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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.

Apply for a OnDeck's loan


How to apply

You need to click on the "Apply Now" button to apply for financing. Next, fill in the information about how many funds you need and what you will spend them on. Also, fill in your contact information. Come up with a password for your account on the site. In the following form, fill out the information about your business, such as legal name, business tax ID, annual revenue, and average bank balance. You also need to enter in which year you founded your business. Then fill out your Social Security Number and how many percent of the business you own. The last step is to upload your bank statements. The company will select a financial solution suitable for your needs.


Before applying, make sure that you meet eligibility requirements. To apply for financing for your small business, you must have at least one year of business experience. Also, your FICO credit score should be at least 600. You must have a business checking account, and the annual revenue of your business must be at least $100,000.

There are special eligibility requirements for PPP financing. To apply for a First Draw PPP, you must have 500 or fewer employees. For a Second Draw PPP, you must have 300 or fewer employees and proof that you have lost 25% or more revenue. Also, to get a Second Draw PPP, you must have an approved and fully spent First Draw PPP in the past.

You will not be able to apply for financing for a business that operates in Nevada or North and South Dakota. Moreover, your business should not be associated with a money service business, firearms, drugs, adult materials, horoscopes, and casinos.

During the application process, you may be asked for documents such as SSN, Tax ID, and bank statements for the last three months. You must have the details of your bank checking account.


Does OnDeck report to credit bureaus?

OnDeck reports to three of the major business credit bureaus—Experian, Equifax, and Paynet.

Does OnDeck do a hard pull?

The company conducts a soft credit check.

What credit score do I need for an OnDeck loan?

The minimum score is 600.

Calculate loan payments in OnDeck

OnDeck calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount

Enter the desired loan amount

5000 $
250000 $
Loan term

Specify the loan term for the calculation


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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All OnDeck’s reviews by October 2022
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