OnDeck Loan Comparison Tool

We’re committed to transparency in lending.

We make loan terms easy to understand.

OnDeck’s loan comparison tool includes an easy-to-read disclosure that shows a breakdown of your cost of capital. It provides several ways to measure the cost of your loan so you can compare it to other offers.

Your loan comparison will show the following cost calculations:

  • Annual percentage rate.
  • Cost of financing.
  • Cents on the dollar.
  • Monthly payment amount.

This disclosure will also state whether the loan comes with any charges for early repayment and whether repaying early will potentially reduce your total interest charges.

How to read your OnDeck disclosure.

When you receive a loan offer from OnDeck, you’ll be shown a loan comparison disclosure like the one below. It provides you with the information you need to do an apples-to-apples comparison with other loan offers.

To read your loan disclosure, review each of the metrics for a cost breakdown of your loan. Compare each metric to those of other offers you may have received — for instance, you can compare loan offers according to annual percentage rate or average monthly payment.

Please note: 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.

Example Loan Amount

$75,000.00

Disbursement Amount

$73,125.00

Repayment Amount

$98,250.00

Metric

Metric Example

Metric Explanation

Annual Percentage Rate (APR)A

Metric Example

APR:

61.34%

Metric Explanation

APR is the cost of your financing expressed as a yearly rate. APR includes the amount and timing of the funding you receive, interest and fees you pay and the payments you make.B

Total Loan Cost

Metric Example

Cost of Capital (Interest Expense):

$23,250.00

Origination Fee:

+ $1,875.00

Other Fees:

$0.00

Total Loan Cost:

$25,125.00

Metric Explanation

This is the total dollar cost of our financing. This amount represents the total amount of interest and fees that you would pay based on the assumptions described at the top of this disclosure.

This amount does not include any fees or charges that you can avoid, such as late fees or returned payment fees.

Cents on the Dollar

Metric Example

Interest Expense:

$23,250.00

Loan Amount:

$75,000.00

Cents on the Dollar:
(excluding fees)

$0.31

Metric Explanation

This is the total amount of interest paid per dollar borrowed based on the assumptions made at the top of this disclosure. This amount is exclusive of fees.

Payment Amount and Frequency

Metric Example

Estimated Payment Amount:

$1,889.42

Payment Frequency:

Weekly

Metric Explanation

Your payment frequency will remain throughout the term of your loan.

The maturity date of this loan is the date the final payment is due in accordance with the payment schedule.

Manner of Payment

Metric Example

Pursuant to your Business Loan and Security Agreement, payments will be debited from your account through the lender’s automatic payment plan. Payments can also be made via mail or phone.

Metric Explanation

Daily payments are due each business day immediately following the date disbursement of the disbursement amount is initiated by the lender.

Weekly payments are due the same day each week as the day of the week disbursement of the disbursement amount is initiated by lender (or the next business day if such day is not a business day) beginning seven days after the disbursement amount is initiated.

Average Monthly Payment Amount

Metric Example

Repayment Amount:

$98,250.00

Term (in months):

12 Months

Average Monthly Payment Amount:

$8,187.50

Metric Explanation

This is our estimate of your average monthly cost for comparison purposes. This estimate does not include fees and other charges you can avoid, such as late payment fees and returned payment fees.

Repayment Term

Metric Example

12 months

Metric Explanation

This is the total repayment term of your loan assuming you make minimum payments pursuant to the repayment schedule.

Prepayment

There are no additional fees when you prepay. When you pay off your entire balance early, you may benefit from a Prepayment Interest Reduction percentage as specified in your loan agreement.

Metric

Metric Example

APR:

61.34%

Metric Explanation

APR is the cost of your financing expressed as a yearly rate. APR includes the amount and timing of the funding you receive, interest and fees you pay and the payments you make.B

Metric Example

Cost of Capital (Interest Expense):

$23,250.00

Origination Fee:

+ $1,875.00

Other Fees:

$0.00

Total Loan Cost:

$25,125.00

Metric Explanation

This is the total dollar cost of our financing. This amount represents the total amount of interest and fees that you would pay based on the assumptions described at the top of this disclosure.

This amount does not include any fees or charges that you can avoid, such as late fees or returned payment fees.

Metric Example

Interest Expense:

$23,250.00

Loan Amount:

$75,000.00

Cents on the Dollar:
(excluding fees)

$0.31

Metric Explanation

This is the total amount of interest paid per dollar borrowed based on the assumptions made at the top of this disclosure. This amount is exclusive of fees.

Metric Example

Estimated Payment Amount:

$1,889.42

Payment Frequency:

Weekly

Metric Explanation

Your payment frequency will remain throughout the term of your loan.

The maturity date of this loan is the date the final payment is due in accordance with the payment schedule.

Pursuant to your Business Loan and Security Agreement, payments will be debited from your account through the lender’s automatic payment plan. Payments can also be made via mail or phone.

Metric Explanation

Daily payments are due each business day immediately following the date disbursement of the disbursement amount is initiated by the lender.

Weekly payments are due the same day each week as the day of the week disbursement of the disbursement amount is initiated by lender (or the next business day if such day is not a business day) beginning seven days after the disbursement amount is initiated.

Metric Example

Repayment Amount:

$98,250.00

Term (in months):

12 Months

Average Monthly Payment Amount:

$8,187.50

Metric Explanation

This is our estimate of your average monthly cost for comparison purposes. This estimate does not include fees and other charges you can avoid, such as late payment fees and returned payment fees.

Metric Example

12 months

Metric Explanation

This is the total repayment term of your loan assuming you make minimum payments pursuant to the repayment schedule.

There are no additional fees when you prepay. When you pay off your entire balance early, you may benefit from a Prepayment Interest Reduction percentage as specified in your loan agreement.

Example Credit Limit

$50,000.00

Repayment Amount

$65,361.31

Metric

Metric Example

Metric Explanation

Annual Percentage Rate (APR)A

Metric Example

APR:

52.6%

Metric Explanation

APR is the cost of your financing expressed as a yearly rate. APR includes the amount and timing of the funding you receive, interest and fees you pay and the payments you make.B

Estimated Dollar Cost of Financing

Metric Example

Interest Expense:

$15,361.31

Metric Explanation

This is the estimated dollar cost of our financing. This amount represents the total amount of interest and fees that you would pay based on the assumptions described at the top of this disclosure.

The actual cost may vary depending on the amount you actually draw, and whether you take additional draws. Paying off the draw early may reduce the cost of financing; taking additional draws or taking longer to pay-off a draw may increase the cost of financing.

This amount does not include any fees or charges that you can avoid, such as late fees or returned payment fees.

Cents on the Dollar

Metric Example

Interest Expense:

$15,361.31

Credit Limit:

$50,000.00

Cents on the Dollar:
(excluding fees)

$0.31

Metric Explanation

This is the estimated amount of interest that you will pay per dollar borrowed on each draw.

The cents on the dollar disclosure assumes that you will make a single draw of the full credit limit and repay that draw pursuant to the terms of your Business Line of Credit Agreement without taking additional draws.

Taking additional draws prior to paying off your initial draw will change the cents on the dollar; therefore, the total cents on the dollar that you will pay depends on how long you take to repay the draw, and whether you take additional draws prior to the full repayment.

Payment Amount and Frequency

Estimated Payment Amount:

$5,446.78

Payment Frequency:

Monthly

Metric Explanation

This is our estimate of your payment amount based on the assumptions made above.

You may have different payment frequencies available to you, including weekly or monthly options. Please contact OnDeck if you have further questions.

Manner of Payment

Metric Example

Pursuant to your Business Line of Credit Agreement (“BLCA”), payments will be debited from your account through the lender’s automatic payment plan. Payments can also be made via mail or phone.

Metric Explanation

Your payments will be made weekly every Wednesday, or monthly on the 26th of each month.

Repayment Term

Metric Example

12 months

Metric Explanation

This is the repayment term on your draw. If you take out an additional draw before repaying an outstanding draw, the term (and thus, the Applicable Amortization Period) will reset.

Prepayment

There are no additional fees when you prepay. When you pay off your entire balance early, interest stops accruing until you borrow more and take another draw.

Metric

Metric Example

APR:

52.6%

Metric Explanation

APR is the cost of your financing expressed as a yearly rate. APR includes the amount and timing of the funding you receive, interest and fees you pay and the payments you make.B

Metric Example

Interest Expense:

$15,361.31

Metric Explanation

This is the estimated dollar cost of our financing. This amount represents the total amount of interest and fees that you would pay based on the assumptions described at the top of this disclosure.

The actual cost may vary depending on the amount you actually draw, and whether you take additional draws. Paying off the draw early may reduce the cost of financing; taking additional draws or taking longer to pay-off a draw may increase the cost of financing.

This amount does not include any fees or charges that you can avoid, such as late fees or returned payment fees.

Metric Example

Interest Expense:

$15,361.31

Credit Limit:

$50,000.00

Cents on the Dollar:
(excluding fees)

$0.31

Metric Explanation

This is the estimated amount of interest that you will pay per dollar borrowed on each draw.

The cents on the dollar disclosure assumes that you will make a single draw of the full credit limit and repay that draw pursuant to the terms of your Business Line of Credit Agreement without taking additional draws.

Taking additional draws prior to paying off your initial draw will change the cents on the dollar; therefore, the total cents on the dollar that you will pay depends on how long you take to repay the draw, and whether you take additional draws prior to the full repayment.

Metric Example

Estimated Payment Amount:

$5,446.78

Payment Frequency:

Monthly

Metric Explanation

This is our estimate of your payment amount based on the assumptions made above.

You may have different payment frequencies available to you, including weekly or monthly options. Please contact OnDeck if you have further questions.

Pursuant to your Business Line of Credit Agreement (“BLCA”), payments will be debited from your account through the lender’s automatic payment plan. Payments can also be made via mail or phone.

Metric Explanation

Your payments will be made weekly every Wednesday, or monthly on the 26th of each month.

Metric Example

12 months

Metric Explanation

This is the repayment term on your draw. If you take out an additional draw before repaying an outstanding draw, the term (and thus, the Applicable Amortization Period) will reset.

There are no additional fees when you prepay. When you pay off your entire balance early, interest stops accruing until you borrow more and take another draw.

A APR is calculated here according to the principles of 12 C.F.R. § 1026 (Regulation Z), using 12 payment periods of equal length and 12 payment dates per year for monthly pay products, 52 payment periods of equal length and 52 payment dates per year for weekly pay products, and 252 payment dates per year for daily pay products.

B You may incur other fees that are not part of the APR, such as late payment fees and returned payment fees.