OnDeck Capital, Inc. is a technology-focused lender established in 2006, based in New York, offering short-term working capital solutions primarily to small and medium-sized enterprises in the United States. It operates under state commercial lending laws and is not authorised by the FCA in the UK, making it unavailable for UK businesses. OnDeck's services may suit established U.S.-based SMEs seeking rapid online funding for working capital or expansion. To understand more about alternative business financing options and short-term loans, see our business loans overview and short-term business loans.
Key Features of OnDeck Capital
OnDeck’s lending platform offers digital convenience, quick decisions, and several features designed to streamline borrowing and credit building for eligible U.S. businesses.
- Proprietary OnDeck Score combines personal and business data for fast underwriting.
- Online dashboard provides real-time balance and payment schedule management.
- API integrations with accounting software support automated data verification.
- Dedicated funding advisors and customer success managers assist borrowers.
- Automated ACH collections simplify repayment processes.
Funding Eligibility
You may qualify for OnDeck loans if your business has operated for at least 12 months with an annual turnover of £80,000 or more. Applicants must hold a U.S. business bank account and meet credit requirements including minimum business credit scores. Certain sectors such as adult entertainment, firearms, gambling, and non-profits are excluded. For a wider understanding of eligibility criteria, explore our eligibility tools, the credit score guide, and our business loans eligibility guide.
Loan Options
OnDeck offers short-term loans and lines of credit focused on working capital needs. Both product types require a personal guarantee and general business lien as security.
- OnDeck Line of Credit: £4,800 to £80,000, revolving 12-month term with weekly repayments, APR approximately 11.89% to 63%. Suitable for flexible capital access with interest only on drawn amounts. Details at revolving credit loans.
- OnDeck Term Loan: £4,000 to £200,000, terms from 3 to 24 months, APR ranging roughly 11% to 118%, typically 25% to 40%. Fixed total cost with early repayment options and same-day funding availability. Further information in term loans.
How to Apply
The application is fully online with optional phone support, aiming for rapid decisions and funding. Prepare to submit essential documents and agree to credit checks.
- Complete the online application form, providing basic business details. See loan application guides.
- Upload government-issued ID, recent business bank statements, and proof of business ownership.
- OnDeck reviews credit and operational history before offering funding, with decisions typically within one business day. Learn about typical funding timelines.
Funding Agent's view on OnDeck Capital
OnDeck Capital is suitable primarily for U.S.-based SMEs looking for rapid access to working capital through short-term loans or lines of credit. While it provides very fast approval and digital management, its costs, including high APRs and fees, can be substantial compared with traditional secured loans. The mandatory personal guarantee and sector restrictions may limit its appeal. For UK businesses seeking funding, consider reviewing our regional eligibility checkers and compare available options in our business loans comparison.
