3 reasons to choose OnDeck over any other lender
One quick application. Funds as soon as same day—all to save you time.
Loan amounts and term lengths that are designed to meet your business needs
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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.