In November we invited five customers to OnDeck to share their experiences getting a small business loan—what was it like, was it easy, was it time consuming? Not long ago we shared what they thought of their experience with the bank—they unanimously agreed, bankers just don’t get Main Street.
Then we held our breath and asked what they thought of their experience with OnDeck. Here’s what Gerald Palumbo of Seasons, A Floral Design Company, Ben Bohen of Waterfront Wines, Jay Fine of One Call Support Services, Laura Mignott of Digital Flash, and Tom Bernard of ProCraft Interiors all agreed on:
“I liked the person I spoke with on the phone.” All five panelists talked about their positive experience with us on the phone. We were happy to hear they thought our people were helpful and professional.
“The process was efficient and my loan was funded in only 48 hours.” Unlike their previous experiences with reams of paperwork and the weeks-long process to wait for an approval, all five of the panelist talked about how streamlined the process was by comparison and how quickly their loan was funded. Time to funding is an important consideration when the purpose of a loan is to capitalize on a special offer from a supplier or ramp up growth to meet the requirements of a new contract.
“It felt like my small business mattered to OnDeck.” In contrast to their experience with other lenders (including their local bank), they felt like the loan specialist on the phone was really interested in helping their business. One of the panelists even said, “OnDeck has the type of people I’d choose to do business with in any industry. Everyone I talked to seemed to be ethical and wanted to make sure I got the best loan for my business.”
“The whole process was online, over the phone, and very convenient.” All five panelists liked how convenient it was to work with OnDeck. The all thought the process was quick and easy-to-understand. “I have to wear so many hats that the fact it was so quick and easy is very rare—and very appreciated,” said one of the panelists.
The reason we gathered the panel together was to hear suggestions for what we could do to improve—but it’s hard not to share such kind words from our customers. In subsequent posts we’ll share some of what we’re doing to make the OnDeck experience even better.