5.0 of 5stars497 Reviews

OnDeck

  • Recommended Lender
    Recommended 100%
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Lender Summary

Small business financing made simple, because getting a loan shouldn’t feel like a second job.

What they're saying

Ratings & Reviews
497 Reviews
  • Interest Rates
    Good
  • Fees & Closing Costs
    Excellent
  • Responsiveness
    Excellent
  • Customer Service
    Excellent

Review Breakdown

Great new online lender. Banks watch out.

I did look at OnDeck for small business loans. Great company. I met my capital needs with family funds but a great company indeed.

Nik from Sacramento, CA

Reviewed in October 2015

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  • LendingTree Customer:

    Yes
  • Loan Type:

  • Review Type:

    Lender Review
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Exhaust all other options before using OnDeck

They were happy to loan money for my business. The rates are 47%APR, payments taken daily from merchant services over a period of 18months. They charged $2500 origination fee, and you can not pay off early without penalty. They will get every dime even if you pay off early. For example, if you take the loan today and want to pay it off tomorrow you will pay 100% of the principle and 75% of the interest at loan maturity. Basically, you can pay off early but it won't save you anything in interest. Do not work with them unless you are desperate for working capital and have exhausted all other options. Also, go to the Better Business Bureau New York and read all of the complaints. Do not let the A+ BBB rating fool you. Plenty of people have complained.

Hi Kevin, we at OnDeck launched the SMART Box because we believe in the transparency of our pricing. The SMART Box is a tool to help small business owners understand and compare the cost of capital. All of our loan documents include total cost, cents on dollar, APR and average monthly payment so that small business owners can see exactly what they’re paying back in a manner that’s most helpful for them. We quote our loans in simple interest or “cents on dollar” so that, in addition to rate, a borrower’s total cost of capital is clear from the start. When looking at a short-term loan, like from OnDeck, the total payback will be lower than a traditionally long-term loan, which uses APR. We've lent over $5B over the past 10 years and hear from customers that financing has helped their businesses grow; ultimately, we believe it's important for each small business owner to decide what type of financing is best suited for them. If you would like to discuss further, please feel free to contact us.

Kevin from Lake Oswego, OR

Reviewed in January 2017

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1 People found this helpful
3 People found this not helpful
  • LendingTree Customer:

    Yes
  • Loan Type:

    Small Business Loan
  • Review Type:

    Lender Review
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Ondeck professionalism

Well nobody likes to pay the interest rate they offer but as far as customer service and getting ur money quickly......You can't ask for anything better than that! Once you are approved, they move fast and are very friendly staff.

Russell from Saugerties, NY

Reviewed in April 2017

WAS THIS REVIEW HELPFUL?
4 People found this helpful
7 People found this not helpful
  • LendingTree Customer:

    Yes
  • Loan Type:

    Small Business Loan
  • Review Type:

    Lender Review
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The best

They are vey fast. The rates and customer service is excellent. When you need to grow they are a top notch lender ! By Far the best all around.

Dale from East Freedom, PA

Reviewed in May 2017

WAS THIS REVIEW HELPFUL?
3 People found this helpful
6 People found this not helpful
  • LendingTree Customer:

    Yes
  • Loan Type:

    Small Business Loan
  • Review Type:

    Lender Review
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Owner

As a owner it is important when a lender is clear and helpful to understand your needs and your time, and the OnDeck Team knows how. There is no application to fill out and the process is quick. Most importantly the approval routine is friendly. The loan servicing procedures make you want to come back and do business again and again.

Sincerely,
Darrell

darrell from Las Vegas, NV

Reviewed in May 2017

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3 People found this helpful
7 People found this not helpful
  • LendingTree Customer:

    Yes
  • Loan Type:

    Small Business Loan
  • Review Type:

    Lender Review
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Excellent Service!

Excellent attention to customer service and follow through

annette from Schenectady, NY

Reviewed in May 2017

WAS THIS REVIEW HELPFUL?
2 People found this helpful
7 People found this not helpful
  • LendingTree Customer:

    Yes
  • Loan Type:

    Refinance
  • Review Type:

    Lender Review
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Administrator

The whole experience with Lending with OnDeck is rewarding compared to dealing with Banks over the years. It is Lending made simple and you are more than a number--you are a person. Banks with days and weeks of paperwork for analysis. Waste of time. OnDeck is straight to the point: fast, simple, efficient and no- Hassle. 24 Hour renewal,24-48 Hour New Loans. Why would I waste my valuable time with Banks. Ask yourself the next time you want Business Capital and the Answer is OnDeck!!!

James

Moncton,N.B. Canada

James from Los Angeles, CA

Reviewed in June 2017

WAS THIS REVIEW HELPFUL?
4 People found this helpful
5 People found this not helpful
  • LendingTree Customer:

    Yes
  • Loan Type:

    Small Business Loan
  • Review Type:

    Lender Review
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Good alternative to bank

I have had a very pleasant experience with OnDeck staff. They understand the value of time of a business owner. I had my funding done in a very short time. The rates were little high, but it was the best solution that time compared to a bank.

BOB from Naperville, IL

Reviewed in January 2018

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0 People found this helpful
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  • LendingTree Customer:

    Yes
  • Loan Type:

    Small Business Loan
  • Review Type:

    Lender Review
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A great company

Very good , friendly, efficient team. Awesome people to work with. They are always thee to help you and they always have your back.

Moe from Blackwell, OK

Reviewed in January 2018

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  • LendingTree Customer:

    Yes
  • Loan Type:

    Small Business Loan
  • Review Type:

    Lender Review
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A great alternative to traditional banks

I started with a small line of credit to see how it would go. After 6 months I was very happy with the service and transparency and applied for a long-term loan to consolidate some old debt. While the rates are higher than it probably would be at a traditional bank, the loan process is way simpler and shorter and that has great value to me. I'm not a fan of traditional banks anyway, so I'm happy to support companies like OnDeck.

If you aren't good at managing money, no type of loan is going to work for you. But if you need some capital for seasonal business or equipment, this is a very easy application process and they get the cash to you quickly. The rates are higher, but fair. Just manage the loan properly to keep your cost of capital to a minimum.

Susan from Buford, GA

Reviewed in January 2018

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0 People found this helpful
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  • LendingTree Customer:

    Yes
  • Loan Type:

    Small Business Loan
  • Review Type:

    Lender Review
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