OnDeck

Avg. Rating: 5.0 (7 reviews)

OnDeck Canada is a national leader in reliable, accessible and efficient online lending for Canadian small businesses. They offer a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances in both English and French. Since its inception in 2008, OnDeck Canada has pioneered the use of data analytics and digital technology to make real time lending decisions and rapidly deliver funding to Canadian small businesses in as fast as 24 hours.

 

Read our In-Depth OnDeck Review here. 

 

OnDeck is a member of the Canadian Lenders Association:

 

  • TIME IN BUSINESS: Since 2008 in Canada
  • # OF CUSTOMERS: Over 100,000 Globally
  • TOTAL FUNDED: Over $13B USD Globally
  • LOANS OFFERED: Business Term Loan, Merchant Cash Advance, Line of Credit
Apply for Business Financing from OnDeck

1-877-781-0148

info@ondeck.ca 1100 Rene-Levesque #1825 Montreal, Quebec
Call Center: Monday to Friday: 9AM-6PM EST
Support Offered:
  • Web Chat
  • Help Center/Blog
  • Email Support
Availability: All of Canada

Products Offered

Below are all the products offered by this company.

Conditions & Rates

Rate Starting at 7.99% Amount $5,000-$300,000 Term Fixed, 4-18 months

Eligibility & Documents

Who is eligible

  • At least 6 months in business
  • Annual revenue of at least $100,000
  • Credit score of at least 550

What you need to provide

  • Online application
  • 3 months of business bank statements

Repayment & Issuance

How fast can you get the money As little as 24 hours Funding method Direct Deposit

How does repayment work Fixed daily or weekly repayments from bank account

Conditions & Rates

Rate Not applicable Amount $5,000-$300,000 Term Flexible

Eligibility & Documents

Who is eligible

  • At least 6 months in business
  • Annual revenue of at least $100,000
  • Credit score of at least 550

What you need to provide

  • Online application
  • 3 months of business bank statements

Repayment & Issuance

How fast can you get the money As little as 24 hours Funding method Direct Deposit

How does repayment work Flexible daily repayments based on a percentage of processing sales

Conditions & Rates

Rate Starting at 19.99% Amount $6,000-$50,000 Term 6-24 months

Eligibility & Documents

Who is eligible

  • At least 12 months in business
  • Credit score of at least 600
  • Annual revenue of $120,000 or more in last 12 months

What you need to provide

  • Online application
  • 3 months of business bank statements

Repayment & Issuance

How fast can you get the money As little as 24 hours Funding method Direct Deposit How does repayment work Weekly repayments

Videos

Articles About OnDeck

By OnDeck Canada

OnDeck Canada is a national leader in reliable, accessible and efficient online lending for Canadian small businesses. They offer a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances in both English and French.

By OnDeck Canada

OnDeck Canada is a national leader in reliable, accessible and efficient online lending for Canadian small businesses. They offer a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances in both English and French.

By Mashoka Maimona

Mashoka is a journalist for the London Press and the National Post, currently specializing in finance, business and technology.

Frequently Asked Questions About OnDeck

What is OnDeck?

OnDeck is a business financing provider that operates in the US, Canada and Australia. They offer a number of different business loans in Canada. OnDeck has been in business in Canada since 2008. OnDeck is committed to serving customers with the innovative financing solutions and world-class service.

Is OnDeck Safe?

OnDeck is a member of the Canadian Lender Association and they have over 100,000 customers globally with over $13 billion funded. They have been featured in popular publications like Reuters, Lend Academy, Fox Business, Forbes, Business Insider, Trustpilot, Better Business Bureau, News Wire, New York Times, PBS, and many more!

What Products and Services Does OnDeck Offer?

OnDeck Canada offers Term Loans, Lines of Credit, and Flex Fund advances to Canadian small businesses. There is one application for all of OnDeck's financing products, and it will evaluate which type of financing best fits your business's cash flow and needs.

How Much Can I Borrow from OnDeck?

Financing ranges from $5,000 - $300,000 over terms of 6-18 months.

What Is the Interest Rate on an OnDeck Loan?

The interest rate on a OnDeck loan ranges, depending on the type of loan. OnDeck business term loans start at 8%, their line of credit loans starts at 19.99% and an OnDeck merchant advance loan interest rate varies.

What Is the Term Length for an OnDeck Loan?

Terms on OnDeck loans range from 6-18 months if it's a business term loan, 6-24 months for their line of credit and flex funds advance term length is flexible.

How to Qualify for an OnDeck Loan?

OnDeck Canada has a variety of financing options to suit your needs. To qualify, your business should be based in Canada with a minimum of 6 months in business. You must also have a minimum of $100,000 in annual revenue. Contact a lending advisor at (877) 781 - 0148 to see what options are available to you.

Can I Apply Online for an OnDeck Loan?

OnDeck's application process is simple and typically takes about 10 minutes.

What Information Do I Need to Apply?

Basic business information, basic information about you – the owner, and your most recent business bank statements.

How Fast Can I Get a Loan from OnDeck?

OnDeck can deliver decisions in minutes, and funding in as fast as 24 hours.

How Will OnDeck Send Me the Loan?

The loan proceeds are usually deposited directly into your bank account.

Are OnDeck Loans Unsecured?

OnDeck Canada financing is not unsecured. However, they do not require any specific amount, type or value collateral and no appraisal or specific assets are required. OnDeck's financing is secured by a general lien on the assets of the business and backed by a personal guarantee. OnDeck does not take personal assets of the guarantors as collateral.

What Industries Does OnDeck Work With?

OnDeck works with more than 700 different kinds of businesses including restaurants, retailers, auto repair shops, healthcare professionals, and many other service providers.

How Does Loan Repayment Work at OnDeck?

Depending on the financing selected, OnDeck deducts an agreed upon amount or % of card sales from your business bank account on a daily basis. These daily payments help ensure minimal impact to your cash flow and are proven to prevent the snowball effect often caused by missing larger monthly payments. As a customer, you will have access to an online account where you can monitor your balance and your payment activity 24/7/365.

Which Provinces Is OnDeck Available in?

OnDeck is available anywhere in Canada.

What Kind of Customer Support Does OnDeck Offer?

You can contact OnDeck via phone, email, their online web chat, and help centre/blog.

What are OnDeck Working Hours?

You can apply for an OnDeck loan online or they can be contacted by phone from 9AM – 6PM EST, Monday through Friday.

OnDeck Reviews

Avg. Rating: 5.0 (7 reviews)
Reliable, fair and convenient

Fair rates. Fast Deposits. Easy to use. Good customer service. A great way to have automatic deposit from customers that write your business cheques.

Julia
Amazing

It was so simple to apply,got approved immediately.

Jack
Absolutely awesome Team #1

Very professional, amazingly quick response time.Fabulous teamwork and follow up.We have been in business for 40 years and On Deck is by far the most reliablefinancial team I ever dealt with.Thumbs Up

Oza
Very happy

Honestly, I hate submitting sensitive information online, but after speaking to On-Deck, I felt assured that it was 100% secured and private. They walked me through the application process and I got approved within a few days.

Robert G.
Lending made clear

When considering a business loan there are many important aspects that must be weighed. Anthony always provides clear answers to remove any ambiguity or concern over information. His approach is reflective of the entire OnDeck environment: simple, informative, and friendly.

Gofers LLC
Efficient

I reached out to this company for an inquiry, they were quick, answered all my questions and within 24 hours the loan proceeds were deposited in my business bank account. I am extremely pleased with the services and response time. (via Trustpilot)

Sandy
Small business loan

I recently got approved for a business loan from OnDeck. The application process was smooth and simple. Got funded within a few days.

Waseem

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