[Scott Williams]

I was pitching a merchant today and he then stated he got a line of credit directly through Ondeck. Here are the details he gave me. Has anyone else seen this program with Ondeck? I assume its only on their retail side like all new programs from them. Here is what the merchant said:

"I take an advance on line for say $1000…It will automatically trigger weekly payments @41 per week for 26 weeks. If I do not prepay the advance, I will end up paying $1066 over 6 months and its paid off.
So, there pay back is always spread over 26 weeks. Other advantage is that if I take an advance for say $1000 on a Wed, my cycle start day and payoff the $1000 before next wed, i.e by 11:59p on Tues, online, there is zero cost. So I get to use the funds for free for at least 6 days… They review the account payback history automatically every 90 days for an increase of the line. They go as high as $250k.."

[Zach]

Can someone verify this? My rep at On Deck is unavailable.

[MCNetwork]

This On Deck program is new to me. ARF has something similar though.

[1StopFunding]

Yep, sounds like ARF

[Chambo]

Rapid has something similar too. Line of credit where the merchant has a max to withdraw (think of CC credit limit) and each amount they take is a 4 month 1.20....but they can take out every 30-60 days....and whatever is paid back is then available to the merchant again at a later date

[L_LOTT_ARF]

We offer unsecured Lines of Credit for loan amounts up to $750,000 (with no collateral required).
Merchants have access to 5 separate loan drafts over a 4 month period (10-18 month terms).

[Scott Williams]

This one was Ondeck.......not ARF or Rapid. I have run across special programs of Ondeck's in the past that were offered on the retail side and not to brokers yet