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.
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