Line of Credit

Our Line of Credit was built for flexibility. They range from $10,000 to $300,000. Like a traditional line of credit, pay only for what you use and withdraw more funds online whenever you need it. Unlike a traditional line of credit, you can choose which weekly repayment option fits your business best: a fixed amount each week, or one that gets smaller over time.

To qualify for business financing with OnDeck Canada:

1) Your business must be based in Canada.
2) You must have a business bank account with a Canadian financial institution.
3) You must have business history of at least 6 months, with you as the business owner.
4) You must make a minimum of $100,000 in annual sales.

To make a draw from your OnDeck Canada line of credit:

1) Log into your MyPortal 
2) In your main view, select your Line of Credit
3) Click “Withdraw Funds”
4) Enter your desired amount
5) Click “Submit”
6) Your funds will be transferred to your account within a few hours***

Fixed repayment breaks down your total balance into equal, weekly payments over the course of your term. Regardless of how many times you draw, your balance will be consolidated into a new equal, fixed amount. If you make an unscheduled repayment, your balance will decrease, but your fixed payment will remain the same. The payments are then automatically debited from your business bank account weekly, on the day of your choosing.

Variable repayment breaks down your outstanding balance as a percentage of your principal + interest every week. As your principal decreases, so does the interest you owe, making your payment amount decrease over time. The payments are then automatically debited from your business bank account.

Lines of Credit and credit cards are both forms of revolving credit, they allow you borrow money up to a certain limit and pay it back over time. The funds from a Line of Credit are deposited directly into your business bank account but the funds from a credit card can only be used where the card is accepted. A credit card is better suited for purchases such as travel or utilities, while a Line of Credit is better suited for ongoing or unexpected expenses such as repairs or payroll.

With a Term Loan, you receive the full amount of financing up front and repay with fixed installments (daily or weekly) over the course of the term. With a Line of Credit, you are given a limit and have control as to when and how much you draw from it. A Term Loan is better suited for investments such as purchasing equipment or financing an expansion, while a Line of Credit is better suited for ongoing or unexpected expenses such as general cash flow or purchasing inventory. Learn More about our Term Loan.

Flex Funds is an advance product that provides you with the full amount of financing up front and is repaid with variable, daily payments using a small percentage of your daily card sales. With a Line of Credit, you are given a limit and have control as to when and how much you draw from it. Flex Funds is better suited for seasonal businesses or those with more unpredictable sales cycles while a Line of Credit is better suited for ongoing or unexpected expenses such as marketing or equipment repairs. Learn More about our Flex Funds.