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      July 9, 2020

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On Deck Review

Best Business Loans

To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth On Deck Review.

To see ALL of our reviews for the Best Business Loans, please Click Here

With all the difficulties in today's economy, many people are choosing to open their own business instead of working for a traditional employer. Whether you're just starting your business, expanding your already-established business, or even hanging out a shingle as an online company, it's likely that at some point you'll need a business loan to successfully meet your customer's needs and your business goals.

In the past, small business owners relied heavily on traditional brick-and-mortar banks in order to finance their business loans. Often that meant that borrowers had to rely on their own reputation and relationship with their local bank. Getting the lowest possible interest rate was also more challenging, since there were few lending options from which to choose.

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Best Reviews

2020

Business Loan Reviews

5 stars
On Deck

ON DECK

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TopConsumerReviews.com Best-In-Class Blue Ribbon Award OnDeck started in 2007 to focus on helping small businesses with a major issue: Financing. Since then, they have helped more than 50,000 small businesses across more than 700 industries in both the US and Canada with more than $8 billion in business loans and lines of credit.

3 types of small business loans

There are three primary types of small business loans offered by OnDeck:

  • Short-Term Loans: Up to $250,000 with repayment terms from 3-12 months
  • Long-Term Loans: Up to $500,000 with repayment terms from 15-36 months
  • Lines of Credit: Up to $100,000

Business loan application

OnDeck's business loan application process is straightforward and only takes about 10 minutes to complete. You enter simple information such as your business history, your desired loan amount, and similar details. Once that is complete, OnDeck's online system evaluates your business and provides a decision in a matter of minutes. Funding can take place as soon as 24 hours later.

Best Business Loans

Loan qualification

In order to qualify for a loan from OnDeck, there are a number of basic requirements that must be met. For example, businesses must have at least 1 year of history, one of the business owners or partners must have a personal credit score of 600 or higher, and the business must demonstrate revenue of at least $100,000 in annual revenue. While this means that OnDeck would not be suitable for pure startups, many businesses should still be able to meet Ondeck's starting conditions and quickly be on the way to securing their business loan.

Weekly repayment schedule

One unique aspect of OnDeck's loan repayment terms is that payments are made on a daily or weekly basis, rather than the traditional monthly payments one would expect from a loan. We think this is a good feature for both the lender and the borrower. The business owner can better stay on top of their repayments, rather than experiencing the snowball effect that can occur when trying to make larger monthly payments. OnDeck benefits by lessening their risk of repayment. This may be one contributing factor to the low rates that OnDeck passes on to their borrowers.

Transparency

Another feature we liked about OnDeck is their transparency with regards to fees charged. OnDeck charges low loan origination fees that top out at 2.5%, with discounted fees on subsequent loans to help build customer loyalty. Their loan interest rates are extremely competitive in the industry, averaging around 15% on their term loans and 10% on business lines of credit.

Best business loans

We're impressed with OnDeck's A+ rating with the Better Business Bureau, and by numerous positive reviews across a wide spectrum of businesses who recommend OnDeck's simple process, helpful customer service, and overall loan experience. For all these reasons, OnDeck is a fantastic option for businesses in need of a business loan, and they earn our highest rating.

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Continued from above

Fortunately, business owners today can choose among many lenders to find the best terms and interest rates available. In addition to the old local options, small business borrowers now have much more and better choices through various lenders on the Internet that specialize in small business loans.

There are many factors that you should consider before selecting a lender for your business loan. Some of these include:

  • Loan size and rate. How much will you be allowed to borrow? What interest rates do they typically offer on loans of that size?
  • Loan application process. When applying for your business loan, can it be completed online? Is the lending process easy and straightforward?
  • Requirements for business history. Can a brand-new business take out a loan, or is there a minimum time that the business must have been in operation in order to qualify? What other verification and/or collateral is required to secure the loan?
  • BBB rating. Does the lender have an established history of good business practices?

TopConsumerReviews.com has reviewed and ranked the best Business Loan programs available today. We hope this information helps you find the best loan for your small business at an affordable rate!

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Lobbyists, Law Firms and Trade Groups Took Small-Business Loans

The Trump administration began releasing details of which businesses received Paycheck Protection Program aid.

Published:  Tue, 07 Jul 2020 13:17:00 GMT



Small Business Loans Helped the Well-Heeled and Connected, Too

Congress designed the Paycheck Protection Program to help small businesses hit by the pandemic, but its $521 billion in loans also went to major law firms, wealth managers and politically connected ...

Published:  Mon, 06 Jul 2020 16:35:00 GMT



Treasury names 650,000 companies that got U.S. small business loans

The names make up less than 15% of the nearly 5 million small businesses that received forgivable, low-interest loans.

Published:  Tue, 07 Jul 2020 15:29:00 GMT



Small business program scrutinized for loans to big firms

The statute that created the program didn't place a ceiling on the amount of revenue a prospective borrower could have, and a business could get a loan even if it had access to credit elsewhere.

Published:  Tue, 07 Jul 2020 13:22:00 GMT



The billionaires who received small business loans from the government: CNBC After Hours

CNBC.com's MacKenzie Sigalos brings you the day's top business news headlines. On today's show, CNBC wealth editor Robert Frank digs into the Paycheck Protection Program's newly released data to find ...

Published:  Tue, 07 Jul 2020 19:56:00 GMT



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