3 Ways of Borrowing
OnDeck offers three loan options that you can choose from, the short-term, long-term and line of credit. There are good and bad sides to each and you should pick the one best suited for you needs. To give you a better idea of which option would be best for you, let’s take a closer look at the different options that OnDeck has to offer.
Short-term loans are typically taken out for smaller financial needs with the intention of paying it back as soon as possible. OnDeck offers these at 3-12 months with an average interest rate of 19% but you can get an interest rate as low as 9%. Borrow up to $250,000 depending on the amount you qualify for.
Long-term loans offer larger amounts and longer payment terms at up to 36 months for amounts up to $500,000. Of course there is no guarantee that you would be able to get the maximum amount and term as it would depend on your qualifications. This loan is more useful for construction or other large expenses.
Lines of credit work like credit cards and you can withdraw money from as it up to the available limit that you have. The maximum line of credit is $100,000 but you only pay interest on what you take out and not the whole amount. This is good for unexpected expenses as a way to get quick cash.
OnDeck offers excellent customer support options with a toll-free telephone number, dedicated email support and a live chat support available from 9AM to 7PM EST. They also provide an FAQ section on their website to help you answer basic questions and concerns without having to contact a representative.
Not all business would be able to get a loan with OnDeck as they have certain qualifications that must be met for one to be even considered for a loan. Check out the qualifications so you don’t waste time applying for a loan you do not qualify for.
- Company must be in operation for at least 1 year.
- Must earn over $100,000 in gross annual revenue
- Must have at least one US Citizen owner with a credit score of 500+
These are the basic qualifications but it does not necessarily mean that if you meet all of them that you would be given a loan. Being granted a loan would now depend on your personal and business information which you would have to provide OnDeck upon loan application. They will evaluate your finances and see if you can be granted a loan or credit line, depending on what you applied for. If you fail to qualify for a loan, you can only re-apply after 6 months.
What's the Verdict on OnDeck?
OnDeck Review 2020 – Conclusion
OnDeck is a good option to take if you are in need of a loan for your small business. The option for a short-term or long-term loan is great since you can get the right loan for your needs. The credit line is also a good option to take as it allows you to have cash on demand should an emergency ever occur. The interest rates are not the lowest but they are very competitive and the application process is very simple. So go ahead and check out OnDeck today to see if you qualify for a loan with them.