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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.
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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.