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Lines of credit up to $100K.Apply Now
lines of credit from $6K - $100K
repayment term, resets after each withdrawal
customizable weekly payments
A business line of credit is a type of funding that allows you to borrow from a set amount of money. You’re given a credit limit, and within it you can draw what you need, when you need it. You only pay interest and fees on what you borrow.
Compared to a term loan, a business line of credit is typically used to cover recurring business expenses or bridge cash flow gaps. With OnDeck, you replenish your available funds as you repay what you borrow. This is known as a revolving business line of credit. To help you build your credit, we report your payment history to the business credit bureaus.
Withdraw what you need, when you need it. You’ll only be charged interest on the funds you draw.
Receive your money within seconds when you make a withdrawal — 24/7, even on nights and weekends.*
We report to business credit bureaus, which helps build business credit with on-time payments.
Our streamlined application is designed to be completed in just a few minutes.
Your dedicated loan advisor will review your options with you.
Complete the online checkout and receive your funds as soon as the same day.†
personal FICO® Score
business annual revenue
Instant Funding is a fast and easy 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.*
With an OnDeck Line of Credit, draws are consolidated into one loan with one easy weekly payment. As you pay back your principal, you replenish available funds. Unlike most other online lenders, our line of credit comes with no draw fees (just a monthly maintenance fee). Adjust the payment amount and term to ensure a comfortable weekly payment.
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.
The total cost of your line of credit will vary based on a number of factors, including your personal and business credit scores, time in business and annual revenue and cash flow.§
You may have a project that could benefit from other types of small business loans beyond your business line of credit. At OnDeck we understand, and we offer term loans that provide lump-sum funding up to $250,000. Reach out to your dedicated loan advisor if you think a term loan could help your business.
Transparency is key when it comes to choosing a lender. That’s why OnDeck developed the SMART Box Capital Comparison Tool. (SMART stands for “Straightforward Metrics Around Rate and Total Cost.”) 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. In some cases, OnDeck will use state-mandated financial disclosures instead of the SMART Box tool.
We report your payments to business credit bureaus so that every time you pay on time, you’re helping your business build a strong credit profile.
Unlike most online lenders, we use soft pulls of personal credit reports that don’t affect your credit score.***
With an OnDeck Line of Credit, this dance studio owner was able to consolidate debt and pay for building maintenance.
“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.”
Gotta Dance Studio & Company
An OnDeck Line of Credit helped this small business owner bridge revenue gaps and cover operating expenses.
“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.”
Meadowlark Home Care
Oak Park, MI
These winery owners used their flexible funding from OnDeck to purchase inventory.
“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
Secured business line of credit. This type of line of credit requires businesses to put up specific assets as collateral. Since a line of credit is a short-term liability, lenders typically ask for short-term assets, like accounts receivable or inventory.
Unsecured line of credit. While this type of line of credit doesn’t require specific collateral, your lender will likely place a general lien on your business and require a personal guarantee from you. You’ll likely need a stronger credit profile to qualify and interest rates may be higher. Additionally, keep in mind that unsecured lines of credit typically come with a lower credit limit.
Revolving line of credit. With this type of line of credit, you replenish your available funds as you repay what you borrow. This gives you access to future funding without needing to reapply. OnDeck’s business line of credit is a revolving line of credit.
Non-revolving line of credit. A non-revolving line of credit is just like a revolving line of credit except your available funding doesn’t replenish as you make payments. You’re given a capped credit limit, and when you reach that amount, you exhaust your funding.
A business line of credit and a business credit card are popular, flexible financing and purchasing tools used by business owners when they need quick access to cash. They provide a fixed amount of money that can be accessed as needed. You can borrow up to your limit, repay, then use the funds again.
A business line of credit can be used to make purchases and payments that you can’t use a credit card for. For example, you may not be able to use a credit card for payroll, your property lease or invoices from vendors. Additionally, business lines of credit often come with a higher credit limit.
A secured line of credit requires a business's assets as collateral to secure the line. In the event the borrower defaults, the lender can take possession of the asset. Assets can include things like real estate, equipment, inventory, accounts receivable or cash accounts.
An unsecured business line of credit does not require a business to pledge assets as collateral to secure the line. Unsecured lines of credit typically require the business owner to have a strong credit profile and credit score, along with a positive business track record to qualify. In general, unsecured lines of credit have slightly higher interest rates and line sizes are relatively smaller.
To provide flexibility, OnDeck’s line of credit is unsecured.
Applying for a line of credit is similar to applying for a loan. Lenders will want to see financial records and other documentation that show your business is able to take on debt.
It’s a good idea to gather all the necessary information before you apply for a line of credit. Some basic information you need could include:
Consider speaking with your accountant to make sure you’re familiar with these documents. Your lender may have questions and you’ll want to be prepared to discuss the financial health of your business.
Before you open a line of credit, make sure you understand your lender’s qualification criteria, conditions, interest rates and fees. You may be charged for account set-up, transactions or annual fees. Some lenders may waive certain fees for the first 12 months, but you could still be hit with them the following year.
Some lenders may require you to pay down your outstanding balance to $0 at some point during the year. This helps the lender minimize risk and reassures them that your business is not relying on the line of credit as a substitute for cash flow.
Because of the unpredictable nature of the market, your lender may reserve the right to call in payment immediately. This means the full balance of the line of credit would need to be paid. This can happen without warning so you should always be prepared to either replace the line of credit or scale back to weather the loss of credit.
A line of credit can be helpful if you find yourself needing ongoing access to funding to meet short-term needs and day-to-day expenses. Here are few situations where a line of credit could be helpful:
Most lenders prefer to offer a line of credit to more established businesses with a strong track record and revenues to support the more flexible financing provided by a line of credit.
†Same Day Funding is only available in certain states, for term loans up to $100K. Eligibility window is Monday-Friday before 10:30am EST. If checkout is done before 10:30am EST, funds will be available by 5pm local time the same day. If checkout is done after 10:30am EST, or on a weekend or bank holiday, it will not qualify for Same Day Funding and funds will be deposited within 2-3 business days. Eligibility rules around creditworthiness and length of term loan apply.
*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, the 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.
**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, North Dakota or South Dakota. Other requirements may apply.
***We always do a soft inquiry unless your credit file is restricted, in which case we would contact you to lift the restriction which may result in a hard-pull.
§Eligibility for the lowest rates is very limited, available only to businesses with the strongest creditworthiness and cash flows, and typically businesses that have shown an excellent payment history on prior loan products with OnDeck. The average rate for lines of credit is 48.9% APR. Averages are based on loans originated in the half-year ending March 31, 2022.
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