Updated: Feb. 21, 2019

OnDeck FAQ

We want to make getting business financing from OnDeck as easy as possible. And we often get asked the same questions by small business owners looking to take financing for their business. So, we want to share the top 10 questions we get asked and answer them for you.

1. What products do you offer?

OnDeck offers true small business Term Loans and Lines of Credit.

We have one simple application for both term loans and lines of credit, so we can present you with all of the financing options available to you and your business.

2. What are your loan amounts and terms?

OnDeck offers Term Loans from $5,000 – $500,000 over 3-36 months. 1

Our Lines of Credit go up to $100,000 with payback on draws up to 12 months. (The lines of credit are revolving, so as you pay it back your available funds increase.)

3. How does the application process work?

Our application takes minutes to complete! You can apply online or over the phone by calling (888) 269-4246.

We’ll only need your basic business and owner information to apply and 3 months of your most recent bank statements.

4.Will my credit be impacted by applying?

We are mindful of your hesitation to have a credit inquiry on your record. In the US, we always do a “soft pull” (which doesn’t impact your personal credit score), unless your credit file is restricted, in which case we would contact you to lift the restriction and do a hard pull.

5. What are your minimum requirements?

OnDeck Minimum Requirements Include:

  • 1 year in business. Our median customer has been in business for 7 years.
  • $100,000 in gross annual revenue. Typical gross annual revenues exceed $450,000.
  • Business owner’s minimum personal credit score of 600. The majority of owners have scores of 650 or higher.
  • At least 5 deposits to your business checking each month

OnDeck serves over 700 industries, so it’s likely that we’re able to work with you.
Just in case, here is a list of the few industries we can’t serve.

6. What information do I need to apply?

OnDeck requires little to no paperwork to apply. Before you start filling out the application make sure to have this information on hand:

  • Your  Business Tax ID number (EIN)
  • Your Social Security number
  • Estimated annual gross revenue
  • Average bank balance

You will need to submit your last 3 months of business bank statements.2 (Need help downloading your bank statements from your bank’s website? Here are step-by-step instructions for some major banks.)

7. What are your rates?

 The cost of your loan depends are many variables. Your actual rate is primarily determined by our OnDeck Score technology. We analyze numerous data points and base your rates on the health of your business, not just your personal credit score.

OnDeck offers a range of rates based on your business. OnDeck offers:

  • Term loans as low as 9.99% annual interest rate (AIR)1,3
  • Lines of Credit as low as 13.99% annual percentage rate (APR)1,3

8. How does payback work?

OnDeck uses frequent payments to payback your loan without the burden of a large monthly payment that banks and many other lenders put on you. We know this is a little different, but it works for our customers. The daily or weekly payment is based on the amount and term length of your financing and is intended to be a manageable number based on the data you provided to OnDeck.

9. How can this loan help my business credit?

If you take a loan from OnDeck, an institution that reports to the business credit bureaus, and if you make timely payments, then these payments should help build your business credit profile, which in turn may lead to better offers if you apply for a loan again in the future.

OnDeck reports to three of the major business credit bureaus—Experian, Equifax, and Paynet—so any future lender can see your good business credit profile if you make timely payments and pay down the loan in full. Want to know more? Read this quick article.

10. How long does it take to get funded?

OnDeck can deliver decisions in minutes, and funding in as fast as 1 business day.


All loans subject to lender approval. Depending on the state where your business is located and other attributes of the loan, your business loan may be issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Your loan agreement will identify the loan issuer prior to your signing.

¹Eligibility for the lowest rates, largest amounts, and longest term lengths are 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 rate for term loans is 24.6% simple interest and 42.5% AIR; weighted average for lines of credit is 32.1% APR. Weighted averages are based on loans originated in quarter ending June 30, 2017.

 2 Some further documentation may be needed, for example to verify identities.

3 Rate Definitions:
Simple Interest: Total interest you will pay, and given as a percentage of the amount borrowed, excluding fee
Annual Interest Rate: The interest rate in annualized terms, excluding fees
Annual Percentage Rate: The interest rate in annualized terms, including fees



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