Ondeck Review (2022)

  • Updated: 15/01/2022
  • 6.29 Minute(s) Read
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With Ondeck, if your business has a minimum credit score of 500, you can apply for business loans of up to $250,000. Ondeck loans come with flexible loan terms of 6 to 24 month and require no security. The lender’s application process is fast, with funds in your business account possible within 24 hours.

OnDeck is one of the first small business lenders to rely on technology for approving loans. Their technology uses algorithms, so loan approval takes just minutes, which allows OnDeck to provide funding in a quick time.

🗺️ ProductsBusiness Loans
💰Funding Amount$10,000 to $250,000
📊 Loan Terms6 to 24 Months
Min. Trading Period12 Months
Min. Trading Turnover$10,000 per annum
🛍️ Unsecured/Secured Unsecured
💳 Funding SpeedApproval within 24 hours
Funding within 24 hours of approval
ondeck logo with words ondeck review under it

Loan ProductsShort-term business loan
Loan Terms & Funding Size
💰 Loan Amount$10,000 to $250,000
⏳ Loan Length6 to 24 months
📆Payment scheduleDaily, Weekly
💳 Line of Credit Option?
Loan Costs
💸Fees (exc. interest)2.5% Origination Fee
﹪Interest Rate TypeOn application
🔓 Unsecured Loans?✔️
👍 Early Repayment✔️ (provided a minimum 6 monthly deposits are made
Loan Qualification
🎓 Qualification BasicsABN or ACN, Australian bank account, Australian citizen or permanent resident
🛍️ Min. Trading Qualification12 Months
📅 Mini. Turnover Qualification$100,000 gross annual turnover
🗎 Low Doc Loans
😕 Bad Credit OK?Min. business credit of 500
No prior bankruptcy
Approval & Funding Speed
🏍 Fast Online Application✔️ Approval with 24 hours
💨 Funding SpeedFunding within 24 of approval

OnDeck Advantages and Disadvantages


  • First Fintech lender in Australia
  • SMART Box™ loan statements
  • Fintech Australia award-winning
  • Loyalty Discounts
  • Loans Best For: All industries


  • Not for start-ups
  • No personal loans
  • $250,000 maximum may not be enough
  • No live chat customer support
  • No line of credit or Merchant Cash Advance

OnDeck Review – Products Available

OnDeck only offers unsecured short-term small business loans. Offering only one loan product keeps things simple as you can use this loan for any business purpose.

Ondeck loans can be up to $250,000 with a repayment period of 6 to 24 months.

  • Unsecured short-term business loans

While you will not find other options to maintain cash flow or working capital, OnDeck work hard to make their product work for all small business owners.

Quick overview ondeck short term business loan product

OnDeck Review – Short-Term Business Loans

As the name suggests, a short-term loan has a relatively shorter time for you to pay the loan. While traditionally a short-term loan is 3 to 12 months, Ondeck loans are slightly more generous ranging from 6 to 24 months.

As the loans have shorter loan terms than a traditional loan and do not always require security, the maximum amount one can borrow is usually less than a long-term loan. Ondeck cap their loans at $250,000, which is a decent amount for most businesses seeking a loan.

An unsecured short-term loan or small business loan is one of the most flexible loan types as you can use it for any business purpose.  Just keep in mind that it is best to know how much capital your business needs to borrow as you will receive the loan as a lump sum and will need to pay interest for this entire amount once you receive the loan.

While you will not need to provide security for the loan, you will need to provide a personal guarantee. This is a standard practice for all online lenders.

Ondeck Short Term Business Loan Qualification

OnDeck short term business loan eligibility

Our Ondeck review found the lender requires that your business has been operating for 12 months and have a turnover of $100,000 per year in revenue. Other requirements include a business credit score of at least 500 and no history of bankruptcy.

To help you determine your credit score, Ondeck provides a credit score check run by Equifax. This tool is free, secure, and done on the spot and will not affect your credit score. A credit score check does not require any obligation on your part to take a loan from Ondeck.

OnDeck Short Term Business Loan Funding And Loan Terms

OnDeck short-term Business loan Funding amount and loan terms

Ondeck business loans start at $10,000 and have a maximum loan amount of $250,000. This loan comes with a repayment period of 6 to 24 months and you can pay this debt either daily or weekly.

If your business does not need to borrow a minimum of $10,000, then it is important to establish how much the business needs. This is because any unused borrowings mean wasted interest costs. If this is the case, it may be better to find a lender with a lower loan amount or consider other loan types such as a line of credit.

Short-term loan costs and interest rates

ondeck short-term loan costs

OnDeck has an upfront fee of 3% of the loan. This fee is part of the principal, which means you only receive the disbursement amount (loan – origination fee).

The lender follows an amortisation schedule which means costs are fixed throughout the loan. This type of payment plan means interest rates do not compound. Payments occur automatically on a weekly basis via direct debit.

While OnDeck doesn’t advertise their interest rates, they are a signatory to the ‘AFIA Code Small Business Lends Code of Practice’. This means they comply with the AFIA code of conduct to give transparency about their product.

When you apply for a loan, OnDeck (and any brokers that comply with the AFIA code of conduct) will provide you with SMART Box™ statement at your request.

SMART Box™ allows you to compare loans between small business lenders. A SMART Box™ statement sets a standard pricing disclosure format for brokers to use.

When using SMART Box™ a range of metrics is available to simplify your loan assessment. These include:

  • Total Cost of Credit
  • Average Month Payment
  • Total Interest Percentage (TIP)
  • Annual Percentage Rate (APR)
  • Cents on the Dollar
  • Early Repayment terms and fees
SmartBox logo

OnDeck Ease Of Application

OnDeck application process is fast, with just 4 steps. Should you prefer, a team of OnDeck loan specialists can fill an application on your behalf should you wish to apply by phone.

The application process comprises 4 steps.

  1. Login registration
  2. Business information
  3. Personal Information
  4. Bank information
3 steps to apply for loan with Ondeck

OnDeck requires your most recent 6 months of bank statements. You can do this by providing OnDeck with your bank customer reference number or by uploading file attachments of your statements.

If OnDeck has all the application information, then you will know if you are eligible for a loan within hours. Depending on what time you submit your application, this can be the same day. If you pre-qualify for a loan, a financial advisor from OnDeck will contact you in less than 24 hours to discuss your loan options.

If the loan terms are to your satisfaction, the loan advisor will guide you through the checkout process. Your business account will receive funds within 1 business day.

OnDeck requires the following information when applying::

Business information

  • Business (legal) name
  • Business address
  • Business entity type (sole trader, partnership, company, trust)
  • Year business started
  • Industry division / Industry subdivision
  • ABN number
  • An estimate of your gross annual revenue and average bank balance
  • Business bank statement for the past 6 months (must be most recent)

Information about the loan

  • How much you intend to borrow
  • How soon you will need capital
  • How you will use the loan

Personal Information (usually the business owner) to review owners’ personal credit score

  • First/Last name
  • Address
  • Date of birth:
  • Driver’s license (to confirm identity)
  • % of business applicant owns

OnDeck only offers term loans, other types of loans such as a line of credit and merchant cash advances are not available.

Ondeck Funding Speed

OnDeck funding speed

Applications take less than ten minutes with a decision made within one business day. Your business can receive funds within 1 business day of signing the loan offer.

What Can You Use The Small Business Loan For?

While you will need to show OnDeck how you plan to use the loan, there are no published restrictions on how you use the loan.

As long as you are using the loan for business purposes (and meet Ondecks eligibility requirements), Ondeck will approve your application.

Acceptable reasons OnDeck provide for a loan include:

  • Purchase of equipment
  •  Remodelling/expansion
  •  Refinancing of debt
  •  Hiring employees
  •  Purchase of inventory
  •  Marketing
  •  Other business needs

Ondeck Review – Discounts

OnDeck has loyalty discounts, should you wish to renew your loan, the origination fee will be 1.25%. You can apply for a loan once you reach 50% payment of your existing loan.

The lender also offers a discount for early repayment. Should you pay your loan off early, then you will not need to pay 25% of the remaining interest.

Ondeck Review – Eligible And Non-Eligible Businesses

Ondeck will lend to a wide range of industries. Below is an example of the business types they will lend to.

Ways you can use Ondeck loans

However, there are some industries OnDeck will not let to.

Industries Ondeck will lend to

OnDeck Customer Service And TrustPilot

Customer service with Ondeck is available during business hours via email and phone. No live chat is available. The Fast Business Loans team sent some email inquiries, to find out information as part of our review. It disappointed us that we did not receive a reply, despite multiple follow-ups.

Trustpilot gives Ondeck a rating of 4.8 out of 5 from  592 reviews. This means 5 Stars or Excellent.   OnDeck review comments on Trustpilot are highly complimentary about their application process and customer service.

ondeck Trustpilot review 5 stars

Our Ondeck Review Conclusions

Our Ondeck review found the lender offers up to $250,000 in term loans with a repayment period range of 6 to 24 months. Overall, if your business credit score is only average and you need the cash fast, OnDeck can be a good option. This is especially so if your loan is not of substantial size.

We like that OnDeck is a member of SmartBox. This makes it easy to compare OnDeck loans with other lenders that also offer SmartBox. It’s a good sign of the lender’s transparency,

About OnDeck

Since its foundation in New York of the United States in 2007, OnDeck Capital has provided $13 billion in capital financing to 114,000 small businesses in 700+ different industries across 3 countries. OnDeck believes the internet can simplify and make funding for business easier.

OnDeck is one of the first lenders to rely on technology to automate the application and approval process. This ability to provide a quick response to loan applications is a large factor in their success.

In July 2020, Enova acquired the American division of Ondeck for 122 million. This makes Ondeck one of the premier Fintech lenders in the American market.