OnDeck makes it easy to understand your loan terms before you sign on the dotted line

We believe in business loan transparency and want you to have the right information to make financing decisions for your business. Lenders express pricing in different ways, which may sometimes be difficult to compare loans.

That’s why OnDeck led a multi-lender initiative to establish the Innovative Lending Platform Association (ILPA). The ILPA launched a first-of-its-kind capital comparison tool called the Straightforward Metrics Around Rate and Total Cost — or the “SMART Box®.”

In plain English and an easy-to-read format, OnDeck shows you key terms you need to evaluate potential loan offers. The SMART Box is a disclosure form that provides a comprehensive, standardized breakdown of your cost of capital.

This tool is provided to help you understand and assess the cost of your small business financing when you are given an OnDeck offer.

The calculations below involve certain key assumptions about this Loan, including that the Loan is paid off in its entirety according to the agreed payment schedule and that no repayments are missed.

¹ The Disbursement Amount is the amount of capital that a business receives and may be different from the Loan Amount. The Disbursement Amount is net of fees withheld from the Loan Amount. A portion of the Disbursement Amount may be used to pay off any amounts owed from a prior loan or an amount owed to a third party.

² Your business may incur other fees that are not a condition of borrowing, such as late payment fees, returned payment fees, or monthly maintenance fees. Those fees are not reflected here. See your loan arrangement for details on these fees.

³ APR should be considered in conjunction with the Total Cost of Capital. APR may be most useful when comparing financing solutions of similar expected duration. APR is calculated here according to the principles of 12 C.F.R. § 1026 (Regulation Z), using 52 payment periods of equal length and 52 payment dates per year for weekly pay products.

© 2017 Innovative Lending Platform Association. All rights reserved. Innovative Lending Platform Association is not responsible for any misuse of the SMART Box® or any inaccuracies in the calculations or information included therein.


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