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
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...
Medical debt is damaging to your long-term credit
Medical debt is damaging to your long-term credit. That is what we were dedicated to managing our debt as soon as we got our medical bills from an unexpected surgery that our insurance did not cover. I...
Finding a good alternative to business debt relief is far from easy
Finding a good alternative to business debt relief is far from easy. As a company, we have spent years trying to find a good solution to our business’ debt, because if we can get it out of the way we...
I had no clue that a debt consulting company could provide guidance
I had no clue that a debt consulting company could provide guidance and what type of loans you should take out. I was thrilled by the communication I had with United Settlement. They did not hesitate to...
Buying a new vehicle should not stress you out to the point that you cry every night to go to sleep
Buying a new vehicle should not stress you out to the point that you cry every night to go to sleep. But that was the point I was at before I contacted United Settlement. These guys were professionals at...
I knew I needed to file bankruptcy before I even contacted the team at United Settlement
I knew I needed to file bankruptcy before I even contacted the team at United Settlement. My biggest issue was how to file and also what type of bankruptcy I should file. A lot of people do not know that...
Who would have thought that auto loan debt can take such a toll on a family
Who would have thought that auto loan debt can take such a toll on a family? Well, we discovered how that could happen when our family bought two new vehicles. We thought we could afford the payments, but...
Why go bankrupt when you do not have to?
Why go bankrupt when you do not have to? That was my thinking when I decided to hire United Settlement. I wanted them to help me get out from underneath my credit card and auto loan debt. They were very...
Who knew that you could get credit card debt relief
Who knew that you could get credit card debt relief just by reaching out to a credit card consolidation company? I did not. But I had a friend recommend United Settlement to help me get through my debt...
We had a revolving credit card debt that just wouldn’t quit
We had a revolving credit card debt that just wouldn’t quit. This in turn made it difficult to try to buy a house. Our credit card debt literally held us back from moving forward in life. But our goal...
There comes a time when you realize you need help with your debt consolidation
There comes a time when you realize you need help with your debt consolidation. And that time came for me last year. I contacted United Settlement to help me manage my debt issues. They were friendly and...
Small business loan debt was crippling our company.
Small business loan debt was crippling our company. We have spent many years building our business, but we had to take out several loans to get through a slow period. Fortunately, those loans helped, but...
If you have ever run a business before, you know how quickly you can get into debt
If you have ever run a business before, you know how quickly you can get into debt. That’s right, you can be trying to live your best life and end up in a situation you cannot get yourself out of. That...
Our credit card interest rates were astronomical
Our credit card debt was not really that bad, but our credit card interest rates were astronomical, which meant we could not get out from under our debt as quickly as we would have liked. We used United...
I had no idea that I would qualify for business debt consolidation loans
I had no idea that I would qualify for business debt consolidation loans. But United Settlement walked me through what that process was like and gave me insight into how to manage my future debt so that...
The last thing I wanted to do is file for business bankruptcy
The last thing I wanted to do is file for business bankruptcy, but that was before I knew how common it was and how little it actually affected my personal credit. United Settlement informed me of that...
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.