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OnDeck

We are pleased to introduce OnDeck as our favorite small business lender. The main reason why they came on top of our ranking is due to their genuine concern in providing capital for small businesses. A sound proof of their good business practices as well as its success as a business resides in its stocks healthy performance (ONDK) in the stock market since late 2014 when OnDeck became a public company and started trading on Wall Street. When looking for a business loan, OnDeck has truly became a life saver since credit score is not an obstacle. The minimum credit score required to qualify for a commercial loan through OnDeck is 500.

Just recently, OnDeck released a series of changes to its financing plans for small businesses. These changes include increased amounts that can be borrowed. Due to these beneficial changes, now you can obtain fixed business loans up to $500,000 and commercial credit lines up to $100,000. Businesses that have higher revenue as well as better finances and qualifications can get interest rates as low as 5.99% in most cases.

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OnDeck Availability

OnDeck offers its online business lending services throughout all the United States. Without a doubt, this is great news for most business owners in need of financing.

Ondeck Small Business Loan Types

OnDeck simplified its loan services for small businesses by offering 3 straight financing plans with different terms, rates and amounts. The only incurred cost for OnDeck’s customer is its low origination Fees – which range from 0% to 2.5% for first time borrowers – which are added to the loan amount. Because of this customer friendly approach, as of late 2015, OnDeck has funded over $3 billion in loans to businesses in 700 industries since launching in 2007. The lender works with restaurants, auto body shops, beauty salons, doctors, dentists and other small retailers — businesses with revenue of $100,000 to $5 million. OnDeck offers the following business loan types:

  1. Short Term Loans – 3-12 month terms loans as low as 9% Total Interest Percentage (with average rates of 19% Total Interest Percentage). The Total Interest Percentage calculates the total amount of interest you pay as a percentage of your loan amount. For example, on a 6 month, $10,000 loan with 9% Total Interest Percentage and weekly payments, your interest cost is $900, for a total payback amount of $10,900.
  2. Long Term Loans – 15-36 month terms loans up to $500,000 and annual interest rates as low as 5.99%. For example, on a 24 month, $100,000 loan with 5.99% Annual Interest Rate and weekly payments, your interest cost is $6,167, for a total loan payback amount of $106,167.
  3. Business Lines of Credit – Lines up to $100,000 and APRs as low as 13.99%. Draw the cash you need directly into your business checking account at any time. Only pay interest on what you draw. Pay back your balance early any time.
OnDeck

Rates as low as 5.99%, loans up to $500,000 and lines of credit up to $100,000 for companies with 1 year in business and credit score of 500+.

Up to $500,000

  • Small business loans and credit lines
  • Loans from $5,000 up tp $500,000
  • Lines of credit up to $100,000
  • Loans terms from 3 to 36 meses
  • Typically up to 50% less expensive than a merchant cash advance
  • 10 minutes pre-approval
  • Annual interest rates as low as 5.99%
  • All businesses are welcome

To apply for a loan through the OnDeck.com platform, consider the following:

  • 1+ years in business
  • $100,000+ in the past 12 months
  • 500+ personal credit score
  • No bankruptcy in the past 2 years
  • TAX ID and social security number
  • First page of latest year income tax
  • Latest 3 monthly bank statement
  • Latest 4 months credit card statements

OnDeck business loans range from 3 to 12 months for their short-term loans and from 15 to 36 months for long-term loans with fixed annual interest rates starting at 5.99%.
OnDeck customer service team is highly knowledgeable and friendly having the customers best interest as their goal. OnDeck headquarters can be found in: 1400 Broadway 25th Floor New York City, New York

To sum up, OnDeck business loans come with much higher approval rates than traditional banks and other financial institutions and the funds can be obtained in as little as 24 hours. One of their main advantages when it comes to approval is that traditional bank loans typically require personal assets as collateral while OnDeck does not require any collateral at all. Furthermore, Banks normally want you to have been in business at least two years, whereas OnDeck requires only one year in business and a minimum credit score of 500. Furthermore, OnDeck helps its customer to build business credit since they report your payment activity to the business credit bureaus: Equifax, Experian and Paynet. Making timely payments should raise your business credit score, which could help you get a larger and cheaper small-business loan in the future.

Ondeck is the best for Small business loans with Rates as low as 5.99%, loans up to $500,000 and lines of credit up to $100,000 for companies with 1 year in business and credit score of 500+.
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The Best by Far!

Rates as low as 5.99%, with loans up to $500,000 and lines of credit up to $100,000 for companies with 1 year in business and credit score of 500+.

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OnDeck

Rates as low as 5.99%, loans up to $500,000 and lines of credit up to $100,000 for companies with 1 year in business and credit score of 500+.

Up to $500,000

Thank you for visiting my site TopOnlineLenders.com. I appreciate that you are taking the time to read my posts and leave comments. About me, I can say that I’m an enthusiastic blogger with a 7+ years of experience as a Financial Planner and in mortgage loans in Georgia. I really hope that my posts can be of help. Thx!
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