LendingPoint Personal Loan Review
- APR
- 7.99% to 35.99%
- Eligibility and access: 5/5
- Cost to borrow: 3.6/5
- Loan terms and options: 3.8/5
- Repayment support and tools: 3.5/5
OnDeck offers personal loans ranging from $1,000 to $36,500 to people with credit scores as low as . OnDeck considers other factors besides credit history to determine approval, such as income and employment.
- Fast funding: After you sign your loan agreement, you could get your money as quickly as the next business day.
- Clear eligibility requirements: OnDeck is transparent about what you need to qualify for a personal loan, including minimum credit score, income requirements and which geographical areas the company serves.
- Loans not offered in all 50 states: OnDeck does not serve residents of Nevada or West Virginia.
- Charges an origination fee: Depending on what state you live in, you may have to pay an upfront origination fee ().
- No joint applications: OnDeck does not allow you to apply for a personal loan with a co-borrower or a cosigner.
- Best for small loans: Since you can only borrow up to $36,500 with OnDeck, this lender is best for borrowers who need a small loan. OnDeck is also best for those looking for fast funding since customers typically receive funds the next business day.
OnDeck pros and cons
Before applying for a OnDeck personal loan, consider this lender’s highlights as well as its downsides. Here’s what you need to know:
Pros
- May get money in one business day
- Can qualify with fair or good credit
- Considers more than credit scores
Cons
- May charge an origination fee ()
- No option for co-applicants
- High maximum APR (35.99%)
OnDeck has some of the quickest loans on the market. You’ll get your money as soon as one business day after signing your loan agreement. Those with low credit scores may especially appreciate OnDeck’s personal loan criteria, as this lender has a credit score requirement of just and considers more than just your score when evaluating your personal loan application.
However, depending on where you live, you may be stuck paying an origination fee, which can get as high as 10% in some parts of the country. OnDeck also has a high maximum annual percentage rate (APR) of 35.99%, so compare rates from several different lenders before committing.
OnDeck requirements
Aside from being at least 18 years old, you’ll need to meet the following criteria in order to receive a OnDeck personal loan offer:
| Minimum credit score | |
| Residency | No loans offered in Nevada or West Virginia |
| Minimum income | $35,000 |
| Required documentation |
|
If OnDeck’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that helps you meet your financial goals and can offer you the best-fitting rates, terms and amounts.
How to get a personal loan with OnDeck
The OnDeck personal loan application process is straightforward and fairly simple to navigate. Here’s what to expect when you submit an application:
Prequalify
OnDeck allows you to prequalify for a personal loan, meaning you can submit an initial application without seeing your credit score dip. This is also known as a soft credit inquiry. During this process, you’ll need to supply OnDeck with your basic information, income, how much you want to borrow and what you intend to use the funds for.
Review offers
Once you submit this information, you’ll be able to see your potential rates, amounts and terms. If you decide to proceed with OnDeck, you’ll need to submit documents verifying the information you provided. This may include pay stubs, W-2s and a government-issued form of identification.
Get approved
After OnDeck verifies your information, the company will run a hard credit inquiry on you which may cause your credit score to dip by a few points. This impact, however, is temporary.
Sign the loan contract
If you pass a hard credit inquiry, OnDeck will then send you a loan agreement to sign. After you’ve signed, you’ll get your money as soon as the next business day.
If you’re turned down for a personal loan or worried you may not qualify, consider improving your chances of getting approved by working on your credit score and beefing up your credit profile.
How OnDeck compares to other personal loan companies
Even if you believe OnDeck aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare other lenders. Here’s how OnDeck stacks up against similar personal loan lenders.
How we rated OnDeck
We evaluate personal loan lenders on more than just interest rates. Our goal is to show how accessible, affordable, transparent and supportive each lender really is.
Our categories
Every lender is scored out of 5 stars, with 5 stars being the highest rating. LendingTree loan experts determine this score using dozens of underlying data points across four weighted categories covering the full borrowing journey.
We assess how easy it is for people to qualify and apply. This includes state availability, soft-credit prequalification, membership requirements, funding speed and whether borrowers with less-than-excellent credit can get a loan.
We evaluate how affordable the loans are based on minimum and maximum APRs, loan fees and rate discounts. Lenders with unclear or potentially predatory costs receive lower scores.
We consider repayment term flexibility, loan amount ranges and whether options like secured loans, joint loans or direct-to-creditor payments are offered — plus whether the lender clearly communicates these options.
We evaluate borrower experience after funding: customer service access, hardship or forbearance programs, payment flexibility and digital tools like mobile apps or credit monitoring.
Our process
We gather data directly from lenders through their websites, disclosures and direct communication with company representatives. Our editorial team verifies and updates information regularly. We value transparency and award less favorable scores when lenders obscure or omit details.
In some cases, our editors may apply a small adjustment (no more than 4% of the overall score) to account for factors not captured by the methodology. This could include J.D. Power customer satisfaction surveys, recent regulatory actions or features that stand out in ways our rubric doesn’t measure directly.
Our editorial team applies the same scoring model and standards to every lender. Lenders cannot pay to influence our ratings.
Frequently asked questions
Yes — OnDeck is a legitimate lender that offers loans ranging from $1,000 to $36,500 with APRs ranging from 7.99% to 35.99%. OnDeck gets 4.9 out of 5 stars from LendingTree users, who recommend OnDeck 99% of the time. You can read OnDeck personal loan reviews from real LendingTree customers.
Finding out whether you prequalify for a OnDeck personal loan may take only a few minutes. However, OnDeck does not specify how long it takes to receive official approval for a loan. With many lenders, this process can take a few days. Once you receive your loan agreement, however, it takes as little as one business day to receive your loan funds.
OnDeck may be a viable option for those looking for bad credit loans as this lender has a minimum credit requirement of . Unfortunately, this lender does not offer joint applications, which could make it easier for some poor-credit borrowers to qualify for a loan.
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