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Lender
Rating by Finanso®
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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.

OnDeck's pay off

Finanso.Multilogin™

Repayment of loan

Payment is made automatically during the entire repayment term from your checking account every week or every month, depending on what kind of credit you have. You can control payments in your account on the site. You will pay the same amounts each month on the due date, so you won’t encounter any surprises.

Early payoff

The company does not charge any prepayment fees. However, an early payoff will not give you any benefit except for the reduction of the repayment term. The early payoff does not change your interest rate, and the fixed rate remains the same.

There is a 100% Pre-payment Benefit option allowing you to pay the loan early in full and have your remaining interest waived with no penalties.

FAQ

Can OnDeck sue me?

Yes, the company requires personal guarantees, so in case of non-payment of the loan, the company can sue the business owner.

Does OnDeck issue penalties?

The company does not issue any penalties.

How can I pay OnDeck back?

You can pay back automatically with your checking account.

Calculate loan payments in OnDeck

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

Loan amount
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Enter the desired loan amount

USD
USD
5000 $
250000 $
Loan term
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Specify the loan term for the calculation

months
days
3
24

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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