Frequently Asked Questions
What products do you offer?
OnDeck offers business term loans and lines of credit. There is one application for OnDeck financing and our system will evaluate which best fits your business’s cash flow and needs.
What are your loan amounts and terms?
Our term loans range from $5,000 - $250,000 over 18 – 24 month terms.
Our lines of credit go up to $100,000. The lines are revolving so as you pay down your balance, your available funds increase.
Can I receive both a term loan and a line of credit at the same time?
This may be possible, depending on your business credit and annual revenues.
You can contact your dedicated Account Manager or call 1-888-727-5449 to speak with someone about eligibility.
How do I qualify for OnDeck financing?
OnDeck has a variety of loan options to suit your needs. To qualify for an OnDeck loan, your business should have the following characteristics:
1. Minimum 1 year in business
2. Minimum of $100,000 in annual revenue
3. Minimum 600 FICO score of the business owner
Contact a loan specialist at (888) 269-4246 to see what options are available for you.
What information do I need to apply?
Typically, we only require basic information about yourself and your business. Depending on your loan amount, we may also ask for:
1. Business Tax ID
2. Last 3 months of business bank statements
3. Social Security number of business owner(s)
4. Driver's license number and state of issue
How does the application process work?
The OnDeck application process is simple and typically takes about 10 minutes. You can apply online or over the phone by calling (888) 269-4246.
What industries do you work with?
We work with more than 700 different kinds of businesses including restaurants, retailers, auto repair shops, healthcare professionals, HVAC contractors and many other service providers.
We don't serve these restricted industries.
What are your rates and fees?
Your rate will be determined by the health of your business and cash flow. We charge an origination fee of 0–4% on your loan, and if you renew you may be eligible for subsequent reductions.
For lines of credit, there is a $20 monthly maintenance fee that is waived for your first six months if you withdraw $5,000 or more within one week of opening your line.
Is OnDeck an unsecured loan?
OnDeck loans are not unsecured. However, we do not require any specific amount, type or value of collateral and no appraisal or specific assets are required. The loans are secured by a general lien on the assets of the business and backed by a personal guarantee. We do not take personal assets of the guarantors as collateral.
How quickly can I receive an OnDeck loan?
OnDeck can deliver decisions in minutes and funding in as fast as 24 hours.
Is there any obligation if I apply?
No, if you apply for funding from OnDeck, there is no obligation to accept the loan offer. Your loan offer is valid for 30 days, at which time it expires.
How does Term Loan funding work?
OnDeck funds term loans either through the Automated Clearinghouse (ACH) system or via wire.
What is Line of Credit Instant Funding?
OnDeck Instant Funding is a free funding method that gives small business owners immediate access to their Line of Credit funds. By partnering with Visa and Ingo Money, OnDeck can transfer money to eligible business debit cards to make funds available within seconds or minutes versus waiting the typical 1-2 business days for a standard ACH transfer. Withdrawals using Instant Funding can be made 24 hours a day, 365 days a year including nights, weekends and holidays.
Instant Funding is available to our Line of Credit customers with an eligible debit card associated with the business bank account that we have on file.
Log in to your portal to see if Instant Funding is available for your account.
What is the difference between Line of Credit Instant Funding and ACH?
Instant Funding is a funding method that uses a debit card network to process transactions. It usually takes seconds for funds to transfer through the network and reflect in your bank account. Funds are typically available to use immediately but may take up to 30 mins.
ACH is a standard bank transfer, using the ACH system, to your verified business checking account. It is subject to standard bank transfer timing and can take up to 1-2 business days to process.
What kind of debit card can be used for Line of Credit Instant Funding?
Instant Funding transfers money using the debit card network. In order to use it, you will need an active debit card attached to your business checking account.
We don’t support transferring funds to a personal debit card. You need a business debit card associated with the business bank account that we have on file. If you don’t have a debit card for the business bank account, you can still continue to make withdrawals using ACH.
Is there a limit to an amount that I can draw using Line of Credit Instant Funding?
Yes, currently OnDeck only supports daily draws of $10,000 or less via Instant Funding. However, your bank may impose a different limit.
Please keep in mind your bank may have its own daily, weekly, or other transfer restrictions on push-to-debit transfers. For draws higher than $10,000 please use ACH.
How does repayment work?
OnDeck deducts a fixed payment from your business bank account on a daily or weekly basis, depending on the loan type you are approved for. These fixed payments are predictable and help you plan and manage your cash flow.
As a customer, you will have access to an online account where you can monitor your loan and payment activity 24/7/365.
I can’t log in to my OnDeck account online, what do I do?
After clicking on "Sign In" you can access your account by clicking "Not Sure?" and verifying information. You may also have password reset instructions emailed to you by clicking on "Forget?"
Where can I see my current balance for my Term Loan or Line of Credit?
You may view your current balance via your account online. You may access your account via the "Sign In" button at the top right of the OnDeck.com webpage.
How much of my payments have gone towards principal and interest?
Monthly Statements are available in your online account. You may access your account via the "Sign In" button at the top right of the OnDeck.com webpage. If the statement is not available, please contact Customer Service for assistance.
I need to change the bank account that OnDeck is currently debiting. Can I do this online?
OnDeck is happy to assist you with a bank account change request. Please reach out to OnDeck Customer Service for more information. Currently online support of a bank account change is not supported.
I have questions about payments such as how to make additional payments or payment relief options?
Please reach out to our Customer Service team so we may evaluate your request and reach out to the proper channels.
I believe there was an extra payment taken from my account. Why would I be seeing this?
ACH transactions take 24hrs to process so your account will always draft the day after we initiate the payment.
OnDeck has filed a UCC on my business, how do I get this released?
Once your loan is paid in full, please email OnDeck Customer Service at firstname.lastname@example.org with a written request to release the UCC.
When are we eligible for additional funding?
You may be eligible for additional funding when your loan is 50% paid down and you are 50% through your payment schedule. However, speaking with your loan specialist for instructions is always recommended.
In addition to OnDeck’s Term Loan and Line of Credit, what other small business loans are available for me?
Small businesses have more financing options today than ever before, yet navigating the maze of loan types and lenders can make it challenging to choose the right loan and the right lender for your business. Check out this page for a full list of all small business loan types, including SBA Loans and loans for different industries.
There is a HOLD on my line of credit account, who should I contact?
Please contact our Payment Support team at 1-888-994-6603.
I do not need my Line of Credit anymore, how do I close it out?
If you need to permanently close your Line of Credit, please email email@example.com to request the closure.
I am a Line of Credit customer and I don’t see the Instant Funding option on my account?
OnDeck’s Instant Funding is not available in certain states. If you do not see the Instant Funding feature in your online account, you are likely in an area in which the feature is not yet available. Please contact OnDeck Customer Service at firstname.lastname@example.org if you have additional questions.
Why did my Instant Funding withdrawal fail after being successful before?
Instant Funding can fail for the following reasons:
- You recently got a new debit card issued for the account and you are still using an old debit card for the transaction
- You have reached your account’s daily, weekly or monthly limits imposed by your bank
- Your bank might be temporarily suspending push-to-debit transfers
If you continue to see failed Instant Funding draws, we recommend reaching out to your bank.
I used Line of Credit Instant Funding for my draw but I don’t see the funds in my bank account right away?
It can take up to 30 minutes for a successful Instant Funding withdrawal to reflect on your bank account. Some banks may take longer depending on their processing time.
If you don’t see the transfer on your bank account/statement after 30 minutes, please reach out to your bank. When contacting your bank, it’s important to explain that the funds will appear as an original credit transaction (OCT), which is a direct credit to your debit card
I’m using my business debit card to register for Line of Credit Instant Funding but getting an error, “your card issuer does not support funds transfer to business debit cards.”
Not all issuing banks support push-to-debit transfers today. Some banks only support Instant Funding for some of their debit cards and some banks do not support Instant Funding for any of their debit cards.
I’m using my correct business address to register for Line of Credit Instant Funding but getting an error, “Please review all data fields and resubmit.”
To successfully register your debit card, please make sure that:
- Your debit card has been activated
- Your debit card has not expired
- The address you enter matches the address on the bank statement for the bank account associated with the debit card
Can I use the OnDeck Mobile App to make a withdrawal using Instant Funding?
You cannot use the OnDeck Mobile app to make an Instant Funding withdrawal at this time, but you can use your online account via a mobile browser to make an Instant Funding withdrawal. If you make a withdrawal through the Mobile App, it will use the ACH funding method and will take the standard amount of time to process.
I am on my Line of Credit draw page and I don’t see the Instant Funding option. Will I still be able to make a draw using Instant Funding?
If Instant Funding option is not available as one of the funding methods while making a draw, then it could be one of the following
1. You might be logged in to the customer portal using mobile app
2. Instant Funding service might be temporarily unavailable
3. Your Line of Credit Account is with Celtic Bank
In any of the above cases, any withdrawals made would default to ACH.