OnDeck Review for 2026

Financing Options

OnDeck financing includes both term loans and lines of credit. To qualify for either of these funding options, borrowers must meet the minimum eligibility requirements:

• At least one year in business
• $100,000 in annual business revenue
• Business owner’s credit score of at least 625
• Business checking account

Additionally, this lender lets you check your options without a hard credit check.

Term Loans

If you need a quick capital infusion for a specific project or you’d like to spread a large purchase over multiple periods to make it easier to digest, OnDeck term loans are the way to go. Here’s a quick overview:

• Loan amount: $5,000 to $400,000
• Term length: up to 24 months
• Repayment options: fixed payments

OnDeck doesn’t provide a full list of reasons applicants can get approved for a term loan. However, here are some of the most common purposes for financing:

• Project startup costs
• Purchasing quick-turnaround inventory at a discount
• Emergency purchases or repairs of critical equipment
• Bridging a seasonal gap in cash flow
• Hiring, payroll, renovations, and expanding your business footprint

Lines of Credit

OnDeck also offers revolving lines of credit – a type of financing that works as a safety net and lets you run your business without having to go through a new loan application process every time you need some additional funds.

An OnDeck line of credit can be worth up to $200,000 and it doesn’t include any restrictions on when you can withdraw funds. Here’s a quick overview of this type of loan:

• Loan amount: $6,000 to $200,000
• Draw term length: 12, 18, or 24 months
• Repayment options: weekly or monthly

Borrowed funds are returned to your credit line as you repay them. The total borrowing amount is recalculated each time you draw from your line of credit, and you repay a percentage of it each week.

Another good thing about OnDeck’s credit lines is that they’re not limited to a particular purpose or tied to specific collateral. Some of the most common purposes stated when applying for this type of funding include:

• Overcoming a short-term capital need
• Purchasing inventory
• Repairing equipment
• Covering recurring expenses such as payroll
• Financing a marketing campaign
• Smoothing seasonal gaps and taking on larger opportunities

Application Process

Applying for a business loan is fast and simple. To start the process, you’ll need to fill out an online questionnaire. Completing the application takes less than 10 minutes and can be done either online or over the phone.

As soon as you’ve provided all the necessary personal and financial information, the lender will review your application and let you know whether you’re eligible for the loan. OnDeck says you can check your loan options without affecting your credit score, and if approved, you can work with a loan advisor to choose the funding option that best fits your business.

Should you decide to accept the offer, the advisor will walk you through the online checkout process. After that, the money will be wired into your business checking account within a day.

For qualified borrowers, funding can happen as soon as the same day.

Information Needed to Apply

Apart from some information about you and your business and the reason you need the loan, here’s what OnDeck may ask you to submit:

• Business tax ID
• Business bank statements for the past three months
• Your Social Security number
• Driver’s license number and state of issue

After you’ve completed your application and provided any requested documents, OnDeck will perform a soft credit pull that won’t affect your FICO score. As part of the underwriting process, the company will review your annual revenue, cash flow, and bank statements in addition to your credit history.

Loan Features

OnDeck offers term loans ranging between $5,000 and $400,000 for periods of up to 24 months. Borrowers can also opt for flexible lines of credit with limits ranging from $6,000 to $200,000 and repayment terms of 12, 18, or 24 months.

Given that OnDeck doesn’t take more than a single business day to approve or reject a loan application, we highly recommend giving this online lender a chance when shopping around for the best rates.

OnDeck is hardly the market’s most cost-effective option. On the bright side, large loan amounts make this provider stand out from the crowd. If you’re a small-business owner who can’t qualify for business funding provided by traditional lenders but still need a large sum of working capital, you should consider applying for one of their financial products.

Benefits include same-day funding, which means you’ll receive your money the same day you finalize your loan application.

As a repeat customer, you can get remaining unpaid interest waived in some refinance situations and may qualify for a lower origination fee.

Should you turn to OnDeck for your future financing needs, the company may also offer you a lower origination fee or no fee at all.

Lines of Credit

The company is also well-known for offering good deals on lines of credit. This financial product’s mechanisms are similar to those of a credit card – once you repay the balance on your line of credit, that amount is then available for reuse.

However, you should bear in mind that using this type of business funding doesn’t make sense if the costs of borrowing turn out to be higher than the return on investment.

Although the lowest interest rates on lines of credit are reserved for borrowers with the highest credit scores, excellent cash flow, and strong repayment history on prior financing products from OnDeck, it’s still possible to get a good deal.

Term lengths are 12, 18, or 24 months, and unlike term loans, lines of credit charge interest only on the funds you draw. All withdrawals are consolidated into one repayment schedule, and as you pay the balance down, your available credit replenishes.

One of the best things about this type of capital infusion is that you can draw from your line of credit anytime. Thanks to the instant funding option and 24/7 draw access for eligible businesses, you can withdraw funds from your line of credit even on nights and weekends.

The funds are not limited to use for a specific purpose, and as you pay the loan back, they replenish and become available for reuse.

Eligible and Non-Eligible Businesses

Given that eligibility criteria include a year in business, annual revenues of $100,000, and a personal credit score of 625, it’s safe to say that OnDeck’s loan requirements are much more forgiving than those a traditional bank may impose

OnDeck offers its financial products to businesses in more than 700 industries. However, businesses in certain fields don’t qualify for a loan from this provider. Here’s the list of restricted business types:

• Drug dispensaries
• Adult entertainment
• Firearms vendors
• Government and non-profit organizations
• Religious and civic organizations
• Public administration
• Horoscope and fortune telling
• Lotteries and gambling
• Financial services
• Rooming and boarding houses
• Used goods dealers, vehicle dealers, and auction houses
• Art dealers
• Bail bond services
• Boat dealers
• Gold dealers
• Manufactured home dealers
• Money services businesses
• Mortgage and non-mortgage loan brokers
• Motorcycle, ATV, and other vehicle dealers
• Multi-level marketing
• New car dealers
• Pawn shops
• Private households
• Recreational vehicle dealers
• Used car dealers
• Wireless mobile phone stores

Repayment Terms

The options to access your account include the lender’s online platform and sign-in portal.

According to OnDeck’s repayment policy, repayments are deducted automatically from your business bank account on a daily, weekly, or monthly basis depending on the type of offer you receive

All payments are withdrawn from your company’s bank account automatically, so you don’t have to worry about missing a deadline. If you decide to pay off your loan early, the amount of remaining interest you may still owe depends on the specific prepayment option attached to your loan.

With lines of credit, you repay what you draw over the selected term while available credit becomes reusable as you pay the balance down.

Both of OnDeck’s financial products can be renewed once you’ve repaid enough of your current balance and meet OnDeck’s approval standards. If you decide to apply for another term loan, the company may offer you a lower origination fee and even waive this fee completely in some refinance scenarios.

OnDeck reports repayment activities to business credit bureaus. While timely payments won’t affect your personal credit score, they may help build your business credit score and help you qualify for better loan offers in the future.

Customer Support & User Satisfaction

OnDeck provides support either via the contact form on the website or by phone. There is also a solid amount of information you can find in the FAQ section.

When it comes to customer satisfaction, OnDeck really shines, as it holds a near-perfect 4.7/5 score on Truspilot, from more than six thousand reviews. Most customers praise the company for providing a streamlined and efficient service.

Our Verdict

Considering that OnDeck is willing to lend to applicants with personal credit scores as low as 625, its products may be just what you need until you can qualify for financing at lower rates.

Although this lender’s offerings aren’t the most competitive and its eligibility requirements aren’t the most liberal on the market, discounts for loyal customers, exceptionally fast funding, and excellent user experience throughout the whole process are enough to explain why customers keep coming back to this lender.

It makes the most sense for established small businesses that need fast access to working capital and can handle frequent automatic repayments.