FAQs

What is On Deck Capital?
Who is behind On Deck?
What Services Does On Deck Offer?
Is On Deck Capital a merchant cash advance company?
How much capital can you lend me?
What makes a company eligible?
What information do you need from me to apply?
How soon will I know if I'm Approved?
When will I receive the funds?
How do I repay the loan?
What is the typical term of your loans?
Do I have to switch my credit card processor?
What if I need additional money - Can I apply for a second loan?
Can I prepay my On Deck loan early?

What is On Deck Capital?

On Deck connects Main Street to capital through our patent-pending proprietary technology platform.  On Deck focuses primarily on business performance, rather than the credit scores of the business owner,  and can offer healthy businesses quick access to affordable loans so they can meet their daily operating needs and achieve long-term goals. The company also offers a set of  free online tools designed to help small business owners understand what their credit options are, and how lenders currently look at their business. 

 

Back to top

Who is behind On Deck?

On Deck is founded and financed by payment processing and financial service industry veterans, including C-Level executives from American Express and Citigroup. On Deck is based in New York and Arlington, Virginia, and is driven by a commitment to the success of small business.

Back to top

What Services Does On Deck Offer?

On Deck offers a free set of online tools designed to help small business owners quickly identify their lending options based on their cash flow and credit bureau data.  In just 5 minutes any business owner can find out what type of loans they would likely qualify for - ranging from a bank loan to short term business loans, factoring etc.  Click here to get started with On Deck.

 

Back to top

Is On Deck Capital a merchant cash advance company?

No, we are not a merchant cash advance company. We offer true business loans with fixed terms and payments.

Back to top

How much capital can you lend me?

We offer loans from $5,000 up to $100,000 based on the monthly cash flow of the business.

Back to top

What makes a company eligible for an On Deck Loan?

A Main Street business is a good candidate if it has a separate business bank account, has been open for business for over one year, and processes at least $3,000 in credit card transactions per month. If a company does not accept credit cards, it can be eligible for an On Deck loan if it has been open for business for at least 2 years and has an average business bank account balance of at least $3,000 per month.

Back to top

What information do you need from me to apply?

Depending on how you receive payments from your customers, you may need some or all of the following:

• Tax ID number
• Credit card statements for the previous 3 months
• Bank statements for the previous 3 to 6 months
• Social Security number of business owner(s)
• Drivers license number and state of issue

Back to top

How soon will I know if I'm approved?

Within 2 business days of receiving your completed application, we will let you know if you've been approved.

Back to top

When will I receive the funds?

Loans will be funded within 7 business days of receiving all completed loan documents.

Back to top

How do I repay the loan?

Daily Direct Debit^SM payments are made from your business bank account to On Deck. These small regular payments are proven to prevent the snowball effect often caused by missing larger monthly payments. We will inform you of your exact payment amount, and our online loan management portal allows you to monitor the activity.

Back to top

What is the typical term of your loans?

6, 9, 12, or 18 months.

Back to top

Do I have to switch my credit card processor?

No. We simply review your credit card information to determine the performance of your business.

Back to top

What if I need additional money - Can I apply for a second loan?

Yes. Once you have successfully repaid 60% of your loan, you are eligible to apply for another loan to continue building your business.

Back to top

Can I prepay my On Deck loan early?

Yes, you can prepay your loan at any time. However, given the short term of our loans, if you choose to prepay, you will still be required to pay all principal and all interest as if you kept the loan until maturity. If you choose to prepay a portion of your loan, the prepayment will be applied to principal and interest just as your daily payment is applied.

Back to top

Back to top