Small Business Loan Help from OnDeck

Small Business Loan Help from OnDeck

When you’re looking for small business loan help, look no further than OnDeck. When it comes to applying for a business loan you need to work with a company that is there when you need them.

 

Small business loans are about more than just money. They are about relationships. That’s why you want to partner with a lender that is in your corner and always has your best interests at heart. You want to partner with someone that understands small business and the highs and lows that go with it.

 

Finally, you want to partner with a lender that you can go back to time and again when you need help.

 

That’s what you’ll find with OnDeck.

 

Small Business Loan Help from OnDeck – What You Need to Know

There’s a lot of great things about this lender, so let’s start at the top. Their trained specialists are available¬†six days a week to do what they can to help you succeed in your business.

Small business loan help
And that means above and beyond simply providing the cash you need to run or expand your company.

 

They understand that no two companies and no two borrowers are the same, so they offer you personalized service to guide you in your specific situation as well as plenty of small business loan help.

 

Loan Types You’ll Find at OnDeck

OnDeck offers two types of loans. These are term loans and lines of credit. Each loan type has its own use. For example, with a line of credit, you can deal with unexpected costs or even opportunities.

 

You can also help smooth out your day-to-day spending by having the capital you need to meet your expenditures.

 

On the other hand, term loans are great if you want to expand your business. That could mean opening up a second location or buying new equipment or even additional inventory.

 

Regardless of your needs, OnDeck can help you find a way to finance them.

 

Additional Information on Loan Types

As term loans and lines of credit are two different animals, let’s look a little closer at the two types OnDeck offers.

 

Term Loans:

  • Loan amounts up to $500,000
  • Interest rates start at 5.99%
  • Term lengths range from 3 months to 36 months
  • One-time origination fee of 2.5 to 4% of the loan amount

 

Lines of Credit

  • Lines of credit up to $100,000
  • Interest rates start at 13.99%
  • You only pay interest on the amount you draw
  • Flexible revolving lines of credit
  • Payback over 6 months
  • Monthly maintenance fee of $20 (can be waived with $5K initial draw)

 

Application Process for OnDeck

The application process is quite simple. When you first apply, you will be asked for your basic business information. Keep in mind, they may also request three months of your bank statements as well.

 

One great aspect of applying for a loan from OnDeck is that they do a soft credit inquiry instead of a hard pull.

 

TopBizTip Pro Tip: A soft credit inquiry does not hurt your credit score. While a hard pull can.

 

The application process is completed online and takes about ten minutes.

 

You’ll want to have the following information handy when you start the application:

 

 

  • Social Security number
  • Tax ID (EIN)
  • Average bank balance
  • Estimated annual gross revenue

 

Minimum Requirements to be Approved for a Loan at OnDeck

Like all lenders, OnDeck does have a few requirements that you will need to meet to be approved. You’ll find these requirements aren’t as difficult to meet as your local bank’s requirements, so you can breathe a sigh of relief.

 

Minimum requirements do include:

 

  • Credit score of 500 or higher
  • Minimum of 5 monthly deposits in your business checking account
  • $100,000 in gross annual revenue
  • One year in business

 

Just to give you an idea, while these are the minimum requirements, the averages are a bit different. The average OnDeck borrower has been in business for seven years, has a credit score of 650 or more, and gross annual revenues of over $450K.

 

In addition, OnDeck does service over 700 industries, so there is a good chance they can help you and your business.

 

The final thing you need to know about OnDeck is that they have an A+ rating with the BBB. Also, since they have been in business, they have provided funds of over 6 billion dollars to 50,000 small businesses just like yours.

 

There’s no obligation when you apply to accept the loan, and applying won’t hurt your credit score, so what are you waiting for?

 

If you’re looking for small business loan help, go ahead and click this link to apply right now.

 

You’ll have an answer in less than ten minutes.