OnDeck unveiled its new loan product called OnDeck Term 24 to better serve the increasing needs of established small businesses nationwide. This new term loan is the first-of-its-kind on the market. Qualified businesses can quickly and seamlessly get approved for larger loans with 24 month terms and pricing that is competitive with traditional lenders.
The success of OnDeck's existing loan product, OnDeck Term, has demonstrated that significant demand exists for an evolved product aimed at businesses with more established credit profiles and larger investment needs. The new Term 24 loan product targets businesses that have been in operation for at least 3 years, have over $1 million in annual revenues and value speed and convenience when accessing capital. Typical uses of the capital are for growth opportunities, such as: expanding store locations, purchasing large pieces of equipment, or making major business investments.
"Term 24 supports businesses that need larger loans for expansions and upgrades or have bigger working capital needs," said Noah Breslow, chief executive officer, OnDeck. "This is the first term loan in the industry that allows businesses to receive a loan up to 24 months in length within 24 hours, making it faster than a bank loan and more flexible than a credit card. This type of speed and service is unheard of in the lending industry, and we are looking forward to serving more of Main Street with Term 24."
OnDeck's innovative lending platform allows the company to leverage big data to better evaluate business creditworthiness. Their technology has transformed small business lending, making the entire lending process exponentially faster, easier, and more transparent for the business owner.
OnDeck Term 24 details:
- Loans from $50,000 - $250,000
- Term lengths of 12 - 24 months
- APRs ranging from 19.99% - 39.99%
- Approval and funding available within 24 hours
To be eligible, businesses must have: at least 3 years of continuous operations; revenues of at least $100,000 per month; strong business and personal credit; and stable business checking account balances.