ITS EASY TO GET STARTED
Step 1. Complete the application
Our application is pretty simple, and you can apply online or over the phone.
Step 2. Get a decision
Your dedicated loan advisor will review your options with you.
Step 3. Receive your funds
Complete the online checkout and receive your funds as soon as the same day.*
Minimum Funding Requirements
Business
Bank Account
No
Defaults
6 Months
In Business
25k
In Monthly Revenue
500
Min Credit Score
USA or PR
Business Located
What types of business loans are available to business owners from Simple Funding Group?
Term loan
A term loan provides funding for small businesses in a single lump sum. Maximum loan amounts typically exceed those offered by a line of credit or cash advance. Borrowers repay a term loan through a regular schedule of monthly payments. Some term loans, called secured loans, require collateral. Unsecured term loans do not. OnDeck does not require that loans be secured by specific collateral, relying instead on a general lien on the assets of the business.
Equipment loan
Equipment loans are designed for machinery purchases and are offered by many banks and online lenders. Typically, the purchased equipment serves as collateral to secure the loan, which may allow the lenders to offer competitive interest rates. If the borrower defaults, however, the lender can repossess the purchased equipment.
Merchant cash advance
A merchant cash advance (MCA) provides businesses with lump-sum financing in exchange for a percentage of future sales. Funding is often quick, but interest rates can be much higher than other forms of small business financing.
Line of credit
A business line of credit provides access to a fixed amount of funding that borrowers can tap as needed. Funds are repaid through a regular schedule of payments, with borrowers replenishing their available credit as they repay. A line of credit is a good financing option for recurring expenses — it allows borrowers to withdraw within their credit limit without reapplying.
SBA loans
The Small Business Administration offers a limited number of business loans directly, typically through government-backed emergency loan programs. More often, the SBA works with traditional lenders, like banks and credit unions, to offer certain business loans that are then backed by a government guarantee. The guarantee is designed to make it easier for the bank to approve loans to business owners whose creditworthiness might fall just below the normal qualifying criteria at the bank.
BUSINESS LOANS ON YOUR TERMS
Benfits to your business
Same Day Funding: Standard ACH bank transfers take up to three business days. But with OnDeck you could get funds in your bank account by 5:00 pm the same day.*
Prepayment Benefits: If you qualify for our 100% Prepayment Benefit option, pay your loan off early in full and have all remaining interest waived without any penalty or fee.‡
Loyalty benefits: If you’re a current S.F.G. customer, you’ll have any remaining interest waived if you take a new OnDeck small business loan. We can also offer a lower or even 0% origination fee on your next loan.
Business credit building: Help build your business’s credit by making on-time payments, which we report to bureaus.
Predictable, fixed payments: Pay the same amount from the beginning to the end of your repayment term, so you can manage your cash flow with no surprises or large costs up front.
Transparent pricing: Get a comprehensive breakdown of your term loan’s cost—including all the key terms you need to evaluate potential loan offers.