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United Settlement » Business Debt Relief » Small Business Debt » On Deck
admin March 27, 2018

On Deck: The leading online small business loan platform

On Deck small business loans is a leading platform for online small business lending, having originated more than $8 billion of loans across 700 industries in the United States, Canada and Australia since 2007. Through its use of proprietary technology and analytics, On Deck assesses the credit-worthiness of small businesses based on actual business performance while taking into account bank statement activity, business and personal credit reports, and government filings.

On Deck also considers tax and census data, along with additional factors such as social and reputational data. In 2017, 2016 and 2015, On Deck originated $2.1 billion, $2.4 billion and 1.9 billion of loans, respectively. On Deck’s 2017, 2016, and 2015 revenue figures of $351 million, $291.3 million and $254.8 million, represented year-over-year growth of 20%, 14% and 61%, respectively.

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Can I Get a Small Business Loan?

Through its website, On Deck allows small businesses to apply (24 hours a day – 7 days a week) for a term loan or line of credit. On Deck, using its proprietary technology, often makes a funding decision immediately and transfers funds as quickly as the same day. On Deck offers term loans ranging from $5,000 to $500,000, with maturities of three to thirty-six months, as well as lines of credit ranging from $6,000 to $100,000 that are generally repayable within six months of the most recent draw.

Qualified customers may carry both a term loan and line of credit simultaneously. On Deck also reports back to several business credit bureaus, a process that helps small businesses build their business credit profiles. Because On Deck requires no in-person meetings and collects comprehensive information electronically online, it has enhanced the convenience and efficiency of the small business loan application process.

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Are you in debt? we can help

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Excellent

Based on 356 reviews.
Overall 4.4 out of 5 stars

View All Reviews

Buddy Ewing

December 28

Time and again, I did not know how to handle my debt

Time and again, I did not know how to handle my debt. Even when I paid my credit cards off, a few months later I was back in the same situation. But this year is different. I contacted United Settlement...

Lianne Finnegan

December 27

Business debt relief is what I needed when I contacted the United Settlement crew

Business debt relief is what I needed when I contacted the United Settlement crew. They are committed to helping people like me who requires more help with business debt problems. I had several loans out...

Wren Herrera

December 26

Student loan debt was the reason that I reached out to United Settlement

Student loan debt was the reason that I reached out to United Settlement. I had about 200K plus in student loan debt for my business degree. I recognized that I had to do something when I struggled to make...

Jardel Shah

December 20

There is nothing worse than falling ill and then having to deal with super expensive medical bills

There is nothing worse than falling ill and then having to deal with super expensive medical bills that you really do not have the patience or experience to handle. I was pleased with my experience with...

Iain Holt

December 14

I took out a few personal credit cards to open my boutique

I took out a few personal credit cards to open my boutique. When than money ran out, I went on to take out more loans for my business. However, this quickly turned into a disaster. Today, I now have a mountain...

Avaya Adkins

December 12

Who knew that auto loans were so negative for your credit lines

Who knew that auto loans were so negative for your credit lines? Especially, if they are not paid off right away. As a married couple, we had vowed to keep auto loan debt at bay. But, we found ourselves...

Lucien Rojas

December 07

I didn’t have a ton of debt when I contacted United Settlement

I didn’t have a ton of debt when I contacted United Settlement, but what I wanted from them was some information about how to handle my debt management. I knew that I needed some more information to get...

Madiha Matthams

December 04

Federal student loans were the reason I ended up at United Settlement

Federal student loans were the reason I ended up at United Settlement. I had about $200K to pay back and I was not quite sure where to tackle that debt once I got out of school. But I reached out to that...

Asim Horner

December 03

Everyone knows how horrible student loans are

Everyone knows how horrible student loans are. For me and my family, they had become more than just an annoying monthly bill. They had taken over our lives. That’s why I decided to take action and find...

Frankie Mckee

December 03

I wanted to be more informed about my own personal and business debt

The number one reason I chose to contact United Settlement was I wanted to be more informed about my own personal and business debt. When you have credit card debt, it can be extremely frustrating. Especially...

Justine O'Ryan

November 29

I cannot believe I was finally able to find a company to actually help me pay off my debt

I cannot believe I was finally able to find a company to actually help me pay off my debt! I thought I would forever be chained to debt. But United Settlement offered me multiple solutions for paying off...

Jerry Conley

November 21

What your money can do for you.

The great reviews that you have thanks.

Cathal Brett

November 19

Dealing with high interest auto loan debt was difficult for me and my wife

Dealing with high interest auto loan debt was difficult for me and my wife. We thought we got a good deal, but it actually was a horrible loan. So, we reached out to United Settlement, and they got to work...

Aliesha Ward

November 12

No one really wants to go bankrupt, and neither did my family

No one really wants to go bankrupt, and neither did my family. But fortunately, we did not have to go that route. It was our last resort, but United Settlement helped us figure out a way around bankruptcy...

Filip Rosas

November 08

I had been through about 5 different credit counseling agencies before I found United Settlement

I had been through about 5 different credit counseling agencies before I found United Settlement. I had read through their reviews and made the decision to move forward with them. I also was so impressed...

Susanna Fasenmyer

November 07

Save time and money

Just what I needed, already had a company I was working with and I switched because I was able to same some money. Brian and Alfred were really nice and helpful

Warren Hutchinson

November 07

As a business facing some unwanted financial difficulties

As a business facing some unwanted financial difficulties, we were at a loss for what to do next when our debt started to soar. We took a closer look at our financial situation by contacting United Settlement....

Bobbi O'Quinn

November 02

I had no clue how to create a debt management plan

I had no clue how to create a debt management plan and in fact, I didn't even know what a debt management plan was. Fortunately, I reached out to United Settlement before I had too much debt to tackle....

Dawn Mercer

October 31

Being burdened by debt is one of the biggest struggles we faced as a family

Being burdened by debt is one of the biggest struggles we faced as a family. But these people at United Settlement were very helpful in deciphering the different debts we had and then coming up with a debt...

Forrest Guest

October 29

Student loan debt was my worst enemy before I ran into United Settlement

Student loan debt was my worst enemy before I ran into United Settlement. I really thought I would just have terrible credit for the rest of my life because I will never get out from underneath it. It was...

The Small Business Loan Market and On Deck Customer Statistics

The size of the small business loan market is vast. According to the FDIC, as of June 30, 2017, there were 24.7 million small business loans with originations of under $250,000, amounting to a total of $207 billion in small business loans outstanding. In 2017, the top five states in which On Deck or its issuing bank partner originated loans were California, Florida, Texas, New York and Illinois, representing approximately 14%, 9%, 9%, 7% and 4% of the company’s total loan origination’s, respectively.

At the close of 2017, the median annual revenue of On Deck’s customers was approximately $631,000, with 90% of its customers generating between $161,000 and $3.8 million in annual revenue. Meantime, the median length of time its customers had been in business was eight years, with 90% having been in business between two and thirty years. During 2017, On Deck’s average term loan was approximately $57,000, while the average credit line extended to a customer was approximately $23,000.

On Deck Company Profile

Headquartered in New York City, with offices in Arlington VA, Denver CO, and Sydney, Australia, On Deck is a publicly traded company on the New York Stock Exchange, trading under the ticker symbol ONDK. In 2017, On Deck was featured in Crain’s New York Business as one of New York’s 50 Fastest Growing Companies.

On Deck’s most recent Net Promoter Score (an index ranging from -100 to 100 that measures customer loyalty) of 79 places it at the upper end of customer satisfaction, ranking considerably higher than the average Net Promoter Score of 35 for the financial services industry. This high customer satisfaction is also evidenced by a strong level of repeat borrowing by customers. In 2017, 2016, and 2015, 52%, 53% and 57%, respectively, of loan originations came from repeat term loan customers, who often take larger term loans than previously undertaken.

Small Business Debt Relief

If you are currently burdened by high levels of business debt, the process of pursuing debt settlement may make sense for you and your small business. Debt settlement occurs when a debtor successfully negotiates a payoff amount for less than the total balance owed on a debt. This lower amount is agreed to by the creditor and is fully documented in writing. Though creditors are under no legal obligation to accept debt settlement offers, negotiating and paying lower amounts to settle debts is far more common than many people realize.

United Settlement and On Deck

Clearly, On Deck is no small player in the small business loan marketplace. At United Settlement, we are proud to help those small businesses truly in hardship. We do not deal with businesses that are not already behind on payments and / or on the brink of closing shop. Our core values, integrity, and ethical approach helps us maintain strong working relationship with juggernauts such as On Deck.

Our experienced debt settlement professionals have successfully negotiated business debt settlements with On Deck for clients who truly were facing serious financial hardship and stress that have resulted in large saving the total balance owed. At United Settlement, our experienced business debt settlement specialists possess past relationships with On Deck and more small business lenders.

Our team has an expert level understanding small business landscape, we know when a business is facing hardship and can help get you to financial freedom. See if you qualify for small business debt relief.

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    Clients who stay according to debt relief program can realize approximate savings of 50% before fees, or 30% including fees, over 12 to 48 months. All claims are based on enrolled debts. Not all debts are eligible for enrollment. Not all clients complete our program for reasons such as: their ability to save sufficient funds. Estimates based on prior results, which will vary based on specific circumstances. We do not guarantee that your debts will be lowered by a specific amount or percentage or that you will be debt-free within a specific period. We do not assume consumer and/or business debt, provide tax, bankruptcy, accounting, legal or credit repair services/ advice. Our program is not available in all states. Please contact a tax professional to discuss tax consequences of settlement. Please consult with a bankruptcy attorney for more information on bankruptcy. If you have any additional questions please contact us.
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