When it comes to small business loans, one size does not fit all. Learn about your options.

For businesses impacted by COVID-19, OnDeck is assisting with distributing SBA Paycheck Protection Program (PPP) loans. Loan amounts depend upon your average monthly payroll and all payments are deferred for the first 6 months. Loans can be used for payroll and other allowable costs, and may be eligible to have all or a portion of the loan forgiven.

If you’re borrowing for a specific investment or a large purchase, a term loan is the right type of loan for you. A term loan means you borrow a one-time lump sum of cash and pay it back over a fixed period. Our short-term loans range from three months to three years with no prepayment penalties, giving you flexibility around repayment.

If you need ongoing access to working capital, a line of credit (LOC) is the way to go. Our flexible business line of credit is revolving, which means you can withdraw from your credit line (up to $100,000) and funds replenish as you repay. Plus, with a LOC, you only pay interest on the credit you use.

Still not sure which type of financing is right for your business? We’ll help you find the right option —without the lag time typically found at brick-and-mortar banks.

Note on OnDeck Business Loans

As a result of the COVID-19 pandemic, OnDeck is temporarily suspending Term Loans and Lines of Credit. We are offering SBA PPP loans while government funding remains available to serve our customers during these extraordinary times. When submitting an application, please be sure to select the SBA PPP Loan option at the top of the page.

Term Loan

Use it for investments in your business
One-time lump sum of cash upfront

Learn More about Term Loans

From $5K–$500K
Repayment terms of 3-36 months 
Rates as low as 11.89% APR*

Line of Credit

Use it to manage cash flow 
Ongoing, flexible access to cash

Learn More about Line of Credit

From $6K–$100K
Repayment terms of 12 months 
Rates as low as 10.09% APR*

3 reasons to choose OnDeck over any other lender

Simple Process

One quick application. Funds as soon as same day—all to save you time.

Flexible Options

Loan amounts and term lengths that are designed to meet your business needs

Here For You

Online doesn’t have to mean impersonal—we help you find the right solution

Note – the application process for an SBA Paycheck Protection Program loan is slightly different.
Visit our SBA PPP page for more details on how to apply.

How to compare small business loan offers

One of the biggest challenges facing small businesses today is not that they want too much, it’s that they ask the bank for too little. OnDeck offers term loans from $5,000 to $500,000 with loan terms and interest rates appropriate for your business need or that can help you take advantage of opportunities to grow your business.

Because there are many different business needs that include short-term needs like purchasing quick-turnaround inventory and longer-term needs like opening a new business location across town, small business loan terms vary in much the same way an auto loan differs from a home mortgage.

Comparing APR is only one way to evaluate a potential small business loan. With so many loans of different terms and different financing types available in the market. In addition to APR, understanding the total cost of capital on a short-term loan to purchase inventory, for example, will help you determine if the loan will help you increase ROI or add too much financial strain on your business.

You don’t need to be a small business financing expert, but you should be asking these five questions to help you compare financing offers and find the small business loan that best meets your needs.

5 questions to ask

  • What is the total cost of capital (including interest expense, origination fees, along with any other associated fees)?
  • What is the Annual Percentage Rate (APR)?
  • What is the average monthly payment obligation (regardless of whether your periodic payments are daily, weekly, or monthly)?
  • What is the total amount of interest paid per dollar borrowed (cents on the dollar)?
  • Are there any prepayment fees should you decide to pay off the loan early?

Please note: minimum eligibility requirements apply to new OnDeck customers only. We currently cannot offer an OnDeck Term Loan or Line of Credit to businesses in South Dakota. There are also some industries we can’t serve. See list of Restricted Industries. Also note – the eligibility requirements for an SBA Paycheck Protection Program (PPP) loan are different and the above restrictions do not apply. Visit our COVID-19 page for more details.

Here’s what business owners like you have to say