Do I qualify for a business line of credit with OnDeck?
Do I qualify for a short term loan with OnDeck?
We serve over 700 industries. There are a few industries we can’t serve. Learn More
Please note: we currently cannot lend to businesses in South Dakota
Comparing business lines of credit doesn’t have to be complicated
|Banks||Most Online Lenders|
|Lines of Credit up to $100k||X||X||X|
|12-month term lengths||X||X||X|
|Instant Funding – funds sent to your account in seconds*||X||X|
|One consolidated payment for all withdrawals||X||X|
|Revolving lines of credit||X||X||X|
|Transparent pricing with SMART Box Capital Comparison Tool||X|
|Business credit building||X||X|
|Minimum requirements as low as 3 years in business & $250K annual revenue||X||X|
|10-minute online application||X||X|
|Soft credit pulls||X||X|
Applying for a line of credit at OnDeck is quick and simpleGet Started
Takes less than 10 minutes
Just provide us a few pieces of information—online or on the phone, it’s your choice
Ready in as fast as one business day
Your dedicated loan advisor will reach out and work with you to choose the best offer
Available as soon as same day
Complete the online checkout and the money is in your business bank account within 24 hours
Frequently asked questions about OnDeck’s 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. 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.
Can I get a term loan 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.
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.
How much will it cost?
Interest rates start at 10.99% annual percentage rate (APR). 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*.
Here’s what business owners like you have to say in real-time
*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.
Annual percentage rate (APR) is the interest rate in annualized terms, including fees. 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 weighted average APR for lines of credit is 35.16%. Weighted averages are based on loans originated in the quarter ending December 31, 2019.