ComplaintsforOn Deck Capital, Inc.

• 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

• Initial Complaint

  09/28/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  My bank overnighted a check to pay off my loan on 9/14. Tracking shows the check was received on 9/15. I am still having weekly loan payments of nearly $4000 pulled from my account by **********************. They have stopped responding via email. I called customer service who says it takes up to 4 weeks to deposit a check. (They refused to accept a wire). They won't give me a date of when they will stop taking money from my account, acknowledge payment has been made in full, etc. Their negligence is hindering my affairs and financial planning drastically. I need OnDeck to resolve this asap. Thank you

  Business response

  10/06/2023

  Thank you for allowing OnDeck to respond to ********************** complaint. Upon receiving this complaint, OnDeck conducted an internal investigation of *** ********* situation. Our research indicates the check was received via ***** overnight services. However, the check did not have any identifiable account information included, which added more of a delay to our check process timeline of 2-4 weeks. Our representative was in communication with ******************** throughout the investigation process. As of today, the check has been received and applied to *** ********* account. The account is paid in full, no additional payments will be debited from his bank account, there is a pending refund on the account, and account closure is pending.

  If ******************** has any further questions, he is more than welcome to call **************** at **************.
  

  
  

  Customer response

  10/08/2023

  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]

   As you can see, the check was received September 15th.   Not only did I provide the proper information associated with the payoff, which ondeck apparently denies, but I called and emailed repeatedly to attempt to resolve this issue.  I sent the same screenshots and OnDeck vehemently denied receiving the check, having any knowledge of payoff, etc. In the meantime they continued to pull payments from my bank account which, as you can see, has resulted in overpayment of over $15,000.00.   
  

  I have received no communication (other than the response to my complaint) regarding this matter.   And now I am owed a chunk of money and need to know when it will be refunded.   (I have called and emailed many times trying to resolve this issue). 

  
  

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

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

  Business response

  10/18/2023

  Thank you for allowing OnDeck to respond to ********************** complaint. Upon receiving this complaint, OnDeck conducted an internal investigation of *** ********* claims. Our research indicates as of October 6, 2023, the check was applied to ************************ account. On October 9, 2023, ******************** called OnDeck **************** to inquire about his refund, at that time he was informed of the pending refund of $15,476.43 and that the refund would be processed within **** business days, this was to ensure the check was not rejected or withdrawn. As of October 17, 2023, the refund has been processed and will be deposited into the bank account on file via ACH. My ******** should see this reflected in his bank account within 1-3 business days. If ******************** has any further questions or concerns, he is more than welcome to call **************** at **************.

• Initial Complaint

  08/17/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Have made 5 requests for an early payoff letter and have been unable to obtain such letter. Reached out to numerous contacts within OnDeck and have not received the payoff letter that reflects the early payoff discount as OnDeck offered for our loan. Loan account number: ****************

  Business response

  08/18/2023

  OnDeck is committed to providing the best possible borrowing experience for our customers. We are truly sorry if we came up short in this goal. Upon receiving this review, OnDeck conducted an internal investigation regarding this complaint. Our research indicates that there were some missed opportunities regarding ********************** request. We appreciate you bringing this matter to our attention, and we recognize that a training opportunity will be addressed with the respective parties. As of today ********************** request has been fulfilled. If there are other additional questions or concerns please feel free to contact customer service at ************** or by email at ******************************************. Thank you. 

• Initial Complaint

  08/04/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On July 27th, 2023, we applied and were approved by Ondeck Capital for a loan in the amount of ******. We have not received the loan into our account at all as of yet. They however have taken a payment out of our account as of yesterday. We call customer service with them stating call our bank institution. We call our banking institution, they state no transfer has been received at all. We call Ondeck back and get the line wait a couple days to have supervisor call us back. This is beyond ridiculous and I am appalled we could be charged a payment on a loan we never received. At this point we would just like to cancel this loan all together and receive a refund for this payment.

  Business response

  08/17/2023

  Thank you for giving On Deck Capital, Inc. (OnDeck) the opportunity to respond to ********************* complaint. Weve received and reviewed ********************* dispute dated August 7, 2023. OnDeck has identified the funding issue that has occurred and we're sincerely sorry for the inconvenience. As of August 9. 2023 OnDeck corrected the issue and the funds were deposited into ************* account on file. ********************** also advised ****** that we will process the loan return and she will just need to return the full proceeds of the loan, of which we have not received as of today. Hailin can contact our customer service department with  any further question or concerns at ************** or by email at ************************************************ you. 

• Initial Complaint

  04/14/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  This company used deceptive practices to get you to sign up. I was told by 3 different reps that we would recieve a 25% discount if we paid off the loan early. The reps confirmed this by pointing out on the front page of the paper work. It stated "25% off" if paid early. No where on the front page did it say 25% off "interest only". When i went tp pay off the loan they refused to honor the 25% off. I asked to speak to a manager and no one has called me back. They refused to honor what the paper work stated.

  Business response

  04/14/2023

  Our records reflect *** ***** did received the 25% interest reduction as indicated on the first page of his contract which states; A "Prepayment Interest Reduction Percentage" of 25% (with respect to unpaid interest remaining on this Loan) will be applied to the extent that the Borrower prepays this Loan in whole in accordance with, and subject to, Section 10 of
  the Business Loan and Security Agreement. Note that 75% of remaining unpaid interest will still be due upon Prepayment in whole. You should keep in mind that partial prepayments will not reduce the Total Interest Expense.

  His total waiver amount was $1,192.09. When have included a copy of is contract as well. If *** ***** would like to discuss this matter he can contact our customer support team at  **************.

  Customer response

  04/21/2023

  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:

  Please tell where on this picture does it say "interest only".  

   

   

   

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

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

  Business response

  04/27/2023

  Thank you for giving On Deck Capital, Inc. (OnDeck) the opportunity to respond to **************' complaint. Weve received and reviewed ****** rejection dispute and attachments dated April 25, 2023. On April 27, 2023, OnDeck offered a refund for the misinformation that was provided to **** at time of closing. The dispute has been resolved, **** can contact us via email at ******************************************* or by phone at ************** if we can be of any further assistance. 

   

  Please see attached email sent to ************** with refund offer. 

• Initial Complaint

  02/27/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I took out a small business loan with On Deck in Oct/Nov 2022. The sales rep lied to me when I calculated the annual interest rate of the loan at around 50%. In the contract the apr is 91%. I would like to pay the remaining loan balance off in full excluding all interest/fees or I will have no choice but to take further action.

  Business response

  03/14/2023

  Thank you for giving us the opportunity to respond to ******************************* complaint. Our APR is computed by multiplying the periodic rate by the number of periods in a year. While APR can be used for comparison purposes, it is not an interest rate and is not used to calculate your interest expense. ******************** may find the total cost of interest paid per dollar borrowed. This amount is exclusive of fees. The APR should be considered in conjunction with the total cost of capital and may be most useful when comparing financing solutions of similar expected duration. APR is calculated according to the principles of 12 C.F.R. **** (Regulation Z). If *** *************;has any additional questions on our products, he/she is more than welcome to contact OnDeck **************** at: **************.

  Customer response

  03/15/2023

  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:

  The business response was extremely vague in nature and offered no resolution other than for me to call their customer service ***** number. The interest "APR" of course is a calculation based on a calendar year and my loan is shorter than a calendar year but nonetheless is close to 91% as stated in the contract from the lender. This interest rate is usurious in many states and was not disclosed to me prior to considering the acceptance of the loan. 

  My original complaint stands. 

   

  Regards,

  *************************

  ************

   

   

   

   

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

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

  Business response

  03/22/2023

  Thank you for allowing us to respond to *************************** complaint. OnDeck is as transparent as possible when we close on all of our loans regarding loan costs, including but not limited to payment structure, and interest expense on the loan. ******************** feels he is charged at a *****% interest rate if this was accurate ********************** total interest charge will be $11,901.50. As per his agreement, ********************** total interest cost is $4,537.13 which is the charge at **** cents on the dollar. In addition, to the point of ********************** statement, This interest rate is usurious in many states and was not disclosed to me prior to considering the acceptance of the loan. Please note the term loan ****** SERVICES, LLC entered into was issued by OnDecks bank partner, ************ Celtic Bank is a ****************************** and it complies with all applicable laws. ******************** completed OnDeck online checkout process whereas the service agreement was presented to him before he agreed, signed, and submitted his contract. ******************** is more than welcome to call **************** at ************** to discuss this further. 

• Initial Complaint

  12/05/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I generated a loan on behalf of a business, ************************* **** i was a partner in over two years ago. The loan was satisfied and then ondeck kept billing $20 for the 'right' to generate another loan. I sold my interest in the business to my partner, october 2020, and no longer hold ownership or the legal ability to use the credit of the corporation. I have called and explained my situation to the on deck customer service department. They stated the monthly deductions would no longer be wirhdrawn. They are still deducting $20 monthly from my ex companies bank account, illegally. Are they not making enough interest on the business loans they are originating that they need to keep stealing $20 a month from my old company as well as who knows how many others? Im reaching out to the BBB, for more assistance since on deck is incapable of resolving this issue themselves and to use a public format to inform other past or present customers of on decks corporate practices.

  Business response

  12/06/2022

  Thank you for allowing us to respond to ************************* complaint. ****************** on behalf of ************************* **** obtained a Line of Credit account with a credit limit of $10,000.00 with a monthly fee of $20.00 dated March 26, 2020. Per the contract between OnDeck and *******************************,under section 23. Fees (A.) Monthly Fee: A Monthly Fee initially payable upon Line of Credit opening and then monthly thereafter in the amount set forth in the accompanying Business Line of Credit Agreement Supplement until Borrowers Line of Credit is terminated or canceled, whether or not Borrower has made any Advance Request hereunder or whether or not Borrower has incurred any interest on the Line of Credit. The Monthly Fee is not refundable except as otherwise required by applicable law.
  ****************** **** $1,000.00 from her Line of Credit account on March 26, 2020, and paid it back with the last payment being received on April 3, 2020, bringing the account to a zero balance and no other draws have been made on the account. OnDeck has not received any communication from ****************** requesting to close or terminate the Line of Credit account nor was Ondeck advised ****************** no longer has shares in *************************, *** until this complaint was received on December 5, 2022.
  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. Included is a copy of *** ******** Business Line of Credit Agreement Supplement.
  In addition, the Line of credit account for ****************** is in processing to be closed. Please note once the account is closed and if ****************** wishes to have funds in the future she will need to reapply for a new Line of Credit account. ****************** can contact us via email at ******************************************* or by phone at ************** if we can be of any further assistance.   
  All the best,
  Ondeck Compliant and Dispute team

• Initial Complaint

  11/23/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I took out a term loan on 10/5/2022 for 32,010.The company began charging interest according to its amortization schedule.I made an extra payment on 11/4/2022 for $5000 and the company charged me interest from the FUTURE of the amortization schedule in addition to the principal with $3404.74 going to principal and $1595.26 going to interest.I made another extra payment in the amount of ****** on 11/18/2022, and AGAIN the company charged me interest off the FUTURE amortization schedule in the amount of $2,490.61 and only applied $7509.39 to the principal. When establishing the term loan, *********************** told me that it had no prepayment penalties and that interest would be refunded when the loan was paid in full. Furthermore, he dismissed their advertised APR as being inaccurate and suggested that the simple interest was a better indicator of the cost of the loan. This was obviously false.When I asked the loan officer to clarify the two payments that had future interest from the amortization schedule, I was told by *********************** that I would not receive a refund of the interest and would only have less interest due on the remaining payments.This is predatory lending on full display and an outright mistruth. A lender cannot charge future amortization interest and claim that the term loan has no prepayment penalties. The business practices deceitful, rent seeking behavior, charging interest tha tthey did not earn and is essentially stealing money from my principal balance.

  Business response

  11/25/2022

  Thank you for giving us the opportunity 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. If **************************;needs a copy of his Business Loan and Security Agreement, he is more than welcome to call **************** at **************.

  
  OnDeck is committed to providing the best possible borrowing experience for our customers. We've lent over $11B over the past 11 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 **************************;would like to discuss further, please feel free to contact us at ****************************************** or the number listed above.
  Sincerely,
  
  OnDeck Complaints Team

  Customer response

  12/12/2022

  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:

  Hello,

  
  
  

  I am writing to confirm that I did contact the customer service phone number multiple times and the issue is not resolved.

  
  
  

   I asked for either a refund of the excess interest charged or 

  
  
  

  to reverse the *** transfers that were conducted on November 4 and November 18 for $5000 and $10,000 respectively. 

  
  
  

  The problem remains that those 2 payments were done over the Internet and had they been done with a customer service representative a few weeks later in November, they would have not charged me excess interest. 

  
  
  

  It was not transparent that they would charge me more interest if I made the payment separately rather than making one payment.

  
  
  

   It was also not clear to tell me how an Internet payment would have interest charged against me differently versus calling in speaking with the customer service rep. I asked for the company to reprocess these transactions, and they refused.

  
  
  

  What is especially deceptive is the fact that my extra payments were not applied in good faith as I intended. Rather than being applied to the principal, on that capital, went forward in time on their amortization schedule, and basically created multiple payments from my one payment because they applied it to as many future payments as possible including interest. This is not only deceptive but predatory. 

  Again, this issue is not resolved

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

   

   

   

   

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

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

  Business response

  02/14/2023

  Thank you for giving us the opportunity 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. Ondeck's term loans have interest billed upfront and not accrued interest. **************** also had a 100% remaining interest discount at time of full payoff as stated in the agreement.  The one-time payments **************** made went towards both the interest and principal balance on the account as outlined in his agreement. Once the payoff payment was received, the full remaining interest balance was waived as the agreement states. We have included a copy of ******************** Business Loan and Security Agreement. If **************** wants to discuss further he is more than welcome to call **************** at **************.

  Customer response

  02/14/2023

  
  

  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:

  I again must note that the business acted in bad faith.

  I made 3 large payments within 3 weeks of each other. The final payment was treated differently than the first 2 payments.

  The first 2 payments charged interest from the future amortization schedule. The last payment did not charge future interest. 

  I assert that OnDeck acted in bad faith because even though I asked them to re-process the first two payments together with the final payment, they refused because they wanted to collect on the interest.

  I gave OnDeck the option to remedy my complaint by re-processing the transactions and they refused without any good cause other than their own greed.

  
  

   

   

   

   

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

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

*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. ↩