Results 1 to 7 of 7
-
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.."
-
04-23-2014, 03:41 PM #2
Can someone verify this? My rep at On Deck is unavailable.
-
04-23-2014, 04:43 PM #3
- Join Date
- Sep 2012
- Location
- New York, NY
- Posts
- 1,780
This On Deck program is new to me. ARF has something similar though.
-
04-23-2014, 06:08 PM #4
Yep, sounds like ARF
-
04-23-2014, 06:11 PM #5
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
-
04-23-2014, 06:11 PM #6
- Join Date
- Apr 2014
- Location
- Houston, Tx
- Posts
- 30
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).Lauren Lott
ISO Business Development
ARF Financial, LLC
281-538-8311 ext. 2110
-
04-23-2014, 07:00 PM #7
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
Similar Threads
-
OnDeck Launches An Industry First: OnDeck Term 24, A New Loan Product Offering Amount
By isaacdstern in forum Merchant Cash AdvanceReplies: 9Last Post: 05-04-2016, 10:58 AM -
Kabbage, Biz2Credit, and onDeck are Slaughtering it.
By JayBallentine in forum Merchant Cash AdvanceReplies: 7Last Post: 05-04-2016, 10:52 AM -
OnDeck, is killing it ! But not for me. =(
By CO1 in forum Merchant Cash AdvanceReplies: 16Last Post: 02-19-2014, 09:35 AM -
OnDeck and Amerimerchant in the news
By isaacdstern in forum Merchant Cash AdvanceReplies: 2Last Post: 11-05-2013, 12:33 PM -
ondeck
By CO1 in forum Merchant Cash AdvanceReplies: 2Last Post: 05-20-2013, 11:36 AM