On Deck Capital, Inc.

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: ###-###-####

Thank you for giving OnDeck the opportunity to respond to [redacted] 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.  Although [redacted] has had previous loans with OnDeck, any new loan takes into consideration both historical and current business performance. OnDeck appreciates and will review the communications [redacted] had with his 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.  BusinessLoans.com 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

Thank you for giving OnDeck the opportunity to respond to [redacted] request that he stop receiving any further OnDeck solicitations or marketing materials. While a review of our records does not indicate that we previously received a request to cease mailings or phone calls to this...

business, I can confirm that OnDeck has removed [redacted] address from all future marketing communications. Because OnDeck marketing materials are often sent out weeks in advance, [redacted] may receive one more piece of marketing from OnDeck in March. Please know that this is the last piece he should receive and that we have removed [redacted] from our marketing list.  OnDeck can also confirm that we have removed the business phone number from our phone system, and have added [redacted] to our Do Not Call list.Thank you very much for letting us know about [redacted] concerns, as we wish to accommodate his request. 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:

[[redacted] 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 [redacted] 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 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]. We are happy to answer [redacted]’s questions concerning his recent loan application. [redacted] has requested that all of his personal information, application data, and his OnDeck account be deleted from our...

system.  Consumer Financial Protection Bureau Regulation B outlines the rules that lenders must adhere to when obtaining and processing credit information.  One of the codes of Regulation B is that all information concerning and related to any business loan application must be held for a minimum of 12 months.  We are unable to delete [redacted]’s account based on this federal regulation. OnDeck appreciates the feedback provided by [redacted] related to his contact with an OnDeck loan specialist.  OnDeck’s goal is to provide a professional experience for any communication with OnDeck.  We will review the phone call and if a training opportunity is recognized we will address that with the loan specialist. 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 find that this resolution is satisfactory for what they offered. I did accept the gift cards so technically the matter has been resolved. They did rip me off of over $500 dollars still, but there is nothing I can do! I also believe that the way they do business of only offering a settlement when you ask for one with a 48 hour period hard deadline is bad business practice.
Sincerely,
[redacted]

Thank you for giving OnDeck the opportunity to respond to [redacted].  I’m happy to answer [redacted]’s questions.  [redacted]’s loan with OnDeck originated on September [redacted], 2014 for a total payback amount of $187,650.54. [redacted] defaulted on the loan by not making payments as...

required.  After default, OnDeck sold [redacted]’s past due balance of $143,468.21 to CACH, LLC on July [redacted], 2015.            OnDeck can confirm the UCC relative to [redacted]’s loan was terminated on October [redacted], 2016 after confirming with CACH, LLC that a settlement agreement was reached between [redacted] and CACH, LLC. On that same day, OnDeck emailed [redacted] a confirmation and copy of the UCC termination for his records. Now that a settlement arrangement has been fulfilled between [redacted] and CACH, LLC, [redacted] will need to contact CACH, LLC directly to inquire about the current status of any credit reporting by CACH, LLC. Thank you very much for letting us know about [redacted]’s concerns.  OnDeck Customer Service is available for any further assistance, and we hope that [redacted] finds a resolution directly with CACH, LLC on any outstanding issues. Sincerely, Eric L[redacted] Director of Customer Service - OnDeck

Quick and easy process, second time user, I wold use On Deck again for financing

Review: 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 [redacted],

This is in reference to the complaint from [redacted], complaint ID # [redacted].

Upon receiving [redacted]’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.

[redacted] 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, [redacted] still owed $14,665.33 from his first loan, which was taken out of his renewal amount of $20,000. However, it appears [redacted] 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 [redacted] 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, [redacted] 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 [redacted]’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: [redacted]

Review: Soliciting, trying to PUSH their loans that I DON'T WANT.Desired Settlement: No further contact by the business

Business

Response:

Thank you for giving OnDeck the opportunity to respond to [redacted] request that he stop receiving any further OnDeck solicitations or marketing materials. While a review of our records does not indicate that we previously received a request to cease mailings or phone calls to this business, I can confirm that OnDeck has removed [redacted] address from all future marketing communications. Because OnDeck marketing materials are often sent out weeks in advance, [redacted] may receive one more piece of marketing from OnDeck in March. Please know that this is the last piece he should receive and that we have removed [redacted] from our marketing list. OnDeck can also confirm that we have removed the business phone number from our phone system, and have added [redacted] to our Do Not Call list.Thank you very much for letting us know about [redacted] concerns, as we wish to accommodate his request. Sincerely, Eric L[redacted] OnDeck – Director of Customer Service

Review: 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:

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

Best Regards,

Review: 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 "[redacted]," 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 [redacted],

This is in reference to the complaint from [redacted].

Upon receiving [redacted]’s complaint, we reviewed our records about the situation.

We solicited [redacted] 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 [redacted] 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 [redacted], 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 [redacted]’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,

[redacted]

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

Review: 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 [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]

We have been customer of OnDeck since 2015 and our current loan that will be fully paid in May 2017 is our 3rd.

Within the overall requirement to check everything that's offered and ask pertinent questions when something seems unclear or not totally understood, the business model and the service offered by On Deck Capital, Inc. is valuable and solid. In addition the processing is pretty simple and straightforward. One has to regret the lack of clarity on how the interests on the loan are calculated and applied over the loan duration which would make the process totally transparent for any educated customer.

The OnDeck Team is professional and pleasant to work with.

I applied for a loan only with this business after they could not help me they sold my information to a list. Now I am getting 4 to 5 calls a day about loans. I did not apply online for any other loan except them. Now I am wondering if they sold my income info etc.

we have used On Deck on two occasions, they have lived up to all commitments and have been extremely helpful in all aspects of their loan process.

Their rates are flexible and we have been very pleased to do business with them.

Review: 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 [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,

Consumer

Response:

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 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, [redacted], 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 [redacted] from Advanced Funds says he can still offer the $20,250.

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

Sincerely,

Business

Response:

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,

On Deck handled my request for a line of credit in a very efficient and professional manner.
I would recommend On Deck to others.

Review: I am sick and tired of you people calling my office about financial business. I have ask to be taken out, but I am still with you all. I have not apply , inquire, or request for you people to keep calling me. Keep it up and I will file with AG office.

Business

Response:

This is in reference to complaint # [redacted]

from [redacted]. Upon receiving this complaint, we

reviewed our records about the situation. To reiterate, [redacted] requested that she stop receiving calls from

representatives at OnDeck. I can confirm that we have added [redacted] to our “Do Not Call” list,

and have also removed her company and address from our marketing lists.

Because our marketing materials are often sent out weeks in advance please allow 4-6 weeks for any mailers already

in production to cease.For [redacted], or any other customer that would like to be added to

our Do Not Call list, they can either send the written request to [redacted] or by calling our Customer Service team at ###-###-#### Option

3. I apologize for any inconvenience, and hope that

this response confirms our commitment to our Privacy Policy and our customers.Sincerely,Eric L[redacted]OnDeck – Director of Customer Service

Consumer

Response:

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,

Review: 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 [redacted]: Thisis in reference to complaint #[redacted] from [redacted]. Upon receiving this complaint, we reviewed ourrecords about the situation. Toreiterate, [redacted] states in him complaint that he was declined for a loanwithout receiving any reason as to why he was declined. Ourresearch indicates that [redacted] was declined due to time in business and bankaccount information 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. Wehave removed all of [redacted]’s information per his request. Attachedplease find the correspondence between our direct sales representative and [redacted]

[redacted]. We sincerely apologize for any frustrationthis has caused [redacted]. Weare committed to providing the best possible borrowing experience for ourcustomers. [redacted] is awebsite 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]

[redacted]Phone: ###-###-####

Consumer

Response:

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 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 Revdex.com to appropriately process your response, you MUST answer the question above.

Sincerely,

Business

Response:

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...

Consumer

Response:

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,