OnDeck Small Business Loans Review 2025

When it comes to funding your small business, loans offer a flexible way to get a lump sum of money for just about any business need and repayments are quite predictable. OnDeck is one small business loan lender that we’ve ranked as best for same-day funding but this lender offers a lot more than just quick cash.
Here’s what else you need to know about OnDeck’s small business loans.
Set aside money for future use in a savings account designed for business
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Annual Percentage Yield (APY)
3.46% with a daily balance of $5,000,000 or below; 4.42% with a daily balance above $5,000,000
Minimum deposit
$100 to open account
Annual Percentage Yield (APY)
3.15%
Minimum deposit
None
How does OnDeck work?
OnDeck
Types of loans
Term loan
Loan amounts
$5,000 to $250,000
Terms
Up to 24 months
Credit score
625
Requirements
In business for at least one year, with $100,000 annual revenue and a business bank account
Terms apply.
Pros
Potential for same-day funding for term loans up to $100,000
Low minimum credit score
Fixed monthly payments
Cons
Doesn’t lend in Nevada, North Dakota or South Dakota
Early payment fee if you don’t qualify for prepayment benefit
OnDeck is just like any other loan provider: you submit an application for a specific loan amount and if you’re approved, you receive an interest rate and time horizon for repaying the loan.
OnDeck claims to offer an application that can be completed in minutes. From there, a loan advisor can help you figure out what loan options are right for you. They offer two types of funding options: a term loan and a line of credit.
This lender lets you use the funding for a wide array of goals and reasons including purchasing inventory, payroll, renovations, marketing, cash flow stabilization, equipment upgrades, consolidating business debt and expanding your team.
How much can you borrow with OnDeck?
If you’re applying for a line of credit with OnDeck, you can apply for amounts that range from $6K to $200K. If you’re applying for a term loan, though, you can borrow as little as $5K and as much as $250K.
You can receive up to $200K funded the same day as long as you checkout Monday through Friday before 10:30 AM ET. You should receive your funds by 5 PM local time the same day.
How much does OnDeck cost?
OnDeck charges an origination fee between 0% and 4% for term loans.
OnDeck pros and cons
Before you submit an OnDeck application, consider these pros and cons.
Pros
Offers instant funding for amounts between $1,000 and $10,000 for lines of credit
Same-day funding is available for amounts up to $200K
Borrow up to $250K for term loans
Considers credit scores as low as 625
Can reapply for another loan after six months of repayment or after you’ve paid down at least 40% of your original loan, whichever comes first
Repayment terms of up to 24 months
Cons
Doesn’t lend to businesses in North Dakota
Same-day funding is only available in some states
Eligible businesses must have at least $100K in annual revenue
Not ideal for brand new businesses since eligible businesses must be active for at least one year
Alternatives to OnDeck
If you aren’t sure if OnDeck is the right lender for you, here’s how it stacks up against a few other small business lenders.
OnDeck offers lines of credit and traditional term loans but Kiva, another lender, actually offers crowdfunded microloans. This means that instead of getting the money directly from Kiva, you’ll receive small amounts of money from a large pool of lenders. You submit an application and raise some funds from friends and family first then you may be eligible to raise money from Kiva’s larger network of lenders. Because of this, it may be a while before you receive funding so if you need cash in a pinch, OnDeck offers the better terms with same-day funding.
Kiva’s maximum loan amount is just $15,000 while OnDeck’s maximum is $250,000 so if you need to borrow larger loan amounts, OnDeck is your better bet.
On the plus side for Kiva, though, this lender doesn’t charge interest on U.S. microloans since the organization is a nonprofit.
Kiva
Types of loans
Peer-to-peer crowdfunded loan
Better Business Bureau rating
A+
Loan amounts
$1,000 to $15,000
Terms
Up to 36 months
Minimum credit score
No credit score requirement
Minimum requirements
You must be 18, live in the U.S., use the loan for business purposes, not be in foreclosure, bankruptcy or have any liens.
Availability
Available nationwide except for businesses registered in Nevada or North Dakota.
Terms apply.
Pros
Ability to borrow with no interest
Loans are geared toward borrowers who are unbanked and have trouble qualifying for financial products
Ability to market your product to 1.6 million lenders on Kiva
Cons
You need to prove your creditworthiness by inviting friends and family to lend to you
It can take a while to receive your loan since investors need to raise money
No BBB rating
Credibly is another small business loan lender that offers term loans as high as $600K so if you need to borrow more than $250K then Credibly would be the better lender for you. OnDeck’s minimum credit score is already pretty low at 625 but Credibly requires a credit score of at least 500, making it more appealing to those with lower credit.
Credibly
Types of loans
Long-term loans, working capital loans, business line of credit and merchant cash advance
Better Business Bureau rating
A+
Loan amounts
$5,000 to $600,000
Terms
3 to 24 months
Minimum credit score
500
Minimum requirements
Must have been in business for at least six months and have an average monthly revenue of at least $15,000
Availability
Credibly offers business loans in all 50 states and Washington, D.C.
Terms apply.
Pros
Approval within four hours
Low minimum credit score
Loan amounts of up to $600,000
Funds deposited as soon as the same business day
Considers overall business health for approval
Cons
Requires average monthly revenue of at least $15,000
FAQs
Is it hard to get a small business loan?
It can be hard to get a small business loan if you don’t meet minimum credit score, revenue or business activity requirements. It can also be tough if lenders don’t offer loans for your industry, but one of the best ways you can figure out where you stand and what it’ll take to get qualified is to try speaking with lenders one-on-one.
What credit score do you need for a business loan?
Each lender has their own minimum credit score requirement, but aiming for a credit score of at least 680 may help you qualify for loans from some lenders.
Can I get a small business loan even if my credit is bad?
Some small business loan lenders consider borrowers with low credit, though, you’ll likely be subject to higher interest rates.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every small business loan review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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