Small Business Short Term Loan

Business loans on your terms

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Applying for a short term loan will not impact your personal credit score

Every business has different needs. You can customize an OnDeck Short Term loan to meet whatever challenges and opportunities come your way.

Loan amounts from
$5K-$500K

Term lengths from
3 to 36 months

Automatic daily or weekly payments

Key Benefits

Same Day Funding: get funds in your business checking account by 5pm the same day if you finalize your loan during the eligible timeframe*

100% Prepayment Benefit: if you qualify for this option, you can pay your loan off early and all remaining interest is waived with no penalty or fee*

Loyalty benefits: for returning customers who renew with OnDeck, we waive all remaining interest on your current loan – 80% of customers come back to us for future financing needs!

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

What can I use a short term loan for?

A short term loan can allow you to take advantage of opportunities quickly and easily. Short term loans are a great option when you need a short-term infusion of funds for a specific project and purchases to drive your business forward. If you think you could benefit from business financing, there are several questions you can ask to make that decision easier to get the right short term loan for your business.

The most important question to ask is “What is the loan purpose?” Based on your answer to this question you may decide a short term loan will work for you. There are hundreds of reasons a short term loan is the right choice for your business – here are four popular reasons business owners opt to apply for a short-term loan.

4 ways to use a short term loan

  1. Project start-up costs: new projects often have upfront costs that exceed your regular cash flow.
  2. Bridging a seasonal cash flow gap: Some seasonal businesses have lulls between busy seasons and use term loans to meet short-lived cash flow demands.
  3. Purchasing quick-turnaround inventory at a discount: If an opportunity presents itself to buy discounted inventory, you don’t have to miss out on additional profits.
  4. Emergency repairs of critical equipment: When equipment breaks down you don’t have the luxury to stop and save up money to make the repair.

Do I qualify for a short term loan 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 small business short term loans
doesn’t have to be complicated

BanksMost Online Lenders
Loan amounts up to $500KXXX
Term lengths up 36 monthsXX
Same Day Funding – funds in your account by 5pm the same day*X
100% Prepayment Benefit – pay your loan off early and all remaining interest is waived*XX
Transparent pricing with SMARTBox® Capital Comparison ToolX
Business credit buildingXX
Minimum requirements as low as 3 years in business & 250k annual revenueX
10 minute online applicationXX
Soft credit pullsX

Applying for a short term loan 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

“Over the years, we’ve used different types of funding, like borrowing from family, credit cards, or working with banks. However, over the last few years we’ve used OnDeck exclusively, because they’ve been the easiest to work with. The application process is quick and easy. You know in a few days whether you’ve been approved, and the money comes to you when you need it.”

Karen Leppmann
Finnegan’s Toys & Gifts
Portland, OR

“As I went through working with banks and other sources, I realized that the process with OnDeck was a million times easier. The staff is really supportive and responsive, and the price is not that much different when you look at conventional loans that are long-term. OnDeck has a different product – they do a shorter term, but the pricing is actually comparable.”

Leah Retamozo
Bilingual Child Care and Education Center
St. Paul, MN

“I chose OnDeck because they had the terms that I wanted, and they were friendly and helpful. The application process was very simple. I spoke many times with my rep with concerns and questions because this was new to us. It was something that we had never really done, and he was so helpful and explained everything… they understood what I needed.” 

Frank and Lori Cosenza
C and C Automotive
Bullhead City, AZ

Frequently asked questions about OnDeck’s Short Term Loan

What is Same Day Funding*?
Same Day Funding is as simple as it sounds. It allows you to receive funds in your account as early as the day you finalize your term loan with OnDeck. There’s no special enrollment and no additional cost.

Can I get a line of credit in addition to my term loan?
We understand a business short term loan and a business line of credit can serve two very different purposes. At OnDeck you can easily apply and if approved, you may be offered a line of credit in addition to your existing term loan or in many cases you can start them at the same time.

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 do loyalty benefits work?
We believe in rewarding you for your loyalty and making it easy to access additional funding. Once your initial or current loan is 50% paid down you have the option to apply to renew your loan and you will not be charged any remaining interest on your existing loan. You may even qualify for a lower or 0% origination fee.

How does payback work?
Paying back your term loan with OnDeck is easy and hassle-free with automatic bank deductions so you don’t have to worry about missing a payment. 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 information you provided to OnDeck in your application.

How much will it cost?
Interest rates start at 11.89% annual percentage rate (APR). The total cost of your short term loan 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

*Same Day Funding is available for term loans up to $25K. Eligibility window is 7pm previous day up to 10:30am ET day-of. If checkout is done during eligibility window, funds will be available by 5pm local time. If checkout is not done during eligibility window, funds will be deposited within 1-3 business days.
Eligibility rules around creditworthiness and length of term loan apply. Saving money on outstanding interest is only applicable if a loan is prepaid in full before the end of your payment period. Term loans including the Prepayment Benefit option will have a higher interest rate, and may increase the total cost of the loan. When you pay off your loan early without a Prepayment Benefit, you would owe 75% of the remaining interest that was disclosed in your original loan agreement.
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 term loans is 49.06%. Weighted averages are based on loans originated in the quarter ending December 31, 2019.