OnDeck

Term loans

12-24 month term loans with fixed daily or weekly payments.

Line of credit

Revolving line with 12-month repayment terms per draw.

Prepayment incentives

Waive remaining interest on early payoff of term loans.

Loyalty program

Reducing origination fees on second and subsequent loans.

Automatic ACH

Repayment drawn daily or weekly from business bank account.

Credit reporting

To Experian, Equifax, and PayNet.

US-based specialists

Available by phone for more complex needs.

Pros

• +Explicit HVAC contractor marketing and underwriting familiarity
• +Fast approval and funding, often within 24 hours
• +Lower revenue and credit thresholds than banks
• +Two products (term + LOC) available from one lender

Cons

• −APRs often 35%-99%, much higher than SBA or bank loans
• −Daily or weekly ACH debits can strain HVAC cash flow
• −Origination fees up to 4% add real cost
• −Requires personal guarantee

“We have used OnDeck for years now and are very happy to have them on our side. They have always worked well with us and been professional at every stage of the process.”

— Henry Lee, , Musicians Headquarters

“They give you the ability to select the payment term that meets your needs. As our sales have increased, and as I’ve proven to be a good customer that pays their bills, I’ve been able to be approved year after year for a larger amount.”

— Matt Bliss, , Modern Christmas Trees

“As I went through working with banks and other sources, I realized that the process with OnDeck was a million times easier.”

— Leah Retamozo, , Bilingual Child Care and Education Center