Leading online SMB lender enhances product suite to include a first-class Line of Credit, with instant fundings and a multi-product financing option.
[September 6, 2023] Leading online small business lender OnDeck Canada (ODC) announced today the rollout of their new and improved Line of Credit (LOC). The business opted to overhaul their product to better deliver on their primary objective: flexibility.
The Most Flexible Line of Credit in the Market
OnDeck Canada redesigned its product to offer SMBs the most flexible Line of Credit available on the online lending market with features that include:
- Two repayment programs to choose from: fixed or variable repayment.
- Instant fundings on withdrawals via Interac e-Transfer, available 24/7/365.
- Access to Dual Financing, allowing businesses to pair their Line of Credit with a Term Loan or a Flex Funds advance to maximize their benefits & features.
- Automatic weekly repayment setup.
Senior Vice-President of Credit and Risk, Cameron Nelson, commented, “There’s been a trend in our industry where lenders position their loans like a line of credit, when they are just loans by another name. These are not true, revolving lines of credit and every withdrawal is treated like a separate micro-loan with its own repayment schedule. We felt we could do better for our clients and offer them truly a flexible Line of Credit, built with businesses in mind.
Redesigning and relaunching their Line of Credit is the first in a number of a planned product enhancements for ODC as they continue to lean into their position as the leading online business lender in Canada.
About 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 Funds advances. Since 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. For more information, visit www.ondeck.ca.