Too Good To Be True?: Get A $250,000 Loan For Your Business In Just 1 Day
If you’re looking to expand your business but your plans are hindered by a lack of capital, OnDeck Capital — a small business lending company — is willing to lend you $250,000 in just 24 hours! But of course, this doesn’t come without a catch.
Sure OnDeck Capital will give a quarter of a million dollars in a day, but you’ll have to pay ’em back at some point between 12 and 24 months with a sky-high interest rate between 20 and 40 percent!
The upside, however, is that OnDeck Capital has provided business owners with a cutting-edge way to expedite the loan process. There’s “no paperwork, no waiting and no obligations, with transparent terms and conditions. They say the borrower can get funded within one business day by wire transfer,” CUTimes reports.
OnDeck, recently on Forbes’ America’s Most Promising Companies list, impresses with its quick analysis of a prospective borrower’s current economic standing, “[using] data aggregation and electronic payment technology to evaluate the financial health of small and medium sized businesses and efficiently deliver capital to a market underserved by banks,” according to its official site.
And this lump of cash isn’t for start-up entrepreneurs, but rather for your seasoned, established business men and women who can better forecast their ability to pay back a big loan. “To apply for the loan, a business must be at least 3 years old with annual revenues topping $1 million and stable business checking account balances,” Entrepeneur says.
So far, the lender has distributed $900 million in capital to qualified small business borrowers. Is it worth that interest rate?