It was very disappointing to communicate with Ondeck

I am a business owner and run an auditing firm and it is running quite well. I needed extra financing for some upcoming scaling that I was planning for my business. For the same reasons, I submitted the request for credit line with Ondeck. When I was going through their website, I found them stating that they revert to the requests in no later than 24 hours.

So, without wasting any time, I submitted all the requested documents through their website. I waited for three days. When I did not receive any communication from Ondeck, I initiated the call. I called the number and was transferred to three people on the same call before I reached someone who had knowledge about the status update.

The person who received the call at first, did not know what I was talking about. He said that I have not submitted any document. The other person told the same thing before he transferred me to the next person. At least, this time, someone had some knowledge about the credit line request I made through their website.

However, he came out to be a huge liar. He told me that I was called and I did not receive the call from their team. The truth is, I never miss my calls. I always care to call back even if I miss my calls. In these three days, I never missed my calls. So, how can he just lie on my face. The next lie that he told me was that he mailed me the updated status.

Another lie. I never received any email. I cannot go wrong with that because as soon as he told me about the email, I checked the entire inbox for the email id he stated he sent the email through. After talking to him, I understood that he was trying to hide his company’s incompetency to meet the claim that they take pride for.

There is no sooner communication at all. They did not even bother to communicate. It was me who called them the first time to check for the status. On the contrary, the agent tried to blame me for the delay. According to him, I was the one who did not receive the call or check the emails which is false.

I am never going to deal with a company which do not care about time and money of its customers. I am not happy at all. I expected a lot from what they have mentioned on their website. I am also fine hearing bad news but the least I expect from a business partner is to call back. Is it something too much I am expecting?

Ondeck has fallen severely and has no place in any of my financial needs. I am going to look for the company that actually values their customers. Most of all, I am wary of liars and this one was one of the best in lying.

Is OnDeck a legit?

OnDeck is not running a legit business. They are not aggressive towards customer satisfaction and complaint grievance redressal, Hence 14 consumer[s] submitted negative ratings, and only a few left positive feedback.

Where is OnDeck located?

OnDeck is headquarted at United State. You can contact OnDeck by dialing +1 (888) 269-4246 or visit their website www.ondeck.com.

How much monetary loss is incurred by OnDeck’s customers?

According to OnDeck’s customers, a monetary loss of US $480 has been reported. The severity of entire incident reports is high.

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14 Reviews on OnDeck

  1. I'm glad though I didn't bother entering more information.

    I put in some very basic information and before I could even finish they were calling my office. The person who called was very rude and informed me they don’t provide loans for “my type” of business and then hung up before I even had time to say anything. I own a business services office. So exactly what does that mean? I wouldn’t consider them now at all. I’m glad though I didn’t bother entering more information.

  2. If you want to hurt your bottom line then get a loan from Ondeck.

    This company is almost like getting a loan from a loan shark. The rates are extrememly high and will not help your business because the term to repay the loan is just a few months. They get all the interest and the principal back in a few months. This should be the last resort for any business. If you have to get one of these loans your business is not in a sound financial state to begin with.

    Also, when you finish paying for the loan this company continues to debit your bank account after the last payment. You will have to close your linked bank account to avoid further automatic deductions from Ondeck. If you call customer service they will tell you that they are rated AAA+ with the Better Business Bureau and all kinds of nonsense. The customer service reps are clueless and most sound like stoned college students. If you want to hurt your bottom line then get a loan from Ondeck.

  3. Especially if we are not a client of theirs!

    As you would probably expect when applying for a loan, OnDeck requires private and personal information about you and your business such as your tax id, Social security number, Date of birth, and a minimum of your past 3 months of banking statements, and whatever other confidential materials they deem necessary to make a lending decision.

    I figured why not, since I am applying for a loan after all so I completely get why they need to do a background check on me. That said, I didn’t know the next part….

    Whether you are approved or declined from this company they keep ALL OF YOUR PRIVATE AND CONFIDENTIAL records that you send to them on their servers for 7 years or longer!! After they decided I wasn’t a fit for their loan I politely requested that they delete all of my personal and confidential records from their systems since I had no intention of returning to them in the future.

    Can you believe these bastards refused to comply with my request!! All I did was apply for a loan and now they have the right to keep my private banking statements and other confidential information on file!!!! They told me it is due to the “Patriot Act”.

    Well then it should be mandatory and legally required in this age of cyber-crimes that the sales person who you have to talk with to be approved for a loan disclose up front that they will keep all my records in their servers for a minimum of 7 years. This way I can make an educated decision as to my willingness to hand over my information to them under those conditions.

    So now for the next 7 years if someone from inside or outside their company hacks into their servers all my confidential information including my identity, banking transactions and more is open to some cyber hacker to use for identity theft crimes. That is just insane!! They tell me it is for security purposes that they keep my records.

    Perhaps that is true but don’t you think the consumer is entitled to know this before you start to take from them???? Now I feel stuck! I feel tricked and backdoored into providing some internet company my information without knowing their full intentions and I have to just hope for the next 7 years or longer nothing bad will happen to my identity.

  4. Their underwriters are totally off the mark! Beware!

    This process started off well – we got the first loan we applied for – we understood that this was hard money and interest rate was going to be high.

    One of the reasons we went with them was they told us we could borrow again after six months without much problem!

    We’ve been 9 months and now they turn us down because of some bad info on our credit report – it was not our company but they would not budge! Their underwriters are totally off the mark! Beware!

  5. Stay away from this company unless you have shit credit and are willing to pay high rates by signing your life away.

    Not sure how this company is planning on doing business but they turned my company down for a 15000 secured loan claiming I was in a high risk business but after dragging me thru there process of running both personal and business than asking for statements only to say we don’t loan to your business type.

    BTW I am in retail electronics and they don’t lending to that type of business. I call bullshit because they than tried offering me a higher rate on a lessor amount. Old school shady business tactics trying to get more interest from consumers.

    I went to us bank and they gave me a business loan for 15000 plus a company visa with a 10000 limit and I am paying 6.9 interest for the company loan. Stay away from this company unless you have shit credit and are willing to pay high rates by signing your life away.

  6. I am not happy with my experience with OnDeck!

    I applied for a short term business loan in order to help establish business credit for my business. I mistakenly believed their ads and hype about not caring about personal credit. This is definitely not the case! This company not only puts emphasis on personal credit, their “Loan advisors” never disclose that a business needs to have a minimum of 5 deposits a month coming into the business bank account.

    This makes no sense to most service businesses, such as mine! In my business, although it is not a seasonal business the trend has been during summer months we tend to have less deposits than during other times of the year. However, the deposits are very substantial.

    This company’s underwriters appear to be new college graduates, who haven’t a clue as to how the “real” world works (I was an underwriter for more than 15 years for a major investment bank). My third loan advisor told me that my loan was denied because of not having at least five deposits a month, in spite there were nine deposits in September 2015!

    She told me that it didn’t make up for the one month where there was only three large deposits! When I received my decline letter in the mail, it stated that my loan was declined due to the high utilization rate on my personal credit cards and too many recent inquiries.

    The only reason, I applied for a loan through Ondeck was to try and establish business credit for my company so that I no longer had to use my personal credit cards to fund the business. I question the validity of these five star reviews this company is given.

    I thought I was in a unique situation, until I started speaking with traditional bankers and other small business owners in the several forum I belong. I am not happy with my experience with OnDeck!


    In an attempt, to work on building business credit after hitting our 2 year mark and increased successes with our business, we reached out to On Deck loans. We saw that they had relatively good reviews, commercials. It seemed to be a great fit.

    After working with José Real at OnDeck, my business parter submitted everything we needed. Unfortunately there were some bank errors when downloading some records, which were rectified with our credit union, directly from a person at the bank to Jose.

    Jose kept feeding us line after line about how he was on our side, he was going to get everything taken care of and how great everything looked. And then Jose disappeared and we didn’t hear back from him. It’s now been almost 2 weeks since we last heard from him, even though he said he would have an answer a week and a half ago. We wouldn’t be upset if the loan needed further information, or if we were approved; either way, we just wanted an answer.

    On Deck is incredibly full of hot air, unprofessional and a COMPLETE waste of time. Save yourself the effort and apply with another company. We have been approved with a few other lenders and chose the lender that had the best rates. I know our business would lose customers if we didn’t respond to them. HORRIBLE CUSTOMER SERVICE JOSE. MAJOR DISAPPOINTMENT.

  8. I want to start by saying RUDE!!

    I want to start by saying RUDE!!!!! I applied and even though I make $15,000 to $25000 a month they say we are not for you because you don’t receive 5 deposits a month. I don’t know any trucking company in the U.S. that get’s paid 5 times a month. I said add it to your website.

    The lady cuts me off. So I ask her do you agree? She cuts me off again. So I hung up the phone. At least give all the requirements so you are not wasting my time and yours. And they ran my credit. Total waste.

  9. I would highly recommend you search out all your options.

    Talked to a representative which was very unfriendly and didn’t know anything about what they offered. Had to speak with a manager that was reluctant to tell me anything about there fees and rates which were ridiculous. Origination fee 2.5 – 4 points which is crazy and also 8 – 45% interest depending on many factors.

    I would think most companies are getting taken advantage of by paying these absorbent fees. I would highly recommend you search out all your options. These type of fees will kill any business and there taking advantage of you!

  10. I was mislead and very unsatisfied.

    Not very transparent with ending loan date; for 6 months I was told my last payment would be Jan. As I have planned my expenses to that particular date (and any business owner knows of razor thin windows that any disruption can cause damage to reputation and business character) I was incredibly disheartened when in truth the loan repayment was to take another 6 days to completion when I needed and had planned on that money to pay Fed quarterly (that those last 6 payments would have given) and has now been forced to be redirected by lack of truthfulness from OnDeck.

    I will not use OnDeck again, I suggest any who do insist the amortization OnDeck uses is correct by making the sales people go through it date by date. I was mislead and very unsatisfied.

  11. Beware, this will cost you in more ways than one.

    I worked with James Baldo and Christpher Rivera. Great to work with until funding and then they have no answers as everything is in another department.

    Advance payment penalties (you pay the exact same interest as not paying in advance), discount only if you pay the entire loan in full. Complete lack of information actually helpful to you. Beware, this will cost you in more ways than one.

  12. Never do business with them again.

    Horrible. They file a UCC even though the loan is Paid consistently on time & without issue. Even offered a line of credit due to payments being so good and on time. Not even sure if it is legal to file a UCC if payments are on time. Never do business with them again.

  13. On deck does not keep their word.

    On deck does not keep their word. I inquired about a business credit line and Blake E. was all over me for days to complete the application. I sent them everything they needed and then some and then nothing.

    No response, total silence with no attempt to keep the promise of efficiency they claim to work towards. Very disappointing. I sent a dissatisfied email to Blake and he sent back a lack luster response that indicates he has no desire to work for my business.

    I know I am the one looking for a credit line to grow my business but their claims to work efficiently are false. Be careful about doing business with these people. They now have quite a bit of my financial information and I feel as though I have to be vigilant to make sure I am not at risk financially. Best to do business with a local bank and a person face to face.

  14. Scammer

    I noticed all the bad reviews about this company and unfortunately it’s about 99% true if not 100% Please do not waste your time or credit inquirer being pulled. I pay taxes on a $100k plus per year, had over $50k liquid, 680 plus personal credit score, 6 month bank statements verifying over $15k per month, and was declined for $25k lol I’ve never been declined for a loan of this size before in my entire life.

Reviews: 14
Reported Loss : 480 $
Severity : High
Reported by : Anonymous
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