You might be amazed to know that a business loan can be processed and credited to your account in less than 24 hours, but this is true. This has made possible by OnDeck Capital, a New York-based company by its online loan processing system. Loans from banks are not so quick, although affordable in terms of costs. You simply need to submit your details online and leave rest to the company’s computer processing system. You get the benefit of hassle-free loan amount direct in your bank account.
ondeck loans are in two different categories – short-term loans for 6-12-month terms and long-term loans for 15-24-month terms. Short-term loans are good for projects which can offer instant returns on investment. Working capital finance comes under this category. Long-term loans are good for funding big projects the returns of which are paid back in longer term and this category includes expansion and diversification projects, inventory and equipment purchases, and innovations.
About OnDeck term loan
If your business has completed one year and earned over $100,000 gross annual revenue, you will be qualified for this loan. Loan amount and interest rate is based on business profile assessment and personal credit profile. The repayment instalment has automatic direct debit from your bank account in the form of fixed daily or weekly amount. The companies that are interested in prepayment of loan amount are offered benefit of potential interest reductions based on credit amount and business assessment. OnDeck is very fast and accurate in its online calculations and doesn’t keeps you waiting to receive funds. That’s why OnDeck term loans are preferences of businesses in US, Canada, and Australia.
Why you need OnDeck help
When your business needs urgent funds, you can’t rely on banks for finance, but OnDeck is so quick to make decision before you think of some other choice. OnDeck is innovative loan platform based on advanced technology.