How does OnDeck differ from traditional bank loans?

OnDeck offers a faster and more streamlined application process, direct lending without third-party intermediaries, and flexible repayment options.

What types of funding does OnDeck offer?

OnDeck offers both lines of credit (revolving credit) and term loans (one-time lump sum).

OnDeck

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Overview

OnDeck provides small business loans and lines of credit, offering funding solutions designed for simplicity and speed. Their platform focuses on direct lending, eliminating third-party intermediaries to expedite the application and funding process. OnDeck offers both term loans (one-time lump sum) and lines of credit (revolving credit), catering to different business needs. The technology powering OnDeck leverages data analytics to assess creditworthiness efficiently, providing funding decisions quickly. Their process involves a streamlined online application, expert loan advisor consultation, and rapid fund disbursement, often within the same day for lines of credit and term loans. OnDeck integrates with business checking accounts for seamless fund transfers and repayments. This direct lending approach allows for customized solutions and faster access to capital compared to traditional bank loans.

Common tasks

Business Funding Cash Flow Management Equipment Purchase Business Expansion

FAQ

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What are the minimum requirements to qualify for funding?

You need to be in business for at least one year, have a business checking account, $100K in annual revenue, and a 625 personal FICO score.

How quickly can I receive funding?

Lines of credit can fund instantly, while term loans can fund the same day upon approval.

Will checking my eligibility affect my credit score?

No, checking your eligibility does not involve a hard credit pull and will not affect your credit score.

What can I use the funding for?

You can use the funding for various purposes, including purchasing inventory, covering payroll, expanding your business, launching marketing campaigns, upgrading equipment, and consolidating debt.

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