OnDeck review

Updated September 28, 2026 · BorrowCue Editorial Team · Facts checked September 26, 2026

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Our verdict

On Deck suits established US businesses that need sizeable sums quickly on fixed rates, borrowing $5,000 to $400,000 and repaying over 18 to 24. The catch is cost: 53.2% to 59.8% runs well above the 11.7% median for business loans on the site, so speed and size come at a steep price.

Key facts

Best for
US small firms that need a large fixed rate loan or a credit line without a long wait.
APR
53.2% to 59.8% (Source, checked September 26, 2026)
Loan amount
$5,000 to $400,000 (Source, checked September 26, 2026)
Term
18 to 24 months (Source, checked September 26, 2026)
Arrangement fee
0% - 4% of the loan amount (Source, checked September 26, 2026)
Credit check
Soft prequal (Source, checked September 26, 2026)
Funding time
As soon as the same day (Mon-Fri before 10:30 a.m. ET); otherwise 2-3 business days (Source, checked September 26, 2026)
Representative example
Term Loan example: $75,000 loan, $73,125 disbursed, $98,250 repaid, 61.34% APR, 12-month term; line of credit example $50,000 limit at 52.6% APR (Source, checked September 26, 2026)
Rate type
Fixed (Source, checked September 26, 2026)
Lender type
Direct lender (Source, checked September 26, 2026)
Free early repayment
No (Source, checked September 26, 2026)
Eligibility
US business, 18+ and legal resident of the US; 1 year in business, business checking account, $100K annual revenue, 625 personal FICO (Source, checked September 26, 2026)
Origination fee (%)
0% to 4% (Source, checked September 26, 2026)
Loan types
Business, Credit-line, Secured (Source, checked September 26, 2026)
Credit needed
Fair (Source, checked September 26, 2026)
Use cases
Home-improvement (Source, checked September 26, 2026)
Legal entity
On Deck Capital, Inc. and ODK Capital, LLC (Source, checked September 26, 2026)
Headquarters
United States (Source, checked September 26, 2026)
Founded
2006 (Source, checked September 26, 2026)
Support channels
Email, Phone, Help-centre (Source, checked September 26, 2026)
Pricing model
Fixed rate
Features
Same-day funding, Credit line
Official website
ondeck.com

Apps and profiles

Elsewhere
WikidataWikipediaXTrustpilotLinkedInbbb.org

Pros and cons

Pros

  • Funding can land the same day for requests placed early in the US morning, or a few business days later.
  • A soft prequalification (soft prequal) lets a firm see an offer without a hard credit pull, and fair credit is enough (fair).
  • Term loans, a credit line and secured borrowing sit with one lender (business, credit line and secured), so a returning borrower can move between products.
  • Every product is fixed rate (fixed rate), so the repayment figure is set at the start and holds for the term.

Cons

  • 53.2% to 59.8% sits far above the 11.7% median for business loans on the site.
  • Free early repayment is not offered, so settling sooner does not cut the interest already committed.
  • An origination fee of 0% - 4% of the loan amount is added on top, which is why less reaches the account than the amount borrowed.
OnDeck

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Scored 9.0 / 10 by BorrowCue.

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Who it suits

  • Established US businesses with a business checking account and a trading record, needing a larger fixed rate loan.
  • Owners with fair credit who want a soft prequalification offer before committing to a full application.
  • Firms whose cash flow cannot wait on a long approval process, given same day funding in the US morning.

Who should look elsewhere

  • Cashspace, if the rate matters more than the speed: its APR is PHP 12 to PHP 36 against On Deck's 53.2% to 59.8%.
  • Creduma ES, for euro denominated borrowing, since its amounts start at from €12,000 while On Deck lends in the US.
  • Sofkredit, for a lower rate band, at 10.74% to 18.06% against On Deck's 53.2% to 59.8%.

How your money is protected

On Deck is a direct lender (direct lender), so the term loan and the credit line come from the lender itself rather than a broker. The published representative example is the clearest guide to the true cost: the term loan example shows less reaching the account than the amount borrowed, with a far larger total repaid, while the line of credit example is priced a little below the term loan rate.

The company behind it

The lending business runs under On Deck Capital, Inc. and ODK Capital, LLC (On Deck Capital, Inc. and ODK Capital, LLC), headquartered in the US (US) and operating since 2006. It is a specialist business lender rather than a general bank, covering term loans, a credit line and secured borrowing. Support runs on email, phone and help centre, so phone, email and a help centre are the available routes.

How OnDeck compares

Frequently asked questions

What does a On Deck loan cost?+

The term loan price is 53.2% to 59.8%, and an origination fee of 0% - 4% of the loan amount sits on top. The published representative example shows the effect clearly: less is disbursed than the amount borrowed, and considerably more is repaid across the term, so weigh the total repaid rather than the headline rate.

How quickly can the money arrive?+

Money can reach the account the same day if the request lands in the US morning on a working day, and a small number of business days later otherwise. Same day funding is a listed feature (same day funding and credit line), which suits a business covering a payroll or supplier gap better than one that can wait.

Who is eligible to apply?+

Eligibility asks for a US business run by an adult legal resident of the US, with a business checking account, a minimum time trading, a minimum annual revenue and a personal credit score in the fair range (fair). A firm can start with a soft prequalification (soft prequal).

What kinds of business finance are on offer?+

Three products are listed (business, credit line and secured): a business term loan, a credit line and secured borrowing. All sit on a fixed rate (fixed rate), so the repayment figure is set at the start. A credit line suits uneven cash flow, while a term loan suits a known single purchase.

Is the money I borrow protected?+

On Deck is a direct lender (direct lender), so the term loan and the credit line come from the lender rather than a broker. The published term loan example shows the full cost of borrowing, including the gap between the amount applied for and the amount disbursed, and the line of credit example is priced a little below the term loan rate.

How do I reach On Deck for help?+

Support runs on email, phone and help centre, so phone, email and a help centre are all open routes for a borrower. The contracts sit with On Deck Capital, Inc. and ODK Capital, LLC (On Deck Capital, Inc. and ODK Capital, LLC), which matters when you are weighing a lender against a broker.

Sources

  • ondeck.com checked September 26, 2026

    Backs: Features, Founded, Lender type

    “Same-Day Funding: After approval, you can get funds as soon as the same day; a revolving credit line you can draw from 24/7”

  • ondeck.com/business-term-loan checked September 26, 2026

    Backs: Loan amount, APR, Free early repayment, Funding time, Pricing model, Rate type, Use cases

    “Apply for a business term loan from $5K - $400K”

  • ondeck.com/faqs checked September 26, 2026

    Backs: Credit check, Credit needed, Eligibility, Loan types, Arrangement fee, Origination fee (%), Term

    “When determining eligibility, we'll perform a soft credit check on the business owner's personal credit”

  • ondeck.com/terms checked September 26, 2026

    Backs: Headquarters, Legal entity, Support channels

    “you agree that the laws of the state of Utah ... will govern ... or write to us at: 4700 W. Daybreak Pkwy., Suite 200, South Jordan, UT 84009”

  • ondeck.com/transparency checked September 26, 2026

    Backs: Representative example

    “Example Loan Amount $75,000.00, Disbursement Amount $73,125.00, Repayment Amount $98,250.00, APR 61.34%, repayment term 12 months”

Compiled from 5 source pages, checked September 26, 2026. We did not open an account.

OnDeck

OnDeck

US small firms that need a large fixed rate loan or a credit line without a long wait.

9.0/10See alternatives

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