ensure service excellence for our small business customers.
We believe that adherence to our OnDeck Core Principles will enable us to responsibly expand access to capital for millions of small businesses. We succeed when our small business customers succeed, and we remain committed to doing everything we can to advance our shared interest.
OnDeck in the news/press releases
OnDeck Expands Outreach to Accountants
Small Business Lender Adds Accountant Relationship Managers in Southeastern U.S.
June 7, 2016 OnDeck (NYSE: ONDK), the leader in online lending for small business, today announced the expansion of its Accountant Advisor Program with the hiring of new OnDeck Accountant Relationship Managers in Louisville, Kentucky, Miami, Florida and Mobile, Alabama. The new hires will join a growing national team of OnDeck Accountant Relationship Managers who work directly with CPAs and the accounting community to bring value to their clients’ small businesses through OnDeck’s financing solutions.
The Accountant Advisor Program from OnDeck is a state-of-the-art referral platform helping accounting financial professionals meet a significant need their clients face: access to capital. Key benefits for small business clients include:
Products designed for their needs: Loans up to $500,000 with 3-36 month terms and lines of credit up to $100,000
Competitive pricing: Annual interest rates as low as 5.99% for select customers
Convenient process: Simple application, decisions in minutes and funding in as fast as 1 business day
Unparalleled service: Dedicated customer support available six days a week; A+ Better Business Bureau rating
“The new OnDeck Accountant Relationship Managers will enable us to provide the accounting community in the Southeast with attractive financing options for their clients,” said Frank Orofino, Director, OnDeck Accountant Advisor Program. “CPAs and accountants provide an invaluable service to the community. We aim to help them unlock valuable lending insights when it matters most, and bring unprecedented levels of relevancy and timeliness to their client engagements.”
OnDeck will conduct free webinars throughout the summer to help the accounting community better understand the evolving landscape of small business financing. For more information, visit CPA Academy online.
For more information on the Accountant Advisor Program at OnDeck, visit: https://www.ondeck.com/accountant/.
OnDeck (NYSE: ONDK) is the leader in online small business lending. Since 2007, the Company has powered Main Street’s growth through advanced lending technology and a constant dedication to customer service. OnDeck’s proprietary credit scoring system – the OnDeck Score® – leverages advanced analytics, enabling OnDeck to make real-time lending decisions and deliver capital to small businesses in as little as 24 hours. OnDeck offers business owners a complete financing solution, including the online lending industry’s widest range of term loans and lines of credit. To date, the Company has deployed over $4 billion to more than 50,000 customers in 700 different industries across the United States, Canada and Australia. OnDeck has an A+ rating with the Better Business Bureau and operates the educational small business financing website www.businessloans.com. For more information, please visit www.ondeck.com.
Kathryn Harmon Miller