On Deck Review

  • Loan Types: Small Business Loans
  • Availability: USA (Only Established/Strong Businesses with FICO Score 500+)
  • Securities: Unsecured – Personal Guarantee
  • Loan amount: $5,000 to $250,000 ($20,000 For Revolting Credit Lines)
  • Interest: APR: 20% and up. Line of Credit Interest: 30% to 36%
  • Overall Rating: High Reliable & Efficient 4.6 / 5.0

About OnDeck

Founded in 2006, OnDeck has supplied business loans to thousands of small-to-medium sized US companies. It is one of 2 public companies of its kind (ONDK: NYSE), which also makes it one of the most credible and trustworthy companies to engage in business with.

The company has offices in New York City, Arlington (VA) and Denver, and employees in excess of 500 employees. It has lent out in excess of $10bn to date, and keeps on financing small USA-based businesses as a staggering pace. From the very beginning, the entrepreneur behind On Deck lending, Mitch Jacobs, has gained the interest of the most respectable VCs in the world at the time – including SAP’s and Google’s, and had no trouble finding financing for his own business. These VCs not only liked the idea, but they believe Mr. Jacobs can execute his vision, and they were, of course, right. Jacob is still the CEO of the company, some 12 years after inception. This is not his first venture, as he has been a serial entrepreneur from his sophomore year in college.

The average loan they supply is $45,000 and interest rates are typically above 50% according to Bloomberg.

Icon of SMB Oriented

Strong Investment Opportunity

Up 118% in profit since last year. Stock is performing greatly. Investors are happy. That signifies to us that the model is working properly, and more small businesses as using On Deck’s services.

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Quick Decision

It takes between 4 minutes and 10 hours to get approved or declined for a loan. No one does it quite as fast in the USA, and this is one of the strongest selling points for On Deck.

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Trusted and Secure

As  a public company OnDeck has to comply with the highest standards of security, data integrity, and automatically gains higher levels of trust from us.

The Good and the Bad


  • Fast. OnDesk really is poised to meet the financial needs of real small businesses. They work fast, and loans are funded promptly.
  • Credible. Superb user reviews, a publicly traded company, low chances anything will go wrong.
  • Same Day Approval, Ultra-Professional With Customers
  • Average User Rating 9.6 on TrustPilot, But Media Criticism


  • Expensive. Loans like the ones offered by OnDeck are more expensive than bank loans due to their short term nature and broader acceptance criteria.

Which Type of Companies/ Individuals do They Apply to?

To be approved, a business must have been in operation for at least one year. It must also have yearly revenue of $100,000+ and at least one owner with a FICO credit score of 500 or more.

Are Bad Credit Businesses Accepted?

OnDeck will not issue a loan to anyone with a FICO credit score below 500. You’ll see the occasional complaint about this, though OnDeck is quick to respond to these individuals.

Early Repayments & Comparison

OnDeck requires a long-term payment schedule. It is still not clear to us whether early repayments are allowed, but since it is not specifically mentioned on their FAQ we assume there is not early repayment option. 


On the surface, OnDeck has a good reputation, boasting a 9.6 on Trustpilot. There are countless positive reviews you could from satisfied business owners, who were happy to receive their loan so quickly and efficiently. Unlike with other companies, there’s little time to waste with On Deck — the qualifying guidelines are clear, and the loan’s structure is also clear.


On the other hand, some mainstream media have been negative towards On Deck – specifically targeting their so-called “predatory interest rates” and overall money-oriented atmosphere.  Smarter Finance has suggested that the way they work with brokers makes their loans more expensive, and Bloomberg wrote a negative piece about they brokers they work with, named The Wolf of Wall Street.

Our opinion about OnDeck is as follows: it’s a great lender to work with but it is not free of mistakes. We don’t feel the fact the brokers they were working with are any of their responsibility, and we don’t think the “boiler room atmophere” that was described by Bloomberg has any impact on the way which they conduct business. A 96% satisfaction rate is surely more impressive and mind-soothing that any opinion of a journalist who hasn’t even used their services.

Credible company by all means, good user feedback, definitely serves its purpose, but the minimum requirements are high, and lending could be expensive

Bottom Line

OnDeck’s products have clear requirements and a clear repayment schedule. Although there has been several negative things written about it in media, especially about the pricing methodologies they use with brokerages, Business owners seem to be content with the services given to them (with a 9.5 / 10 rating from TrustPilot).
​ ​As OnDeck grows, and grows, and grows, we get a feeling the business model is working well there.