Term Loan by OnDeck
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
7/10
Bottom Line
This is a great option for businesses with consistent revenue, seeking competitive pricing working capital products. OD is known in the industry for their transparency and speed to fund. OD is the largest online lending company, which provides confidence to users with finding the right long-term partner to help fuel their company's growth.
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
Reviews
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