Small Business Line of Credit

Your business doesn’t sleep. Neither should your line of credit.

Get Started

Applying for a line of credit will not impact your personal credit score

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

Loan amounts from

12 month term lengths

Automatic weekly

Key Benefits

Instant Funding: funds are sent to your account in seconds every time you make a draw, 24/7 even on nights and weekends*

Revolving line of credit: funds replenish as you pay them back– once you’ve repaid what you borrowed you have access to your full credit limit again

Pay interest only on what you borrow: withdraw money only when you need it, and pay interest only for the amount of time you have the funds out

One consolidated payment for all withdrawals: all draws are combined into one loan with one easy weekly payment so you don’t have to worry about multiple payment schedules

No prepayment penalties: pay your line of credit off anytime you’d like with no penalty or fee

Business credit building: we report payments to bureaus so that your on-time payments help build business credit

What can I use a business line of credit for?

Access to a business line of credit can be a valuable asset for a small business. Unlike a term loan, a credit line allows you to run your business without having to apply for a new loan every time you need a bit of extra funds.

You can use your access to a business line of credit when you’re planning for the future. Besides being a safety net for when things might go wrong, it also allows you to take advantage of opportunities when they may arise. What makes a business line of credit valuable to a small business is the revolving nature of it, meaning you have the ability to access the line of credit when needed, pay down the balance, and the funds are replenished so you can use the line again. There are many uses for a credit line – here are five popular reasons business owners use a line of credit.

5 ways to use a line of credit

  1. Purchasing inventory
  2. Repairing equipment
  3. Financing a marketing campaign
  4. Overcoming a short term capital need
  5. Ramping up for a new contract

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

BanksMost Online Lenders
Lines of Credit up to $100kXXX
12-month term lengthsXXX
Instant Funding – funds sent to your account in seconds*XX
One consolidated payment for all withdrawalsXX
Revolving lines of creditXXX
Transparent pricing with SMART Box Capital Comparison ToolX
Business credit buildingXX
Minimum requirements as low as 3 years in business & $250K annual revenueXX
10-minute online applicationXX
Soft credit pullsXX

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

Get Started

1 Complete the application

Takes less than 10 minutes

Just provide us a few pieces of information—online or on the phone, it’s your choice

2 Review your options

Ready in as fast as one business day

Your dedicated loan advisor will reach out and work with you to choose the best offer

3 Get your funds

Available as soon as same day

Complete the online checkout and the money is in your business bank account within 24 hours

“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

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.