Profile: On Deck Capital Inc (ONDK.K)
20 Jan 2017
On Deck Capital, Inc., incorporated on May 4, 2006, offers an online platform for small business lending. The Company's platform aggregates and analyzes data points from disparate data sources to assess the creditworthiness of small businesses. Small businesses apply for a term loan or line of credit on the Company's Website, and using its OnDeck Score, the Company makes a funding decision and transfers the funds. It offers a financing solution for small businesses, including short-term loans of over 10 months and long-term loans of over 40 months, and lines of credit. The Company's integrated platform includes the Company's Website, which allows small businesses to apply for a loan, round the clock; data and analytics engine, which analyzes data attributes from disparate sources to assess the real-time creditworthiness of a small business; the technology, which offers funding of loans, and daily and weekly collections, and ongoing servicing system.
The Company originates small business loans through direct marketing, including direct mail, social media and other online marketing channels; through referrals from strategic partners, including banks, payment processors and small business-focused service providers, and through funding advisors advising small businesses on available funding options. The customers apply for a loan directly on the Website and contact the Company through other means, such as by telephone or through a strategic partner or funding advisor. The Company offers term loans and lines of credit to its customers in the United States and term loans to its customers in Canada.
The Company's business is to offer fixed term loans to eligible small businesses. The principal amount of its term loan is a function of the requested borrowing amount and its credit risk assessment, using the OnDeck Score, of the customer's ability to repay the loan. The original term of each individual term loan ranges from 3 to 24 months. Customers repay term loans through fixed automatic automated clearing house (ACH) collections from their business bank account on either a daily or weekly basis. The Company also originates certain term loans from its issuing bank partners.
Line of Credit
The Company's second loan product is a revolving line of credit with fixed six-month level-yield amortization on amounts outstanding and automated weekly payments. A customer is offered a line of credit based on credit risk assessment of the customer's ability to repay the line of credit.
On Deck Capital Inc
1400 Broadway Fl 25
NEW YORK NY 10018-5225