ComplaintsforOn Deck Capital, Inc.

• Initial Complaint

  07/02/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  In July 2018 my company was contacted by CAN Capital for loan purposes. My company was doing well prior but faced a sudden hardship due to losing a contract. Within days a loan was secured and $49,950 was deposited into a business checking account on August 1st 2018. In brief the repayment terms were daily at $207.58. In total CAN Capital withdrew $28,821.52 between August and November of 2018.Our company ended 2018 in the negative and COVID 19 followed.First quarter of 2019 I contacted CAN Capital for repayment arrangements. After several phone calls and emails they chose not to agree to the terms. As of January 22, 2019 the loan balance was $13,492.70 per email from ******************. On May 13th 2020 I was contacted by ***************************** to discuss repayment options for the balance. Due to COVID 19 our business was shut down, but we agreed to make monthly payments of $250.00. After several phones calls and an email sent authorizing the payments they stopped responding.September 2020 I was contacted by *****************************. Email stated that she was scheduled to update counsel on our case. She stated that she previously sent options of resolution (no notice was sent prior) of our agreement with their client.Fast forward to June 2024!!! Received standard mail from my State ************************************ Notice of entry of judgment states that a foreign judgement was entered against me and my company and in favor of On Deck Capital **** The attorney representing the plaintiff is ***************************/******* ********* and Screba LLC. It states the judgement is a result of proceeding held in the state of ****???This debt was sold over and over, they failed to send notice and my rights have been violated per FCRA. Contacted my states attorney general and an attorney. Please due your due diligence and research before signing a contract. DO NOT ENGAGED IN ANY BUSINESS WITH CAN CAPITAL/ON DECK CAPITAL OR ANY OTHER LOAN COMPANY WITH UNREALISTIC TERMS /INTEREST RATES.

  Business response

  07/31/2024

  ****** ******** ****** ** ************* ******************* **** ***** ****************** ***  ** ********
  
  Dear Complaint Analyst,
  
  
  Thank you for bringing this issue to our attention.
  
  
  We have reviewed the Complaint.  It appears that on December 8, 2020, a lawsuit was filed in ****************, **** by CAN Capital ********************** and against ********************* and ***********************, Case No. *********.  On July 16, 2021, that Court entered judgment against the above-named Defendants; however, the caption of the judgment incorrectly listed On Deck Capital, Inc. as the Plaintiff, when it should have listed Can Capital ********************* Can Capitals counsel then domesticated the judgment in the State of Delaware. 
  
  
  To be clear, On Deck Capital, Inc. does not have any interest or ownership in that judgment, and did not authorize the judgment to be entered in its name.  Upon discovery of the misnomer on the judgment, On Deck Capital, Inc. requested that CAN Capitals counsel to take the following steps to ensure that the misnomer on the judgment will be corrected to reflect CAN Capital *********************
  Filing a Motion to Vacate the Judgment in the name of On Deck Capital, Inc., and to correct the misnomer to reflect CAN Capital ********************* on any further filings in that action;
  Withdrawing the Petition to Domesticate Foreign Judgment filed in ********, and to correct the misnomer to  CAN Capital ********************* on any further filings in that action.
  
  
  OnDeck has requested that Can Capitals counsel take these actions without delay, and will monitor to ensure that the judgment in OnDecks name is corrected to reflect the correct plaintiff or vacated. 
  
  
  Sincerely,
  

  Final Resolution Department
  ******************************************
  D: ************** | F: **************
  D: ************** | F: **************
  

  
  

• Initial Complaint

  06/03/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I had a highly distressing experience I have had with ON DECK ! In January 2023, I was contacted by a loan broker who claimed to work very closely with ONDECK through a partnership with Fundera. This broker promised to secure a business loan for me and assured me that the loan would be refinanced within a month. The entire conversation revolved around building my business credit and obtaining a loan to help grow my business.During our discussions, the broker informed me that the interest rate stated in the contract, which was an astronomical 50%, would not be the final rate I would pay. He assured me that he would refinance the loan for me promptly. However, about a week later, this broker was abruptly fired, and no one from ONDECK or Fundera was willing or able to assist me with the promised refinancing.The only solution I was offered was to waive the interest if I paid off the loan in full immediately. If I had the funds to do so, I would not have sought a loan in the first place. Despite my repeated attempts to negotiate the interest rate, I have found myself a victim of predatory lending practices. This experience has been deeply unsettling and financially damaging. The fact that a reputable company like ONDECK is involved in such practices is profoundly disappointing. I borrowed $100,000 and have been forced to pay $50,000 in interest. This kind of exploitation is unacceptable and goes against the principles of fair and ethical business practices.I requested an immediate review of my case and a fair resolution to this issue. Specifically, I am seeking a substantial reduction in the interest rate and a renegotiation of the loan terms to reflect what was initially promised to me.NO ONE HELPED! Stay away from them.

  Business response

  06/06/2024

  Thank you for allowing us to respond to ******************************* complaint. 
  
  On January 23, 2023, ********************** signed an operative agreement, with the loan amount of $105,000.00, an origination fee of $2,625.00, and an interest charge of 41 cents per dollar borrowed which converts to a total interest charge of $43,050.24. ************************ agreement gives the eligibility to receive a 25% discount on the remaining interest at payoff or a 100% interest waiver with a loan renewal.
   
  On March 27, 2023, ********************** called OnDecks customer support center to request a payoff letter, when given her payoff amount she was not in agreement with the amount provided and stated the sales agent at *********** advised her she would be getting a higher discount. At that time a complaint case was opened due to misleading or miscommunication on behalf of ************ 
  ********************** forwarded a copy of the text messages/email messages from the agent at ************ with the offers listed as follows;
  
  Option 1:
  Funded Amount: $105,000
   18 Months
   ACH-$1,912.00
   PB-$149,100
   EARLY PAYOFF-$111,825.00
   **25% Early Discount if the balance is satisfied within 3-9 months Remaining Interest Forgiven
   
  Option 2:
   Funded Amount: $95,000
  18 Months 
   ACH-$1,729.00
   PB-$134,9000
   EARLY PAYOFF-$101,175.00
   **25% Early Discount if the balance is satisfied within 3-9 months. Remaining Interest Forgiven
   
   Option 3:
   Funded Amount: $95,000
   15 Months
   ACH-$1,988.00
   PB-$129,200
  EARLY PAYOFF-$96,900
  **25% Early Discount if the balance is satisfied within 3-9 months Remaining Interest Forgiven
   
  Option 4:
  Funded Amount: $80,000
  15 Months 
   ACH-$1,674.00
   PB-$108,800
   EARLY PAYOFF-$81,000
   **25% Early Discount if the balance is satisfied within 3-9 months. Remaining Interest Forgiven
    
   Option 5:
  Funded Amount: $80,000
  12 Months 
   ACH-$2,000
   PB-$104,000
   EARLY PAYOFF-$98,000
   **25% Early Discount if the balance is satisfied within 3-9 months. Remaining Interest Forgiven 
  
  
  After a review of the information ********************** provided and communications with ************ OnDeck found that ********************** was given misinformation regarding her discounted amounts. OnDeck offered a resolution of a 100% interest waiver at the time of the payoff. On April 3, 2023, ********************** accepted the offer and requested a payoff letter to reflect this. On April 11, 2023, ********************** emailed our complaints department requesting to have her loan refinanced to include the offer of a 100% interest waiver. On April 13, 2023, ********************** was advised she was only 14% paid down on the current loan and was not eligible to do a refinance, however, once she reaches 30-33% paid down she would be eligible to apply for a refinance. Once she has reached the required paid-down ***** she will want to contact her OnDeck sales agent. ********************** then requested her payoff amount, as she would like to pay the loan off. She was given the payoff amount of $94,363.26 which was her principal balance as the remaining interest will be waived due to the resolution of her complaint. 
  
  On May 11, 2023, ********************** emailed again requesting her payoff amount, On May 12, 2023, OnDeck responded with her payoff amount of $90,219.21 excluding the remaining interest balance. 
  
  On May 24, 2023, ********************** sent an email expressing her disappointment with OnDeck, advised she would be writing negative reviews on the BBB website and reporting Ondeck to the government for fraud, stating her company is in the red because of the high-interest loan and the fact that she has received zero response from the OnDeck team. 
  
  There have been numerous amounts of emails and calls between ********************** and OnDeck, expressing her disappointments and legal threats, with the most recent email being received on June 1, 2024, requesting to refinance her loan, her disappointment with the resolution of her complaint from 2023, and the termination of the sales agent she worked with at ************ 
  *********************** was again advised to contact her OnDeck sales agent to review the refinance options as she is currently eligible to apply for refinancing. We also explained that the Sales Agent with ************ was not an employee of OnDeck and that OnDeck has no control over how ******** **** handles their disciplinary actions.
  
  Attached is a copy of ************************** Business Loan Agreement and email communications with **********************. OnDeck is as transparent as possible when we close on all of our loans regarding loan costs, including but not limited to interest expenses, and fees. 
  
  OnDeck is committed to providing the best possible experience to all our merchants. If ********************** has any other questions, or if we can support her in any way, she can contact OnDeck **************** directly at ************.

  All the best, 

  OnDeck 

  
  

• Initial Complaint

  05/13/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  "We're in the process of securing an SBA loan through *************** to settle our OnDeck loan and other obligations. Despite numerous requests, we're encountering difficulties in obtaining a payoff letter with a specific date from OnDeck."

  Business response

  05/20/2024

  Thank you for giving On Deck Capital, Inc. (OnDeck) the opportunity to respond to *********************** complaint. Weve received and reviewed **************** dispute dated May 13, 2024.
  

  From April 26 to May 13, 2024, ************** called our customer service center and requested a ****** payoff with a specific date. ************** was advised by several different agents that OnDeck does not give 10-day payoffs as his payoff amount changes weekly due to the weekly payment schedule he has. Also, OnDeck payoff letters are system-generated based on the weekly schedule. Each time ************** called to request the payoff letter, the request was processed. Unfortunately, we are not able to change the dates on the letter due to the payoff letter being system-generated. In the last communication with ************** on May 13, 2024, the OnDeck agent included a letter of explanation to state the dates he requested but the actual payoff letter again cannot be altered. We have attached the last payoff letter and the letter of explanation, submitted via email on May 13, 2024. OnDecks goal is to provide clear communication and if a training opportunity is recognized we will address that with the respective parties.
  

  Best regards, 
  OnDeck Final Resolution 
  

  
  

• Initial Complaint

  04/15/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  In February, 2023, I was contacted by a very aggressive law firm, regarding a debt I owed to OnDeck in the amount of $4,300.47 for my business, ************************* Realty. That law firm, *****************************, offered me six installments to pay the debt off, beginning in February 2023 and ending in July of 2023. Even though I was making payments, they would continue to send me threatening emails. I paid the debt, in full, by the timeline of July, 2023. OnDeck sent me no release of any UCC liens, nor anything showing the debt was paid in full. Neither did *****************************, LLC. In April of 2024, I received an email from OnDeck, again threatening me for the same balance, claiming I hadn't paid it, and threatening to **** I have proof of all payments, and a signed copy of the agreement in which ***************************** LLC claims to represent OnDeck.

  Business response

  04/22/2024

  Thank you for allowing OnDeck to respond to ******************** complaint.OnDeck is committed to providing the best possible borrowing experience for our customers. We are truly sorry if we came up short of this goal.
  

  Upon receiving this complaint, OnDeck conducted an internal investigation regarding *** ******* situation. Our research indicates that *************** was sent an email notification in error. We have identified the issue and we are working to get this corrected however she should not receive any additional emails. We have also confirmed that the loan with OnDeck has been paid in full through a settlement offer with *****************************, LLC and there is currently no UCC lien on *** ******* business.In addition, our records reflect that we furnished, as of July 31, 2023, among other data points, that the loan's current balance was zero and the account is closed. We have included a transaction history report that reflects a zero balance as of July 27, 2023.
  

  If **************** would like to discuss this further she can contact our customer support team Monday-Friday from 9:30 a.m. 7:30 p.m. ET at **************.
  

  Sincerely,
  Ondeck Complaints and Disputes team

  Customer response

  04/25/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *************************
  
  
  
   
  
  

• Initial Complaint

  04/10/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  This broker is a scam if only I had read about them before going into trade with them. ?? they keep telling me to deposit more of my funds.. After I read about them and concluded and decided to reach out to ***************** after I read so many reviews on how She has helped a lot of victims. Well, I am glad ***************** was able to help me recover my money. You can get in touch with HER on their company mail Email: harperjamesplatform @ gmail com

  Business response

  04/16/2024

  Hello, we can't seem to find an account in our system. Merchant can reach out to us at ****************************************** with the name and business name. We'd like to look into the complaint. Thank you.

• Initial Complaint

  03/22/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  This business has unfairly and unjustly denied my loan application after meeting all minimum requirements. They send me letters each time not telling me what the reason is for denial and asking. I contact them for the reason which I am doing now. Of course this firm will have an inquiry on my credit report bringing down my credit score yet again so I can use that as a pathetic excuse.

  Business response

  03/28/2024

  Thank you for allowing OnDeck to respond to ********************** complaint concerning his denied loan application with OnDeck.  Upon receiving this complaint, we completed a thorough investigation regarding his claims.
  

  Our research indicates that ******************** application was denied due to a derogatory history in Business Credit at the time of his loan application.  If ******************** has a discrepancy in the results of his credit reporting information, we suggest he reach out to the credit bureau to resolve any issues.
  

  OnDecks goal is to provide clear communication on any loan decision,and if a training opportunity is recognized we will address that with the appropriate parties.
  

  Although ************************ application was declined, he is welcome to reapply within 30 days of the decline. OnDeck is committed to providing the best possible borrowing experience for our customers. 
  

  Thank you. 

  Customer response

  03/29/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me and the matter has been resolved.
  
  Sincerely,
  
  *****************************
  
  
  
   
  
  

• Initial Complaint

  02/22/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  This is one of the scamming small business funding programs. They loan on your future income at an illegal interest but when your business slows down they do not adjust as they said. I told them I could not afford the weekly payment and they wanted double money in one year. We got slow I tried to make reasonable monthly payment they refused. They said they would adjust but they refused. SO really they are not doing a loan on receivables they are doing an illegal high interest loan. Now that our company is making way less than there payment they want to *** me in court and ruin my credit make threats and take our equipment needed to work.

  Business response

  03/04/2024

  Thank you for allowing us to respond to ***************** complaint.OnDeck is as transparent as possible when we close on all of our loans in regards to loan costs, including but not limited to payment structure, and interest expense on the loan.
  On or about January 6, 2023, ****************** applied for business credit through an independent third-party broker, **************, LLC.Based on the information contained in that application, ****************** was approved for a $105,000 loan from OnDecks banking partner, ************ On or about June 8, 2023, ****************** qualified to apply for a loan renewal. At that time the renewal application was received and reviewed by underwriting. Unfortunately, ***************** was not approved due to; the high-risk industry; his Personal Credit Score is on the lower end of our acceptable range the low volume of recent bank deposits. On June 23, 2023, ****************** revoked his ACH payments and started to fall behind on his payments. Because of this, collection activities started.OnDeck made offers of available payment assistance, which were not accepted by *****************. On October 2, 2023, *** ******** OnDeck account was written off for $79,052.84. In addition, *** ******** contract only offered weekly payments. Ultimately,we believe it's important for each small business owner to decide what type of financing is best suited for them.
  If ****************** would like to discuss this further, he can contact us at ****************************************** or **************.
  Sincere regards, 

• Initial Complaint

  12/29/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On Deck continues to say that I have a bankruptcy on my credit and that's not true .

  Business response

  12/29/2023

  Thank you for allowing OnDeck to respond to ****************** complaint concerning his denied loan application with OnDeck.  Upon receiving this complaint, we reviewed our records about the situation.
  Our research indicates that **************** did not meet our minimum underwriting requirements at the time of his loan application.  If **************** has a discrepancy in the results of his credit reporting information we suggest he reach out to the credit bureau to resolve that issue.
  OnDecks 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 **************** 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.  Thank you. 

• Initial Complaint

  12/27/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I disputed this charge because I paid for a service that was not fulfilled. Why am I now being charged for a service I didn't receive!

  Business response

  01/16/2024

  Thank you for allowing us to respond to this complaint, we're sorry to hear of any negative experiences. We can't seem to find any account information in our system with the information provided in this complaint and would like to point out the attachments the complainant provided shows a charge of $30.00 from Th3 *******, which is has no ties with OnDeck. Thank you. 

  Customer response

  01/19/2024

  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID# ********, and have determined that my complaint has NOT been resolved because:

  [Your Answer Here] Well the charge I disputed is attached ! I didnt approve of this charge. I would like my money to be refunded. I didnt give Planet Fitness permission to be charging my credit card.

   

   

   

   

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

  
  Sincerely,
  
  *********************
  
  
  
  
   
  

  Business response

  01/25/2024

  Thank you for allowing us to respond to this compliant. ******** has made statements of not given permission for "Planet Fitness" to charge her account. Also, attached screenshots of charges made to her account by "**********" both of which has no connection to "OnDeck". We were also unable to locate any account information for the merchant in our database. This is not a charge by OnDeck Thank you. 
  
  

• Initial Complaint

  11/01/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  My business took a loan with OnDeck in December of 2022. Since then, they have been taking $400 per week from my business bank account. Last week, ***** closed my business bank account and opened a new one due to fraudulent activity. I called OnDeck to provide my new account number and ACH authorization form. They want a letter from Chase which requires me to go to a Chase brand personally. I have explained to OnDeck on the phone and in writing that I don't have a way to mobilize to the bank to get that letter. I printed a screenshot of my Chase online dashboard, where they can see my business name and account number. However, they refuse to take my payment have placed my account on hold. They verified my personal information several times and still refuse to take my payment. They will keep me on hold and charge me interests and fees until I provide that letter. This is illegal.

  Business response

  11/02/2023

  Thank you for giving us the opportunity to respond to ************************* complaint.
  

  We have had an opportunity to review the requests made to OnDeck on October 30, 2023, and on October 31, 2023, and to investigate the current status of our responses to such requests. Our investigation reflects the following:

  On October 30, 2023, **************** spoke with Ondeck **************** and made the following request:
  Bank account change- **************** requested to have her current bank account on file with ********************** updated because the account was closed due to fraudulent activity. At that time **************** was advised to complete an *** authorization form and send in a bank statement or bank letter including the Company name,the full routing number, and the new account number. The merchant was informed a screenshot of her bank portal is not an acceptable document per OnDecks policies.

  An email was sent to **************** confirming the bank account change request including the *** authorization form to be returned for confirmation as well as a list of required documents. **************** submitted the signed *** authorization and a screenshot of her bank account portal dashboard. OnDeck replied informing the merchant the screenshot is not an acceptable document.
  

  On October 31, 2023, Merchant spoke with Ondeck **************** and made the following request:
  Bank account change- **************** requested to have her current bank account on file with ********************** updated because the account was closed due to fraudulent activity. The merchant was informed the signed *** authorization was received. However, the screenshot of her bank portal is not an acceptable document per OnDecks policies. The merchant was informed a bank statement or bank letter was needed. **************** then insisted on making the payment over the phone but advised the bank account on file was closed therefore, a payment could not be processed over the phone. **************** was informed she could send a wire payment **************** did not accept the option and she disconnected the call.  
  

  On November 1, 2023, the complaint was received. To stay in compliance with our policies and procedures that are in place, OnDeck is unable to complete ****************** request until we have received the required documents to process the update. Once the required documents are received we will be more than happy to complete ****************** request. In the meantime, **************** can send payments via wire transfer.
  

  If **************** has any additional questions she is more than welcome to contact OnDeck **************** at ************** or by email at ******************************************.
  

  Sincerely,

  
  ******* *
  OnDeck Complaints specialist

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩