How to Secure OnDeck Small Business Loans

Securing timely funding can make or break a small business. Whether you’re navigating cash flow dips, planning to expand, or investing in new equipment, access to fast and flexible financing is critical. But traditional bank loans often involve lengthy processes and rigid requirements that don’t fit the needs of growing SMEs.

That’s where digital lenders like OnDeck come in. With the Philippines’ digital lending market expected to exceed ₱56 billion by late 2025, it's clear that online financing is not just a trend—it's the future of SME growth.

In this guide, you’ll learn how to secure an OnDeck small business loan step by step—from identifying your funding goals to preparing your documents and choosing the right loan type for your business.

TL;DR

Assess your funding needs to determine whether you require short-term or long-term financing.
Choose between secured and unsecured loans based on your business goals.
Ensure you meet OnDeck's eligibility criteria (e.g., minimum revenue, credit score) and prepare necessary documents like bank statements and tax returns.
The online application process is fast, with same-day funding, but carefully review loan terms before accepting.

Determine Your Funding Needs

Before applying for any loan, the first step is understanding how much money you need and why. While OnDeck small business loans can provide you with quick access to funding, it's important to be clear about your funding requirements.

Evaluate Immediate vs. Long-Term Needs: Identify whether you need short-term funds for operational expenses or a long-term investment to scale your business.
Consider Your Cash Flow: Understanding your monthly cash flow helps you determine the repayment terms that best suit your needs.
Align Loan Amount with Business Objectives: A clearly defined goal for the loan helps you use the funds wisely, whether it's to improve inventory, expand operations, or cover emergency expenses.

Taking the time to evaluate your needs will prevent unnecessary debt and set your business up for a successful loan experience.

Understand Loan Types: Secured vs. Unsecured

When securing a loan, it's essential to understand the two primary types of loans: secured and unsecured. OnDeck offers both options, each with its own set of advantages and considerations.

Secured Loans

A secured loan requires collateral, such as business property or equipment, to back the loan. If you default on the loan, OnDeck can claim the collateral to recover the funds. Typically, secured loans come with lower interest rates because they involve reduced risk for the lender.

However, the risk for the borrower is higher, as you stand to lose valuable assets if repayment is not met.

Unsecured Loans

Unsecured loans, on the other hand, don’t require collateral. These loans are generally more accessible and easier to obtain, as they involve less paperwork and carry lower risk for the borrower.

However, because they carry more risk for the lender, unsecured loans tend to come with higher interest rates compared to secured loans.

Unsecured loans from OnDeck typically come in various forms, including term loans and lines of credit.

Term Loan: This option provides a lump sum of capital upfront. It's ideal for one-time investments such as purchasing equipment, renovating facilities, or making major purchases.
Line of Credit: A revolving credit line; this option offers flexible access to capital. It is ideal for managing ongoing cash flow fluctuations or dealing with unexpected expenses.

Carefully evaluate your business goals before making a decision to ensure the loan type aligns with your long-term objectives.

Also Read: Types of Business Loans in the Philippines

Check Eligibility Criteria

Before applying for a loan, make sure you meet the eligibility criteria set by OnDeck. While OnDeck offers flexible lending options, you must meet certain requirements to qualify for financing.

Annual Revenue: OnDeck typically looks for businesses with a minimum annual revenue of ₱5.5 million.
Business Longevity: OnDeck prefers businesses that have been in operation for at least a year, demonstrating financial stability and the ability to repay loans.
Registered Business: To apply, your business must be registered with the Bureau of Internal Revenue (BIR), Department of Trade and Industry (DTI) (for sole proprietorships), or Securities and Exchange Commission (SEC) (for partnerships or corporations).
Credit History: A solid credit history is crucial for approval. OnDeck requires a minimum FICO score of 625. However, higher scores (675 or more) can increase your approval chances and might lead to better loan terms.
Bank Balance and Cash Flow: OnDeck also evaluates your monthly average bank balance. A positive monthly balance of around ₱170,847 or more signals financial stability. Providing accurate and consolidated bank statements will help demonstrate your ability to repay.

The Crowdlending (business loans via online platforms) market in the Philippines is projected to reach a total transaction value of ₱687 million in 2025, highlighting the rise of online financing solutions for businesses.

This growth enables platforms like OnDeck to provide more tailored and accessible loan options. Ensuring you meet OnDeck's eligibility criteria will boost your chances of securing the right loan.

Prepare Your Business Documents

Gathering the necessary business documents is an essential step when applying for OnDeck small business loans. The lender will ask for documentation that provides insight into your business’s financial health and ability to repay the loan.

Essential Documents:

Bank Statements: Typically from the past 3-12 months to demonstrate cash flow and revenue consistency.
Tax Returns(both personal and business): To verify business income and profitability.
Proof of Identity: A government-issued ID, such as a driver’s license or passport.
Financial Statements: Profit and loss statements, balance sheets, and tax returns for at least the past year.
Ownership and Incorporation Documents: This includes business licenses, articles of incorporation, or a certificate of registration, depending on your business structure.

Having these documents prepared and organised will streamline the application process, making it faster and more efficient.

Apply Online with OnDeck

One of the key advantages of OnDeck is its online application process, which is quick and convenient. OnDeck's user-friendly platform allows you to submit your loan application from anywhere, saving time and reducing paperwork.

Here’s how to get started:

Create an Account: Begin by setting up an OnDeck account, where you can securely upload your business documents and monitor your application status.
Provide Business Details: Fill out a straightforward application form, which requires basic business details, your tax ID (TIN), scanned copies of your ID, and recent bank statements.
Quick Review: Once you’ve submitted your application, OnDeck uses an automated system to review applications. The entire process can be completed in 10 to 15 minutes.
Same-Day Funding: For approved loans, OnDeck can disburse funds as quickly as the same business day, which is crucial when addressing urgent business needs.

Suggested Read: Best Long-Term Small Business Loans Explained

Understand Rates, Fees, and Repayment Terms

Before committing to any loan, you must fully understand the rates, fees, and repayment terms associated with the loan. Transparency is crucial, and OnDeck prides itself on providing clear, upfront information.

Repayment Periods: OnDeck offers repayment terms of 12, 18, or 24 months, allowing you to choose the best option for your business’s financial needs.
Interest Rates: Interest rates start at 31.30% APR, with variations depending on your credit score, repayment history, and business risk factors such as industry stability and revenue consistency.
Payment Schedules: Payments can be fixed at daily, weekly, or monthly intervals, depending on your business's cash flow management.
Prepayment Penalties: OnDeck’s 100% prepayment benefit allows borrowers to pay off their loan early without penalties if they meet specific criteria such as minimum repayment periods; otherwise, a prepayment penalty of 75% on the remaining unpaid interest may apply.

Reviewing all these details upfront will help you avoid any surprises later on.

Why More SMEs Are Choosing n90 Over Lenders

While platforms like OnDeck offer digital lending, many small businesses in the Philippines prefer n90 for a more personalised, transparent, and locally grounded financing experience. With n90, you're not just applying for a loan—you’re building a partnership with a lender that truly understands your business environment.

Here’s why SMEs trust n90:

Tailored for Philippine Businesses: Our loan products are designed specifically around the challenges and rhythms of running an SME in the Philippines—not a one-size-fits-all global template.
Fast, Flexible Financing: Get funding faster with minimal paperwork and no hidden fees. We know that timing is everything when you're growing a business.
Dedicated Financial Coaching: Our team walks you through every step—from choosing the right loan type to managing repayments—so you’re never left in the dark.
Transparent Terms, No Surprises: With n90, what you see is what you get. We believe financing should feel empowering, not confusing.
Ongoing Support Beyond the Loan: Need to pivot? Scale? Refinance? We grow with you, offering additional support as your business evolves.

If you're looking for a loan provider that values relationships over transactions, n90 offers a smarter, simpler, and more human approach to business financing in the Philippines.

Conclusion

Finding the right financing can unlock new possibilities for your business—whether you’re scaling operations, managing short-term cash flow, or investing in future growth. While lenders like OnDeck may offer quick solutions, it’s essential to consider whether their products truly align with your business’s needs and local context.

With n90, you don’t just get a loan—you get a trusted financial partner. Our team offers tailored solutions, transparent terms, and ongoing support built specifically for SMEs in the Philippines.

Get in touch with us or call us at +63 962 663 1393 to explore better lending options that work with your business—not just for it.

FAQ

Q. What is the easiest small business loan to get?

‍Ans. SBA microloans, personal loans, and loans from online lenders like n90 are often easier to qualify for, especially for newer businesses with lower credit scores. These options usually require minimal paperwork and have quicker approval times.

Q. Who is eligible for a small business loan?

‍Ans. Eligibility typically depends on business type, credit score, annual revenue, and time in operation. Generally, businesses with at least six months of operation, a minimum credit score of 600, and consistent revenue are eligible for most small business loans.

Q. Is 676 a good credit score?

‍Ans. A credit score of 676 is considered fair to good. It falls within the 670-739 range, meaning you’re likely to qualify for many loans, though rates may be higher compared to those with excellent credit scores.