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Rating by Finanso®

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About lender

OnDeck provides loans for small businesses in Canada. The company deals with businesses from more than 700 industries and offers several financing solutions: fixed-term loans, lines of credit, and Flex Funds. The company not only operates across Canada but also across the United States and Australia.


One of OnDeck’s peculiarities is that it uses technology and real people to evaluate the client’s and business’s financing needs. OnDeck considers credit score, annual revenue, payment history, public records, and other essential factors.

The company’s products include fixed-term loans, line of credit, and Flex Funds. Each type has specific requirements and conditions. A fixed-term loan is a short-term financial solution best suited for small businesses looking for additional funds. A line of credit allows the client to withdraw from a revolving credit line that replenishes according to how much they repay toward it each month. Finally, flex Funds the customer to leverage a portion of their future sales in exchange for access to additional business capital.

Moreover, the company claims it does not charge their customers loan origination fees, nor are there any maintenance fees.

However, specific fees may be applied to their lines of credit.

Nevertheless, there are some industries where OnDeck does not operate. These are adult entertainment or materials; narcotics dispensaries; firearms vendors; government, non-profit, & public administration; horoscope and fortune-telling; lottery, casino, raffle, gaming, and gambling; money services businesses; religious and civic organizations; rooming and boarding house.

Pros and cons

The services offered by OnDeck have their positive and negative sides.


  • OnDeck operates with businesses from more than 700 industries;

  • The company’s services help small businesses grow;

  • The company operates across Canada, US, and Australia;

  • Qualified businesses can get approved within one day;

  • Customers will not be charged for loan origination, nor are there any fees to pay during their Flex Funds programs;

  • Repayment plans and interest rates are adjustable;

  • Responsible payment leads to a credit score increase.


  • Newer or smaller businesses can have issues with approval;

  • Companies must have a Beacon score higher than 600;

  • If a customer’s business is not qualified, approval may take more than 24 hours;

  • Annual revenue must be at least $100,000.

The company provides business to small businesses contributing to the growth of the Canadian economy. It offers three loan options so customers can find the best solution. Moreover, they not only operate in Canada but also in the US and Australia.

On the other hand, there are some setbacks. The most significant drawbacks are strict eligibility requirements, such as the minimum credit score and annual revenue.

Loan conditions

A customer must fill out the online application form to qualify. After that, they can choose one of three loan options.

To be approved by OnDeck, firstly, the customer must choose which loan option would be the most suitable: fixed-term loan, line of credit, or Flex Funds. Each type has specific conditions.

Fixed-term loan:

  • Interest rate: 8% - 29%

  • Term: 6 - 18 months

  • Borrowable amount: $5,000 - $300,000

Line of credit:

  • Interest rate: from 19,99%

  • Term: 6 - 12 months

  • Borrowable amount: $6,000 - $50,000

Flex funds:

  • Interest rate: depends on the customers’ sales

  • Term: adjustable

  • Borrowable amount: $5,000 - $300,000

There are some standard requirements. For example, a customer’s business must have annual revenue of more than $100,000, have a Beacon credit score of 600 or more, have a business bank account, and be operating for at least six months. Also, OnDeck may check such documents as related credentials; the most recent government-issued bank statements; gross monthly or yearly income; credit report and credit score; assets.

Methods of loan funding

Once a customer completes the application form, they must be approved. After approval, the customer will receive the borrowed amount in their business bank account.


What is OnDeck?

OnDeck is a Canadian lending company specializing in financing businesses from more than 700 industries. They operate in Canada, the US, and Australia to attract more clients. They offer several loan types.

Who owns OnDeck?

OnDeck is owned by its parent organization Enova International.

How do you qualify for OnDeck?

A customer’s business must have annual revenue of more than $100,000, have a Beacon credit score of 600 or more, have a business bank account, and be in operation for at least six months. Also, OnDeck may ask for more papers, such as business bank account statements.

How much can you borrow from OnDeck?

The borrowable amount depends on the loan option the customer chooses. However, the minimum is $5,000, and the maximum is $300,000.

Is it a legitimate company?

OnDeck is a legitimate company. It has an A+ accreditation from BBB.

Company documents

Privacy Policy
Security Policy

Helping small businesses reach their goals

© OnDeck Canada

Calculate loan payments in OnDeck

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What to pay attention to when applying for a loan from OnDeck

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes OnDeck from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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