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  1. #1

    OnDeck Launches An Industry First: OnDeck Term 24, A New Loan Product Offering Amount


  2. #2
    A forum user Reputation points: 2147483647 Sean Cash's Avatar
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    OnDeck Term 24

    - Loans from $50,000 – $250,000
    - Term lengths of 12 – 24 months
    - APRs ranging from 19.99% – 39.99%
    - Approval and funding available within 24 hours

    To be eligible, businesses must have: at least 3 years of continuous operations; revenues of at least $100,000 per month; strong business and personal credit; and stable business checking account balances.

    24wallpaper1.jpg

  3. #3
    How are they an industry first? I can think of two companies who do 24 month term loans

  4. #4
    Senior Member Reputation points: 3217 CO1's Avatar
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    Can Capital, OnDeck an _______?

  5. #5
    Sadly they are not offering the product for partners/ISOs yet Only internal for now...

  6. #6
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    Quote Originally Posted by Lendinero View Post
    Sadly they are not offering the product for partners/ISOs yet Only internal for now...
    It's a longer term product - more default risk. Brokers up selling the OnDeck buy rate on this stuff can hurt their ROI... That's my GUESS. I might be wrong. I'll see after inquiring with OnDeck as buynance does not take broker commissions.

  7. #7
    Quote Originally Posted by JayBallentine View Post
    It's a longer term product - more default risk. Brokers up selling the OnDeck buy rate on this stuff can hurt their ROI... That's my GUESS. I might be wrong. I'll see after inquiring with OnDeck as buynance does not take broker commissions.
    Good point. Longer terms open a lot of room for stacking.

  8. #8
    Senior Member Reputation points: 325 Ryan Shiroky's Avatar
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    Doesnt GBR go out a long time?

  9. #9
    I think they are offering things with their internal program simply because their ISO and Broker programs will be phased out . The merchants will remain On Decks .
    Just a thoughts .. but if you read the writing on the wall it is based in the performance of the On Deck model . Every deal you give to them , consider it a gift to onDECK , by Jan 2017 they will phase out all outside firms .

  10. #10
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    Quote Originally Posted by c4get View Post
    I think they are offering things with their internal program simply because their ISO and Broker programs will be phased out . The merchants will remain On Decks .
    Just a thoughts .. but if you read the writing on the wall it is based in the performance of the On Deck model . Every deal you give to them , consider it a gift to onDECK , by Jan 2017 they will phase out all outside firms .
    You really think OnDeck (esp after their most recent earnings call) is going to phase out brokers in 8 months?? I dunno if its just us, but they call me weekly begging for more deals.

    Also - CAN has offered a 24 month program for 2-3 years now. They have also rolled out a 36 month loan program at the end of 2015.

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