On Deck Capital, Inc.

Review: 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 [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: ###-###-####

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:

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

Sincerely,

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

Sincerely,

Business

Response:

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]

[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...

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,

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,

So far I have nothing but positive things to say about OnDeck. The process was easy, Andrew was wonderful to work with, the repayment options are fair. When no one else was willing to loan to my restaurant OnDeck was and because of that 15 people keep their jobs and I get to grow into a larger space! Thanks OnDeck.

Online loan accessibility done smoothly.

Friendly, professional, and compassionate are their reps...
Processing quick and simple
Renewals are hassle free...
Overall a good experience .

Review: When screening calls for the owner, as the manager of a business, being called at that business location, it was refused that OnDeck would put our business on the "Do not call list". Because this is a waste of time for both the owner and management and refusal to not call again- I am making this complaint, and request to be taken off the call listDesired Settlement: Please do not call again.

Business

Response:

Thank you for giving OnDeck the opportunity to respond to [redacted] request to have a business phone number

added to our Do Not Call list. All OnDeck Sales and Customer Service

teams are trained in handling these requests, and I apologize for any delay [redacted] has experienced.Based on the information provided OnDeck is not able to locate any records based on the business name or

phone number provided by [redacted]. OnDeck sent a separate email request to

[redacted] on Friday, October [redacted] and also on Tuesday,

October [redacted] to gather alternative contact or identifying information that may be used

to locate an existing business record. As of the submission of this response OnDeck has not heard back

from [redacted].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. Based on

providing a number that can be matched to our records, we will add that phone

number to our Do Not Call list.I hope that this response confirms our commitment to our policy and our

customers. Eric L[redacted]Director of Customer Service - OnDeck

At the time of inception, I thought this would be a good idea. Boy was I wrong! They are quick to loan money, and the way they sell their product is deceptive. I was told during the loan application process that the interest would be low when in fact it is astronomically high, like 36% high. They loan you way more that you can afford with super short payment schedules that a small growing business can't afford. So you call them monthly trying to get a work around, which you have to jump through hoops to make happen, then they want hardship letters explaining why your business is failing because they take so much out that you have nothing left to pay your bills. So very disappointed.

Review: 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[redacted],

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

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

We sent [redacted] a mailer with a pre-approval offer for a small business loan based on publicly available information about her business. After receiving the mailer, [redacted] 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 [redacted]’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 [redacted]. 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,

Review: The loan was paid in full in advance prior to the original end date. The refund for the early payoff was not honored.

Instead, the customer service department is giving excuses after excuses. The account manager who was handling my account is no where to be found. Only the partial amount was deducted from the original amount. The balance of the refund was to be mailed after two week once payment was received. Now the sales manager told me to talk to the customer service, the customer service department omits my request and sends another email explaining what had happened. Multiple emails has been sent, now they stopped responding. Our conversation was recorded according to the sales manager. Ask customer service to review our conversation.Desired Settlement: I would like to receive the balance of the refund for the early payoff amount. My account manager reassured me the amount of refund was correct, he told me he talk to the account department personally. This was the second loan.

I had to wait another day prior to receiving the amount, because he had to talk to his manager.

The pending amount still owe to me is, $4,339.29

Business

Response:

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]

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 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,

Consumer

Response:

To: Revdex.com and the ON DECKOnce again, On Deck response is vague and ambiguous. Multiple emails were sent to the account manager and now replies. If you can provide the transcript and the supporting emails I will be satisfied and closed this complaint. I have provided multiple times of the emails between the account manager and I.I was told differently than what the company policy was.. shouldn't the employee be aware of the company policy more than the customer.. especially the executive account manager..

Sincerely,

Business

Response:

On Tuesday December [redacted], 2015 OnDeck and [redacted]

discussed the current issues concerning [redacted] complaint. OnDeck and [redacted] settled the issue with an agreed

upon resolution. OnDeck appreciates the

patience that [redacted] had with the process, and we are happy that all parties

are satisfied with the final outcome.OnDeck strives in providing an experience that goes above

and beyond our customer’s expectations.

We appreciated the feedback from [redacted] and the opportunity to improve

our communications process.Sincerely,Eric L[redacted]OnDeck - Director of Customer Service

Review: 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 [redacted]. As of noon on Sept [redacted] funds are still not available. Their company is not trust worthy.Desired Settlement: I believe they should refund our closing costs.

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 his application for a small business loan with OnDeck on August **, 2014 and completed his application on August [redacted], 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. [redacted] was made aware of this, but didn’t deliver the required information until the 2:07pm on August [redacted]. The following Monday was Labor Day - a national bank holiday - so [redacted] didn’t received his funds in full until the following Tuesday, September [redacted].

We’ve included a voicemail we left for [redacted] 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 [redacted] – he spoke briefly with our SVP of Sales - to apologize for the miscommunication, but unfortunately, [redacted] has not returned our phone calls as of late.

We sincerely apologize for any frustration we may have caused [redacted]. 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,

I owned a small business and after five years closed it down.

In the past year and a half its been closed and constantly receive mail (used to get calls) which I called, emailed and sent back mail and still receive mail.

When I called the states (no Canadian office), they told me to call the Canadian branch. I told them that the number isn't online nor in the literature.

The person in the states agreed to call to cancel these letters and would take a couple of months. I explained to him that it should take less than that due to simply by removing me from their database. After a year I still receive these letters.

They don't honour their word and therefore can't be trusted.

Ondeck capital Has ruined our business completely.

Their salespeople are very well trained to use terminology that will be understood to the borrower in one way, and in fact it can mean something else, in a shrewd way where they can still be legally protected.

In our case we had a few loan options in front of us, smaller loan amounts, for less interest or a bigger loan amount for a much higher interest, I was very sceptical about taking a big loan, because I knew that Ondeck has the worse program when it comes to paying off a loan early, since they will still charge you 75% of the remaining interest, even if you pay them back everything, it dosnt matter to them, they still want from you the same Huge amount in interest!!!

But, after the ondeck rep. Has told me that they have great "renewal program's that will help me bring down the cost of the loan, and it will benefit me In my situation, and at time of renewal they will waive me the remaining interest of the loan which is 10k, I changed my mind and I decided to go forward with the big loan...

A few months into the loan I called them up that the high interest is killing my business and I would want to take advantage of the renewal process so it should at least save us 10k, but after talking to the agent He then told me that the renewal process will not save me anything in my case, even if I will get the interest waived, since ondeck will require me to renew with another "big" loan!!!!!

That requirement was intentionally hidden by the first ondeck rep. While he was talking to me only about savings of the interest!!

The ondeck team used terminology to trap me into a huge loan, By telling me that the renewing option is a program, to bring down cost, when in fact it is not....

After complaining to a manager, How the rep. Misrepresented the renewal program to me, this is what I got in an email from her...

"We understand your frustration about not being told your renewal options and are happy to give you a $100 credit towards your origination fee on any future renewal loans with us."

What a shame!!! After losing thosands of dollars, they offered me only $100, my other option she offered was, to speak to the ondeck payment support team and they will break the payments in a diffrent way, but in fact, they won't credit anything back....

I hope ondeck capital will take full responsibility, and will issue me a sensible refund, so we can avoid a legal process.

If you're thinking about using this company, you'd be making a good move. I've used them twice. They did for me what me banker of 17 years wouldn't. You can't lose with OnDeck

Review: 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 [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,

Review: An agent for OnDeck, [redacted], 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:

[redacted]July **, 2015This is in response to Revdex.com Complaint #[redacted]. Upon receiving this complaint, we reviewed our records about thesituation. To reiterate, as per the email to [redacted] from Brian S[redacted], [redacted] clearly outlined the terms of the loan. In this communication, [redacted]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 [redacted] from Brian S[redacted], Director of Funding at [redacted]

[redacted], he states: “As per our conversation, here are is the breakdown of the proposed deal: $XXXXX funded, with a payback of $XXXXXX payback. The dailypayment would be $XXXXX. The duration is 147 payments (7 months to start). The way the deal is structured is as follows: At renewal (40%) you have paid50% of the interest ($XXXX) we will forgive the remaining interest ($XXXX.) The total cost of the capital will be $XXXXX. This equates to XX% on which you willbe 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 servicethis 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 isnecessary 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 [redacted] and [redacted], we believe that the explanation from Brian S[redacted] as to the structure of the dealis clear.We are committed to providing the best possible borrowing experience for our customers. [redacted] is awebsite 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 nothesitate to contact me should you have any questions. Thanks,Darla J[redacted]Director of LoanAdministration[redacted]Phone: ###-###-####Tell us why here...

This company has a well trained staff of customer contact. They are very good in giving money. The problem is when you have any type of hardship and need to rework the loan it is terrible. I am the one who has to watch them daily to make sure they are taking the correct payment amount as agreed upon. I was told in a recorded phone call by one of the customer service I needed to have my bank statements in by the 12th to be considered for a work out month to month. I got them in a week early. I thought I was ok. The began to take the original amount out. I was shocked to see my bank account. I called them. They said underwriting thought I had taken additional capitol from square which is my credit card processing. I was then told I did not send in my credit card processing statement and that is why the loan reverted. I was never told I needed to. So I sent in my credit card processing and bank statement for june in and received a call on the 21st that my new loan amount was XX and it would run for 30 days. It is now the [redacted] and the loan is now reverted to the 217. I have called twice and with the promise of a "manager" to get back to me. I do not expect any manager to call. I do not understand why they keep doing this. I believe they are just sharks waiting for blood in the water.

I have been with OD for several years now and love the way they do business. All the information you need to know in making a loan decision is provided to you up front. I'm in my third refinance with them and couldn't be happier with the loan or my rep Darcey L[redacted] Yes, they are in business to make a profit; but what business isn't? They can and will do for your business what most banks and finance companies won't. You decide if the terms are acceptable then it's done. Nothing hidded, no surprises!

I am trying to pay off the loan early and On Deck Capital Inc is charging interest all the way to the end of the loan, this is a very unethical business practice if not illegal. I would never recommend this company to any business. Be warned and read all the fine print there are many other lending companies out there that do not have a pre payment penalty. I am referring this issue to our attorney and will be taking what ever legal action I can to remedy this.

Review: I applied for a short term funding from ON DECK on 8/**/14 for my business. My adviser was [redacted], 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 [redacted] 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 [redacted] 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 [redacted] 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 [redacted] the most recent official tax transcripts along with an clean copy of the business tax returns that was manually done. Then [redacted] 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 [redacted],

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

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

[redacted] 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 [redacted]’s loan, we needed several additional documents including a 8821 Tax Authorization Form, which verifies if [redacted] 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 [redacted] 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 [redacted] 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 [redacted] to make him aware of his 8821 status.

We sincerely apologize for any frustration we may have caused [redacted]. 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,