Can OnDeck Capital Help Keep Your Small Business Afloat?

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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 small business loans.

These sites have less strict requirements to qualify and a speedy process. So you can get the funding you need, when you need it. How does OnDeck stack up to the competition? Let’s find out.

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 an 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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Article Overview


4.6 / 5
Speed of Approval & Funding 5.0
Qualifications for Approval 4.5
APR Rate 4.0
Loan Amounts & Payment Terms 4.5
Customer Service 5.0


  • Approval and funding often within one business day
  • 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


  • Requires $100,000 in annual revenue
  • Must be in business for a minimum of 1 year
  • Average APR of 25-50% (if you include origination and other fees) as of 7/24/19
  • Requires personal guarantee (but no collateral)
  • No prepay discount with OnDeck Loans
  • No Merchant Cash Advance available

Key Features

  • BBB accredited with A+ rating
  • In business since 2007
  • More than $12 billion loaned to 80,000+ small businesses in 700+ industries
  • 100% focused on small businesses
  • Offers short-term 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 94% 5-star ratings on TrustPilot

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

OnDeck has been the easiest lending company we have ever dealt with. We have always received options and discounts along the way. Rachel McDowell has been superior in her customer service, follow up and quick turn around time. I do appreciate that they have always been a funding option for us. – Stacy F., Trustpilot 8/29/2019

Easy to use, folks were easy to work with, and my options/obligations were explained pretty well. It’s not a low-interest loan, but I am just building business credit, so I understand why it was higher than I wanted. Thankfully, I paid off the loan early and saved some money. Highly recommend On Deck for those who are ignored by the Big Banks or don’t have 6 months to wait for the SBA. – John M., BBB 7/22/2019

Negative OnDeck Reviews

In a time of desperation you might consider taking a loan, but beware of INSANELY high interest rates and they charge you $20 a month to keep the line of credit open even if you pay it back in full! Would not reimburse me when I realized that they were charging me for MONTHS even though I was a good customer and paid back 3 borrows in full. Disappointed and would not borrow from them again. I’ve found several lines of credit that do not charge to carry a zero balance. – Elizabeth S., BBB 6/8/2019

OnDeck mostly considers businesses with cash flow on daily bases only (retail stores, food serving industry, etc). They do not offer any services to business where deposits are less frequent than daily. My rep ****** did not even bother to answer basic questions. Do not understand where all these 5 star reviews are coming from. – Robert R., Trustpilot 12/12/2018

Why Choose OnDeck?

Check out the following video from The Street where Noah Breslow, OnDeck CEO, sheds light on OnDeck’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?

We consider OnDeck to be a solid option for your business loan needs. But how do they stack up against other lenders? Find out in our small business loans comparison, where we thoroughly analyze 11 of the top rated lending sites. You can also learn more about OnDeck in our interview their Finance Expert, Ty Kiisel.

Care to share any experiences you’ve had with small business loans? 

About The Author:

While attending the University of North Carolina at Chapel Hill’s graduate school for journalism and public relations in the late 1990s, Sally began a long career researching and writing about business, technical and scientific topics.

Her decades of experience as well as a passion to stay on top of the latest online tools and resources combine to help small businesses (and freelancers like herself) flourish. Her work has appeared in many notable media outlets, including The Washington Post, Entrepreneur, People, Forbes, Huffington Post, and more.

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