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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.



About lender

OnDeck is an online platform that provides financing to small businesses. The company aims to simplify the process of obtaining financing for a small business as much as possible. The company offers services for business lending. The whole process, from applying to receiving money, takes place online.

The company was founded by Mitch Jacobs in 2006. Mitch believes that small businesses are the backbone of the U.S. economy. Therefore, he chose the main goal of his company's work to help in fast and convenient online financing of a small business. OnDeck was headquartered in New York. Now the company has an A+ rating according to the Better Business Bureau and has financed businesses worth $13 billion.

The main office of the company is in New York. There are also offices in Arlington, Virginia; and Denver, Colorado, in the United States; Toronto and Montreal in Canada; and Sydney in Australia. All financial transactions of the company can be made online through the website.

Pros and cons


  • Possibility of avoiding origination fee

  • Possibility to issue PPP loan forgiveness

  • Quick registration of the application

  • Company is Member FDIC by regulation of Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC

  • Quick receipt of funds using the Same day Funding

  • Better Business Bureau accredited trustworthy organization.


  • High APR rate

  • Small maximum amounts of financing

  • Short credit terms

  • The origination fee for new customers.


The services of this company will suit you if you need a short-term business loan. The company is trustworthy and is an accredited financial institution. The Same Day Funding program will allow you to get funds faster than in other similar companies. This company is one of the few that issues PPP credits for their clients. Many other companies no longer have such a service. It will also be a great advantage for you that you will receive money on the same day. However, if you need financing with a long loan term with smaller overpayments and a large amount, then you'd better turn to other business lending companies.

Terms and conditions

Your financial transactions are insured by the FDIC, as they are regulated by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Applying for financing does not affect your creditworthiness, and all rates are agreed upon with you after the approval of the application when you enter into a loan agreement with the company. The company has created its own SMART Box Capital Comparison Tool that allows you to study in advance what rates and what payments you will have. You enter all the necessary information, such as the term, type, and amount of financing, and get all the information about payments. With this tool, the company ensures transparency of all payments and fees for its customers.

Term Loan

This financing option is suitable for you if you want to start a new project or expand your business. You can borrow funds for the maximum loan term of 3-24 months. You can borrow the amount of $5,000 to $250,000. The interest rate depends on your creditworthiness, your business experience, and your annual profit. The interest rate starts at 35% APR. The Origination fee is 4%. If you have already been a client of the company and have a successful payment history, then under the "Loyalty benefits" program, your origination fee may be less or even 0%. The average rate for a loan is 54.96% APR.

Line of Credit

A line of credit is a revolving business loan that allows you to have access to a fixed amount of money. This financing option is suitable for financing short-term business needs. You can take out credit in the amount of $6,000 to $100,000. The maximum term is 12 months, but the term is reset after each withdrawal of funds. The minimum interest rate is 35.9% APR. Your interest rate will depend on your solvency and credit history. To use this type of financing, you need to pay a $20 monthly fee. The average rate for a loan is 47.14% APR.


The company provides an opportunity to issue a PPP lоan. The maximum amount you can borrow is calculated as 2.5x your average monthly payroll cost. For business owners in the field of accommodation and food service, the maximum amount you can borrow is calculated as 3.5x your average monthly payroll cost. However, the maximum amount you can borrow should not exceed $2 million for the Second Draw PPP and $10 million for the First Draw PPP. You can take out credit for five years. A fixed rate of 1% is valid for this financing option. The repayment period depends on whether you applied for forgiveness and when.

Funding a loan

When you apply for financing, you provide information about your business checking account. You will receive your funds on this account. You can receive the money on the same business day. However, Same Day Funding is only available for loans up to $100,000. If you borrow more than $100,000, then you will receive the money within 2-3 working days.


Is OnDeck still in business?

Yes, the company is functioning and constantly growing.

What is the OnDeck interest rate?

The interest rate can be 35% or higher, depending on your creditworthiness.

What are the terms for OnDeck?

For a term loan, the maximum loan term is 24 months, and for a line of credit, 12 months.

What type of company is OnDeck?

OnDeck is an online small business lending company.

Company documents

Privacy Policy
Security Policy

We help small businesses get the funds they need to manage challenges and opportunities—and succeed on their own terms.

© OnDeck

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What to focus on before applying for a loan with OnDeck

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between OnDeck and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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