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Advertiser & Editorial Disclosure

Line of Credit by OnDeck

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OnDeck offers business term loans up to $500,000 and business lines of credit up to $100,000 to qualifying small businesses. The process is simple and looks at the overall health of a business rather than personal credit alone. Their quick application requires little to no paperwork. Decisions can be given in minutes, and funding is delivered in as fast as 24 hours. Apply today!

Nav's Verdict

Cost

LowHigh

Effort to Apply

EasyDifficult

Funding Speed

MonthsMinutes

Repayment Terms

MonthsYears

8/10

Bottom Line

A line of credit can be a great asset to your business. It allows you the flexibility to draw funds when you need it, and you only pay interest on what you use.

Pros

Minimal Paperwork. Fast Approval & Funding. Transparent pricing.

Cons

Established businesses only. You only have 6 months repayment for each draw.

Qualification requirements

Time in Business

At least 1 year

Annual Revenue

At least $100,000

Other Requirements

600+ personal credit score. Stable business checking account balances and frequent business checking transactions.

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Cost

As low as 13.99% APR; Average 30% APR

Repayment Terms

Weekly payments for up to 6 months per draw

Funding Amount

$6,000 - $100,000

Funding Speed

As fast as 1 day.

Application

All digital. May require some phone communication.

Reviews

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Personal FICO credit scores and other credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit or financing type you are eligible for. Nav uses the Vantage 3.0 credit score to determine which credit offers are recommended which may differ from the credit score used by lenders and service providers. However, credit score alone does not guarantee or imply approval for any credit card, financing, or service offer.

Editorial Disclosure

Any personal views and opinions expressed are author’s alone, and do not necessarily reflect the viewpoint of Nav. Editorial content is not those of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities.

Reviews are not provided or commissioned by the credit card, financing and service companies that appear in this site. Reviews have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.