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 $12 Billion USD funded globally. They have been featured in popular publications like Reuters, Lend Academy, Fox Business, Forbes, Business Insider and more.
What Products and Services Does OnDeck Offer?
OnDeck offers innovative business financing solutions that include business term loans, merchant cash advance and a line of credit.
How Much Can I Borrow from OnDeck?
OnDeck loans are between $5,000 and $300,000, depending on the type of loan you're applying for. Their fixed term loans and flex funds are from $5,000 to $300,000, and their line of credit ranges from $6,000 to $50,000.
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?
The qualifications vary depending on which OnDeck loan you apply for. For example, if you're looking into a flex funds advance and business term loan then you'll need to be in business for at least 12 months, earn $100,000+ in revenue annually (earn $100,000 annually for a flex funds advance loan), have a credit score of minimum 550, and provide 3 months of bank statements.
If you're applying for a line of credit then in order to qualify, you'll need to have been in business for at least 12 months, have a credit score of 600 minimum, earn an annual revenue of $100,000 or more in the last 12 months and provide 3 months of business bank statements.
Can I Apply Online for an OnDeck Loan?
Yes, you can apply online for an OnDeck loan or you can also call them. Just make sure to have your basic business information ready.
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?
You can expect a call from your dedicated lending expert to discuss your offers within one business day. If approved, you'll choose your term, amount, etc. and are likely to receive loan funds in as little as 48 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?
We work 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 during 8AM - 9PM EST, Monday to Friday and Saturday from 9AM to 5PM EST.