Keep Your Small Business Afloat: OnDeck Capital Reviews

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OnDeck Capital ReviewsDo you own a small business but can’t qualify for a bank loan? Or perhaps you need some quick cash and can’t wait for the traditionally lengthy approval process. Don’t worry — there are alternatives! Websites, like OnDeck Capital, specialize in just the kind of small business loan you need. These sites have less strict requirements to qualify and a speedy process. So you can get the funding you need, when you need it. OnDeck is an excellent option, so much so we chose them as our number one online small business loan site. How do they stack up against competitors? We’ll give you all the details you need here in our in-depth OnDeck Review.

Note: Online Small Business Loans have a high approval rate to fund your needs but this less traditional loan route also comes at a cost – extremely high interest rates. However, if you have already been turned down by the bank or you need the money very fast and plan to pay it back quickly, this is a good option to consider. We just want to make sure you are aware of the high interest rate to expect when applying for this non-traditional loan.

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Review Overview

Speed of Approval & Funding
Qualifications for Approval
APR Rate
Loan Amounts & Payment Terms
Customer Service


OnDeck Capital excels in their loan approval process, customer service and their wide variety of available loan amounts and terms. But like most online small business lending companies, your APR rate is high.

Key Features

  • A+ Better Business Bureau accredited
  • In business since 2007
  • More than $7 billion loaned to 70,000 small businesses in 700 industries
  • 100% focused on small businesses
  • Offers short-term loans up to $250,000 and long-term loans up to $500,000
  • 50% less expensive than a merchant cash advance
  • Featured in Forbes, Inc. 500, Business Week and dozens of other positive media articles
  • Over 91% 5-star ratings on Trust Pilot



  • Approval and funding often within one business day
  • Among the lowest credit scores required (500) vs competitors
  • Loans up to $500,000 (higher than most)
  • Wide variety of payback term options
  • Consumers report higher loan amount approvals compared to others
  • Excellent customer support via live chat, phone and email
  • Line of Credit option up to $100,000
  • Consumers rave about exceptional customer service reps
  • Requires $100,000 in annual revenue
  • Must be in business for a minimum of 1 year
  • Average APR of 20-50% (if you include origination and other fees) as of 6/1/17
  • Requires personal guarantee (but no collateral)
  • No prepay discount with OnDeck Loans
  • No Merchant Cash Advance available

What Do Borrowers Have to Say?

Below is a sampling of online feedback we found from real On Deck Capital customers. We do extensive consumer feedback research with every company and product we review. And we have to say, we rarely see such an overwhelming number of positive reviews for a company!

Positive OnDeck Reviews

This is technology meets finance at its best. The entire renewal process takes minutes and the funds are there virtually overnight. Our rep Dana is absolutely a standout and she makes working with OnDeck even better that it already is! – Vic, Trust Pilot 2/29/2016

So far I have nothing but positive things to say about OnDeck. The process was easy, Andrew was wonderful to work with, the repayment options are fair. When no one else was willing to loan to my restaurant OnDeck was and because of that 15 people keep their jobs and I get to grow into a larger space! Thanks OnDeck. – Laura, BBB 1/5/2016

Negative OnDeck Reviews

I was told during the loan application process that the interest would be low when in fact it is astronomically high, like 36% high. They loan you way more that you can afford with super short payment schedules that a small growing business can’t afford. So you call them monthly trying to get a work around, which you have to jump through hoops to make happen, then they want hardship letters explaining why your business is failing because they take so much out that you have nothing left to pay your bills. So very disappointed. – Jeff S., BBB 10/12/2015

We never, ever get denied business credit and applied with these guys because we wanted better rates. It’s a shame that they only focus on how many deposits you have coming in to your bank account each week rather than the creditworthiness of the business and it’s [sic] owners. – Jon R., Trust Pilot 7/21/2015

In OnDeck’s Own Words

Check out the following from The Street where Noah Breslow, OnDeck CEO, sheds light on OnDeck lending’s interest rates. He explains that they are one of the only non-bank alternatives for small businesses that charge a significantly better interest rate than merchant cash advances.

What’s Our Final Verdict with OnDeck?

We give OnDeck Capital two thumbs up, based on our in-depth research into a number of online small business lending sites — not to mention the glowing reviews they get from their own customers. But if you want to see how On Deck lending compares with similar companies, be sure to read our article, Best Small Business Loans Online, for our thorough analysis of six of the top rated lending sites.

What experiences have you had with OnDeck or other small business loans?

Sally has coupled her passion for writing with her (slight) obsession for the latest high tech gadgets. While she’s not daydreaming about the beach, she’s taking advantage of all the activities her hometown has to offer in the Blue Ridge foothills.

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1 Comment on "Keep Your Small Business Afloat: OnDeck Capital Reviews"


I have a small business and am sadly hardly keeping it a float. Have been trying to get a loan through the bank and/or ask friends and family for money but haven’t been successful at either one. So I’m so happy that I discovered this and am excited to apply and see if I can get some funding for my shop!


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