Every business is different. You can customize an OnDeck Short Term Loan to meet your needs.

Short term loans are a great option for borrowers who need funds for a specific business investment, like starting a new project, expanding — or making a large purchase that can’t be covered with a credit card. As a type of installment loan, an OnDeck short term loan offers a one-time lump sum of cash to use for your business how you see fit. You’ll have your funds in your bank account as early as the day your loan is approved, and you can pay it back on your schedule to match your specific project timeline.

About short term loans

A short term loan is a form of financing that is generally repaid in a year or less. However, some lenders like OnDeck offer repayment terms up to 24 months. Short term loans can be used to cover various business expenses, with loan amounts that vary across lenders.

The interest rate on a short term loan can vary significantly for borrowers, depending on factors such as credit scores, annual revenue and more. At OnDeck, interest rates for short term loans are competitive and our pricing is transparent — so you’ll always know your cost of capital up front.

Loan amounts of

Repayment terms up to 24 months

Automatic daily or weekly payments

Benefits to Your Business

Same Day Funding: Standard ACH bank transfers take up to three business days. But with OnDeck you could get funds in your bank account by 5:00 pm the same day.*

Prepayment Benefits: If you qualify for our 100% Prepayment Benefit option, pay your loan off early in full and have all remaining interest waived without any penalty or fee.

Loyalty benefits: If you’re a current OnDeck customer, you’ll have any remaining interest waived if you take a new OnDeck small business loan. We can also offer a lower or even 0% origination fee on your next loan.

Business credit building: Help build your business’s credit by making on-time payments, which we report to bureaus.

Predictable, fixed payments: Pay the same amount from the beginning to the end of your repayment term, so you can manage your cash flow with no surprises or large costs up front.

Transparent pricing: Use our SMART Box® Capital Comparison Tool to get a comprehensive breakdown of your term loan’s cost—including all the key terms you need to evaluate potential loan offers.

A short term loan can solve your specific business needs.

We understand that taking out a business loan can be a big financial commitment for borrowers. If you think you could benefit from business financing, ask yourself this key question before making a decision: “How exactly will I use this loan for my business?”

Based on your answer, you may decide a short-term loan is right for you. There are many ways a loan can help drive your business forward. Here are some popular reasons business owners opt to apply for a short term loan.

4 ways to use a short term loan

  1. Reopening your business
  2. Expanding to a new location
  3. Investing in renovations
  4. Financing marketing campaigns

Applying for a short term loan at OnDeck is quick and simple

Get Started

Step 1. Complete the application

Our application is pretty simple, and you can apply online or over the phone.

Step 2. Get a decision

Your dedicated loan advisor will review your options with you.

Step 3. Receive your funds

Complete the online checkout and receive your funds as soon as the same day.*

What other business owners have done with their OnDeck Short Term Loans

“When we were first starting out, we were not able to get traditional funding, because there just isn’t funding for small businesses through traditional banks. They want you to perform first before they’ll help you. Luckily, we came across OnDeck, and we’re so grateful for the flexibility they’ve offered us over the years as we’ve grown.”

Ellen Rozelle Turner
The William Everett Group
Chicago, IL

“As I went through working with banks and other sources, I realized that the process with OnDeck was a million times easier. The staff is really supportive and responsive, and the price is not that much different when you look at conventional loans that are long-term. OnDeck has a different product – they do a shorter term, but the pricing is actually comparable.”

Leah Retamozo
Bilingual Child Care and Education Center
St. Paul, MN

“I chose OnDeck because they had the terms that I wanted, and they were friendly and helpful. The application process was very simple. I spoke many times with my rep with concerns and questions because this was new to us. It was something that we had never really done, and he was so helpful and explained everything… they understood what I needed.” 

Frank and Lori Cosenza
C and C Automotive
Bullhead City, AZ

FAQs: OnDeck Term Loans

What is Same Day Funding*?
Same Day Funding is as simple as it sounds. It allows you to receive funds in your account as early as the day you finalize your term loan with OnDeck. There’s no special enrollment and no additional cost.

What other small business loans can I get in addition to my term loan?
We understand every business has different needs, so unlike many online lenders, we’ve got different loan types available for you. At OnDeck you can easily apply and if approved, you may be offered a small business line of credit in addition to your existing term loan or in many cases you can start them at the same time. In addition to OnDeck’s Term Loan and Line of Credit, check out this page for other types of small business loans.

What is the SMART Box®?
Transparency is key when it comes to choosing a lender. That’s why OnDeck developed the SMART Box Capital Comparison Tool. In plain English and an easy-to-read format, this tool shows you key terms you need to evaluate potential short term loan offers so that you have a comprehensive, standardized breakdown of your cost of capital. The SMART Box is used by all members of the Innovative Lending Platform Association.

How do loyalty benefits work?
We believe in rewarding you for your loyalty and making it easy to access additional funding. Once your initial or current loan is 50% paid down you have the option to apply to renew your loan and you will not be charged any remaining interest on your existing loan. You may even qualify for a lower or 0% origination fee.

How does payback work?
Paying back your term loan with OnDeck is easy and hassle-free with automatic bank account deductions so you don’t have to worry about missing a payment. The daily or weekly payment is based on the amount and term length of your financing and is intended to be a manageable number based on the information you provided to OnDeck in your application.

How much will it cost?
Interest rates start at 29.9% annual percentage rate (APR). The total cost of your short term loan will vary based on a number of factors, including your personal and business credit scores, time in business and annual revenue and cash flow.

Can I get a short term loan if I have bad credit?
OnDeck doesn’t offer “bad credit loans.” However, a bad credit score doesn’t always mean you can’t qualify for business financing. Our short term loans can provide an alternative source of funding for borrowers who have had difficulty getting approved for credit cards and traditional installment loans.

Minimum eligibility requirements for an OnDeck Term Loan or Line of Credit

We lend to over 700 industries, but there are some industries we cannot serve: see list of restricted industries. In addition, OnDeck does not lend to businesses in Nevada, North Dakota, or South Dakota.

Here’s what business owners like you have to say about OnDeck:

*Same Day Funding is only available in certain states, for term loans up to $100K. Eligibility window is Monday-Friday before 10:30am EST. If checkout is done before 10:30am EST, funds will be available by 5pm local time the same day. If checkout is done after 10:30am EST, or on a weekend or bank holiday, it will not qualify for Same Day Funding and funds will be deposited within 2-3 business days. Eligibility rules around creditworthiness and length of term loan apply.

Saving money on outstanding interest is only applicable if a loan is prepaid in full before the end of your payment period. Term loans including the Prepayment Benefit option will have a higher interest rate, and may increase the total cost of the loan. When you pay off your loan early without a Prepayment Benefit, you would owe 75% of the remaining interest that was disclosed in your original loan agreement. Eligibility for the lowest rates is very limited, available only to businesses with the strongest creditworthiness and cash flows, and typically businesses that have shown an excellent payment history on prior loan products with OnDeck. The average rate for term loans is 62.1% APR. Averages are based on loans originated in the half-year ending March 31, 2022.