Short Term Loans
3-12 month terms
Finance Projects That Have an
Immediate Return on Investment
Updating or refreshing locations
Inventory deals with a quick turnaround
Seasonal hiring or inventory
Long Term Loans
15-36 month terms
Fund Larger Projects That Pay Back Longer Term
Expansion or new locations
Large-scale inventory purchases
New product development
SHORT TERM RATES
As low as 9% Simple Interest¹
What is Simple Interest?
Simple Interest calculates the total amount of interest you pay as a percentage of your loan amount. This rate excludes any fees.
For shorter terms (12 months or less), Simple Interest lets you easily see the total payback amount of your loan.
Total Interest Percentage is also referred to as Fixed Simple Interest, and is not an annualized rate.
On a 6 month, $10,000 loan with 9% Simple Interest and weekly payments, your interest cost is $900, for a total payback amount of $10,900.
LONG TERM RATES
As low as 9.99% Annual Interest Rate¹
What is Annual Interest Rate?
Annual Interest Rate calculates the yearly interest percentage you pay based on your average loan balance. This rate excludes any fees.
While you should always consider the total cost of a loan, for longer terms (more than 12 months) you can use the Annual Interest Rate to compare loans of similar duration.
On a 24 month, $100,000 loan with 9.99% Annual
Interest Rate and weekly payments, your interest cost is $10,418.15, for a total loan payback amount of $110,418.15.
¹Eligibility for the lowest rates is very limited, available only to businesses with the strongest creditworthiness and cash flows, and typically businesses that have shown an excellent payment history on prior loan products with OnDeck. The weighted average rate for term loans is 24.6% simple interest and 42.5% AIR. Weighted averages are based on loans originated in quarter ending June 30, 2017.
Simple Interest: Total interest you will pay, and given as a percentage of the amount borrowed, excluding fee
Annual Interest Rate: The interest rate in annualized terms, excluding fees
Annual Percentage Rate: The interest rate in annualized terms, including fees
One-Time Fee to Cover the Cost of Servicing and Processing the Loan
1st loan: 2.5-4% of loan amount
2nd loan: 1.25-3% of loan amount
3rd+ loan: 0-3% of loan amount
Term Loan FAQs
Do I qualify?
Companies in business at least one year
$100,000+ in gross annual revenue
At least one owner with a 500+ personal credit score
How do I pay back?
Fixed daily or weekly payments
Automatically deducted from your business bank account
We offer prepayment options, including potential interest reductions. They vary based on our assessment of your business and your credit
How is my rate determined?
- Your loan amount and rate will be based on our assessment of your business along with your business and personal credit profiles
Interest rates, terms and amounts vary based on risk assessment and creditworthiness at the time of application. Your loan size, term and rate will be based on our analysis of your business as well as your history with LRM, if applicable.