Don’t fear your payment schedule with OnDeck
Are you having trouble repaying a business loan with OnDeck?
Perhaps you weren’t sure where to get the capital to maintain your business’s cash flow. You thought OnDeck Capital to help you. Now, you’re unsure how you’ll keep up with the daily payments to OnDeck.
OnDeck was easy to find online. You thought it was the answer to give you some breathing room to pay bills, expand, or stay afloat until you received more money in the business. Now, you’re struggling to meet the payment schedule and fear defaulting on the loan. You might even be considering another loan.
They have access to your business account daily, so now what? If you’ve taken out a merchant cash advance (MCA) or merchant loan with OnDeck and are struggling to meet daily, weekly, or even monthly payments, call us today to hear how you can get help.
We believe you shouldn’t have to get a second job to pay back your loan or worry about it all night. Tayne Law Group has worked with OnDeck to find a plan that works for businesses like yours. No more worrying about how this will end up and if your business will stay afloat.
Tayne Law Group has resolved debt with OnDeck and on behalf of many other business owners to find a debt resolution plan that’s attainable and affordable. Don’t feel trapped by your loan – our team will work with you to get you back on the path to financial freedom and profitability.
Who is OnDeck?
OnDeck says they are an online small business lender company providing capital loans to small businesses. They offer business term loans and business lines of credit. According to their website, they’ve funded $15 billion in loans.
OnDeck is not a traditional bank, so their application requirements are more flexible than a traditional business loan. These loans and lines of credit offer quick approval for fast access to cash for business owners.
OnDeck often offers quick capital to businesses. In return, they may require daily or weekly payments on the loan, depending on the loan type.
The contact info for OnDeck is:
OnDeck
1400 Broadway, 25th Floor
New York, NY, 10018
(888) 269-4246
What is OnDeck’s reputation as a lender?
As of February 22, 2024, On Deck Capital, Inc. has an A+ rating from the Better Business Bureau. Their BBB profile says they have been BBB accredited since May 8, 2008, and have been in business for 17 years.
On Deck Capital, Inc. is rated 2.85 out of five stars based on 116 customer reviews on the BBB website. They have 30 complaints closed in the last 3 years, with 10 complaints closed in the last 12 months.
What to do if OnDeck has contacted you regarding debt you owe
You have rights if you’re contacted regarding the debt you may owe. The Fair Debt Collection Practices Act (FDCPA) shields consumers from creditor misconduct. Despite this, infringements occur. To address this, borrowers can send a debt validation letter to confirm the legitimacy of the claimed debt.
Engaging with a debt resolution law firm allows for tailored guidance on the next steps. Tayne Law Group assures you that your debt issues are managed optimally.
Our commitment is to vigorously negotiate with debt collectors, including OnDeck, to achieve a resolution. Thanks to our experienced and committed settlement team, clients often experience significant savings from their original debt amounts presented during their first consultation with our team.
Choosing to work with a debt relief law firm that possesses our level of expertise in debt resolution and collection guarantees the most favorable handling of your debt situation. Contact us at 1-866-890-7337 for a complimentary, no-commitment consultation on debt assistance and discover the impact a single call can have.
OnDeck Business Loans FAQ
Whether OnDeck is worth it depends on your business’s specific needs and circumstances. OnDeck offers fast funding, benefiting businesses needing quick access to capital. Additionally, its reportedly relaxed credit score requirements compared to traditional banks make it accessible to a wider range of businesses. However, the interest rates might be higher than traditional bank loans, so weighing the costs against the benefits is important.
OnDeck reportedly does not require traditional collateral like real estate or equipment. Instead, they often require a personal guarantee and a general lien on the business assets. This means that while specific assets are not directly used as collateral, the lender has a claim to the business’s assets if the loan is not repaid.
OnDeck loans are reportedly typically faster and more accessible than traditional bank loans, especially for businesses with less-than-perfect credit or those needing quick funding. However, this accessibility can come at the cost of higher interest rates and shorter repayment terms. Traditional bank loans might offer lower rates and longer terms but have stricter eligibility criteria and a longer approval process.
