OnDeck Review

OnDeck

3.5

APR range	10.99% – 99.00%
Loan amount	$5,000 – $400,000
Term	1 yr – 2 yrs
Min credit score	625
Fees	3 fee types
Rating	3.5 / 5

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OnDeck term loans range from 10.99% to 99% APR with average APR of 57.9%. Only ~5% of borrowers receive floor rate. Origination fee deducted from loan amount.

Pros

Fast approval and funding (as little as 24 hours)
Flexible repayment terms (12-24 months)
No prepayment penalties
Works with businesses with shorter operating history

Cons

Very high APRs (average 57.9%)
Origination fee of 2.5%-4%
Short repayment terms increase monthly payment
Requires $100k+ annual gross revenue

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