OnDeck Reviews, Ratings And Fees July 2021

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Who Is OnDeck

OnDeck’s main goal is to provide Canadian business owners with the capital, support, and tools they need to grow their businesses. They believe that business owners should be focusing on what truly matters, instead of worrying about finding the financing needed. OnDeck offers responsible business loans supported by great customer service so you can get funding in as little as 24 hours.

Smart Financial Solutions

OnDeck is focused on evaluating the success of your company, not only your personal credit. This means they’re able to approve more applicants so you can improve your cash flow, hire expert employees, expand to a second location, or upgrade your current equipment.

How Can a Business Qualify With OnDeck?

OnDeck deals in business credit products which, generally speaking, can be somewhat harder to qualify for than the average personal loan or credit card. In fact, most business lenders are taking a hefty risk by approving enterprises that may or may not be successful at returning their investment in the months to come. 

As such, they may need to inspect certain parts of your business’s financial profile, such as its:

  • Related credentials (license #, address, etc.)
  • Most recent government-issued bank statements (3 months)
  • Gross monthly/yearly income
  • Credit report and credit score 
  • Assets 

Luckily, OnDeck seems to have relatively simple approval requirements to pass. In fact, your business can likely qualify as long as it has:

  • Been in operation for at least 6 months 
  • A minimum Beacon credit score of 600
  • An annual revenue of $100,000 or more
  • An active business banking account 

Having said that, a typical OnDeck client can get approved for their most favourable credit amounts, rates, and conditions when they have: 

  • Been in business 4 – 6 years
  • A Beacon score of 640 – 720
  • An annual revenue of $500K – $1M

Where Does OnDeck Operate and How Can You Apply? 

Another good thing about OnDeck is that they provide business financing solutions across Canada (in English and French), as well as in the United States and Australia. Like most lenders who are based online, their web services are available at all hours of the day, so you can fill out your application there or over the phone.

OnDeck specifies that clients who are qualified can get approved for financing in as little as 24-hours, although wait times may vary if you’re applying outside of their regular office hours. As mentioned, while their approval requirements are pretty basic, small businesses that make less than $100,000 yearly might have trouble qualifying.  

OnDeck Business Financing Solutions: Key Features

Unlike some business lenders, OnDeck offers a few different financing products. Be sure to ask one of their sales representatives about these solutions prior to applying, as they may or may not be right for your operation’s current financial situation.

Fixed Term Loan

An OnDeck fixed-term loan is a short-term financial solution best suited for small businesses that are looking for additional funds to help grow. You’ll receive the funds via a direct deposit into your business bank account and be responsible for repaying the loan in installments. In addition, you’ll typically receive a fixed interest rate, which is much easier to calculate and budget for. 

  • Amount: $5,000 – $300,000
  • Available Term: 6 – 18 months
  • Repayment Type: Daily or Weekly installments
  • Interest Rates: 8% – 29% APR

Line of Credit

Rather than a large sum of money being directly deposited into your account, this product allows you to withdraw from a revolving credit line that replenishes according to how much you repay toward it each month. This product can be somewhat more beneficial than a loan because you may be able to make minimum or multiple monthly payments, and you would only have to pay interest on your outstanding balances. 

  • Amount: $6,000 – $50,000 (you can only withdraw $1,000 – $10,000 at a time)
  • Available Term: 6 or 12 months
  • Repayment Type: Monthly balances (varies according to how much you borrow)
  • Interest Rate: Starting at 19.99% APR (average is 25.27%)

Flex Funds

Otherwise known as a ‘merchant cash advance’, this service allows you to leverage a portion of your daily sales in exchange for access to additional business capital. So, instead of dipping into a specific amount of advanced funds, the financing you’re approved for is based on your business’s future credit and debit card receivables. The main benefit of this type of program is that your repayment term can potentially last longer than any loan or line of credit OnDeck offers. 

  • Amount: $5,000 – $300,000
  • Available Term: Flexible
  • Repayment Type: Daily installments
  • Interest Rate: Variable percentage of your sales

Before you get started, it’s important to note that OnDeck will report your activity to at least one of Canada’s credit bureaus. This means that applying and making payments will be recorded on your credit report and have an impact on your credit score.  

How Much Does It Cost to Work With OnDeck?

Another thing that sets OnDeck apart from its competitors is that they claim not to charge you for loan origination, nor are there any fees to pay during their Flex Funds programs. However, certain fees may be applied to their lines of credit.

All this to say that the main cost you’ll have to factor into your budget is the interest rate you end up with when it comes to your loan or line of credit, or in the case of their Flex Funds, the portion of your daily sales you’ll be required to provide as payment.

Remember, your own rate could vary greatly based on how much income your business generates, as well as the state of its credit report and overall financial health. For example, the rate of an average OnDeck Fixed Term Loan ranges from $0.08 to $0.29 per dollar you borrow.

Common Questions Concerning OnDeck 

Although being an OnDeck client comes with many different benefits, it’s still important to ask one of their customer service agents, as well as a professional financial advisor, any questions you can think of, such as:

Are OnDeck Products Secured or Unsecured?

All of OnDeck’s credit products are secured, meaning some form of collateral will be necessary in order for your business to qualify. However, none of your personal assets will be used as security. Instead, they will ask for your personal guarantee and permission to put a lien on one or more of your business’s assets (or a portion of your credit/debit card sales).

The more valuable your collateral is, the more credit you can gain access to and the better your product conditions will be. That said, always proceed with caution when it comes to secured credit products, as defaulting on too many payments would give your lender the legal right to seize your asset(s) as compensation.

Are There Businesses That Cannot Qualify With OnDeck?

OnDeck states that they can approve over 700 different business types, including food & beverage services, healthcare locations, various retailers, and vehicle repair shops. Nonetheless, there are several kinds of operations that they can’t approve, including:  

  • Adult Entertainment/Materials
  • Narcotics Dispensaries
  • Firearms Vendors
  • Government, Non-Profit, & Public Administration
  • Horoscope & Fortune Telling
  • Lottery, Casino, Raffle, Gaming, & Gambling
  • Money Services Businesses (MSB)
  • Religious & Civic Organizations
  • Rooming & Boarding Houses

What Are the Advantages and Disadvantages of Applying With OnDeck?

It’s always a good idea to research your lender properly to confirm that they are a legitimate and well-liked company among their clients. OnDeck is no exception, so take a look at these benefits and drawbacks of their business financing solutions:


  • No personal collateral is required for approval
  • Repayment plans and interest rates are adjustable
  • Complete payments are good for your business credit report/score
  • Qualified businesses can get approved within the same day
  • There are loan origination fees or prepayment penalties included
  • Your business may be eligible for additional financing if at least 50% of your repayment plan is completed responsibly


  • Newer and smaller businesses may have difficulty qualifying
  • Businesses with weaker finances/credit could be subject to higher interest rates
  • Any assets you offer will be at risk if you continually default on payments

Offered Services

scroll table
Loan Range
Rate & Terms
Product Details
Requirements & Documents

Flex Funds

$5,000 - $300,000
Interest Rate
Term (Months)
Funding Time
1 day
Funding Method
Direct Deposit
Repayment Options
Daily installments
  • At least 1 year in business
  • Credit score of at least 550
  • Annual revenue of $100,000 or more in last 12 months
  • Government-issued ID
  • Business bank statements

Fixed Term Loan

$5,000 - $300,000
Interest Rate
8% - 29% APR
Term (Months)
6 - 18
Funding Time
1 day
Funding Method
Direct Deposit
Repayment Options
Daily or Weekly payments
  • At least 1 year in business
  • Credit score of at least 550
  • Annual revenue of $100,000 or more in last 12 months
  • Government-issued identification
  • Business bank account statements

Line of Credit

$6,000 - $50,000
Interest Rate
+19.99% APR
Term (Months)
6 - 12
Funding Time
3 or more business days
Funding Method
Direct deposit
Repayment Options
Automatic debit
  • At least 1 year in business
  • Credit score of at least 550
  • Annual revenue of $100,000 or more in last 12 months
  • Government-issued ID
  • Business bank statements

Reviews & Ratings

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This is a trusted service provider in Canada.

- Loans Canada (June 11, 2019)

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