OnDeck is a financial technology company that provides online lending services to small businesses. They offer business loans and lines of credit to help businesses grow and manage their operations.
OnDeck was founded in 2007.
In 2012, OnDeck secured a $17 million investment from Google Ventures.
In 2013, the company went public on the New York Stock Exchange.
In 2015, OnDeck acquired a small business lending marketplace called EverLoan.
In 2019, OnDeck launched ODX, a subsidiary focused on helping banks digitize small business lending.
In 2020, OnDeck was acquired by Enova International, a leading online financial services company.
OnDeck offers an online application process for small business loans and lines of credit. Businesses can apply and receive a decision quickly, often within 24 hours. Once approved, funds are typically deposited into the business's bank account within a few days.
OnDeck considers factors such as credit history, time in business, annual revenue, and industry type when evaluating loan applications. Generally, they require a credit score of at least 600, a minimum of one year in business, and an annual revenue of $100,000 or more.
OnDeck offers business loans ranging from $5,000 to $500,000 and lines of credit ranging from $6,000 to $100,000. The actual funding amount will depend on factors such as the business's financial health and creditworthiness.
OnDeck term loans typically have repayment terms ranging from 3 to 36 months. Payments are made on a fixed schedule, usually on a daily or weekly basis, depending on the agreement.
Yes, OnDeck financing can be used for various business purposes, such as inventory purchase, equipment upgrades, marketing campaigns, hiring staff, or managing cash flow. The funds can be used based on the specific needs of the business.