Fair-credit borrowers may be able to get funds as fast as the next business day.

OnDeck could be a helpful alternative if you’ve struggled to qualify for a business loan in the past. It bases its loan decisions on cash flow and performance, rather than just your credit score. But its daily or weekly repayments can put a strain on your budget.


Min. Amount


Max. Amount


Product Name OnDeck small business loans
Min. Amount $5,000
Max. Amount $250,000
Loan Term 3 to 12 months
Min. Credit Score 670
APR As low as 9.99%
Requirements 600+ personal credit score, 3+ years in business, $100,000+ annual revenue

First, do I qualify?

You’re eligible for an OnDeck business loan if you and your business meet the following criteria:

  • Personal credit score of 600 or higher
  • Business is at least one years old and based in the US
  • At least $100,000 annual revenue
  • No bankruptcies in last two years
  • No unresolved liens or judgments

The average OnDeck customer has a business that’s been around for seven years and earns $450,000. The majority of OnDeck customers also have a credit score of at least 660.

What makes OnDeck business loans unique?

OnDeck is an online lender that looks at your whole business’s profile — not just your business’s credit score — when considering your application. By using alternative data like your business’s success and cash flow, OnDeck opens up financing to business owners who’ve had trouble getting funding from a bank in the past.

It’s also very user-friendly — you can apply on your phone in just a few minutes.

What’s an OnDeck business loan?

OnDeck offer short- and long-term unsecured business loans ranging from $5,000 to $250,000. Loan terms run from 3 to 12 months, giving you a flexible payment period that suits your business. However, you’ll be on the hook for daily or weekly repayments, which can be difficult to swing if your business is seasonal or you hit a slump in sales.

When it comes to costs, OnDeck charges interest as well as an origination fee between 0% and 5% on both its short- and long-term loans. Here’s how it breaks down:

  • Short-term loans start at 9% simple interest
  • Long-term loans start at 9.99% annual interest rate (AIR)

You can apply online, and if approved your loan funds could be transferred to your selected bank account as soon as the next business day.

OnDeck line of credit

In addition to offering business loans, OnDeck has a line of credit for working capital expenses like managing accounts receivables and ongoing projects.

Credit limits run up to with APRs starting at 13.99%. Like with a credit card, you only pay interest on the funds you borrow and repay your balance with fixed, weekly repayments.

There’s a $20 monthly maintenance fee, though OnDeck waives it for the first six months if you withdraw $100,000 within five days of opening your account. There are no draw fees.

What are the benefits of an OnDeck business loan?

From its loyalty perks to its range of loan terms, here are a few perks of borrowing from OnDeck:

  • Fast funding. You may be able to receive your loan as soon as the next business day after getting approved.
  • Loyalty perks. Customers who return to the company for additional services may receive reduced fees.
  • Range of loan terms. You can repay your loan over a few months or several years depending on your business’s financial situation and needs.
  • Available in all 50 states. Businesses from all 50 states and Canada, excluding Quebec Provence, can apply to get funding.
  • Dedicated specialists. US-based specialists are available to help with customer questions six days a week.

What to watch out for

Consider these potential drawbacks before taking out a business loan from OnDeck:

  • Weekly or daily repayments. Shorter periods of time between repayments might not work if your business doesn’t have an even cash flow or wants to make a large purchase that could temporarily clear out your bank account for a few days or weeks.
  • Not for startups. Your business must be around for over a year and make at least $100,000 annually to qualify for an OnDeck loan.
  • No prepayment benefits on short-term loans. While OnDeck doesn’t charge prepayment penalties, the way it calculates how much you owe in interest and fees means you won’t be able to save by paying your short-term loan off early.
  • Restricted industries. Flea markets, bed-and-breakfasts and car dealerships are just a few types of businesses OnDeck won’t lend to. Be sure your business isn’t on this list before you apply.

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