PrimeRates provides access to personalized business loan offers through our simple and quick pre-qualification application. Once you’re pre-qualified, you can select the best offer for you and finalize the business loan application with the lender.
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Our simple application takes less than 5-7 minutes to complete.
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Choose the offer that best fits your needs by comparing loan amounts and terms.
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Finalize your loan offer with the lender you selected to receive your funds.
You might want to consider OnDeck if you need fast cash to fill in the gaps if you’re managing an uneven cash flow or major, unexpected expenses. Additionally, this lender can be easier to qualify with if you have a low personal credit score or less than two years in business.
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| Loan Amounts | $5,000 to $500,000 |
| APR Range | As low as 9.99% |
| Repayment Terms | Term loans up to 3 years |
| Time to Funding | As fast as 1 day |
| Click “Check Rates” to apply to OnDeck Check Rates | |
» MORE: Compare Business Loans For Fast Cash
» MORE: Compare Bad Credit Business Loans
Interest rates: OnDeck’s annual percentage rates range from 9% to 99% for term loans and start at 13.99% with a maximum of 63% for lines of credit.
Cost: If you take out a term loan with OnDeck, you’ll be charged a one-time origination fee between 2.5% and 4% of the total amount. However, OnDeck rewards repeat borrowers by decreasing the origination fee on your second loan to between 1.25% and 3%, and your third loan’s fee to between 0% and 3%.
Short-Term Loans: OnDeck offers short-term loans starting at $5,000, with a maximum amount of $250,000. This lender’s loan terms range between three and 24 months.
Line of Credit Options: The maximum amount for an OnDeck line of credit is slightly smaller than a short-term loan, with lines ranging between $5,000 and $100,000. Their loan terms are also shorter, with repayment terms ranging between six and 12 months.
How to Qualify for OnDeck – Looser Qualifications: OnDeck’s credit requirements are significantly lower than many of its competitors; You should have a credit score above 500 to qualify for a short-term loan with this lender, and a score above 600 to qualify for a line of credit.
Whereas most lenders require more than two years in business, OnDeck only requires one year to be eligible for either of their products. The minimum annual revenue is also just $100,000.
Loan Example: If you borrow a short-term loan of $300,000, with a seven-month repayment term and a 65% annual percentage rate, your minimum monthly payment will come out to $52,631.55.
Requirements: You should have a credit score above 500 to be eligible for a short-term loan with OnDeck, and a score above 600 if you’re applying for a line of credit. Additionally, your annual revenue should exceed $100,000 and you should have at least one year in business.
Before applying for a loan or line of credit with OnDeck, you should have a voided business check, a copy of your driver’s license, your social security number and three months of business bank statements available. You should also be U.S. citizen or permanent resident.
Fast & Easy: OnDeck streamlines the borrowing process by providing an easy, fast application. Potential borrowers can apply online or over the telephone in as little as 10 minutes, and if approved, can receive funding within 24 hours.
With a credit score requirement for short-term loans as low as 500, and a minimum credit score of 600 for a line of credit, OnDeck’s minimum qualifications are some of the lowest in the industry.
A Kabbage line of credit has an even lower required credit score than OnDeck, with a minimum score of 550. They also offer a wider range of amounts, with lines reaching $250,000. If you want to take out a line of credit for your business and need more than just $100,000, Kabbage may be worth looking into.
If you want to compare different loans without filling out several applications, LendingClub might be a good place to start. This online service connects a wide range of borrowers with investors and banks offering loans of up to $300,000 and can be a good platform to apply to if you want to weigh a variety of offers.
If you’re considering other business loans, PrimeRates offers comprehensive reviews of several other business loan types and lenders. Even if you own a young business or don’t have a high annual revenue, it’s still important to compare different lenders’ rates and types of financing options. Because an OnDeck line of credit comes with much higher costs than many of its competitors, this lender’s product is best for fulfilling immediate or one-time financial needs. Take the time to understand all of your financing options before deciding on the loan that’s right for you.
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