Application Process
Key Facts
- Application Process: When applying for a loan with OnDeck, you will need to fill out a one-page application that requires basic information about you and your business.
- Required Information: In addition to basic information, you will also need to provide your credit score, annual revenue, and the last three months of bank statements.
- Soft Credit Pull: OnDeck performs a soft credit pull when reviewing your application. This type of credit check does not affect your credit score.
- Reporting to Credit Bureaus: OnDeck reports your loan and payment history to three major business credit bureaus: Experian, Equifax, and Paynet. This means that if you make timely payments and pay down the loan in full, it can help build your business credit profile, which may lead to better offers in the future.
When applying for a loan with OnDeck, you will need to fill out a one-page application that requires basic information about you and your business (United Capital Source, 2023).
Required Information
In addition to basic information, you will also need to provide your credit score, annual revenue, and the last three months of bank statements (United Capital Source, 2023).
Soft Credit Pull
OnDeck performs a soft credit pull when reviewing your application. This type of credit check does not affect your credit score (United Capital Source, 2023).
Reporting to Credit Bureaus
OnDeck reports your loan and payment history to three major business credit bureaus: Experian, Equifax, and Paynet (United Capital Source, 2023). This means that if you make timely payments and pay down the loan in full, it can help build your business credit profile, which may lead to better offers in the future (OnDeck, 2023).
Citations
- OnDeck. (2023). FAQs. Retrieved from https://www.ondeck.com/faqs
- OnDeck. (2023). Lenders That Report to Credit Bureaus. Retrieved from https://www.ondeck.com/resources/lenders-that-report-to-credit-bureaus
- United Capital Source. (2023). OnDeck Capital Review: Pros, Cons & How To Apply. Retrieved from https://www.unitedcapitalsource.com/business-loans/lender-reviews/ondeck-capital-review/
FAQs
Does OnDeck conduct credit checks?
Yes, OnDeck performs a soft credit pull when reviewing your application. This type of credit check does not affect your credit score.
What information does OnDeck require when applying for a loan?
In addition to basic information about you and your business, you will also need to provide your credit score, annual revenue, and the last three months of bank statements.
Does OnDeck report to personal credit bureaus?
No, OnDeck does not report to personal credit bureaus.
Does OnDeck report to business credit bureaus?
Yes, OnDeck reports your loan and payment history to three major business credit bureaus: Experian, Equifax, and Paynet.
How can I improve my chances of getting approved for an OnDeck loan?
You can improve your chances of getting approved for an OnDeck loan by having a strong credit score, a healthy annual revenue, and a good track record of making timely payments on your debts.
What are the benefits of building a strong business credit profile?
Building a strong business credit profile can help you qualify for better loan terms and interest rates in the future. It can also make it easier to get approved for other types of financing, such as lines of credit and credit cards.
What are the risks of not paying back an OnDeck loan?
If you do not repay your OnDeck loan, you may damage your business credit score and make it more difficult to qualify for future financing. You may also be subject to late fees and other penalties.
What should I do if I have questions about my OnDeck loan?
If you have questions about your OnDeck loan, you should contact their customer service team.