How are On Deck loans different from traditional bank loans?
On Deck loans were built with the small business in mind. Loans are 6- to 12-month terms. Interest is only calculated on business days – 257 days a year for a 12-month loan. Payments are taken daily in fixed amounts to help minimize the opportunity for defaults that occur with one large payment at the end of the month when cash flow is often tight. Our total cost may be often less than traditional term loans, and maybe much less than merchant cash advances.
