On Deck Business Loan Reviews

If you’re searching for OnDeck business loans, you’re probably looking for fast funding with a lighter-touch process than a traditional bank. OnDeck is a well-known online small business lender, but it’s primarily set up for businesses in the United States, with products priced and structured around US underwriting and repayment mechanics.

In this review we’ll break down how OnDeck’s lending works, what it tends to cost, who it suits, and what UK SMEs should consider if you need a similar type of funding.

Product snapshot: OnDeck business loans at a glance

OnDeck typically offers two core products: a term loan (one-off lump sum) and a business line of credit (revolving facility). You can see the product overview on OnDeck’s site here: OnDeck Small Business Loans.

How OnDeck’s Business Loan actually works in practice

1) You apply online. The application is designed to be quick and digital, with OnDeck positioning itself as a direct-to-business lender. The main application entry point is here: Apply with OnDeck.

2) Underwriting focuses on cash flow and business performance. OnDeck sets out minimum requirements (time in business, revenue and credit score). If you meet the baseline, you can still expect checks on business bank activity and affordability. See OnDeck’s published minimum qualifications: OnDeck Loan Qualifications.

3) You receive an offer for a term loan and/or line of credit. OnDeck states that applicants can be assessed for multiple products, then offered what best fits their profile. Term loans give you a lump sum; lines of credit let you draw as needed up to a limit.

4) Repayments are frequent. A key OnDeck feature is daily or weekly repayment schedules. OnDeck explains that daily payments are due each business day after disbursement begins, while weekly payments start about a week after disbursement, on the same weekday each week.

Illustrative example (not a quote): Borrow $50,000 over 24 months. If the APR were 35% (some third-party reviews show rates in this area), the monthly repayment would be roughly $2,990. If repayments are collected daily or weekly rather than monthly, the cash flow impact can feel larger even if the overall cost is similar, so you’ll want to model it against your trading pattern.

Rates, fees and what this Business Loan really costs

OnDeck doesn’t publish one universal APR because pricing is personalised. What matters is the total cost of credit on your offer (interest plus any fees), and how the repayment frequency affects cash flow.

• APR / pricing: Your rate depends on credit, revenue profile and term. Independent reviewers commonly report higher APRs than bank lending for short-term online finance.
• Fees: Some offers may include an origination/administration fee. Ask whether fees are deducted from the advance or paid separately.
• Prepayment: With short-term lending, early repayment can materially reduce cost if the lender offers prepayment benefits. Always confirm how prepayment is treated on your agreement.

If you’re a UK SME comparing a UK-based offer to OnDeck-style lending, the closest like-for-like comparison is usually a short-term unsecured business loan, a working capital loan, or a revolving credit facility with frequent repayments.

Eligibility, who OnDeck is a good fit for

Based on OnDeck’s published minimum qualifications, it tends to suit established businesses with consistent turnover and reasonable credit metrics.

• Time in business: 1+ year.
• Revenue: $100,000+ annual business revenue (minimum shown by OnDeck).
• Credit: 625+ personal FICO score (minimum shown by OnDeck).
• Banking: A business checking account (used for assessment and repayments).

Important for UK SMEs: OnDeck’s published criteria and processes are written for US applicants. If you are a UK-only business, you’ll normally want a UK lender that underwrites against UK bank statements, UK credit files and UK legal structures.

Pros, cons and when OnDeck is a good idea

Think of OnDeck as a fast, online, short-term funding model. It can work brilliantly for the right business and badly for the wrong one.

Pros

• Fast process: Online application with quick decisioning and fast funding messaging.
• Two clear products: Term loan for a one-off need, and a line of credit for ongoing flexibility.
• Predictable repayment schedule: Daily/weekly payments can reduce end-of-month pressure if your revenue is steady.

Cons

• Can be expensive: Short-term online finance often comes with higher APRs than longer-term bank funding.
• Repayment frequency: Daily/weekly collections can squeeze cash flow in seasonal or lumpy-revenue businesses.
• Not designed for UK-only borrowers: If you’re trading only in the UK, a UK lender is usually a better match for eligibility, documentation and terms.

Best for

• A stable-revenue business that needs fast working capital for stock, payroll or a time-sensitive opportunity.
• A business that prefers frequent smaller repayments instead of one larger monthly repayment.
• An owner who values speed and simplicity and can accept a higher cost for short-term flexibility.

Real world examples of how SMEs use this Business Loan

Example 1: Inventory for a busy season. A retailer funds inventory ahead of peak trading, then repays daily/weekly as card sales come in.

Example 2: Marketing and customer acquisition. A services business funds a short, aggressive marketing push and uses predictable repayments to align cost with incoming bookings.

Example 3: Bridging payment delays. A B2B firm with 30–60 day payment terms uses short-term funding to keep supplier payments and payroll smooth.

How Funding Agent can help you compare OnDeck against other lenders

Even if you like the OnDeck model, the best deal usually comes from comparing a handful of lenders and product structures side-by-side: term loan vs revolving credit vs invoice-based funding. The right structure can be the difference between comfortable repayments and a constant cash flow squeeze.

If you want to see how OnDeck stacks up, compare business finance options with Funding Agent before you sign.

We’ll help you sense-check pricing, fees, repayment schedules and security requirements, and match you to a UK product that suits how your business actually gets paid.

Alternatives to OnDeck’s Business Loan

If you’re a UK SME, you’ll usually get a cleaner application journey and more relevant underwriting from UK-focused lenders. Here are common alternatives that can replicate the OnDeck-style use case (fast working capital, flexible access, or cash flow smoothing).

• Business Loans for straightforward funding with fixed repayments.
• Unsecured Business Loans if you want funding without asset security (often still with director support).
• Working Capital Loans when the goal is smoothing short-term cash flow.
• Business Line Of Credit if you prefer revolving access rather than a single lump sum.
• Invoice Financing if your cash flow gap is driven by slow-paying customers.
• Asset Finance if you’re buying equipment and want security-backed pricing.

‍