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Ondeck Loan Agreement

If you`re a small business owner in need of financing, you may have come across OnDeck as a potential lender. OnDeck offers small business loans and lines of credit that can help you to fund your business ventures, whether you need to cover unexpected expenses or invest in growth opportunities.

However, before you apply for an OnDeck loan, it`s important to understand the loan agreement. This article will provide an overview of the OnDeck loan agreement and the terms you can expect to see.

What Is a Loan Agreement?

A loan agreement is a legal document that outlines the terms and conditions of a loan. It details the amount of money being borrowed, the interest rate, the repayment schedule, and any fees associated with the loan. A loan agreement binds both the lender and the borrower to the terms of the loan, which helps to ensure that both parties are protected and expectations are clear.

What Are the Terms of an OnDeck Loan?

OnDeck offers loans with a variety of terms, so the specific terms of your loan will depend on the product you choose. However, there are some general terms that are common across OnDeck loans.

Loan Amount: OnDeck loans range from $5,000 to $500,000.

Interest Rates: OnDeck`s interest rates range from 9.99% to 99.00%, depending on the loan product and the borrower`s creditworthiness.

Repayment Terms: OnDeck loans have terms of 3 to 36 months, and repayments are made on a daily or weekly basis.

Fees: OnDeck charges an origination fee of up to 5% of the loan amount, as well as a maintenance fee of $20 per month.

What Are the Requirements to Qualify for an OnDeck Loan?

OnDeck has relatively lenient eligibility requirements compared to traditional lenders, but they do have some minimum qualifications that borrowers must meet. To qualify for an OnDeck loan, you must:

Be in business for at least one year

Have a personal credit score of at least 600

Generate at least $100,000 in annual revenue

How Can You Apply for an OnDeck Loan?

To apply for an OnDeck loan, you`ll need to provide some basic information about your business, including its name, address, and industry. You`ll also need to provide some financial information, such as your annual revenue and your time in business.

Once you`ve provided this information, OnDeck will review your application and let you know if you`ve been approved. If you are approved, you`ll receive funding within just a few days, which can help you to quickly address any financial needs your business is facing.

In Conclusion

OnDeck loans can provide small business owners with a valuable source of financing, but it`s important to understand the loan agreement before you apply. By knowing the loan terms, eligibility requirements, and application process, you can determine whether an OnDeck loan is the right choice for your business.