The leading online small business loan platform
OnDeck 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, OnDeck 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.
OnDeck also considers tax and census data, along with additional factors such as social and reputational data. In 2017, 2016 and 2015, OnDeck originated $2.1 billion, $2.4 billion and 1.9 billion of loans, respectively. OnDeck’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.
Can I Get a Small Business Loan?
Through its website, OnDeck allows small businesses to apply (24 hours a day – 7 days a week) for a term loan or line of credit. OnDeck, using its proprietary technology, often makes a funding decision immediately and transfers funds as quickly as the same day. OnDeck 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. OnDeck also reports back to several business credit bureaus, a process that helps small businesses build their business credit profiles. Because OnDeck 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.
Are you in debt? we can help
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...
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...
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....
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....
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...
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...
I never thought about settling our credit and auto loan debts
I never thought about settling our credit and auto loan debts. I honestly thought the only way out of our situation was to go bankrupt. But that all changed when we reached out to United Settlement. We...
We were dealing with extremely high-interest rates on debt
We were dealing with extremely high-interest rates on debt. That made it difficult to make improvements in what we owed. We were pretty much devastated. By our debt because we really wanted to buy a house...
Auto loans are my family’s biggest problem
Auto loans are my family’s biggest problem. Sure, having them is a necessary evil in our modern era. We spent years trying to pay our auto loans off. But the problem was, we never could make headway....
Bankruptcy was not an option I wanted to use
Bankruptcy was not an option I really wanted to use. I wanted to find an alternative to this process that would enable me to get rid of my debt for good without having a bad mark on my credit history. That...
United Settlement was there for me when I could not be there for myself
United Settlement was there for me when I could not be there for myself. I was not sure how to move forward when I had a massive amount of debt. I could not figure out how to get out from under the seemingly...
I had no idea that I could reorganize my utility builds or residential leases
I had no idea that I could reorganize my utility builds or residential leases. But United Settlement helped me see that I could. They were very friendly in telling us about what our options were as a family...
Everybody knows how ridiculous student loans are
Everybody knows how ridiculous student loans are, and that was not lost on me when I chose to take out hundreds of thousands in student loan debt. Relieving a measure of pressure for my student loans was...
Restructuring business debt is not an easy thing to do
Restructuring business debt is not an easy thing to do. But United Settlement was great at helping me figure that out. Understanding financial situations and goals was what I really wanted, and they did...
I had no clue that I was paying more than 100% APR on my small business loan
When I reached out to United Settlement, I had no clue that I was paying more than 100% APR on my small business loan. I could not believe it! But I was paying that much which meant I could not ever get...
Handling my business debt was not something I looked forward to
Handling my business debt was not something I looked forward to. But United Settlement was so patient with my questions and helped me figure out how to handle my debt as a small business owner. I qualified...
I didn't even know what type of interest rates there were and how those affected my debt overall
When I contacted United Settlement, I didn't even know what type of interest rates there were and how those affected my debt overall. So, when I went to go buy a new house, I was shocked to find out that...
Debt settlement is what we signed up for when we were interested in using United Settlement
Debt settlement is what we signed up for when we were interested in using United Settlement. We needed a company to negotiate on our behalf to help us reduce the total amount of debt we owed, and we were...
I had no idea that I could lower my credit card interest rates. But when I contacted United Settlement, they explained to me that I could negotiate my interest rates down lower along with my payoff balance....
If you have ever had an unmanageable amount of credit card debt
If you have ever had an unmanageable amount of credit card debt, you know how ridiculous it is to try to pay it off. In my situation, I did not want to wait until the last moment to get this debt under...
The Small Business Loan Market and OnDeck 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 OnDeck 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, OnDeck’s average term loan was approximately $57,000, while the average credit line extended to a customer was approximately $23,000.
OnDeck Company Profile
Headquartered in New York City, with offices in Arlington VA, Denver CO, and Sydney, Australia, OnDeck 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.
OnDeck’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 OnDeck
Clearly, OnDeck 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 OnDeck.
Our experienced debt settlement professionals have successfully negotiated business debt settlements with OnDeck 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 OnDeck 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.