On Deck Capital, Inc.

Thank you for giving OnDeck the opportunity to review [redacted]’s comments. OnDeck reviews all feedback, both positive and negative, for training opportunities and product improvements.[redacted] is currently on her second loan with OnDeck, and based on recent conversations with [redacted] she is in...

the process of completing her loan terms with OnDeck and closing the account. OnDeck wishes [redacted] success with her business. The OnDeck Customer Service team is available for any assistance if [redacted] has any further requests.   Sincerely, Eric L[redacted] OnDeck – Director of Customer Service

Thank you for giving OnDeck the opportunity to respond to [redacted]’s request that he stop receiving any further OnDeck solicitations or marketing materials. I can confirm that OnDeck has removed [redacted]’s address from all future marketing communications. The address we had on...

file for [redacted] is on Bartholomew Street. If this address is incorrect, [redacted] can contact our OnDeck Customer Service team at ###-###-#### to provide his correct address to be added to our Do Not Mail list. Thank you very much for letting us know about [redacted]’s concerns, as we wish to accommodate his request. Sincerely, Eric L[redacted]OnDeck – Director of Customer Service

Dear [redacted]: This is in reference to complaint #[redacted] from [redacted].  Upon receiving this complaint, we reviewed ourrecords about the situation.  To reiterate, [redacted] states in him complaint that he was declined for a loanwithout receiving any reason as to why he was declined.Our research indicates that [redacted] was declined due to bank account information,specifically withdrawals over the past year being over the annual revenuecalculated, which is standard underwriting requirements.  [redacted] received a communication from oneof our direct sales representative informing him of the reason of decline andhe responded asking us to remove all of his information from our systems ofrecord.We have removed all of [redacted]’s information per his request.  And we have removed him from our marketingcampaigns.[redacted] did not meet our minimum underwriting requirements at the time of hisapplication however he is welcome to reapply within 30 days of thedecline.  [redacted] was informed that this is not a permanent decline.  Weencourage [redacted] to contact us and reapply.We are committed to providing the best possible borrowing experience for ourcustomers.  [redacted] is a website specifically created, by us, to assist business owners in learningabout financing and we recommend this as a good resource to all merchants.  My contact details are below – please do nothesitate to contact me should you have any questions.  Thanks, [redacted]Excellence[redacted]Phone: ###-###-####Tell us why here...

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:

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.    [redacted]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 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 about receiving marketing materials from OnDeck.  After researching the issue, OnDeck recognized that [redacted] original request had a 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.  We have communicated the error with [redacted], and welcome him to contact us at any time with any concerns or questions. [redacted] may receive one or two more pieces of marketing from OnDeck that have already been processed. 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] concerns.  Our Customer Support team is available for [redacted] if he has any other questions. Sincerely, [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:

I think the options given by the business are not acceptable and are not favorable to me, the consumer. I am summarizing the issues once again for your kind review:1. I took a loan of 40,000$ in 2014.  Ondeck  added a interest (or fee) of $7,600 immediately. So the loan due became 47600 on second day of funding the loan. After 6 months they have collected ~$5100 interest which is almost equivalent to 25% interest. This information was never made clear to me. So, the interest they are mentioning in the contract which is 19% is not accurate. The fair thing to do is that, I need to be refunded the difference. .2. The second issue I have is with the renewal. Either their employees or their representatives have promised me verbally over the phone, 9% of interest by renewal time for the remaining $3,600. If I made my payments on time, I was also promised more loan amount. Unfortunately, I do not have any proof of this conversation. Ondeck seem to have recorded all the conversations but they never presented me with the conversations. However, the reality is as follows:a) My business is doing really well compared to the time when I took the loan. Apples to Apples, I am eligible for more loan amount.b) I did get an offer for double the loan amount but unfortunately the interest rate remained at 19% and similar terms. (More interest upfront)c) I got another offer for same loan amount but the interest rate is 11% (after multiple unprofessional negotiations)d) I offered to payoff the loan for the remaining principal balance but this was not acceptable to Ondeck, because they want to milk more from a hardworking small businessThe fair thing to do is either allow me to pay off the remaining principal without any more exhorbitant interest or offer me higher loan with 9% interest.Following are the names of the employees and their representatives who worked with me.Taylor Buske - renewal specialist, Ondeck Keith Cashman, Ondeck  Not sure when he came in but he was involvedBlake Eddington - probabaly was new loan specialist, OndeckSara Beekman - Snapcap, who I think was the first person to contact me
 
Please note: I am willing to work with Ondeck for a reasonable offer. 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Dear [redacted]:This is in reference to complaint #[redacted] filed by [redacted].  Upon receiving this complaint, we reviewed ourrecords regarding the situation and our communications with [redacted].To reiterate, [redacted] states in his complaint that he was not refunded a $20.00service...

charge when he believes he should have received a refund.   Our research indicates that [redacted] should have been refunded the $20.00 servicecharge.  [redacted] was called by our manager of Customer Service on May *, 2015 and the service charge was refunded infull.  We apologize for the inconvenience and hope that we can assist [redacted] again inthe future. We are committed to providing the best possible borrowing experience for ourcustomers.  [redacted] is a website specifically created, by us, to assist business owners in learningabout financing and we recommend this as a good resource to all merchants.  My contact details are below – please do nothesitate to contact me should you have any questions. Thanks, [redacted]Phone: ###-###-####

Thank you for giving OnDeck the opportunity to respond to [redacted]. After investigating the account, and reviewing the phone calls with the Loan Specialist, we did not find any inaccurate information in regards to [redacted]s business loan agreement with OnDeck. Our business loan agreement...

clearly lays out the full interest expense charged and total loan payback amount, as well as our standard interest rate disclosure of Total Interest Percentage, or TIP, the total interest paid over the life of the loan.  As discussed with the Loan Specialist and explained in detail in the business loan agreement, the total repayment in the amount of $23,979.80 is stated in the loan agreement, along with all outlined interest, and applicable fee charges. The Truth in Lending Act that [redacted] mentions is specifically designated for consumer loans and or personal credit only. OnDeck only offers commercial loans, so we adhere to the laws and legal guidelines for commercial lending. Our Customer Service Team is more than happy to send a copy and discuss with [redacted] the terms of her business loan agreement at her earliest convenience if further clarification of the terms and conditions are needed.   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:

I was lucky to find [redacted], a company that specializes in helping businesses refinance their On Deck loans.  If I hadn't used this company (which still charges quite a bit of interest but FAR less than On Deck) I would have certainly gone into default and had to declare bankruptcy.  The loan was opened 4 months ago and it was for $105K.  The repayment amount was 137K.  You do the math.  4 months.   $32K of interest.    
 
 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Dear [redacted],
This is in reference to the response from [redacted] 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, [redacted] 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 [redacted]’s conversations with OnDeck to confirm that we did not extend her a loan approval. 
We encourage [redacted] to follow up with [redacted] from AdvanceFunds to discuss this matter further. 
Again, we sincerely apologize for any frustration we may have caused [redacted] 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,
[redacted] [redacted] 
[redacted]

OnDeck appreciates the opportunity to respond once again to [redacted] concerning his denied loan application with OnDeck Capital. OnDeck can confirm that multiple teams within our underwriting department reviewed [redacted]s loan application.  As mentioned in our previous response, [redacted] did not meet OnDeck’s minimum underwriting requirements which include a large and varied set of criteria.  Equifax scores and annual revenue limits are just a few of the metrics used in the underwriting process. One criteria that OnDeck mentioned in our first response is that decisions are based on past performance of the business, not potential business estimates provided by the applicant.  OnDeck has reviewed [redacted]s application, as well as his comments related to his loan application and he is welcome to reapply within 30 days of his initial decline.  At this time, concerning [redacted]s original loan application, OnDeck considers this review complete. 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 find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

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] requested a refund due to an overpayment and was
unsatisfied with...

the response and turn-around time he received.
 
Our
research indicates that [redacted] 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 [redacted] on
2/**/2015 but was unable to make direct contact.
 
We
made contact with [redacted] on March **, 2015 and issued him a refund via
overnight mail on March **, 2015.
 
We
regret the untimely refund and have issued [redacted] 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,
 
[redacted]
[redacted]
[redacted]
[redacted]

Dear [redacted],This is in reference to the complaint [redacted] recently filed against OnDeck. After receiving the complaint, we immediately launched an audit for our records. Our credit specialist [redacted] had contacted [redacted]’ 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 [redacted]’ email address.  However, rather than send an email noting this, [redacted] erroneously sent an email saying she’d spoken to [redacted].  We have spoken with [redacted], and she acknowledges and apologizes for her error.  We want to assure both [redacted] and the Revdex.com that we do not send SPAM to businesses who have not provided us their email.  We listened to the recorded phone call between [redacted] and the woman who answered the phone and can confirm she provided the email [redacted] – we’ve attached a recording of the phone call as reference. We have also removed [redacted] 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, [redacted]
Phone: ###-###-####

Dear [redacted]:This is in reference to a rebuttal from complaint #[redacted] from [redacted] [redacted]. Thank you for giving us the opportunity to respond.I can confirm that we have removed [redacted] 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 [redacted] [redacted]’s wishes to be completely removed from receiving any marketing materials from OnDeck.Sincerely,[redacted]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:

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 TRUE2) 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 TRUE4) I was told that I would be charged for an interest payment 2nd TIme NOT TRUE5) I was told by the [redacted] that my bank holds the ACH for 1 to 2 day before the credit  takes place NOT TRUEThe 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 [redacted] of an organization lies to clients then you know that the organization has a culture issue.  I attached the entire exchange with [redacted]. Lastly, I was told from [redacted] that she was working on this matter and it has been escalated. Instead she has not replied to me but to Revdex.com.  I also left a message to get a return call from [redacted] yesterday but he never replied.[redacted]   
 
 
 
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 terms for his loan, and his request for a lower interest rate on his OnDeck Business Loan.  We regret any confusion [redacted] may have experienced, and have completed our review of the case. OnDeck...

reviewed all of the communications between OnDeck and [redacted]. During this review OnDeck found no instance where [redacted] was provided the wrong information concerning the OnDeck loan or the OnDeck renewal policy.  Furthermore, in order to resolve this matter, OnDeck provided [redacted] a substantial discount on his original loan, as well offered a substantial further reduction on his interest rate if he were interested in renewing his current OnDeck loan.  These accommodations and reductions were based on numerous communications with [redacted] and our OnDeck Sales team.  [redacted] appears to not accept or agree to these multiple accommodations.  OnDeck is committed to providing the best possible lending experience to all our merchants  In this instance, unfortunately, it appears that we will not be able to meet the requirements that [redacted] is requesting.  [redacted] may contact our Customer Service team at ###-###-#### for any further questions.  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 find that this resolution is satisfactory to me and the matter has been resolved.
Sincerely,
[redacted]

Att: New York Revdex.com Dispute Resolution ServicesThis is in reference to complaint #[redacted] from [redacted].  Upon receiving this complaint, we reviewed our records about the situation. Mr. Simuel’s loan with OnDeck had been transferred to a third party for...

payment collection.  Subsequent to this transfer, [redacted] sent a check to OnDeck in the amount of $500.  Unfortunately, due to system and process limitations, the $500 could not becredited directly by OnDeck to the third party.  We regret the confusion [redacted] had with the payment process and recognize he was unsatisfied with the turn-around time he experienced in receiving the funds back to his account.On September [redacted], 2015 we returned the $500 to [redacted]’s account. [redacted] can now deal directly with the third party collection firm.We are committed to providing the best possible experience for our customers, and we regret the time it took for OnDeck to resolve this issue for [redacted].  In addition, as a result of this situation and our commitment to improving our customer experience whenever possible, we have updated our processes with our third-party partner and will be able to transfer customer payments in the future.Please let me know if I can be of any further assistance.Sincerely,Eric L[redacted]Director of Customer Service

Dear [redacted],This is in reference to the complaint [redacted] 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, [redacted]Phone: ###-###-####