Line of Credit by OnDeck

Line of Credit by OnDeck

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
40% Complete
LowHigh
Effort to Apply
20% Complete
EasyDifficult
Funding Speed
30% Complete
MonthsMinutes
Repayment Terms
30% Complete
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 and funding. Transparent pricing. Use as much as you need, only pay interest on what you use.

Cons

Established businesses only. You only have 12 months repayment for each draw.

Qualification requirements

Time in Business

At least 18 months

Annual Revenue

At least $120,000

Other Requirements

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

Cost
As low as 29.9% APR
Repayment Terms
12 month repayment term, resets after each withdrawal
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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