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.