OnDeck Business Loans: What Is Best For Your Business?
OnDeck is a company that you provide you with speed, less qualification criteria, and convenience when compared with other banks. But before we move ahead with it, you should know that since OnDeck is an online lender business, you will be charged a higher APR when you compare it with banks and other companies. But OnDeck as a company comes with several benefits which is why you should consider the OnDeck business loans. One quality includes that OnDeck helps you get your cash fast if you need. When you apply online or through the phone, your application can take about ten minutes or less to process. Along with that the application can get you your finances in 24 hours. Then comes your credit score issue. With OnDeck business loans, you can have a minimum score of about 500 to 600 and still qualify for the loans.
Another quality of OnDeck is that their loans can help you take care of any unexpected or bigger expenses in a pinch. If you have any over dues with your bank and so on, OnDeck loans can help you with that too.
OnDeck Business Loans
Now when you apply for OnDeck business loans, the loan amount that you can qualify for is in between $5,000 to $500,000. This range is set if you are applying for a specific term loan. But if you go for the lines of credit loan, you can opt for about $100,000 in loan. The OnDeck business loans come with a higher APR. So, for term loans you may have to pay an APR in the range of 9% to 99% and for lines of credit you can pay an APR in the range of 14% to 40%. Typically it takes them a few days to fund you. However, you can get your loan in 24 hours as well. With that the term loans come with a range of 3 to 36 months and you have to pay the loan back daily or weekly. If your OnDeck business loans are lines of credit, you repay weekly only.
You should know that if you are a loyal customer at OnDeck for OnDeck business loans, you can make use of certain perks. You will not be asked for additional origination fee that will be in the range of 2% to 4% of your loan. Instead on your second loan, this fee will drop to 1.25% to 3% and on third loan onwards it can drop to 0% to 3%.