BBB Accredited Business since

On Deck Capital, Inc.

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Phone: (888) 269-4246 Fax: (646) 417-6565 View Additional Phone Numbers   View Additional Email Addresses http://www.ondeck.com


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BBB Accreditation

A BBB Accredited Business since

BBB has determined that On Deck Capital, Inc. meets BBB accreditation standards, which include a commitment to make a good faith effort to resolve any consumer complaints. BBB Accredited Businesses pay a fee for accreditation review/monitoring and for support of BBB services to the public.

BBB accreditation does not mean that the business' products or services have been evaluated or endorsed by BBB, or that BBB has made a determination as to the business' product quality or competency in performing services.

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Reason for Rating

BBB rating is based on 13 factors. Get the details about the factors considered.

Factors that raised the rating for On Deck Capital, Inc. include:

  • Length of time business has been operating
  • Complaint volume filed with BBB for business of this size
  • Response to 21 complaint(s) filed against business
  • Resolution of complaint(s) filed against business


Customer Complaints Summary Read complaint details

21 complaints closed with BBB in last 3 years | 13 closed in last 12 months
Complaint Type Total Closed Complaints
Advertising/Sales Issues 10
Billing/Collection Issues 3
Delivery Issues 1
Guarantee/Warranty Issues 0
Problems with Product/Service 7
Total Closed Complaints 21

Customer Reviews Summary Read customer reviews

2 Customer Reviews on On Deck Capital, Inc.
Customer Experience Total Customer Reviews
Positive Experience 0
Neutral Experience 0
Negative Experience 2
Total Customer Reviews 2

Additional Information

BBB file opened: April 07, 2008 Business started: 05/01/2006 in NY Business incorporated 01/01/2006 in NY
Type of Entity

Corporation

Business Management
Ms. Darla Jenner, Director of Operational Excellence
Contact Information
Principal: Ms. Darla Jenner, Director of Operational Excellence
Business Category

FINANCIAL SERVICES LOANS-SMALL BUSINESS

Alternate Business Names
On Deck OnDeck

Additional Locations

  • THIS LOCATION IS NOT BBB ACCREDITED

    901 North Stuart StreetSuite 700

    Arlington, VA 22203

  • THIS LOCATION IS NOT BBB ACCREDITED

    2711 Jefferson Davis HighwaySuite #333

    Arlington, VA 22202

  • THIS LOCATION IS NOT BBB ACCREDITED

    901 North Stuart, Suite 700

    Arlington, VA 22203

  • 999 18th St STE 1200

    Denver, CO 80202

X

BBB Customer Review Rating plus BBB Rating Overview


BBB Customer Reviews Rating represents the customers opinions of the business. The Customer Review Rating is based on the number of positive, neutral and negative customer reviews posted that are calculated to produce a score.

Customer Review Experience Value
Positive Review 5 points per review
Neutral Review 3 points per review
Negative Review 1 point per review

BBB letter grades represent the BBB's opinion of the business. The BBB grade is based on BBB file information about the business. In some cases, a business' grade may be lowered if the BBB does not have sufficient information about the business despite BBB requests for that information from the business.
Details

BBB Letter Grade Scale

BBB Rating Value
A+ 5
A 4.66
A- 4.33
B+ 4
B 3.66
B- 3.33
C+ 3
C 2.66
C- 2.33
D+ 2
D 1.66
D- 1.33
F 1
NR -----
Star Rating scale

  Average Score
5 stars 5.00
4.5 stars 4.50-4.99
4 stars 4.00-4.49
3.5 stars 3.50-3.99
3 stars 3.00-3.49
2.5 stars 2.50-2.99
2 stars 2.00-2.49
1.5 stars 1.50-1.99
1 star 0-1.49

BBB Customer Review Rating plus BBB Rating is not a guarantee of a business' reliability or performance, and BBB recommends that consumers consider a business' BBB Rating and Customer Review Rating in addition to all other available information about the business. If the BBB Rating is NR then only Customer Reviews are used for the Star Rating.

Complaint Detail(s)

8/15/2015 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: This company continues to send junk mail concerning a pre -approved loan for my business to my home address. My business is not located at my home. I have called more than once asking them to stop sending this crap to my home. My business is inc. in order to keep my personal assets separate from my business. By associating my business name with my home address implies that my business is located in my home. This is a direct violation of my company's privacy policy, which states anyone company or cooperation who associates **** *****'s home address with the business name All About Chimneys is subject to a $ 2500 fine for each violation.

Desired Settlement: Stop sending this crap to my home or I will sue this for company for privacy invasion!

Business Response: Dear
*** ***** ********:

This is in reference to complaint #******** from *** **** *****.  Upon receiving this complaint, we reviewed our records about the situation.

 
To reiterate, *** ***** requested his company to be removed from any future OnDeck marketing materials, and for noting our inadvertent mailing to his residential address.


I can confirm that we have removed *** ***** from our marketing lists, and have added his name to our “Do Not Call” list.  Because our marketing materials are often sent out weeks in advance, he may receive one more piece of marketing from OnDeck. Please know that this is the last piece he should receive and that we have removed *** ***** from the list for any future mailings. 


Thank you very much for letting us know, as we wish to accommodate his request.
 

Sincerely,

**** L************
Director of Customer Service

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved 

I want to be completely removed from this company's database. If I receive any more mail or phone calls to my home I will sue this company for invading my privacy because my business is not be associated with my home!

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

**** *****




 

Business Response: Dear *** ********:

This is in reference to a rebuttal from complaint #******** from *** **** *****. Thank you for giving us the opportunity to respond.

I can confirm that we have removed *** ***** from our database, removed his address from our mailing list, and added his phone number to our “Do Not Call” list.  We hope that we have accommodated *** *****’s wishes to be completely removed from receiving any marketing materials from OnDeck.

Sincerely,

**** L************
Director of Customer Service

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

**** *****



 

7/23/2015 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: An agent for OnDeck, ****** *******, through conversations and subsequent email lead me to believe that my loan with OnDeck would change after satisfactorily paying off half the interest associated with it. However, that was not the case. That amount was paid but, I still am paying the higher rate--not the one I was lead to believe would apply.. After discussion with OnDeck (agents, customer help, collections) they still will not address this shortcoming. This type of false promotion and failure to address such a practice I have found out, through those discussions and search of similar happenings posted on line, is not uncommon. Initially I was under the impression that OnDeck had a positive image and was unlike the classical loan shark. Their failure to correct such an ongoing issue like this shows that they should not be trusted.

Desired Settlement: Apply the reduced billing charge I was lead to believe would be implemented with the associated overcharges credited back

Business Response: *** ******* ******


July **, 2015


This is in response to BBB Complaint #********.  Upon receiving this complaint, we reviewed our records about the
situation.


To reiterate, as per the email to *** ****** from Brian S****, ****** ******* clearly outlined the terms of the loan.  In this communication, *** ******
was provided with information that his loan payment would decrease after paying down 40% of the loan amount upon renewal.


As per the email to *** ****** from Brian S****, Director of Funding at ****** *******, he states:  

“As per our conversation, here are is the breakdown of the proposed deal: $XXXXX funded, with a payback of $XXXXXX payback. The daily
payment would be $XXXXX. The duration is 147 payments (7 months to start). The way the deal is structured is as follows: At renewal (40%) you have paid
50% of the interest ($XXXX) we will forgive the remaining interest ($XXXX.) The total cost of the capital will be $XXXXX. This equates to XX% on which you will
be locked in. Ultimately, if you need additional capital, we will analyze the file like a line of credit every 21 payments and be there for you to service
this account. We will forgive interest yet again on second renewal to avoid compounding of interest. Exclusivity is a must for me and I will do whatever is
necessary to make sure I am an asset to your business. The goal is to develop this relationship for many years to come and strengthen your bottom line.”


Although we do regret any misunderstanding between *** ****** and ****** *******, we believe that the explanation from Brian S**** as to the structure of the deal
is clear.


We are committed to providing the best possible borrowing experience for our customers.  ***************** is a
website specifically created, by us, to assist business owners in learning about financing and we recommend this as a good resource to all merchants.  My contact details are below – please do not
hesitate to contact me should you have any questions.


Thanks,

Darla J*****

Director of Loan
Administration

******************

Phone: ###-###-####

Tell us why here...

5/20/2015 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: Opened an account (line of credit) on the evening of 4/**/15....cancelled account on 5/*/15 and never used any of the services or draws on the line of credit. Cancelled acct within the 3 business days and asked to refund the $20 that they took out of our account for a monthly service charge. They cancelled account and said that that couldn't refund the $20 becuase we "asked" for it after the account was closed....which is not true. If they record their calls, they will hear that we asked for a refund BEFORE the account was closed. This is the email response we received today. **** ***** * ****** ** ******** **** ******* ** ***** *** ******* ** **** *** ********* **** ******* ****** *** ***** ** **** **** *** *** ******* ******* ****** *** ******** **** ****** ******* ***** **** ****** ******* *** ******* *** **** ******* ***** ** ** *** *** ** ** ** **** ** *** ****** *** *** *** **** *** ********* * ** ********* *** *** ************** ****** ** *** ******** ** ******* ** *** ***** ** *************************** ** ** ***** ** ************ * ****** * ** * *** ** ** *** ******* *********** **** * ***** **** ******** ******

Desired Settlement: Refund our $20 back to the account they pulled it from OR a check for $20.

Business Response:

Dear *** ******:


This is in reference to complaint #******** filed by *** ***** ******.  Upon receiving this complaint, we reviewed our
records regarding the situation and our communications with *** ******.


To reiterate, *** ****** states in his complaint that he was not refunded a $20.00
service charge when he believes he should have received a refund.  
 

Our research indicates that *** ****** should have been refunded the $20.00 service
charge.  *** ****** was called by our manager of Customer Service on May *, 2015 and the service charge was refunded in
full. 


We apologize for the inconvenience and hope that we can assist *** ****** again in
the future.


We are committed to providing the best possible borrowing experience for our
customers.  ***************** is a website specifically created, by us, to assist business owners in learning
about financing and we recommend this as a good resource to all merchants.  My contact details are below – please do not
hesitate to contact me should you have any questions.


Thanks,
 

***** ******
******** ** *********** **********
******************
Phone: ###-###-####

4/24/2015 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: EMAIL #1 This is the email I sent to Customer Service-*** ******* Per my text message with ********* I understood that funding would be the same day of which I sent you. I would be receiving a wire is how ********* described it. I thought on Monday I would get it Monday. When there were paperwork issues that I corrected on Tuesday. My understanding was that it would be Wednesday. I did not know until Wednesday that funds would be available Thursday. I had a payment due Wednesday of which I planned my business around. Basically someone changed the wire to an ACH without telling me. However an ACH can still arrive the same day. It is NOT a bank issue but a funding issue as I have had explained several times. I have dealt with ACH's for several years with ** and they are willing to put in writing that they do not hold up an ACH 24 hours as On Deck has stated. From all that I deciphered.....since I had to talk to a number of people it was an On Deck about funding not ********* or CAB. Therefore, I ask On Deck to handle the situation. Keep in mind that I lost money trying to get an urgent loan as well as losing business because I had to stop all of my other activities. I believe that as a client I deserve a concession by On Deck of this in light of the heavy costs to my business. EMAIL #2 1/**/15 ** **********, Thank you for finally replying to my question. Keep in mind that I sent my email to you last week. Prior to that email, I was told that I would receive a credit for what transpired (ERROR IN NOT TAKING FUNDS) along with overdraft fees. I replied by saying that I did not feel that one credit was sufficient for both events that took place. I elaborated on what took place in both instances. I had not received a reply and called again on Monday. It was almost a week later that I received a reply. Therefore I was short of funds because of the error by On-Deck. I do not think it matters if they directly caused or indirectly caused what transpired. I was waiting on a reply and never received one until I emailed, and then called two times. A week later for a reply is not customer service> I would have no clients if I treated them this way especially for such a high interest loan which has cost me more than the $302 each business day I pay. Please let me know how you can improve my situation. I requested a weeks credit and two weeks lead time for the loan to start again. I am tired of fighting with On Deck and feel the only way is to complain to a higher authority. Thank you. EMAIL #3-1/**/15 ****** I think more harm than that occurred but ok for a refund if can you have the total processed immediately. Thanks **** NO RESPONSE AS OF 1`/**/15

Desired Settlement: I am frustrated that I have to spend so much time trying to get a resolution. As a small business owner who is the primary revenue driver in both cases, my time has costs me thousands of dollars. I would On Deck to waive interest for a week off my bill including their promised overdraft. In addition, I would like another two weeks before I have to pay interest. Lastly I would like the option of a future loan effective 1/**/15.

Business Response: Dear ********* *******,

This is in reference to the complaint from *** ****** * ***** Upon receiving *** ****’s complaint, we reviewed our records about the situation.

*** **** started his application with us on October ****, 2014 and was funded on November ****, 2014. He was referred to us through ******* ******** at CAB Funding, one of our Funding Advisor Partners. We work with the company to connect their small business customer to OnDeck financing.

In regards to *** ****’s complaint regarding a delay in funding, *** ******** has informed us that *** **** had originally sent in incorrect bank deposit information (a voiced check from his personal account), which caused a delay in funding because we were unable to ACH the funds to his business account. OnDeck only funds to business accounts, not personal accounts. *** ******** confirmed that *** **** had spoken with his bank and confirmed with his bank that the ACH was received Wednesday, November ****, but that the bank had to hold the money before applying it to the account.
 
We have agreed to pay the $175 insufficient fund fees caused by the delay in funding, as well as two daily payments of $604 for a total of $779. Please see the payment history attached for confirmation of his reimbursement.

Also, *** **** is also now in collections with his loan due to uncollected receivables.  His last payment was made on January ***, 2015.

We are also attaching all of our email correspondence with *** ****, which will show we have been responding to him in a timely manner.  

We sincerely apologize for any frustration the delay in funding may have caused *** ****.

We are committed to providing the best possible borrowing experience for our customers. Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.


Thanks,

******** ******

****** ******** ********* * ***** **********
*************************

Phone: ###-###-####

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

[** ****** is either lying or received incorrect information. The initial loan was completed and on Monday they needed additional information. Keep in mind that I was promised same day funding. On Tuesday they all everything and was then told that I would not receive a wire but an ACH. I had an urgent payment for Workers Comp due that day. On Deck said the ACH would be resolved Tuesday but it would take my bank a day to process. I contacted my back about this. Keep in mind that I have received numerous ACH's over the years. As they have told me before, the ACH would be processed immediately. Therefore I should receive the ACH the same day. When I spoke to On Deck again they said that my ACH would be available on Wednesday. They basically lied about when funding would arrive causing me to scramble around. I would like a week off of my interest.

The other issue was about the stopping an interest payment which ******* at On Deck agreed to do. Unfortunately they still charged my account causing my further charges. I would like another week of interest taken off.

I have left messages for supervisors of which I sent you. I never received a phone call or email back.

They now say that I am in collections but they never have communicated any of this to me.

Now I noticed that they have deducted an interest payment. No notification.

In sum, they are negligent and unprofessional in their dealings with me. I would like  someone with authority to contact me and make a more reasonable offer than what they provided. Then they try to strong arm me instead of talking to more about what happened.  I am a small business and I operative with my clients in a much more communicative manner than this large organization.     Awful experience!!!!!

 

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

****** ****




 

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

I have been in discussion with many people at On Deck. Here another summary of what has transpired some of the specifics seem to get confusing.

1) I was told initial funding would be provided immediately. NOT TRUE

2) I was told that I would receive a call back from a managers NOT TRUE at least 5 times.

3) I was told that I would not be charged for an interest payment  NOT TRUE

4) I was told that I would be charged for an interest payment 2nd TIme NOT TRUE

5) I was told by the ******** ** *********** that my bank holds the ACH for 1 to 2 day before the credit  takes place NOT TRUE

The point of all is that On Deck continue to lie to me. Their cover is to give one day credit. They have never recognized the impact on my business to have a lender who is not honest. I have to take time out of my day now since the loan inception to resolve the issues they created.

When a ******** of an organization lies to clients then you know that the organization has a culture issue.  I attached the entire exchange with *** *******.

Lastly, I was told from ***** that she was working on this matter and it has been escalated. Instead she has not replied to me but to BBB.  I also left a message to get a return call from ***** ******* yesterday but he never replied.

****

 

 

 

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,
****** ****




 

Business Response:

Dear *** ********* *******:


This is in reference to complaint #******** filed by *** ****** ****.  Upon receiving this complaint, we reviewed our
records regarding the situation and our communications with *** ****.

April *, 2015, *** ******** ********, *******, contacted *** **** per *** ****’s
request to have his loan balanced waived to advise him that we would not waive
the balance of his loan.


April *, 2015 *** ******* has contacted *** **** and *** **** has entered into a
workout agreement. 


OnDeck has addressed all of *** ****’s concerns. We consider this matter closed.  

Again, we sincerely apologize to *** ****.  


Thanks,

***** ******

******** ** ***********
Excellence

******************

Phone: ###-###-####

3/27/2015 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: This company was suppose to send me a check for over payment for loan. On calling them multiple times all I keep hearing is excuses and excuses or voice mails.

Desired Settlement: Mail me a che ckeck

Business Response:

Dear *** **** *******:

 

This is in reference to complaint #******** from *** ******* ******.  Upon receiving this complaint, we reviewed our records about the situation.

 

To reiterate, *** ****** requested a refund due to an overpayment and was unsatisfied with the response and turn-around time he received.

 

Our research indicates that *** ****** was due a refund.  We attempted to issue the refund on 2/**/2015 but the refund was rejected due to account closure.  We attempted to contact *** ****** on 2/**/2015 but was unable to make direct contact.

 

We made contact with *** ****** on March **, 2015 and issued him a refund via overnight mail on March **, 2015.

 

We regret the untimely refund and have issued *** ****** a gift card to respectfully apologize for our error.

 

My contact details are below – please do not hesitate to contact me should you have any questions.

 

Thanks,

 

***** ****** ******** ** *********** ********** ****************** ****** ************

3/24/2015 Delivery Issues | Read Complaint Details
X

Additional Notes

Complaint: My business attempted to apply for a loan with ON Deck Capital on 02/**/2015. After completing the online application we were informed that a representative will contact us for more information or that we could call for quicker processing. We called and answered questions for a representative and disclosed that we wanted a $30,000 loan. We discussed that nature of the business, the history of the business, and the fact that we endured a minor name amendment in December 2014, but our EIN number remained the same. The only change to our name was the removal of the term "counseling services".We were asked to submit all documentation. That same day we submitted the 3 months bank statements, our business licenses, and proof of the name amendment. The following day get a call from a rep stating that he had more questions that are requires for loans for $100,000. I answered the questions and informed him that we did not apply for a loan for $100,000. We later received a call from the original representative stating that we are approved for up to $105,000. I informed him that we didn't need that much and that we would take $50,000. Shortly after we received an email stating congratulations on the approval, all we need is the signed loan documents, drivers license, voided check, landlord name, and home utility bill. The email states that once the documents are in "we can fund in 1-2 days". We completed the request and submitted all of the documents the same day. We also included our prior year tax returns. I later received an email asking to verify my partners address by responding to the email. I complied with the request. The following day (02/**/2014) I get a call from a different representative requesting mail to verify my partners address. I complied and sent it right over. At this point I'm quite irritated by the different requests as I have proof of repeatedly asking of all the required documents so that I can submit them. Later that day I get a email from the original representative stating that they will need form 8821 signed and submitted. The forms gives them access to our tax information from 2004 - 2017. I asked him why would they need such information if my business have only been operating for 2 years as stated on the application. (Prior to that it was a sole proprietorship and only provided counseling services. We have operated in the current capacity as a partnership for two years.). The rep stated that it was a requirement. We signed and submitted the same day. We called 02/**/2015 and received no response. We text the rep and emailed on 02/**/2015 and finally got a call stating that our loan could not be approved because of discrepancies with the corporation commission filings and the name. I asked the representative how can there be a discrepancy if I disclosed to you the minor amendment and submitted the proof before we received any approval for the loan. I also asked how can there be a discrepancy on this when its the same EIN number. The representative acknowledged my prior conversation concerning the matter and stated that's all the information he could give at this time.

Desired Settlement: We desire for ON Deck to fund the loan as advertised. We complied and submitted all documentation. We submitted proof of the minor name amendment. Our EIN and business structure, partners, members, and services remained the same. The name was too long and we wanted to shorten it. We stated on the application that we had been in business for 2 years as we have proof via state licenses of the length of time in which we had operated in such capacity. We also have bank records and tax records to verify all information. All of our information is legitimate. Please do not respond to this complaint with none other than factual information.

Business Response: Dear ******* ******,

This is in reference to the complaint ****** **** recently filed against OnDeck. After receiving the complaint, we immediately launched an audit of our records. 

We at OnDeck are sorry that this merchant had a frustrating experience, having been asked to submit a variety of paperwork and told he had received a preliminary approval, only to be informed in the end that we could not work with him at the time. OnDeck has a rigorous set of lending requirements that small businesses must meet in order to be funded for our term loans. While our process is very simple and quick most of the time, some loan applications do require more paperwork to evaluate. 

Our loan operations team makes every effort to fund eligible businesses and will occasionally ask for additional documentation to evaluate a merchant’s loan eligibility, in the hope we can better understand the complexities of the business and provide funding.  In this case, our team sent a notice of approval, contingent on additional financial documentation.  However, this last step must not have been clear, and ultimately we were not able to approve the loan. 

We appreciate the feedback and are improving our communications process.  It is our goal to make our application process as simple as possible for our applicants, and we want to make sure we’re communicating clearly throughout the process.  Again, we apologize for the fact this merchant was asked to send multiple rounds of documents and provided an approval message before the application process was entirely complete. We accept responsibility for the poor customer experience and are working on service improvements to prevent any miscommunications in the future.

My contact details are below – please do not hesitate to contact me should you have any questions.

 

Thanks,

 

******** ******

****** ******** *********
* ***** **********

*************************

Phone: ###-###-####

 

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

OnDeck has failed to uphold their end of the loan approval. My business clearly met applicable guidelines as I received and completed loan documents in which outlined the approval. Fortunately my business was able to secure a loan through Lendio. The process was fast and painless as advertised. Ondeck should have funded the loan. I'm unhappy with their business practices, however, I am happy to have gotten better rates using Lendio. 

 

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

****** ****




 

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

The business continues to avoid stating a specific reason in which my company was determined to have failed loan requirements after receiving a full approval. If my company did not meet requirements we would like to know a specific requirement in which they are stating that my company did not accommodate. They are required by federal law to state a specific reason for denying the loan. 

 

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

****** ****




 

Business Response: Dear ******* ******,

 

This is in reference to the request for additional information regarding the complaint
from ****** **** recently filed against OnDeck. After receiving the request for
additional information, we immediately launched an audit of our records.

 

As previously responded, we at OnDeck are sorry that this merchant had a
frustrating experience, having been asked to submit a variety of paperwork and
told he had received a preliminary approval, only to be informed in the end
that we could not approve a loan for him at the time.

 

Because there are multiple owners on the application and due to our internal privacy policies,
we are unable to release the exact reason for decline.  However an email was sent directly to ****** **** with explanation.

 

OnDeck has a rigorous set of lending requirements that small businesses must meet in
order to be funded for our term loans. While our process is very simple and
quick most of the time, some loan applications do require more paperwork to
evaluate. 

 

Our loan operations team makes every effort to fund eligible businesses and will
occasionally ask for additional documentation to evaluate a merchant’s loan
eligibility, in the hope we can better understand the complexities of the
business and provide funding.  In this
case, our team sent a notice of approval, contingent on additional financial
documentation and the final determination was that the application did not meet
the requirements of our Underwriting requirements.

 

We appreciate the feedback and are improving our communications process.  It is our goal to make our application
process as simple as possible for our applicants, and we want to make sure
we’re communicating clearly throughout the process.  Again, we apologize for the fact this
merchant was asked to send multiple rounds of documents and provided an
approval message before the application process was entirely complete. We
accept responsibility for the poor customer experience and are working on
service improvements to prevent any miscommunications in the future.

 

My contact details are below – please do not hesitate to contact me should you
have any questions.

 

Thanks,

 
***** ****** ******** ** *********** **********

*************************

Phone: ###-###-####

Tell us why here...

3/24/2015 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: They lie and use deception in order to lure costumers to apply for small business loans. Later, they send you an email telling you you are declined but fail to provide accurate information on why you were declined. Even if you meet all said requirements. Truly a waste of time for any small business to even try. everything in their website is a lie.

Desired Settlement: Remove any inquiries from my credit report, destroy and delete all of my personal information from your files, archives, etc..

Business Response:



Dear *** ******* ****
********:

 

This
is in reference to complaint #******** from *** ***** ***** *****.  Upon receiving this complaint, we reviewed our
records about the situation.

 

To
reiterate, *** ***** states in him complaint that he was declined for a loan
without receiving any reason as to why he was declined.

 

Our
research indicates that *** ***** was declined due to time in business and bank
account information which is standard underwriting requirements.  *** ***** received a communication from one
of our direct sales representative informing him of the reason of decline and
he responded asking us to remove all of his information from our systems of
record.

 

We
have removed all of *** *****’s information per his request.

 

Attached
please find the correspondence between our direct sales representative and *** *****.  We sincerely apologize for any frustration
this has caused *** *****.

 

We
are committed to providing the best possible borrowing experience for our
customers.  ***************** is a
website specifically created, by us, to assist business owners in learning
about financing and we recommend this as a good resource to all merchants.  My contact details are below – please do not
hesitate to contact me should you have any questions.

 

Thanks,

 

***** ******

******** ** *********** **********

******************

Phone: ###-###-####

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:  The time in business information is innacurate. It has been verified by Ondeck, that the time in business is more than one(1) year. Also the decision making based on credit information was not taken fully under consideration given the supporting documents provided. Perhaps the phone communications could be more specific and clear, based on what I was actually told. 
Thank you for your cooperation.

 

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

***** *****




 

Business Response: Dear *** ******* **** ********:
 

This is in reference to complaint #******** from *** ***** ***** *****.  Upon receiving this complaint, we reviewed our
records about the situation. 
 
To reiterate, *** ***** states in him complaint that he was declined for a loan
without receiving any reason as to why he was declined.

Our research indicates that *** ***** was declined due to bank account information,
specifically withdrawals over the past year being over the annual revenue
calculated, which is standard underwriting requirements.  *** ***** received a communication from one
of our direct sales representative informing him of the reason of decline and
he responded asking us to remove all of his information from our systems of
record.

We have removed all of *** *****’s information per his request.  And we have removed him from our marketing
campaigns.


*** ***** did not meet our minimum underwriting requirements at the time of his
application however he is welcome to reapply within 30 days of the
decline.  *** ***** was informed that this is not a permanent decline.  We
encourage *** ***** to contact us and reapply.


We are committed to providing the best possible borrowing experience for our
customers.  ***************** is a website specifically created, by us, to assist business owners in learning
about financing and we recommend this as a good resource to all merchants.  My contact details are below – please do not
hesitate to contact me should you have any questions. 

 
Thanks,

 
***** ******

******** ** ***********
Excellence

******************

Phone: ###-###-####

Tell us why here...

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

It is clear to me that the requirements to meet such criteria have not been explained in detail and/or by far, mostly because they do not have a legitimate explanation.   I will make it real simple and understandable to (OnDeck) for they're are having such difficulty  understanding simplicity. 

 - This link from OnDeck contains the requirements you need to qualify, or so they say.    ******************************************************

Clearly they do not deliver on this statement, using such  "deceiving propaganda"  in order to attract potential small businesses by not exercising a clear and truthful approach for such requirements, much less an open and accurate explanation. Too bad we can't play back phone calls, can we ?? just a thought.

        In further regards to OnDeck,  I am convinced that there are businesses out there that will agree to my statements. 

 

- Less than 48 hours after being declined by OnDeck ,  my business got approved by another lender(as to be expected). A true lender that delivered on their statements. A process which I believe was very professional, open, and without lies and deception, the way business should be.  My credit file will provide convincing information if so required, so will my bank account.  My sincere thoughts for OnDeck :  Be honest and truthful.   

Not that this will change anybody or anything,...

 

Best regards,

GreenTech LLC

 

 

 

 

 

 

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

***** *****




 

3/17/2015 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I had 2 renewals with this company. NOWHERE in either contract did it state to change banks would be a problem. I change Banks for my business because I got tired of driving across town to make deposits or get change for my store. When my payments were paid always on time and after I changed banks, I immediately called the company to report the new bank so they could take out my payments. They failed to take out the payments for days, which is not my fault. I called them to tell them the new bank account and to begin taking out on the new account, which THEY failed to do. Now, they say Loans cannot be renewed because of late payments. This company is not trustworthy, nor are they up to standards. Its pretty sorry to turn down loans because of a bank change, especially when its not consumer's fault. It was THEY who failed and took days to withdraw. They have bad business ethics!

Desired Settlement: Refund- Credit Card Credit

Business Response: Dear *** *** ********, 

This is in reference to complaint #******** from *** ***** ******. Upon receiving this complaint, we reviewed our records about the situation.

To reiterate, *** ****** applied for a Renewal Loan and received a decline due to previous payment history.

Our research indicates that *** ****** changed her bank account information and notified us of the bank change several days later after making the change, it was our error that her account information was not updated timely in our system. Therefore when *** ****** applied for a renewal loan our automated process declined her application due to too many late payments. This was an error and *** ******’s application should not have been automatically declined.

We have tried to contact *** ****** by phone but have not been able to reach her, therefore, we have reached out via email. We have offered to work with *** ****** outside of our automated process and assist her in processing a renewal loan should she be interested in doing so.

Additionally, we have corrected the number of days past due in our system of record. Attached please find the email correspondence sent to *** ****** on March *, 2015.

We sincerely apologize for any frustration the renewal decline has caused *** ******. Additionally, we encourage our merchants to speak with a manager or escalate issues in the hopes of being able to work with them on a resolution.

We are committed to providing the best possible borrowing experience for our customers. Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.

Thanks,
***** ******
******** ** *********** **********
******************

3/13/2015 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: Below is a copy of an email sent to me, as I have never spoken to any one from On Deck. Maybe they should change their SPAM. Hi ***, We spoke briefly today but you asked me to follow up via email about a Business Line of Credit that xxxxxxxxxxxxxxxxxxxxxxx can use to access up to $20,000 when your business needs it. Below are the details of this powerful new tool for business owners. $20,000 Business Line of Credit for xxxxxxxxxxxxxxxxxxxxxxxxxxxxxx Access up to $20,000 whenever you needed it – simply login to your account and draw financing in $1,000 increments. A simple 10 minute application, and higher approval rates than most banks. You can use the funds for any business use, from inventory to equipment or just to cover yourself if you ever have a cash flow crunch. About OnDeck – a Company You Can Trust Over $1 Billion loaned to businesses nationwide since 2007. A + Rating from the Better Business Bureau We are a publicly traded company on the *** **** ***** ********, and named to the ****** list of 100 Most Promising Companies in America You can learn more about the Line of Credit as well as our company: OnDeck.com You can also see reviews from customers on ****. The attached application should take you less than 10 minutes to complete, and you could have a decision the same day. And if you are approved, there is no obligation to take the financing. Do you have any questions about the business line of credit? Thank you, **************************************************************** ******** **** **** ** ****** ********** **************** D: ###-###-#### | F: ###-###-####

Desired Settlement: To be removed from there SPAM list

Business Response: Dear ******* ******,

This is in reference to the complaint *** *. **** recently filed against OnDeck. After receiving the complaint, we immediately launched an audit for our records.

Our credit specialist ******** **** had contacted *** ****’ business as part of a phone campaign to business owners who may be interested in a loan.  She spoke with a woman who answered the phone and was given *** ****’ email address.  However, rather than send an email noting this, *** **** erroneously sent an email saying she’d spoken to *** ****.  We have spoken with *** ****, and she acknowledges and apologizes for her error. 

We want to assure both *** **** and the BBB that we do not send SPAM to businesses who have not provided us their email.  We listened to the recorded phone call between *** **** and the woman who answered the phone and can confirm she provided the email ***************** – we’ve attached a recording of the phone call as reference.

We have also removed *** **** from all future email communications from OnDeck.

Please accept our apology for the error in communication.  We strive for excellent customer service and will use this as feedback to our team on how we can do better.

Thanks,

 

******** ******

****** *******, *********
* ***** **********

*************************
Phone: ###-###-####

10/27/2014 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I applied for a business loan with On Deck for $50,000. I later got a call from Jordan at On Deck. She told me that they couldn't do $50,000 but that they could do $30,000. She said there would be a $750 service fee that came out of that, and that we would have to make a daily payment of around $175/day Monday-Friday. She told me to the penny everything that we would wind up paying. After turning another loan company down because they could only give us $20,000 I called On Deck to accept the offer and was told that they never offered us anything?! Come to find out On Deck and the company that I turned down, Advanced Funds, were working together! I feel like they tried to bully me into taking the deal with the higher interest rate.

Desired Settlement: I want the $30,000 loan that they said they could give us in the first place, except with a lower interest rate for the stress this has caused.

Business Response: Dear *******,

This is in reference to the complaint from *** ******* *****.  

Upon receiving *** *****’s complaint, we reviewed our records about the situation. 

*** ***** started her application with us on September ****, 2014 and a conversation with one of our Sales Agents on September ****. *** ***** and the Sales Agent spoke about basics of our underwriting requirements, approval process, etc. although *** ***** never completed her application nor did we ever offer her an approval amount. No confirmation – either written or verbal – was ever given to *** ***** to indicate she had been approved for a loan. We can include a recording of the conversation if needed – however this platform does not allow us to upload audio files. 

AdvanceFunds is a partner of ours – we work with the company to connect their small business customer to OnDeck financing. *** ***** also did not receive an approval from AdvanceFunds during the course of her application with them. 

We sincerely apologize for any frustration we may have caused *** *****. 

We are committed to providing the best possible borrowing experience for our customers. Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions. 

Thanks,

******** ****** ****** ******** ********* * ***** **********  ************************* ****** ************

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

I absolutely was told that we got accepted from On Deck!   I was told that they couldn't do the original $50,000 that we asked for, but that they could do $30,000.  My husband, **** *****, even got a phone call from a male at On Deck saying they could offer us $30,000. She told me that there would be a $750 fee come from that, so I would actually only receive $29,250, and that my payments would come to approximately $177/day.  Why would I get all these specific, down to the penny numbers if I wasn't approved?!?!  Also, I have the email where ******* from Advanced Funds says he can still offer the $20,250.  


******* ** *** ***** *** ******* **** * ***** ******* ** ********** *** * ***** ******** *** ******* ** **** * * **** **** * ****** ***** ** *** **** **** ** **** ******* * ****** *** ** **** ** *** **** *** ******** ** ******** *           ******* ******* ****** ******* ******* ******************* ******* ************ **** ************        

 

 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

******* *****




 

Business Response: Dear *******,

This is in reference to the response from *** ******* ***** regarding her complaint. 

AdvanceFunds is a partner of ours – we work with the company to connect their small business customer to OnDeck financing. To clarify, *** ***** did not receive an approval from AdvanceFunds for an OnDeck loan during the course of her application with us. However, AdvanceFunds may have offered her an approval for a loan from a different provider other than OnDeck. 

We have call recordings that we can provide for *** *****’s conversations with OnDeck to confirm that we did not extend her a loan approval. 

We encourage *** ***** to follow up with ******* ******* from AdvanceFunds to discuss this matter further. 

Again, we sincerely apologize for any frustration we may have caused *** ***** and her husband. We are committed to providing the best possible borrowing experience for our customers. My contact details are below – please do not hesitate to contact me should you have any questions. 

Thanks,

******** ******
****** ******** ********* * ***** **********  ************************* ****** ************

10/22/2014 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I applied for a short term funding from ON DECK on 8/**/14 for my business. My adviser was ******* ******, we mainly communicated through email. After I completed an online application, I was instructed to submit 3 months of my business bank statements which I did. I got approved for $20000 short term (6 month) to be paid back daily automatically deducted from my bank account. OK I agreed to this and signed the contract. Then ******* notified me that my business tax return was not acceptable because some of the parts were written in and some of the pages were missing from it? I copied and email him all these documents. I informed him that my father always did the company tax returns manually for over 20 years with no serious issues with the IRS. Also ******* notified me that after they checked with the IRS on our business tax returns, IRS told them that our business only have 2010 tax files? Based on this information, On Deck couldn't go forward funding our business. I told ******* that there must be some mistake because our business are current with the IRS with no outstanding taxes due! I verified with the IRS myself that our business is in good standing and all the tax forms were in their system. I even had the IRS fax me copies of 2010, 2011 and 2012 official tax transcripts. I emailed ******* the most recent official tax transcripts along with an clean copy of the business tax returns that was manually done. Then ******* told me that they will agree to re evaluate my case only after I send him a PDF copy of my complete tax returns along with proof from the IRS saying that my tax returns are accurate? I told him that I already submitted all documents that he asked for to him yet its not enough??? At this point, I gave up and decided to move forward without being funded by them. I expressed my concern that all my sensitive documents are with On Deck Capital and I don't want them to market my information to any of their partners! Bottom line is that they reneged on a signed contract because of an error on their part. They denied this and said it was the IRS error in not giving them correct information. Even so, they should of funded me based on the years of business (30 years) and the business cash flow. They advertise that they are a new type of financial lenders that are more flexible and quicker than traditional banks. Yet given the time and effort that I put into in trying to get funding from these guys, I may just as well be better off approaching a traditional bank with their lengthy application process. Update: They actually sent me a letter September *, 2014 say that the reason for their decline of my funding was that they couldn't verify my bank data? They never mentioned this before.

Desired Settlement: On Deck should honor my signed contract which stands to benefit them more than me because its a short term loan (6 month) which I have to repay daily with interest. I do need the funds for my business but I have other options at this point to get funding.

Business Response: Dear ********,

This is in reference to the complaint from *** ****** ** ***.

Upon receiving *** ***’s complaint, we reviewed our records about the situation.

*** *** started his application for a small business loan with OnDeck on August **, 2014. After receiving a completed application, we issued an approval for $20,000 that very same day. However, in order to fund *** ***’s loan, we needed several additional documents including a 8821 Tax Authorization Form, which verifies if *** *** is in current standing with the IRS on his taxes.

After we received his 8821 Tax Authorization Form, it came to our attention that his business had not filed returns for 2010, 2011 and 2012. After letting *** *** know the status of his 8821 Form, he sent us another hand written document that he claimed was from the IRS stating that he did file his taxes. Unfortunately, we still have not obtained a 8821 form verifying that *** *** has in good standing with the IRS with respect to his taxes and so he cannot pass our underwriting criteria.

We’ve made repeated attempts to reach out to *** *** to make him aware of his 8821 status.

We sincerely apologize for any frustration we may have caused *** ***. We will kindly fund his loan as soon as his 8821 status is current.    

We are committed to providing the best possible borrowing experience for our customers. Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.

 

Thanks,

******** ******

****** ******** ********* * ***** **** ******
************************* ****** ************

10/22/2014 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: On Deck needs to filter their junk advertising. I received an advertisement for a Small business loan. The ad clearly states that Carnivale Travel Services has been pre-qualified for a business loan. When I talked to the rep, OnDeck Capitol does not lend to Travel Planning Businesses. Then don't send me the junk mail! Tell your advertising department to filter their junk mail better so you are not offering false hope to small businesses.

Desired Settlement: Stop mailing out this type of advertising to businesses you wont work with. Or, better yet, don't paint an entire industry with the same paintbrush. Some Travel Professional businesses are legitimate businesses that have been around for a very long time.

Business Response: Dea* ********,

This is in reference to the complaint from *** ***** ******.

Upon receiving *** ******’s complaint, we reviewed our records about the situation.

We sent *** ****** a mailer with a pre-approval offer for a small business loan based on publicly available information about her business. After receiving the mailer, *** ****** started our application online. In order to confirm her industry, we had a Loan Specialist reach out. During the conversation, it was revealed that we are unable to lend to *** ******’s industry at this time. We apologize for any confusion and wished her the best of luck in her future endeavors.

We sincerely apologize for any frustration we may have caused *** ******. We have removed her from all of our mailing lists.    

We are committed to providing the best possible borrowing experience for our customers. Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.


Thanks, 

******** ****** ****** ******** ********* * ***** ********** ************************* ****** ************

10/2/2014 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: OnDeck a financial services company providing over priced loans to small businesses. The sale representative repeatedly lied about the loan funding. Repeatedly saying that it was by wire transfer same day as closing. Closing was August ****. As of noon on Sept *** funds are still not available. Their company is not trust worthy.

Desired Settlement: I believe they should refund our closing costs.

Business Response: Dear ********,
 

This is in reference to the complaint from *** *** *******.  

Upon receiving *** *******’s complaint, we reviewed our records about the situation.

*** ******* started his application for a small business loan with OnDeck on August **, 2014 and completed his application on August ****, 2014. We issued his loan approval that very same day, but required a signed contract and standard closing documentation as soon as possible in order to fund his loan the same day. Anything delivered later in the afternoon would result in funding being delivered the following business day. *** ******** was made aware of this, but didn’t deliver the required information until the 2:07pm on August ****. The following Monday was Labor Day - a national bank holiday - so *** ******* didn’t received his funds in full until the following Tuesday, September ***.

We’ve included a voicemail we left for *** ******* making him aware that we would still try to help him make the final 4pm wire transfer of the day, even though we hadn’t received his closing documents until later in the day. We made it clear that same day funding wasn’t definite if we didn’t receive everything in completion before our deadline.   

We’ve made repeated attempts to reach out to *** ******* – he spoke briefly with our SVP of Sales - to apologize for the miscommunication, but unfortunately, *** ******* has not returned our phone calls as of late.    

We sincerely apologize for any frustration we may have caused *** *******. We will kindly refund 50% of his origination fee for his troubles if he returns our phone calls to discuss the best method to refund him.   

We are committed to providing the best possible borrowing experience for our customers. Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.
 

Thanks,

******** ******

****** ******** ********* * ***** **********
*************************
****** ************

7/30/2014 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I applied for a loan and was approved. I asked several times during the process and was told each time that I would save interest if paid off early. I was even given the exact amount of savings when I asked, "what if I paid off on this date or this date?" I was also told that once this loan paid off I could get a better rate on the next loan if paid per the agreement. I accepted the loan and was given the funds. I paid on the loan for a couple of months and then called to pay it off. At this point I was told I would not be given an interest savings unless I took out another loan. So I asked what the rate would be on the new loan since I had been told future loans would have a better rate. I was then told that because I get a preferred rate on the first loan that was the best they could do. I had no choice but to pay out the loan for the duration of the term and get no savings. It made no sense for me to pay off early and get no savings or take out another loan at the same rate. They basically turned this into a pay day loan situation trying to get me to commit to them over and over again attempting to make it look like I was saving money in the process.

Desired Settlement: I think they should refund some of the interest and give me the lower rate loan they said they would since I was mislead and given invalid information. I did everything along the guidelines they laid down and I got screwed. Nothing was what it was made out to be.

Consumer Response: Better Business Bureau:

I have worked with ******* ******* at On Deck Capital and we have resolved the situation. Please remove the complaint. No further action is needed.

Best Regards,

******** ******



 

7/9/2014 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I applied for a loan with this company and was told by 2 Reps 1 of which is a senior Rep that If I paid the full amount of my loan sooner then the terms agreed, that I would get a lower interest rate applied to get a lower payoff amount . When I spoke to my Rep *********** ****** he told me that that is not possible . I was mislead from the all the Rep's that were involved when financing my loan . Be very careful when using this company and make sure to get names and numbers of all Rep's and even if you need any terms that you get them on paper .

Desired Settlement: To honor the verbal agreement that was promised to me .

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

******* *******

***** ******

To Me

Today at 6:55 PM

** ********  ** *** * ******** ******** **** *** **** ********  * ********** **** ****** *** ******* ** ****** **** ***** **** **** ** ** ***** ** ***** ***** *** **** **************** ** ******* ** *** ***** ******* ******* * **** *** ** **** ******* **** **** ****** ***** ****** ******** ** ******* ** *** **** ** ******** ** **** ** ***** *** ***** * ******** *** **** **** ******* ***** ******* ** *******  **** ** *** ********* ** ********* ** ******** ** ** **** **** ******* ** **** **** ***** ********** ******* ******** ******** ***** ** ****** **** ** ******* **** **** ** *** *** ** **** ***** ** **** ***** *** * **** **** *** *** ****** ** *****  **** ** ** ****** **** ** ****** **** **** ******* ******** ******* *** ** **** **** **** ** * **** ********** ** *** **** ** ******* **** ** **** ** ******* ** *** ********** ****** **** **** ** ***** ** **** ** ** ******* *** ***** ** **** ****** ******  ***** ***** ****** ******** ** ******** ****************** ** ************ * ** ************ * ** ************














 

6/30/2014 Advertising/Sales Issues | Complaint Details Unavailable
5/30/2014 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: I received a letter saying my business was pre-qualified for $20,750 for a small business loan. The approval was good until May. I send in the information they were requesting. They did not look over the accounts of the business as they said they would. I called and talked to "***," who would give no other information, that they just don't do things that way. They now have all of my information, but, I don't believe they ever planned on really approving the loan.

Desired Settlement: I believe they should have full disclosure of the loan and how it works. They also need to be able to provide specifics if you are not approved.. They do not need to advertise a product they can not produce. They need to follow truth in lending policies for small businesses.

Business Response: Dear ******,

This is in reference to the complaint from *** ***** ******.

Upon receiving *** ******’s complaint, we reviewed our records about the situation.

 

We solicited *** ****** via mail with a letter stating she had been pre-approved for a loan from OnDeck. This pre-approval is based on business information that *** ****** had made publically available, including industry, time in business and estimated revenue. Further, each pre-approval letter OnDeck sends to potential customers makes clear that pre-approval does not guarantee a loan.

Upon a deeper review of her business, it came to our attention that she did not meet our minimum revenue criteria, and therefore we were unable to follow through on our pre-approval offer. We pride ourselves on being a responsible lender and maintaining our credit policy.

 
We sincerely apologize for any frustration we may have caused *** ******, and invite her to reapply with us in the future should she meet our minimum criteria.  

We are committed to providing the best possible borrowing experience for our customers. Had we known of *** ******’s actual revenue, we would not have sent her a pre-approval offer.

Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.

Thanks,

 ******** ******

****** ******** ********* * ***** **********

*************************

Phone: ###-###-####

3/6/2014 Advertising/Sales Issues | Read Complaint Details
X

Additional Notes

Complaint: On Deck is sending unsolicited advertisements to this address without authorization. *** *****, of A1 Floridian Lawn & Tree does not reside at this address. This is a residential address, it is not a business address.

Desired Settlement: Please completely remove my information from your mailing address, effective immediately and permanently. This is not a business address. *** ***** and the company A1 Floridian Lawn & Tree do not reside at this address. Thank you for your time and attention to this matter.

Business Response:

Dear ****** ***********, 

This is in reference to the complaint from *** **** * ********, complaint ID #*******.

*** **** ** ******** emailed us on Sunday, January **** requesting that he be removed from our mailing list. The address we had on file was a residential address and not a commercial.

The Marketing Team responded via email the following day assuring him he had been removed and that our process takes 4 – 6 weeks for all mailings to cease. *** ******** responded thanking us for our time but stated that he would still plan on filing a Better Business Bureau complaint. *** ******** should not have received any mailings from OnDeck after February ***. This email correspondence is included in the document attached.

In respect to this complaint, OnDeck requests that the complaint be removed from our file, as we acted reasonably and in accordance with our direct mail protocol.

We apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.


Thanks, 

******** ******

****** ******** ********* * ***** **********

*********************

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me and the matter has been resolved.

 
Thank you for removing my information from your mailing list.

Sincerely,

**** ********



 

7/16/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: i apply for a cash advance loan through my business merchant account, they approve 25,000. and with the interest and the fee's .total loan came out to 32,579.00. which i accepted the terms. marty flower who is their associates telling me that my daily paymrnt will be 198.76 a day till 32,579.00 is paid off. and time past about 3 month's .my balance was 15.332..and i ask marty flowers for a second loan .and he approved for 20,000. and i will receive it in my account in few days. and few days later i check my account their were only 4783.86 came in from on deck capital .and my old loan balance was 0.00 . and now i am thinking my self what is going on.maybe marty flowers made a mistake or something. i should a had 20,000. dollar in my account. then i couldnt get in touch with marty flowers for a week .he calls me after 1 week saying that my first loan balance was paid off ,with my second loan and my new balance is now 32.354.00 and i got so upset and toll him to put it back the way it was. i am not paying them another 7000.00 to use's of 4783.86 that's insane marty flower never explain anything about paying off the first loan balance with new loan. iam willing pay off the first loan balance and 4783.86 they put in my account.

Business Response:

  

Dear ***** *****, 

 This is in reference to the complaint from *** ******** ****, complaint ID # *******. 

Upon receiving *** ******** ****’s complaint, we immediately launched an investigation into the situation and alerted both the On Deck Account Manager and Funding Advisor Partner Martin Flowers of Global Merchant Cash (a third party distributor of On Deck small business loans) in question.

*** **** has taken two loans with On Deck: the first for $24,000 with a total payback amount of $31,200.00 in September of 2012, and the second for $20,000 in December of 2012. He applied for his second loan when about 50% was paid down on his first loan – it is our standard protocol to rollover any outstanding amounts owed into the new renewal loan taken. In this case, *** **** still owed $14,665.33 from his first loan, which was taken out of his renewal amount of $20,000. However, it appears *** **** felt this aspect of our small business loans was not properly explained by his Funding Advisor Partner, and attempts to reach out to Martin Flowers went unreturned. According to our records, our Operations Department spoke directly with *** **** on January **, 2013 about the matter. We offered to return the renewal amount and offered a workout or payment plan to return the balance still owed on his first loan. However, *** **** refused to pay anything more than his netted amount of $4,834.67 and has placed a payment stop on his loan.

On Deck has alerted Global Merchant Cash that it is unacceptable to represent our renewals process in an unclear manner and communicated that we take complaints of this nature very seriously. We have placed Global Merchant Cash on “notice,” which means if we receive any further complaints they will no longer be allowed to distribute On Deck loans.  We’ve included a copy of the letter as reference.

Although we sympathize with *** ****’s situation, we have passed along his case to our Collections Department and will need to seek further action if the amount owed is not repaid in full.

Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.

 

Thanks, 


******** ****** 

Marketing Communications Manager 

*************************

Phone: ************ 

 

4/3/2013 Problems with Product/Service | Read Complaint Details
X

Additional Notes

Complaint: I received an advertisement/loan application in the mail. I called the number (###-###-####) listed in the solicitation and was connected to ****. Due to the problem of mail/identity theft, I requested that I be removed from the company's mailing list. **** became very rude and stated "I would think you would have better things to do than to call us about this." I told him that I did not like receiving "unsolicited" loan applications in my mailbox. He then stated, "Do you have a trash can? Throw it in there." At this time he found my address and told me that he would remove me and the conversation ended. This company claims to have an A rating with the BBB. **** acted very unprofessionally and was rude/insulting with his remarks. I was trying to protect myself from possible ID theft which must be a concept unfamiliar to this company and it's representatives.

Desired Settlement: I want to be assured that my address was removed from their mailing list and a written apology would be nice.

Business Response:

This is in reference to the complaint from *** ****** ***** *****, complaint ID # *******. 

Upon receiving *** ****** ***** ***** complaint, we immediately launched an investigation about the situation and spoke directly with the Sales Agent mentioned in the complaint. The Sales Agent in question stated that had in fact been short with *** ***** on the phone.

We then called *** ***** directly to discuss the situation, apologize for the behavior and thank him for bringing this matter to our attention. We communicated that the Sales Agent acted in an unacceptable way, and made it clear that is in no way representative of the standards of our company.  We communicated that the Sales Agent has been placed on written warning – which means he will be terminated if a similar situation happens again. We also confirmed that his information has been placed on our “do-not mail list”.

*** ***** thanked us for our call. He communicated that he was satisfied with our course of action with the Sales Agent, and would be filing no further complaints

We absolutely respect our merchant’s concerns regarding identity theft, and have best practices and protocols in order to ensure these standards are met.

Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions.

Thanks,

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID *******, and find that this resolution is satisfactory to me and the matter has been resolved.

Sincerely,

****** *****



 

2/27/2013 Billing/Collection Issues | Read Complaint Details
X

Additional Notes

Complaint: THE COMPANY HAS PROCESSED AN-UNAUTHORIZED BANK DEBIT TWO TIMES , PROMISE TO REFUND ME AFTER 7-10 BUSINESS DAYS . AS IT CLEAR IN THEIR E-MAIL TO ME ON MONDAY JAN. **. 2013. COPY OF THAT E-MAIL; rom: ****** ***** (************************) Sent: Mon 1/**/13 10:18 AM To: ******************* (*******************) ****, Per our conversation earlier today. We have received your wire payment in the amount $7,702.20 and posted to your account affective today January **** 2013. We will refund you a total of $223.26 within 7-10 business days via ACH. If you have any questions, please contact us thank you.

Desired Settlement: FULL REFUND

Business Response:

 

Dear ***** *******, 

 

*** **** called our customer service department on 1/**/13 to inquire about two daily debits that he wanted refunded. On 1/**/13, he sent us a payoff of his full loan amount for $7,702.20 in the form of wire transfer from Swift Financial, but this payment was not accompanied with account information so On Deck did not know where to apply the funds. Because we did not know what the funds were intended for, On Deck continued to debit his set daily amount on Thursday, January **** and Friday, January ****.  

On Monday, January ****, when our customer service team spoke with *** ****, he explained to us he had sent the funds on Thursday, January **** and this was intended to pay off his full loan amount. Our customer service team also called Swift Financial on that same day to find out where to apply the funds, and confirm that this was correct.

After speaking with Swift Financial, we called *** **** back to confirm we would post his payment that very same day, and we would refund him the additional payments from 1/** and 1/** within 7-10 business days (as is our standard policy). He requested an email to confirm we had received his payoff and that we would issue him a refund, which we sent him that very same day. We sent *** **** a refund via ACH for $223.26 as promised on 2/**/13 (within the 10 business day deadline parameters).

**

Immediately upon receiving the complaint, On Deck contacted the customer.  We spoke with *** **** on 2/**/13, he confirmed that he had in fact received the refunded amount of $223.26 

To confirm, On Deck Capital has already returned the $223.26 to *** ****.  

In respect to this complaint, On Deck requests that the complaint be removed from our file, as we acted within our protocol of returning the funded account.

 Please contact us with any questions.

Thanks, 
******** ****** 

Marketing Communications Manager 

*************************

Business Response:

  

Dear ***** *******, 

This is in reference to the response from *** **** ******** complaint ID #*******.

Upon receiving *** **** *******’s response, we immediately checked our internal records to confirm he has been refunded for the amount of $223.26 on February **, 2013.  A record from our internal transaction system displaying the refund is attached.

To confirm that there was not an error in transferring the funds from our bank, we also contacted our representative at MB Financial.  They have confirmed that the funds were transferred from our account as of February ****.  We have also included that email chain for your reference, as well as an attachment confirming the debit.

We trust these documents will prove that we did in fact refund *** ********* account for the amount requested.

My contact details are below - feel free to call or email should you need anything further. 

Thanks,


******** ****** 

Marketing Communications Manager 

************************* 

 

Consumer Response: Better Business Bureau:

I have reviewed the response made by the business in reference to complaint ID# *******, and have determined that my complaint has NOT been resolved because:

 

[Your Answer Here]


ON DECK MARKETING MANGER  **** ******** LIES ON OFFICIAL DOCUMENT IONS :  


FIRST-- SHE CLAIMS  THEY REFUNDED MY MONEY ON:       02-**-2013    WITHEN 7-10 BUSINESS DAYS POLICY.IN HER FIRST RESPONSE TO MY COMPLAINT

7-10 BUSINESS DAYS IT SHOULD BE ON :* , * ,* , FEB. NOT FEB. ** , **, AS THEY CLAIMED.


SECOND : IN HER SECOND RESPONSE SHE STATED AND CLEARLY FROM MY BANK ACCOUNT RECORD THEY REFUNDED MY MONEY ON 02-**-2013 , THAT'S AFTER THEY RECEIVED MY COMPLAINT FROM BBB, ( I FILLED MY COMPLAINT ON 02-**-2013)   

                                 (  SO WHAT DAY EXACTLY YOU REFUNDED MY MONEY FEB. **, OR FEB. **, mam)


THIRD , SHE PROVIDES A NON WORKING PH. NO. ###-###-#### , AND NON FUNCTIONAL E-MAIL ADDRESS ; *************************

MY BE IT'S A TYPO---

    

      ALL I CAN TELL ABOUT THAT DELAY IN GETTING MY MONEY BACK IS A RETALIATION BECAUSE I GOT ANOTHER LOAN COMPANY WAY CHEAPER THAN ON DECK AND MORE UP-HOLDING FOR LOAN BUSINESS STANDERS 


DUE TO THOSE CLEARLY STATED LIES , I BELIEVE THAT SHOULD STAY IN THEIR RECORD WITH BBB  FOR PUBLIC AWARENESS AND NOT TO FOAL ANOTHER BUSINESS  . 

In order for the BBB to appropriately process your response, you MUST answer the question above.


Sincerely,

**** *******