On Deck Capital, Inc.

OnDeck is an online lender based in New York that specializes in short-term financing for small businesses across the United States. It is owned by Enova International and has been lending to small businesses since 2007, making it one of the more established names in the online small business lending space.

OnDeck offers two main products: short-term business loans and revolving business lines of credit. Short-term loans are typically repaid over a period of months to a couple of years, with fixed daily or weekly payments. The line of credit allows businesses to draw funds as needed up to an approved limit and repay as they go.

OnDeck is an online lender, not a bank. That means the application and funding process is faster than most traditional banks, and it is designed to work for businesses that may not qualify for a conventional bank loan. However, this speed and accessibility comes with a tradeoff: the cost of borrowing from OnDeck is generally higher than what you would pay at a bank or credit union. OnDeck often uses factor rates rather than annual percentage rates in its pricing, so small business owners should take care to calculate the full cost of the loan before accepting an offer.

OnDeck typically works best for established small businesses with at least one year of operating history and a track record of consistent revenue. Newer startups or businesses with very limited revenue history may find it harder to qualify. The company serves businesses in most industries across the United States.

If you are comparing financing options, it is worth getting quotes from multiple sources including banks, credit unions and other online lenders before deciding. OnDeck can be a practical option for businesses that need funding quickly and do not qualify for traditional bank products, but understanding the full cost is essential before signing.