OnDeck review: the only one publishing what it really costs

What it is. A direct lender and a brand of Enova International (NYSE: ENVA), which acquired it in October 2020. Its homepage states you "can work with OnDeck directly from application to funding, without going through a third party". Its footer adds that depending on your state, your loan may be issued by an OnDeck company or by Celtic Bank. It does not lend in North Dakota.

What it offers

Only two products: a term loan and a line of credit. No merchant cash advance, no factoring, no SBA, no equipment financing. In a market where everyone sells everything, that narrowness is a deliberate choice.

Requirements

Consistent across its site, which is rarer than it should be: one year in business, $100,000 in annual revenue, a 625 personal FICO, and a business checking account.

Amounts and speed

Term loans $5,000 to $400,000; lines of credit $6,000 to $200,000 with a $1,000 minimum first draw. Funding as soon as the same day after approval, with a 10:30am ET weekday cutoff. Draws on an existing line arrive "within seconds". One inconsistency on its own site: term lengths are given as 6 to 24 months on one page and 18 to 24 months in its FAQ.

What it costs, and why this page exists

OnDeck is the only major small business funder we found that publishes what its customers actually paid. Its transparency page states: "The average rate for term loans is 53.2% APR and the average rate for lines of credit is 59.8% APR", for loans originated in the half-year ending 30 June 2026. It shows worked examples too: $75,000 over 12 months with $23,250 of interest and a $1,875 origination fee, a total cost of $25,125, or 31 cents per dollar borrowed.

Fifty-three percent is expensive. It is also roughly what short-term unsecured business money costs, and every competitor advertising "rates from 6%" with no ceiling is selling into the same market at similar effective costs while declining to say so. Publish the real number and you look expensive. Publish a floor and you look cheap. Only one of those helps a borrower.

Fees: origination of 0% to 4% on term loans, with 0% reserved for renewals. The line of credit has no annual, monthly or draw fees. One conflict on its own site: its transparency page says there are no additional fees when you prepay, while its term loan page says you may still owe a portion of unpaid interest.

Reputation

BBB: A+, accredited since 2008, 63 complaints closed in three years. Trustpilot: 4.7 across roughly 6,100 reviews. Checked 21 September 2026.

One correction worth making, because it is repeated across the internet: in November 2023 the CFPB fined Enova International $15 million. That action concerned Enova's consumer lending brands, CashNetUSA and NetCredit. It did not name OnDeck and did not concern small business lending. We found no current regulatory action against the OnDeck brand.

Who it suits

An established business that clears a year, $100,000 and a 625 score comfortably.
Anyone who wants to know the real cost before applying rather than after.
Repeat borrowers, since renewals can carry no origination fee.

Who it does not

Under a year in business, under $100,000, or under a 625 score. Those are hard floors. See what is available earlier.
Anyone needing equipment, factoring or SBA. It does not offer them.
North Dakota businesses.

All quotes and figures are from ondeck.com including its transparency page, SEC filings, BBB and Trustpilot, checked 21 September 2026.

Questions owners ask

Is OnDeck legitimate?

Yes. It is a direct lender, publicly owned through Enova International, BBB-accredited since 2008, and it publishes its own average APRs, which almost no competitor does.

Was OnDeck fined by the CFPB?

No. The $15 million CFPB penalty in 2023 was against its parent Enova over consumer brands CashNetUSA and NetCredit. It did not name OnDeck or small business lending.

Is 53% APR normal?

For short-term unsecured business money, unfortunately yes. Most competitors sit in a similar range but publish a factor rate or a starting figure instead of an APR.

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General information, not financial or legal advice. Terms vary by lender and business.