OnDeck Review

OnDeck Online Lender Review, Lending Club Online Lender Review, Credit Suite, Yellowstone Capital Online Lender Review, Lendio Online Lender Review Funding Circle, Bond Street Review, SquareTwo Financial, Kabbage, Prosper, Fundation, Fundera, Behalf, CAN Capital, Balboa Review, Credibly Review, LenCred Review-Pearl Financing Review
Summary
Review Date
Reviewed Item
OnDeck
Author Rating
41star1star1star1stargray

Credit Suite Blog

Get current information on getting credit and loans to grow your business

CLICK HERE TO LEARN MORE

Summary
Review Date
Reviewed Item
OnDeck
Author Rating
41star1star1star1stargray

OnDeck Review

Published By Janet Gershen-Siegel at June 4, 2018

OnDeck Online Lender Review, Lending Club Online Lender Review, Credit Suite, Yellowstone Capital Online Lender Review, Lendio Online Lender Review Funding Circle, Bond Street Review, SquareTwo Financial, Kabbage, Prosper, Fundation, Fundera, Behalf, CAN Capital, Balboa Review, Credibly Review, LenCred Review-Pearl Financing Review>

Our OnDeck Online Lender Review Can Help You Make a Better Business Decision

Written by Janet Gershen-Siegel

Are you looking at the OnDeck online lender? OnDeck is one of several online lending companies. They offer short term loans and lines of credit. We look at the specifics and drill down into the details.

Background

OnDeck is located online here: https://www.ondeck.com/.

Their American physical address is:
1400 Broadway
New York, NY 10018.

You can call them at: (888) 269-4246. You can also email them at: [email protected]. There is no contact page but you can chat with customer service directly on their site.

This online lender has been in business since 2007.

OnDeck Online also has a Canadian division, located online here: https://en-ca.ondeck.com/. There is, in addition, an Australian division, located online here: https://www.ondeck.com.au/. There is even a Spanish version of the American site.

OnDeck also receives some small business loan referrals from Prosper. See: https://www.prosper.com/borrower/#/prospect/pre-registration.

Short Term Loans

Amounts available range from $5,000 – $250,000. You can get terms of 3 – 24 months. Your company must have annual revenue of $100,000 or more.

Also, your own personal FICO score has to be 500 or better. Your company must be in business for 12 months or more.

In the Australian part of their site, the amounts available range from $10,000 – $150,000, and those terms are 6 – 24 months.

Fees

This type of financing comes with an 8.5% – 79% APR.

Lines of Credit

Amounts available range from $5,000 – $100,000. The term is 6 months. Your company has to have annual revenue of $100,000 or more.

In addition, your own personal FICO score has to be 600 or better. Your company must be in business for 9 months or more.

Fees

This particular financing comes with a 13.99% to 36% APR.

Advantages

Advantages include the rather low FICO score requirement for term loans. Plus there is some flexibility when it comes to term lengths.

In addition, few United States-based online lenders will loan outside of the country. Whereas OnDeck will loan to Canadian and Australian businesses.

The Spanish version of their website is another welcome touch.

Disadvantages

Disadvantages are the maximum APR for both term loans and lines of credit are extremely high. Therefore, if your company cannot pay back a loan or line of credit, it could potentially sink you financially. In addition, OnDeck will require a personal guarantee.

Takeaways

Business owners with bad personal credit would do well to take a second look at the OnDeck online lending company.

However, with qualification comes a steep APR price tag and the requirement of a personal guarantee.

However, this is somewhat understandable. This online lender, of course, wants to be able to get something, anything, in the event that you and your company default on a loan.

Borrowers in Canada and Australia can also work with OnDeck, although Canadian borrowers also have NUGROWTH/IBIS (http://www.nugrowthcapital.com/) as an option, although NUGROWTH/IBIS has a higher minimum personal FICO score requirement.

A Few Words to the Wise

Business owners would probably do better building business credit. Business credit could be a significant asset for many business owners, startup business owners in particular.

Or they could try for unsecured business financing or microloans if their financial requirements are small.

And finally, as with every other lending program, read all of the fine print and do the math. Go over the details carefully and take your time if you can.

Only you can decide if this option will be good for you and your company.

In addition, consider alternative financing options that go beyond lending. These include building business credit, to best decide how to get the money you need to help your business grow.

Today, we want to hear from our audience! Share your voice with us about your experiences with OnDeck and other online lenders.

Summary
Review Date
Reviewed Item
OnDeck
Author Rating
41star1star1star1stargray
Summary
Review Date
Reviewed Item
OnDeck
Author Rating
41star1star1star1stargray

Leave a Reply

Your email address will not be published. Required fields are marked *

Leave a Reply

Your email address will not be published. Required fields are marked *