Active in the business loans industry since 2007, OnDeck offers several loan solutions to its consumers. The company offers short-term loans, business expansion loans, lines of credit, and working capital loans with a simple and quick application process and fast availability of funds. Since its launch in 2007, the company has lent more than $5 billion to businesses in different industries across Australia, Canada, and the United States. The company offers fast and easy application process followed by a quick availability of funds; however, it comes with a higher interest rate. The company offers term loans of up to $500,000 and lines of credit up to $100,000. The loan term ranges from 3 to 36 months, and funding is provided in up to a maximum of 3 days.
The application process is available both online and over the phone and takes as little time as ten minutes. You will be needed to provide your identification details and business transaction details. The company takes into account this information along with your credit history to determine whether you qualify for a loan. Unlike traditional bank loans, OnDeck does not ask for collaterals and requires you to have a business history of at least one year. Moreover, you can qualify for the company’s term loans and line of credit if you have a credit history of at least 500, whereas most banks require you to have a score of at least 720 to qualify for a loan.
While the company’s application process and funds delivery are rapid, the interest rate is much higher than average. The company’s term loans come with an APR ranging from 9% to 99%, while that for lines of credit ranges from 14% up to 40%. Although the company does not specifically ask for any collaterals, it does require you to sign a personal agreement whereas the company can take over a businesses’ assets in case of a non-payment. Similar to Kabbage, the company is suited for small businesses having immediate cash requirements and willingness to pay higher interest rates.