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04-23-2014, 03:25 PM #1
Ondeck LOC
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.."
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