World Capital Management

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

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

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

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

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

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

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

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

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

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

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

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

Thank you for giving OnDeck the opportunity to respond to [redacted]. 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

Thank you for giving OnDeck the opportunity to respond. OnDeck is happy to accommodate this request and have now removed the business name from any further OnDeck marketing materials being mailed to the business address. Unfortunately, the email address that was used to submit the complaint is not...

authorized on this account. At this time we are unable to add the business to our Do Not Call list. However, the account holder [redacted], may contact OnDeck Customer Service directly to authorize this request as there is no 3rd party authorized on this account. The business may receive additional marketing material since they are often sent out weeks in advance. OnDeck Customer Service is available for [redacted] if he would like to authorize this request or if he has additional questions at ###-###-####.

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

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

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

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

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]

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

[Your Answer Here]
 
 What the hell is this??? NO THEY DID NOT. THEY STILL OWE ME $200 + and the GIFT CARD IS USELESS!!! USELESS! As in I can not use it anywhere. This was confirmed by MasterCard. 
 
 
In order for the Revdex.com to appropriately process your response, you MUST answer the question above.
Sincerely,
[redacted]

Thank you for giving us the opportunity to respond to this customer’s comment, OnDeck appreciates their suggestions.  As mentioned, in the customer’s comments, OnDeck currently does not offer the payment structure and terms they are requesting.  As OnDeck continues to expand our product...

offerings, we will pass on these suggestions to our development team. We can confirm that OnDeck is reporting their business credit to the credit bureaus. If it is not showing in their business credit profile, we ask that they provide us with a full credit report to determine the cause of the issue. OnDeck Customer Service is available for assistance at ###-###-#### option 3. OnDeck is committed to providing the best possible borrowing experience for our customers. We've lent over $5B over the past 10 years and hear from customers that financing has helped their businesses grow; ultimately, we believe it's important for each small business owner to decide what type of financing is best suited for them. If the customer would like to discuss further, they may contact us at [redacted] or the number listed above.   Sincerely, Eric L[redacted] Dr. 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:

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

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

They received paperwork/bank statements and letter of explanation regarding their policy to assist with temporary payment reduction and no return calls or email were sent as to whether the arrangement was accepted or a counter offer.  Request either loan to be reinstated with original payments or continue to pay via ALL TRAN and to be removed by [redacted] per ondeck instructions.
 
 
 
 
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] 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