Introduction to OnDeck Business Loans
OnDeck has established itself as a trusted online lender specializing in small business financing. Known for its streamlined OnDeck loan application process and fast funding, OnDeck offers flexible solutions tailored to entrepreneurs who need quick access to capital. Whether a business requires funds for expansion, inventory, or cash flow management, OnDeck provides competitive loan products with transparent terms.
This guide walks borrowers through the OnDeck loan application process, eligibility criteria, required documentation, and expert tips to secure approval.
Types of OnDeck Business Loans
OnDeck offers two primary financing options: term loans and lines of credit. Below is a breakdown of each:
1. OnDeck Term Loans
- Loan Amounts: $5,000 – $250,000
- Repayment Terms: 12–24 months
- Interest Rates: Starting at 11.89% (rates vary based on creditworthiness)
- Best For: One-time expenses like equipment purchases or renovations
2. OnDeck Business Line of Credit
- Credit Limit: $6,000 – $100,000
- Draw Period: 12 months (renewable upon review)
- Interest Rates: Competitive variable rates
- Best For: Ongoing working capital needs
Key Features:
- Fast Funding: Approved applicants may receive funds within 24 hours.
- Weekly or Daily Repayments: Flexible payment schedules align with cash flow.
- No Prepayment Penalty: Borrowers can pay off loans early without fees.
Eligibility Requirements for an OnDeck Loan
Before applying, borrowers should ensure they meet OnDeck’s minimum qualifications:
Credit & Financial Criteria
- Minimum Credit Score: 625 (personal FICO score)
- Time in Business: At least 1 year
- Annual Revenue: $100,000+
- Debt-to-Income (DTI) Ratio: Below 50% preferred
Required Documents
- Business Bank Statements (last 3–6 months)
- Proof of Ownership (business license, EIN)
- Personal Identification (driver’s license, SSN)
- Recent Tax Returns (business and personal)
Step-by-Step OnDeck Loan Application Process
Step 1: Prequalify Online
Borrowers can check eligibility without a hard credit pull by visiting OnDeck’s website and completing a short form. This step provides estimated loan amounts and rates.
(Suggested screenshot: OnDeck prequalification page with form fields highlighted.)
Step 2: Submit a Formal Application
After prequalification, applicants must:
- Choose between a line of credit or a term loan.
- Enter Business Details: Industry, revenue, and time in business.
- Link Bank Account: Secure verification via Plaid.
Step 3: Upload Supporting Documents
OnDeck may request additional paperwork, such as bank statements or tax returns, via a secure portal.
Step 4: Review and Accept Offer
Approved borrowers receive a loan agreement outlining the amount, APR, and repayment schedule. Carefully review terms before e-signing.
Step 5: Receive Funds
Once signed, funds are typically deposited within 1–2 business days.
(Suggested screenshot: OnDeck dashboard showing funding timeline.)
Tips to Improve Approval Odds
- Boost Credit Score: Pay down debts and correct credit report errors.
- Increase Revenue: Demonstrate consistent cash flow with updated bank statements.
- Reduce DTI: Lower existing debt obligations before applying.
- Prepare Documents Early: Speed up underwriting by having paperwork ready.
Frequently Asked Questions (FAQ)
1. For an OnDeck loan, what credit score is required?
A minimum FICO score of 625 is required, but higher scores secure better rates.
2. How fast does OnDeck fund loans?
Approved applicants often receive funds in 24–48 hours.
3. Are there prepayment penalties?
No—borrowers can repay early without fees.
4. Can startups apply?
No. OnDeck requires 1+ years in business and $100K+ annual revenue.
Alternative Lenders if Denied
If OnDeck declines an application, consider these options:
| Lender | Loan Type | Min. Credit Score | Speed |
| BlueVine | Line of Credit | 600 | 24 hrs |
| Fundbox | Short-Term Loans | 600 | 1 day |
| Kabbage | Business Line | 640 | 1–3 days |
Final Thoughts & Call-to-Action
OnDeck simplifies small business lending with quick approvals, competitive rates, and a user-friendly OnDeck loan application process. By meeting eligibility requirements and preparing documentation in advance, borrowers can efficiently secure financing.
Ready to grow your business? Apply for an OnDeck loan today and access funds in as little as 24 hours!
