OnDeck business loans are quick, convenient and have less strict qualifications than other lenders. They are a great option for businesses that are in a desperate need for cash. The entire loan application can be completed online in less than 10 minutes and you can receive the funding within 24 hours.
Businesses that have a lower personal credit score are also eligible for OnDeck business loans because those with scores as low as 500 can also apply. A business can pay for unexpected expenses by using OnDeck because it provides quick turnaround. It is also beneficial to those businesses suffering from a turbulent or low cash flow.
Why You Should Choose OnDeck Business Loans
The loan application can be completed with ease and only requires basic information such as an official address, business tax ID, social security number, valid driver’s license and bank statements for the past three months. The decision is updated minutes after the application which means the processing is quick and painless.
The OnDeck business loans are not secure which means they do not require an asset such as your home or vehicle to be kept as collateral. Relatively newer businesses that have only been in operation for a year can be eligible for these business loans. Banks often want a high business credit score that is at least 720 whereas OnDeck has minimum requirement for a term loan is 500.
Typically the awardees of an OnDeck business loans have:
- Personal credit scores of at least 660
- Gross Revenue higher than $450,000
- At least 7 years in business
Other Benefits of OnDeck Business Loans
The terms offered by OnDeck include an origination fee that has to be paid only one time between 2.5 to 4% of the principal amount. The fee can drop for any OnDeck business loans taken after that up to 0%.
OnDeck business loans also help companies improve their credit score because all payment activity is forwarded to the business credit bureau. If you make the payments on time then the business credit score improves which can help you get approved for even bigger and less expensive loans.