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Advertiser & Editorial Disclosure

Term Loan by OnDeck

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OnDeck is America’s largest online small business lender offering business term loans up to $250,000 and business lines of credit up to $100,000 to qualifying small businesses. The process is fast and easy and looks at the overall health of a business rather than personal credit alone. Their application requires only 3 months of business bank statements. Decisions can be made in minutes, and funding is delivered in as fast as 24 hours

Nav's Verdict

Cost

LowHigh

Effort to Apply

EasyDifficult

Funding Speed

MonthsMinutes

Repayment Terms

MonthsYears

7/10

Bottom Line

This is a good option for businesses with consistent revenue, seeking working capital. OD is known in the industry for their transparency and competitive pricing.

Pros

One application, two paths to finance your business - applicants are reviewed for both a Term Loan and Line of Credit. Minimal paperwork. Fast approval time. Transparent pricing. “White Glove” customer service. Access to multiple lending options.

Cons

Need a minimum of 1 yr time in business. $250,000 maximum loan amount. Not available in all states.

Qualification requirements

Annual Revenue

At least $120,000 in annual revenue per year

Time in Business

At least 18 months

Credit

625+ personal credit score and a minimum of 5 monthly bank deposits

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Cost

As low as 29.9% APR

Repayment Terms

Daily, weekly up to 24 months

Funding Amount

$5,000 - $250,000

Origination Fee

2.5%

Funding Speed

48 hours

Application

All digital. May require some phone communication

Reviews

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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.