Small Business Line of Credit

Access cash–when you need it–with a line of credit

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As states reopen, we're working to support more small businesses. Some may not be eligible at this time.*

Running a business can be full of surprises. You can access your OnDeck Line of Credit when you need it so you can keep your focus on your business.

A Line of Credit is the best financing option when you need extra working capital to cover recurring business expenses or bridge cash flow gaps. With ongoing access to cash, you have the flexibility to withdraw only what you need, when you need it—and pay for only what you use. So you’ll be prepared for whatever challenges and opportunities come your way.

Revolving lines of credit from

12-month repayment term, resets after each withdrawal

Automatic weekly

Benefits to Your Business

Instant Funding: Get money in your account within seconds every time you make a withdrawal—24/7, even on nights and weekends.*

Only pay for what you borrow: Withdraw what you need, when you need it. And pay interest just on the financing you use.

A consolidated payment for all withdrawals: Make one weekly payment on all withdrawals, avoiding the headache of multiple payment schedules.

Access more funds automatically: Receive automatic credit limit increases when we review your credit profile and determine if you qualify. We do this on an ongoing basis, so the opportunity is often there.

Business credit building: Help build your business’s credit by making on-time payments, which we report to the credit bureau.

Revolving credit: Apply once and funds replenish when you pay them back, so long as you make timely payments.

No prepayment penalties: Get more flexibility by paying off your line of credit anytime you’d like, with no penalty or fee.

Transparent pricing: Use our SMART Box® Capital Comparison Tool to get a comprehensive breakdown of your line of credit’s cost—including all the key terms you need to evaluate potential loan offers.

A business line of credit can prepare you for unexpected challenges and opportunities.

Unlike a term loan, a business line of credit allows you to run your business without having to apply for a new loan every time you need a bit of extra cash. And with ongoing access to working capital, you can plan for your business’s future with less stress. Your line of credit can give you the boost you need to take advantage of opportunities when they arise.

One of the main values a line of credit has to a small business is that it’s revolving. That means you can access the credit line when you need it, pay down the balance, and use the line again as funds replenish. There are many ways you can use a line of credit. Here are some popular reasons why other small business owners use credit lines.

Top ways to use a line of credit

  1. Reopening your business
  2. Bridging cash flow gaps
  3. Covering payroll
  4. Hiring more employees

Applying for a line of credit at OnDeck is quick and simple

Step 1. Complete the application

Our application is pretty simple, and you can apply online or over the phone.

Step 2. Get a decision

Your dedicated loan advisor will review your options with you.

Step 3. Receive your funds

Complete the online checkout and receive your funds as soon as same day.

How other small business owners have used their OnDeck Lines of Credit

“We used the money from OnDeck to consolidate our business credit card debt, help maintain the inside of the building, and buy some computers. We also used the line of credit to pay off the maintenance fee for the air conditioning, so we’ve been able to use that funding to keep this building going and our business running efficiently.”

Brandi Nichols
Gotta Dance Studio & Company
Bend, OR

“I have used both a term loan and a line of credit from OnDeck to sustain my business when I have vacancies in my homes. Any business owner knows that your revenues can change over a period of time, but expenses do not. You need to borrow a little until you fill that vacancy so you can keep paying your bills, make payroll, etc. It’s smart business.”

Devoughn Owens
Meadowlark Home Care
Oak Park, MI

“Without flexible financing, we would not be able to grow the business. We would have had to come up with other sources of cash or wait until the business generated enough cash to be able to grow. About 90% of the money we borrowed went to inventory, and about 10% was for payroll and other operations.”

Charlene and Ross Meriwether
Wild Women Winery
Denver, CO

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FAQs: OnDeck Line of Credit

What is Instant Funding*?
Instant Funding is the fastest and easiest way for small business owners to access working capital to run their business. OnDeck is one of the only lenders to offer business lines of credit with instant access to your funds. Draw from your line of credit when you need it and see the funds in your account in seconds, 24/7 even when the banks are closed – so you can get back to business as fast as you can click “draw funds.” And the best part is Instant Funding is available at no extra cost.*

How does my line of credit payback work?
Unlike other online lenders – our line of credit is revolving with no draw fees (just a monthly maintenance fee).  Funds replenish as you pay them back – and additional draws are consolidated into one loan with one easy weekly payment.

Can I get a credit line increase?
There are some times when you could really use access to additional funds. Based on your cash flow, net income and payback history you may be eligible for a credit line increase. All you need to do is call your dedicated loan advisor to learn more.

What other small business loans can I get in addition to my line of credit?
You may have a project that could benefit from funds beyond the capabilities of your business line of credit. At OnDeck we understand and our term loans are available in addition to your business line of credit. Reach out to your dedicated loan advisor to explore some of your available options. In addition to OnDeck’s Term Loan and Line of Credit, check out this page for other types of small business loans.

What is the SMART Box®?
Transparency is key when it comes to choosing a lender. That’s why OnDeck developed the SMART Box Capital Comparison Tool. In plain English and an easy-to-read format, this tool shows you key terms you need to evaluate potential short term loan offers so that you have a comprehensive, standardized breakdown of your cost of capital. The SMART Box is used by all members of the Innovative Lending Platform Association.

Minimum eligibility requirements for an OnDeck Term Loan or Line of Credit*

Here’s what business owners like you have to say

*There are some industries we cannot serve (see list of restricted industries), as well as some industries and states impacted by the Coronavirus to which we are temporarily not lending. In addition, OnDeck does not lend to businesses in Nevada or North Dakota. Registration terms and conditions apply. Instant Funding registration and withdrawals are currently supported from your desktop and the OnDeck mobile website. They are not currently supported in the OnDeck mobile app. Occasionally, transfer may take up to 30 minutes to complete due to potential Visa & bank processing lags. This benefit is available at no additional cost with a vast majority of major banks participating. Instant Funding is available for transactions between $1K-$10K.