On Deck Capital, Inc.

Revdex.com:
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 approvalMy business clearly met applicable guidelines as I received and completed loan documents in which outlined the approvalFortunately my business was able to secure a loan through LendioThe process was fast and painless as advertisedOndeck should have funded the loanI'm unhappy with their business practices, however, I am happy to have gotten better rates using Lendio.
In order for the Revdex.com to appropriately process your response, you MUST answer the question above
Sincerely,
*** ***

Revdex.com:
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,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 $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,
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In order for the Revdex.com to appropriately process your response, you MUST answer the question above
Sincerely,
*** ***

Revdex.com:
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 innacurateIt has been verified by Ondeck, that the time in business is more than one(1) yearAlso the decision making based on credit information was not taken fully under consideration given the supporting documents providedPerhaps 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 Revdex.com to appropriately process your response, you MUST answer the question above
Sincerely,
*** ***

Revdex.com:
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 approvalIf my company did not meet requirements we would like to know a specific requirement in which they are stating that my company did not accommodateThey are required by federal law to state a specific reason for denying the loan.
In order for the Revdex.com to appropriately process your response, you MUST answer the question above
Sincerely,
*** ***

Dear *** *** ***:This is in reference to complaint #*** filed by *** *** *** Upon receiving this complaint, we reviewed ourrecords regarding the situation and our communications with *** ***.April *, 2015, *** *** ***, ***, contacted *** *** per *** ***’srequest to have his loan balanced waived to advise him that we would not waivethe balance of his loan.April *, *** *** has contacted *** *** and *** *** has entered into aworkout agreement. OnDeck has addressed all of *** ***’s concerns. We consider this matter closed. Again, we sincerely apologize to *** ***. Thanks,*** *** ** ***Excellence***Phone: ###-###-####

Dear [redacted], This is in reference to complaint #[redacted] from [redacted]. Upon receiving this complaint, we reviewed our records about the situation.To reiterate, [redacted] applied for a Renewal Loan and received a decline due to previous payment history.Our research indicates...

that [redacted] 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 [redacted] applied for a renewal loan our automated process declined her application due to too many late payments. This was an error and [redacted]’s application should not have been automatically declined.We have tried to contact [redacted] by phone but have not been able to reach her, therefore, we have reached out via email. We have offered to work with [redacted] 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 [redacted] on March *, 2015.We sincerely apologize for any frustration the renewal decline has caused [redacted]. 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,[redacted]

Thank you for giving OnDeck the opportunity to respond to [redacted]s complaint concerning his denied loan application with OnDeck Capital.  Upon receiving this complaint, we reviewed our records about the situation. Our research indicates that [redacted] did not meet our minimum...

underwriting requirements at the time of his loan application.  OnDeck loans are based on historical and current business performance.  Future or potential performance is not used to determine loan eligibility.  OnDeck appreciates feedback on our service levels and will review any historical calls [redacted] had with an OnDeck Loan Specialist.  OnDeck’s goal is to provide clear communication on any loan decision, and if a training opportunity is recognized we will address that with the loan specialist. Although [redacted] did not meet our underwriting requirements at the time of his application, he is welcome to reapply within 30 days of the decline. OnDeck is committed to providing the best possible borrowing experience for our customers.  [redacted] is a website specifically created, by us, to assist business owners in learning about financing and we recommend this as a resource to all merchants.    Sincerely, Eric L[redacted] OnDeck – Director of Customer Service

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

The total refund amount of $6,886.44 was not refunded. Only $2,547.15 was refunded.. Still waiting on the remaining amount of $4,339.29The original amount of refund quoted by my account manager [redacted] was verified per account dept. according to [redacted].Trails of emails between the account manager was sent to customer service for verification.25% discount according to the customer service is incorrect. Remaining balance was $10,687.65, 25% of this amount should be $2,671.91 and not $2,547.15Company should be responsible for all employee's action's especially the company executive
 
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

On Deck's loan practices are extremely deceptive and misleading to their average borrower. They obviously have a huge legal department which ensures that they can prey on small business owners without legal repercussions. They state that they are not bound by the "Truth in Lending Act" because they make only "Commercial" loans, which I am sure is true legally, however they specifically target small businesses, which are typically owned and managed by average consumers who ARE protected by the "Truth in Lending Act" and do not have access to teams of lawyers when making business decisions. As small business owners, we understand interest rates presented in terms of APR, which is accepted practice in legitimate loan transactions and required for consumer loans. On Deck uses a misleading and deceptive interest rate calculation which they call "TIP". The actual interest rate they are charging turns out to be almost double the "rate" they state using their misleading "TIP" model.I pose the question, knowing they are soliciting small business owners, why don't they inform the borrower during the loan application process what their APR is on the loan, since APR is standard practice and presents an interest rate that is true and understandable??? Sadly, I think the answer is clear. They do not want their targeted small business owner to understand the actual interest rate they are paying. They know that their target small business owner is typically just an average consumer borrower who happens to own a small business and when we are presented an "Interest Rate", we do think in terms of APR. As a small business owner, I didn't even know that there was any other legal way to calculate interest other than APR, so I never sat down to study the small print in my contract. We were told "20% Interest" by the salesperson, I saw "20%" in big print on the contract, I checked the Revdex.com for their rating, and went ahead and signed the contract. Just because they can "Legally" use deceptive loan practices to mislead small business owners, does not make the practice ok. Making money by deceiving small business owners is not acceptable practice, it is shameful. We are not huge corporations, we are just average people working hard to make our businesses successful. Being targeted and preyed upon by OnDeck has been a painful and humiliating experience for us. We only ask that they do the right thing and recalculate the loan to 20% APR and refund us the difference. It is the ONLY right thing for them to do, and they know it. They are fully aware that their business model is deceptive and preys on small consumers.
 
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

[Your Answer Here]
 I still reject the response on its merits as being a bad business practice, and I still contend that OnDeck allowed someone unqualified to make a decision about my loan request in a matter of 35 seconds. I am an accomplished credit industry professional with almost 2 decades of decades of experience, so I am a pretty good judge of credit matters. And, I did not get a chance to discuss the fact that my credit score is low due to my battle with cancer.  So, sometimes I had to had to the decision between paying for lifesaving medicines and chemotherapy versus a Capital One credit card and a Macy's Store card in 2009.  To top it off, this unqualified "loan specialist" disconnected the phone call while I was in mid-sentence. Once again, another bad business practice and training issue. This "loan specialist" does not need to be underwriting any loans of any sort.  A loan on a lawn tractor would too complicated for this brainless automaton. And I want everyone to see the unfair lending practices of OnDeck.  So, I hope the Revdex.com posts my complaint on their website in perpetuity.
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Thank you for giving OnDeck the opportunity to respond to [redacted] comments concerning his request for temporary modifications to his OnDeck loan payments.OnDeck understands the difficulties that [redacted] has experienced, and we have contacted [redacted] to find a resolution that will work...

for both parties.  Upon review of his account OnDeck refunded [redacted] the fee that was charged to his account. Since receiving this notification the OnDeck Payment Support team has been in discussions with [redacted] on a longer term solution that is acceptable for him and OnDeck, as well an internal review of the cause for [redacted] situation. Thank you very much for letting us know about [redacted] concerns, as we wish to accommodate his request. Sincerely,[redacted]OnDeck – Director of Customer Service

Dear [redacted],
This is in reference to the complaint from [redacted].  
Upon receiving [redacted]’s complaint, we reviewed our records about the situation. 
[redacted] started her application with us on September [redacted], 2014 and a conversation with one of our Sales Agents...

on September [redacted]. [redacted] and the Sales Agent spoke about basics of our underwriting requirements, approval process, etc. although [redacted] never completed her application nor did we ever offer her an approval amount. No confirmation – either written or verbal – was ever given to [redacted] 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. [redacted] 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 [redacted]. 
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,
[redacted]
[redacted] 
[redacted]
[redacted]

Thank you for giving OnDeck the opportunity to respond to [redacted] regarding OnDeck’s request for supporting documentation related to her OnDeck loan application.  We are happy to provide additional information. [redacted] submitted an application for a loan from OnDeck, and as part of the...

application process OnDeck was not able to verify some of the information provided by [redacted] on her application.  During the loan application process, if verification is not completed, OnDeck will request supporting documentation. If [redacted] was interested in continuing the loan application, these documents would be required.  [redacted] chose to not provide that information, and OnDeck did not move forward with the application. OnDeck appreciates the feedback that [redacted] provided concerning her OnDeck Sales Representative.  Providing an outstanding customer experience is paramount to our company philosophy, and OnDeck will review the comments and provide training opportunities if appropriate. OnDeck is committed to providing the best possible experience for our customers.  Our team is available for assistance if [redacted] has any further request. Sincerely, Eric L[redacted] OnDeck – Director of Customer Service

Thank you for giving OnDeck the opportunity to respond to [redacted] complaint.  I’m happy to report that this issue has been resolved. OnDeck spoke to [redacted] on June [redacted], 2016, and reached an agreement on a resolution. OnDeck is also taking this opportunity see how we can improve our...

processes to eliminate any similar issues from occurring in the future. OnDeck is committed to providing the best possible experience for our customers.  Our team is available for assistance if [redacted] has any further requests.

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

Thank you for giving OnDeck the opportunity to respond to [redacted]’s comments about receiving marketing materials from OnDeck.   After researching the issue, OnDeck recognized that [redacted]’s original request had a slightly different address than what was used in the most recent mailing....

Due to the addresses not matching, the new mailing was not removed from our distribution.  I can confirm that we have now included both addresses into our Do Not Mail database.  As mentioned to [redacted] earlier, our marketing materials are often sent out weeks in advance, and there is the possibility that [redacted] may receive one or two more pieces of marketing from OnDeck. But, we now currently list in our system two addresses for [redacted] that are included in our Do Not Mail list.  Thank you very much for letting us know about [redacted]’s concerns.  Our Customer Support team is available for [redacted] if he has any other questions.  Sincerely, Eric L[redacted] Director of Customer Service - OnDeck

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID# [redacted], and have determined that my complaint has NOT been resolved because:

On deck has only refunded $10.00 they are not trying to set up a long term solution their only offer was to give me a one time, 30 day reduction . they said that it will have to go back to 478 a week after April [redacted]. I asked why they were willing to extend my loan and give me a smaller payment if I took more money and why they just couldnt redo my loan with the balance due and their response was I no longer qualified to have it rewritten.  I am asking that the loan be rewritten  with the remaining  balance so it can be paid off. they have backtracked on everything the salesman told me when I took out the loan thank god I didnt take the full amount offered!!
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Thank you for giving OnDeck the opportunity to respond to [redacted] request to review the Pre-Payment interest
reduction he received on his business loan with OnDeck.  We regret
any confusion [redacted] may have experienced, and have completed our review of
the case.OnDeck reviewed all of...

the
correspondence between OnDeck and [redacted] or the authorized users on
his account.  During this review OnDeck found no instance where [redacted]
was provided the wrong information concerning the OnDeck Pre-Payment policy.  Furthermore, OnDeck provided [redacted] on
2 different occasions a Payoff Letter outlining the amount due to pay off his
loan. The OnDeck Payoff Letter includes information that specifically outlines
the Pre-Payment interest reduction of 25%.OnDeck is committed to providing the best
possible experience for our customers.  Our team is available for
assistance if [redacted] has any further request.Sincerely,Eric L[redacted]

Dear [redacted], This is in reference to the request for additional information regarding the complaintfrom [redacted] recently filed against OnDeck. After receiving the request foradditional information, we immediately launched an audit of our records.  As previously responded, we at OnDeck are sorry that this merchant had afrustrating experience, having been asked to submit a variety of paperwork andtold he had received a preliminary approval, only to be informed in the endthat 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 [redacted] with explanation. OnDeck has a rigorous set of lending requirements that small businesses must meet inorder to be funded for our term loans. While our process is very simple andquick most of the time, some loan applications do require more paperwork toevaluate.   Our loan operations team makes every effort to fund eligible businesses and willoccasionally ask for additional documentation to evaluate a merchant’s loaneligibility, in the hope we can better understand the complexities of thebusiness and provide funding.  In thiscase, our team sent a notice of approval, contingent on additional financialdocumentation and the final determination was that the application did not meetthe requirements of our Underwriting requirements.  We appreciate the feedback and are improving our communications process.  It is our goal to make our applicationprocess as simple as possible for our applicants, and we want to make surewe’re communicating clearly throughout the process.  Again, we apologize for the fact thismerchant was asked to send multiple rounds of documents and provided anapproval message before the application process was entirely complete. Weaccept responsibility for the poor customer experience and are working onservice improvements to prevent any miscommunications in the future. My contact details are below – please do not hesitate to contact me should youhave any questions.   Thanks, 
[redacted]Phone: ###-###-####Tell us why here...

Revdex.com:
I have reviewed the response made by the business in reference to complaint ID [redacted], and find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]