Best Reviews TopConsumerReviews.com Best Business Loans Best Reviews
Best Reviews
      December 15, 2019

Home  >  Business Loans  >  On Deck Review

Best

Business Loans

  1. Funding Circle
  2. LendingClub
  3. LendingTree
  4. Kabbage
  5. Balboa Capital
  6. Nat Business Capital
  7. CAN Capital
  8. Advanced Comm Capital
  9. Capital Loan Hub

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Copyright Registration

Dog Treat Clubs

Gift Boxes

Home Security Systems

Maternity Clothes

Painting Lessons

Tinnitus

Wedding Planning Software

 

Individual Reviews

On Deck

Funding Circle

LendingClub

LendingTree

Kabbage

Balboa Capital

National Business Capital

CAN Capital

Advanced Commercial Capital

Capital Loan Hub

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

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.

Continue reading below reviews

Best Reviews

2019

Business Loan Reviews

5 stars
On Deck

ON DECK

Visit Site

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.

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

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.

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.

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.

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.

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.

Visit Site

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!

Can You Get a Loan for a Mobile Home?

For example, you can choose a 15-year or 30-year fixed-rate loan. Mortgage rates are about the same, too, although they may be slightly higher because there is less competition for that business, ...

Published:  Sat, 14 Dec 2019 02:32:00 GMT



Defaulting on student loans is an issue across the board, but new legislation could make colleges think twice before raising tuition

The Higher Education Act, currently stalled on Capitol Hill, would "require colleges and universities to share a portion of the financial risk." ...

Published:  Thu, 12 Dec 2019 07:07:00 GMT



Largest Small Business Lenders in Nashville

This List ranks Nashville-area small-business lenders by amount of small-business loans. Information was obtained from the Federal Deposit Insurance Corp. Data is an analysis of June and September ...

Published:  Fri, 13 Dec 2019 03:22:00 GMT



$141 Million In Student Loans To Be Forgiven

Under the terms of the settlement agreement, the University and its parent company, Apollo Education Group, are required to notify eligible student loan borrowers by email and letter within 15 ...

Published:  Wed, 11 Dec 2019 09:31:00 GMT



2019 Small Business Administration Lenders in Colorado

Information was obtained from the U.S. Small Business Administration's Colorado District Office, Federal Deposit Insurance Corporation reports and DBJ research. In case of ties, companies are ranked ...

Published:  Fri, 13 Dec 2019 09:10:00 GMT



The Big Business Of Subprime Auto Loans

The practice of subprime auto lending is booming across the United States, targeting customers with bad credit with loans that often fail. The companies behind it are making hefty profits.

Published:  Thu, 12 Dec 2019 01:00:00 GMT



Mississippi business group offers loans for flood recovery

Mississippi's Small Business Administration is now offering low-interest loans to homeowners, businesses and nonprofit organizations who suffered losses when torrential rain caused widespread flooding ...

Published:  Fri, 13 Dec 2019 10:55:00 GMT



Share Us!   

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure