There are numerous entrepreneurs who are looking to make their own mark in the world. If you are one of these people, applying for an OnDeck Online Business Loan might just be the push you need.
An OnDeck Online Business Loan is perfect for individuals who are looking for flexible financing options. With a smooth and easy application process, you are on your way to getting your business loan. To learn more about what this type of loan has to offer, read on.
OnDeck Online Business Loan Features & Benefits
For those businessmen who are still starting out in their industry, working with OnDeck can greatly boost your motivation. Taking pride in providing a wide range of educational content and resources for every type of business owner, you’re sure to get all the help you need. Aside from connecting you to a mentor who can give you top-tier advice on how to navigate the ins and out of the field, OnDeck will also help you in securing your goals and financial independence.
Through their OnDeck Online Business Loan, you can get the lowest APRs on the market. You even have the option to pay only for the amount you have withdrawn. With this loan in your arsenal, you can be prepared even for unexpected purchases. Even better, you can invest in better tools, fund new purchases, and finally, open a physical location.
More importantly, you can build good credit and improve your overall profile. OnDeck ensures that your good payment history is reported to the appropriate credit bureaus so that you can expand your reach.
Applying for an OnDeck Online Business Loan
If you are interested in these benefits, applying for an OnDeck Online Business Loan is fairly simple. All you need to do is fill out the online application form on their website.
To apply, you need to have a tax ID number, a list of your separate personal and business expenses, and a separate company phone number and website. You must also have a good credit standing to be approved. Some of the documents you need to provide include a one-pager of your business identity detailing how low you have been in business, the number of employees under your care, and your gross annual revenue.
To qualify, you must have at least 1-7 years in business, have a minimum gross annual revenue of $100,000 to $450,000, and a credit score of 500 to 660 or higher.
OnDeck Online Business Loan Fees & Charges
For terms loans up to $500,000, you can get a 9.99% annual interest rate. This has a short- and long-term payback schedule, ranging from 3 to 36 months. It also has a one-time origination fee of 2.5% to 4% of the loan amount.
Meanwhile, for lines of credit up to $100,000, you can get a 13.99% APR with a maintenance fee of $20 per month, which is waived with an initial draw of $5,000.
If you are keen on growing your business with the help of flexible payment options, an OnDeck Online Business Loan is the way to go. Apply now!