Frequently Asked Questions
What products do you offer?
OnDeck Canada offers business term loans, lines of credit, and advances. There is one application for OnDeck financing and our system will evaluate which ones best fits your business’s cash flow and needs.
What are your financing amounts and terms?
Our term loans range from $5,000 - $300,000 over 6-18 months.
Our Flex Funds advances range from $5,000 - $300,000 and have a flexible term. Repayment is based on a small % of your daily card sales. Pay back faster when sales are strong, and benefit from lower payments when sales are slower.
Our lines of credit go up to $50,000. Payments are made over 6 or 12 months. The lines are revolving so as you pay down your balance, your available funds increase.
How does the application process work?
OnDeck’s application process is simple and typically takes about 10 minutes. You can apply online or over the phone by calling (877) 781 -0148.
What information do I need to apply?
Basic business information, basic information about you – the owner, and your most recent business bank statements for the last 3 months.
How do I qualify for OnDeck Canada financing?
OnDeck Canada has a variety of financing options to suit your needs. To qualify, your business should be:
- Based in Canada
- Minimum 6 months in business
- Minimum of $100,000 in annual revenue
Contact a lending advisor at (877) 781 - 0148 to see what options are available to you.
How quickly can I receive OnDeck Canada financing?
OnDeck can deliver decisions in minutes, and funding in as fast as 24 hours.
Is there any obligation to apply?
No, there is no obligation.
How does repayment work?
Depending on the financing selected, OnDeck deducts an agreed upon amount or % of card sales from your business bank account on a daily basis. These daily payments help ensure minimal impact to your cash flow and are proven to prevent the snowball effect often caused by missing larger monthly payments.
As a customer, you will have access to an online account where you can monitor your balance and your payment activity 24/7/365.
Is OnDeck Canada unsecured financing?
OnDeck Canada financing is not unsecured. However, we do not require any specific amount, type or value collateral and no appraisal or specific assets are required. Our financing is secured by a general lien on the assets of the business and backed by a personal guarantee. We do not take personal assets of the guarantors as collateral.
How is OnDeck different from other lenders?
We can deliver decisions in minutes and we value your overall business performance – not just your personal credit score.
What industries do you work with?
We work with more than 700 different kinds of businesses including restaurants, retailers, auto repair shops, healthcare professionals, and many other service providers.
We don't serve these restricted industries.
What are your rates and fees?
Your rate will be determined by the health of your business and cash flow. For term loans, we do not charge any origination fee, and if you renew you may be eligible for subsequent reductions. Flex Funds advances are not loans, but an advance against your future sales and there are no fees associated.
I can’t log in to my OnDeck account online, what do I do?
After clicking “sign in” you can reset your password by clicking on “Forgot Password” and following the instructions provided.
Where can I see my current financing balance?
You may view your current balance via your account online. You may access your account via the "Sign In" button at the top right of the OnDeck.ca webpage.
Can I receive both a term loan and a line of credit at the same time?
This may be possible, depending on your business credit and annual revenues.
You can contact your dedicated Account Manager or call (877) 781 - 0148 to speak with someone about eligibility.
How much of my payments have gone towards principal and interest?
Monthly Statements are available in your online account. You may access your account via the "Sign In" button at the top right of the OnDeck.com webpage. If the statement is not available please contact Customer Service for assistance.
I need to change the bank account that OnDeck is currently debiting. Can I do this online?
OnDeck is happy to assist you with a bank account change request. Please reach out to OnDeck Customer Service for more information. Currently online support of a bank account change is not supported.
I have questions about payments such as how to make additional payments or payment relief options?
Please reach out to our Customer Service team so we may evaluate your request and reach out to the proper channels.
There is a HOLD on my line of credit account, who should I contact?
Please contact our Payment Support team at 1-888-994-6603
When are we eligible for additional funding?
You may be eligible for additional funding when your loan is 50% paid down and you are 50% through your payment schedule. However, speaking with your lending advisor for instructions is always recommended.
I do not need my Line of Credit anymore, how do I close it out?
If you need to permanently close your Line of Credit, please email email@example.com to request the closure.