OnDeck Reviews, Ratings And Fees

ADDRESS

1100 Rene Levesque, Montréal, QC
Vancouver, BC
H3B 4N4

BUSINESS HOURS

Mon – Fri 9am to 6pm

Who is OnDeck Canada:

OnDeck Canada is a national leader in reliable, accessible and efficient online lending for Canadian small businesses, offering a wide range of financing products including Term Loans, Lines of Credit, and Flex Fund advances coast to coast in both English and French.  Since its inception in 2015, OnDeck Canada has pioneered the use of data analytics and digital technology to make real-time lending decisions and rapidly deliver funding to Canadian small businesses in as fast as 24 hours. OnDeck Canada has provided over CAD$440 million in capital to small businesses nationally. OnDeck Canada is rated 5-Stars “Excellent” by Canadians on Trustpilot.

For more information, visit www.ondeck.ca.

What products does OnDeck Canada Offer?

OnDeck Canada offers business term loans and advances. There is one application for OnDeck financing, and our system will evaluate which ones best fit your business’s cash flow and needs.

How is OnDeck different from other lenders?

We can deliver decisions in minutes and we value your overall business performance – not just your personal credit score.

Application Profile:

 Minimum RequirementsOur Typical Customer
Time in Business6 months4 years
Credit Score550+630+
Annual Revenue$100,000$500,000+

 

How To Apply For An OnDeck Canada Loan:

  1. Complete the online application
    Takes less than 10 minutes
    Provide us a few pieces of information about your business
  2. Review your options
    Ready in as fast as one business day
    Your dedicated lending advisor will reach out and work with you to choose the best offer.
  3. Get your funds
    Available as soon as same day
    Complete the process and the money is in your business bank account in as fast as 24 hours.

Frequently Asked Questions

How does the application process work?

OnDeck’s online application process is simple and typically takes about 10 minutes. You can apply online here

What information do I need to apply?

Basic business information, basic information about you – the owner, and your most recent business bank statements.

How do I qualify for OnDeck Canada financing?

OnDeck Canada has a variety of financing options to suit your needs. To qualify, your business should be:

  1. Based in Canada.
  2. Minimum 6 months in business
  3. Minimum of $100,000 in annual revenue

How quickly can I receive OnDeck Canada financing?

OnDeck can deliver decisions in minutes, and funding in as fast as 24 hours.

Is there any obligation to apply?

No, there is no obligation.

How does repayment work?

Depending on the financing selected, OnDeck deducts an agreed upon amount or % of card sales from your business bank account on a daily basis. These daily payments help ensure minimal impact to your cash flow and are proven to prevent the snowball effect often caused by missing larger monthly payments.

As a customer, you will have access to an online account where you can monitor your balance and your payment activity 24/7/365.

Is OnDeck Canada unsecured financing?

OnDeck Canada financing is not unsecured. However, we do not require any specific amount, type or value collateral and no appraisal or specific assets are required. Our financing is secured by a general lien on the assets of the business and backed by a personal guarantee. We do not take personal assets of the guarantors as collateral.

What industries do you work with?

We work with more than 700 different kinds of businesses including restaurants, retailers, auto repair shops, healthcare professionals, and many other service providers.

We don’t serve these restricted industries.

When are we eligible for additional funding?

You may be eligible for additional funding when your loan is 50% paid down and you are 50% through your payment schedule. However, speaking with your lending advisor for instructions is always recommended.