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Frequently Asked Questions

What products do you offer?
OnDeck offers business term loans and lines of credit. There is one application for OnDeck financing and our system will evaluate which one best fits your business’s cash flow and needs.
What are your loan amounts and terms?

Our term loans range from $5,000 - $500,000 over 3 – 36 month terms.

Our lines of credit go up to $100,000. Payments are made over six months. The lines are revolving so as you pay down your balance, your available funds increase.

How does the application process work?
OnDeck’s application process is simple and typically takes about 10 minutes. You can apply online or over the phone by calling (888) 269-4246.
What information do I need to apply?
Typically, we only require basic information about yourself and your business. Depending on your loan amount, we may also ask for:
  1. Business Tax ID
  2. Credit card statements for the previous 3 months
  3. Bank statements for the previous 1 to 3 months
  4. Social Security number of business owner(s)
  5. Driver's license number and state of issue
How do I qualify for OnDeck financing?
OnDeck has a variety of loan options to suit your needs.  To qualify for an OnDeck loan, your business should have the following characteristics:
  1. Minimum 9 months in business
  2. Minimum of $75,000 in annual revenue
  3. Minimum 500 FICO score of the business owner
Contact a loan specialist at (888) 269-4246 to see what options are available for you.
How quickly can I receive an OnDeck loan?
OnDeck can deliver decisions in minutes, and funding in as fast as 24 hours.
Is there any obligation to apply?
No, there is no obligation.
How does repayment work?

OnDeck deducts a fixed payment from your business bank account on a daily or weekly basis, depending on the loan type you are approved for. These fixed payments help ensure minimal impact to your cash flow and are proven to prevent the snowball effect often caused by missing larger monthly payments.

As a customer, you will have access to an online account where you can monitor your loan and payment activity 24/7/365. Also, with our mobile apps for both Apple and Android devices you have access whenever and whenever you wish.

Is OnDeck an unsecured loan?
OnDeck loans are not unsecured. However, we do not require any specific amount, type or value of collateral and no appraisal or specific assets are required. They loans are secured by a general lien on the assets of the business and backed by a personal guarantee. We do not take personal assets of the guarantors as collateral.
How is OnDeck different from other lenders?
We can deliver decisions in minutes and we value your overall business performance – not just your personal credit score. And unlike merchant cash advances, we build your business credit and deduct fixed daily or weekly payments, rather than a batch percentage of your sales.
What industries do you work with?

We work with more than 700 different kinds of businesses including restaurants, retailers, auto repair shops, healthcare professionals, HVAC contractors and many other service providers.

We don't serve these restricted industries.

What are your rates and fees?

Your rate will be determined by the health of your business and cash flow. We charge an origination fee of 2.5% - 4% on your first loan, and if you renew you may be eligible for subsequent reductions.

For lines of credit, there is a $20 monthly maintenance fee that is waived for your first six months if you draw $5,000 or more within one week of opening your line.

I can’t log in to my OnDeck account online, what do I do?
After clicking on "Sign In" you can access your account by clicking "Not Sure?" and verifying information. You may also have password reset instructions emailed to you by clicking on "Forget?"
Where can I see my current balance for my Term Loan or Line of Credit?
You may view your current balance via your account online. You may access your account via the "Sign In" button at the top right of the OnDeck.com webpage.
Can I receive both a term loan and a line of credit at the same time?

This may be possible, depending on your business credit and annual revenues.

You can contact your dedicated Account Manager or call 1-888-828-5717 to speak with someone about eligibility.

How much of my payments have gone towards principal and interest?
Monthly Statements are available in your online account. You may access your account via the "Sign In" button at the top right of the OnDeck.com webpage. If the statement is not available please contact Customer Service for assistance.
I need to change the bank account that OnDeck is currently debiting. Can I do this online?
OnDeck is happy to assist you with a bank account change request. Please reach out to OnDeck Customer Service for more information. Currently online support of a bank account change is not supported.
I have questions about payments such as how to make additional payments or payment relief options?
Please reach out to our Customer Service team so we may evaluate your request and reach out to the proper channels.
There is a HOLD on my line of credit account, who should I contact?
Please contact our Payment Support team at 1-888-994-6603.
I believe there was an extra payment taken from my account. Why would I be seeing this?
ACH transactions take 24hrs to process so your account will always draft the day after we initiate the payment.
OnDeck has filed a UCC on my business, how do I get this released?
Once your loan is paid in full, please email OnDeck Customer Service at customerservice@ondeck.com with a written request to release the UCC.
When are we eligible for additional funding?
You may be eligible for additional funding when your loan is 50% paid down, however, speaking with your loan specialist for instructions is always recommended.
When can I increase the credit limit for my Line of Credit?
After 6 months of regular utilization your line of credit account will be eligible for an automatic evaluation. Based on payment performance and your business health and credit profile your credit line may be approved for an increase. OnDeck will notify you via email if there is a change to your credit limit.
I do not need my Line of Credit anymore, how do I close it out?
If you need to permanently close your Line of Credit, please email customerservice@ondeck.com to request the closure.

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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.
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1400 Broadway, New York, New York.

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