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OnDeck Small Business Loans: 2023 Review

Updated Sep 13, 2023

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At a glance

Rating: 4.5 stars out of 5
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Rating: 4.8 stars out of 5
Rating: 3.4 stars out of 5
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Rating: 4.4 stars out of 5
Rating: 5 stars out of 5
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Since 2006, OnDeck has funded $15 billion in small business loans. It currently offers term loans and lines of credit to borrowers with fair credit.

Lender Details

  • Moneybag

    Loan amount


  • Rates

    Interest rate

    29.90% APR

  • Clock Wait

    Term lengths

    12-24 months

  • Dollar

    Min. annual revenue


  • Business

    Min. time in business

    1 year

Who OnDeck is best for

You don’t need perfect credit to get approved with OnDeck, which makes it a good fit for fair-credit borrowers. Furthermore, startups who have trouble getting approved elsewhere because they haven’t been operable for at least a year may have better luck with OnDeck. The lender’s fast funding times also make it worth considering if you need working capital right away, despite the hefty borrowing costs.

Who OnDeck may not be best for

If you’ve been in business for more than a year and have a solid credit rating, you may qualify for a better loan offer elsewhere. Borrowers seeking a long-term financial solution should also look beyond OnDeck for a business loan since the maximum loan term is just 24 months. And, of course, if you operate in a state or industry OnDeck doesn’t serve, you’ll have to try another lender.

OnDeck: in the details

OnDeck pros and cons


  • Checkmark

    Same-day funding

  • Checkmark

    Build business credit

  • Checkmark

    Early repayment incentive


  • Not available in all 50 states

  • Steep APRs

  • Loan origination fee

Business loan types offered

OnDeck provides term loans and lines of credit to small business owners.

Loan quick facts

  • Amounts: $5,000 to $250,000
  • Terms: 18 months to 24 months
  • APR: 29.90%; average is 62.10%

OnDeck business term loan overview

OnDeck features a customizable short-term loan for business owners looking to make a specific purchase or one-time investment. Funds are dispersed in lump-sum as soon as the same day. You’ll make fixed daily or weekly payments as you repay the loan.

If your loan is in good standing after you’ve paid off 50 percent of the balance, you could be eligible for a renewal that waives any remaining interest. Plus, the new loan may come with a reduced or waived origination fee.

OnDeck charges an origination fee of up to 4 percent. Additionally, if your loan doesn’t come with OnDeck’s Prepayment Benefit, repaying early means you’ll still owe 75 percent of the loan’s remaining interest. Loans are secured by a general lien on business assets, and you’ll have to sign a personal guarantee.

Loan quick facts

  • Amounts: $6,000 to $100,000
  • Terms: 12 months, revolving 
  • APR: 29.90%; average is 48.90%

OnDeck business line of credit overview

A business line of credit from OnDeck gives you access to a pool of cash you can borrow from to cover business-related expenses. Funds are disbursed within seconds, and you’ll only pay interest on the amount you borrow. You’ll get 12 months to repay each draws, and that term resets if you make a new draw.

There is no draw fee, but a $20 monthly maintenance fee applies. However, you can have it waived for the line’s first six months if you borrow $5,000 within the first week of opening the account. 

Loans are secured by a general lien on business assets, and you’ll have to sign a personal guarantee.

Do you qualify? 

Here are the eligibility guidelines for business term loans and lines of credit: 

  • 625 FICO score
  • $100,000 in annual business revenue 
  • One year in business 
  • Active business bank account in good standing 
  • Operate outside Nevada, North Dakota or South Dakota 

Note that even if you meet minimum requirements, you aren’t guaranteed to be approved for funding.

Companies operating as any of the following or in these industries are unable to access funding:

  • Adult entertainment or materials
  • Boarding or rooming houses 
  • Civic organizations
  • Drug dispensaries
  • Firearms vendors
  • Gambling (i.e., casinos, gambling, gaming, lottery or raffles)
  • Fortune-telling or horoscope providers
  • Money services businesses 
  • Non-profit organizations
  • Public administration entities

What we like and what we don’t like

Small business loans from OnDeck are accessible even if you don’t have perfect credit, and you could receive funding the same business day.  But convenience comes with a cost.

What we like

  • Same-day funding: This option is available in select states for business loans up to $100,000 approved on weekdays before 10:30 a.m. EST. 
  • Build business credit: OnDeck reports account activity to the business credit bureaus, so making timely payments could help improve your business credit rating
  • Early repayment incentives: Select borrowers qualify for the Prepayment Benefit option that waives the remaining interest if the balance is paid in full before the loan term ends. But if you don’t get this option, you’ll owe 75 percent of the remaining interest if you repay early.

What we don't like 

  • Not available in all 50 states: OnDeck does not offer business loans in Nevada, North Dakota and South Dakota. 
  • Steep APRs: The average APR for business term loans is 62.10 percent, and the average APR for the business line of credit is 48.90 percent. If your business is well-established and has good credit, you’ll likely find better business loan rates elsewhere.
  • Loan origination fee: Some borrowers pay an origination fee of up to four percent. A $20 monthly maintenance fee also applies to lines of credit unless you draw at least $5,000 in the first week.

How OnDeck compares to other lenders

OnDeck is a good lender for those with fair personal credit needing fast funding. Along with same-day funding in select states, OnDeck has early repayment discounts — a plus as many lenders charge prepayment penalties. That said, OnDeck has high APRs, so if you have good to excellent credit, you’ll likely find a better rate with other lenders. 

Rating: 4.5 stars out of 5

Bankrate Score

  • Loan amount


  • Interest rate

    29.90% APR

  • Term lengths

    12-24 months

  • Min. time in business

    1 year

  • Min. business annual revenue


Rating: 4.6 stars out of 5

Bankrate Score

  • Loan amount


  • Interest rate

    1.09 Factor rate

  • Term lengths

    3-24 months

  • Min. time in business

    6 months

  • Min. business annual revenue


Rating: 4.5 stars out of 5

Bankrate Score

  • Loan amount


  • Interest rate


  • Term lengths

    12 or 24 weeks

  • Min. time in business

    6 months

  • Min. business annual revenue


Read our review

on Bankrate

OnDeck vs. Credibly

OnDeck doesn’t require perfect credit, but you will need a score of at least 625. On the other hand, Credibly only requires a score of 550 to apply for a loan or line of credit. 

When it comes to rates, OnDeck and Credibly have higher rates than traditional lenders. Credibly uses factor rates that start at 1.09, whereas the average APR for OnDeck’s term loans is 62.10 percent. If you’re considering using Credibly, be sure to convert your factor rate to an interest rate to determine the true cost of borrowing. 

Both lenders offer short-term loans. OnDeck has terms of up to 24 months, with Credibly offering loan terms of up to 18 months. That said, you can borrow more from Credibly; maximum borrowing limits reach $400,000 for qualified applicants. OnDeck tops out at $250,000.

OnDeck is better for established businesses with decent credit who can pay off their loan quickly. You may want to consider Credibly if you have a hard time getting approved elsewhere or you’re a new business that wants a variety of loan options. 

OnDeck vs. Fundbox

Both OnDeck and Fundbox are good options for people with poor to fair credit, while businesses with excellent credit may be able to find a better rate elsewhere. While both offer short-term loans, FundBox’s terms are significantly shorter. They only offer 12- or 24-week terms. OnDeck has borrowing limits of $250,000, while Fundbox’s limit is $150,000. 

One area where the two lenders diverge is fees and interest. If you take out a loan from OnDeck, the APRs start at 29.90 percent, but the average APR for OnDeck’s business term loan is 62.10 percent and 48.90 for their business lines of credit. Fundbox charges fees instead of interest; starting at 4.66 percent per week for 12-week loans or 8.99 percent for 24-week loans. 

Borrowers looking for short-term, fast loans will likely find that OnDeck and Fundbox are comparable options. However, OnDeck is a better option for fair-credit businesses that need a longer term to repay the loan.

How to apply for a loan with OnDeck 

You can apply for a loan with OnDeck online or by phone at 888-269-4246. Most applicants receive a decision in minutes, and funds are available as soon as the same business day or within one to three days.

Live support is available to applicants by phone at 888-269-4246 Monday through Friday from 9:30 a.m. to 7:30 p.m. EST. You can also send an email to to receive assistance or the answer to any questions you may have regarding business loans and the lending process.

Required application information:

  • Driver’s license number and state of issuance
  • Social Security number 
  • Business tax ID
  • Three most recent business bank statements

OnDeck frequently asked questions

How Bankrate rates OnDeck

Overall Score 4.5
Accessibility 4.8 OnDeck offers low maximum amounts, generous eligibility requirements and lightning-fast funding.
Affordability 3.4 OnDeck charges sky-high APRs, alongside origination fees.
Transparency 5.0 Qualification requirements are clear, and you can qualify with just a soft credit pull.
Customer experience 4.4 Customers can apply for and manage their loans online.
Flexibility 5.0 OnDeck offers two loan types and the option to renew your term once it’s 50 percent paid.


Clock Wait
years in business
Credit Card Search
lenders reviewed
loan features weighed
data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.