OnDeck Reviews - What Is It?
DO NOT USE OnDeck!!! You Must Read This Review!
Fully Researched: Price, User Feedback and More!
OnDeck is a lender that provides financial help to small businesses in the form of lines of credit and short-term loans. It offers consumers convenient, speedy and looser qualifications than that can be encountered at a bank for a higher annual percentage rate. The company has a lot of advantages. It is a great option for people who need cash immediately. You can apply for a loan online or via phone in just 10 minutes and get funding within 24 hours, if you get approval. The company provides a loan even to those who have a less-than-stellar personal credit score (500 and 600). This lender can be helpful for people who have big, unexpected expenses and need cash, as well as those who have uneven cash flow or problems in their business.
OnDeck launched in 2007 with the goal of solving a major problem small businesses face: efficient access to capital. They use a cutting-edge technology to improve businesses of their customers. This is beneficial for businesses as financing a small business can be difficult and requires much money and time. Running a small business involves a number of accounts, business operations, accounting, and marketing. OnDeck helps a business grow by offering different financing options, flexible terms and reasonable rates. This makes a loan from this company an attractive option when compared to a bank loan. They also offer a quick response to loan applications by evaluating business performance depending on performance metrics.
Customer Reviews - Does OnDeck Really Work?
OnDeck is the largest online lender in the U.S. meant to support small business. They have issued more than $7 billion in loans since 2007 for different business needs including hiring, equipment acquisition, inventory purchase, and general corporate purposes. They have served more than 700 industries in the country. This is the reason why the owners of more than 70,000 small businesses trust OnDeck. We have gathered customer reviews about the company not only from their official website but also from around the web. We intended to determine what customers think about the company. We concluded that most of them appreciate their experience of working with OnDeck due to the definite reasons.
First, loan applications can be completed over the phone or online in just 10 minutes. You need to provide your basic information including business tax ID, one to three months of bank statements, three months of credit card statements, driver's license number and Social Security number. You are expected to get an approval within several minutes and, if approved, can see the funds on your account in as little as 24 hours. Traditional bank loans usually require personal assets as collateral, (home or other personal property); OnDeck doesn't. This company requires only one year of being in business to receive funding, while banks typically want you to have at least two years of experience. Banks want their borrowers to have an excellent personal credit score of more than 720. OnDeck's minimum is 500 for term loans and 600 for its line of credit.
If you want to get a high loan, you will need to have personal credit scores of 660 or higher. Median time for borrowers in business is seven years. The first loan has an origination fee between 2.5% to 4% of your total loan amount. This fee decreases to 1.25% to 3% on your second loan and to 0% to 3% on your third and further loans. OnDeck reports payment activity of each customer to the business credit bureaus Experian, Equifax, and PayNet. It is important to make payments on time. This will also raise your business credit score and get larger small-business loans with lower fees in the future. It is a wise decision to take a look at the real customers' testimonials about the lender online. Here are some of them.
"I am highly satisfied with the work with OnDeck. My loan officer, Chip Stahmer, was always in contact with me to help me any moment. He did a great job explaining everything to me and making sure I was sending the right documents. The whole process was very fast and efficient. As a business owner, I do recommend this lender to all of my friends. Do not allow your businesses to drop."
"On Deck has been of great help to my business! It allowed me to continue my business when it was getting really tough. Customer service is just excellent. My personal loan specialist has been so kind to me during the whole loan process. He has been always polite to answer my questions and even gave me his personal phone number. He is always quick to respond. I would certainly recommend this company to any business owner. Thank you very much!"
"I had a stellar experience with Ondeck. My application process started from making the initial contact with my account manager who walked me through every step of the loan process. He was very polite to explain me all the terms with patience. I understood the details well. The application process was friendly and quick. Everything was done online and on the phone. Thanks for the perfect service."
My Final Summary
We studied hundreds of customer reviews available on the web, and we found out that the company has generally a positive online reputation. Users who are pleased with OnDeck said in their reviews that the process was made quicker and easier due to the friendly and professional customer service. The company's representatives accompanied them throughout the entire process to insure that they would go smoothly. Some customers were not so lucky with an expert and mentioned that they have got an unprofessional rep. In some negative reviewers, we found information that these representatives led their clients on, telling them that everything was okay but they rejected them in the end.
Most borrowers are satisfied with the customer experience. They especially appreciated their cooperation with OnDeck representatives. Many users gave 5-star reviews to the lender, saying that it was the only company that agreed to give them a loan. Most customer service representatives appear to be professional and knowledgeable. They provide their clients with all the details about the options of raising a small business. They also make the application process easy and smooth. Taking into account all pros and cons, I can certainly recommend OnDeck.
OnDeck Pricing and Rates
APR ranges from 13.99% to 39.9%. You can borrow from $5,000 to $500,000. There is 2.5%-4% origination fee. OnDeck provides financial help to small businesses in two ways: through business credit lines and short-term loans. The latter cater to larger monetary needs like funding for a new website or a new location. Credit lines are meant for such purchases as inventory financing. There are some requirements to applying for either type of loan. You will need to be in business for more than a year, earn at least $100,000 per year, and have a FICO score of 500. Repayment periods for lines of credit are flexible and depend on how much you borrow and what financial situation your business is in. Repayment periods for short-term loans range from three months to three years.