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: EMAIL #1

This is the email I sent to Customer Service-[redacted]

Per my text message with [redacted] I understood that funding would be the same day of which I sent you. I would be receiving a wire is how [redacted] described it. I thought on Monday I would get it Monday. When there were paperwork issues that I corrected on Tuesday. My understanding was that it would be Wednesday.

I did not know until Wednesday that funds would be available Thursday. I had a payment due Wednesday of which I planned my business around.

Basically someone changed the wire to an ACH without telling me. However an ACH can still arrive the same day. It is NOT a bank issue but a funding issue as I have had explained several times. I have dealt with ACH's for several years with ** and they are willing to put in writing that they do not hold up an ACH 24 hours as On Deck has stated.

From all that I deciphered.....since I had to talk to a number of people it was an On Deck about funding not [redacted] or CAB.

Therefore, I ask On Deck to handle the situation. Keep in mind that I lost money trying to get an urgent loan as well as losing business because I had to stop all of my other activities.

I believe that as a client I deserve a concession by On Deck of this in light of the heavy costs to my business.

EMAIL #2 1/**/15

[redacted],

Thank you for finally replying to my question. Keep in mind that I sent my email to you last week. Prior to that email, I was told that I would receive a credit for what transpired (ERROR IN NOT TAKING FUNDS) along with overdraft fees. I replied by saying that I did not feel that one credit was sufficient for both events that took place. I elaborated on what took place in both instances. I had not received a reply and called again on Monday. It was almost a week later that I received a reply. Therefore I was short of funds because of the error by On-Deck.

I do not think it matters if they directly caused or indirectly caused what transpired. I was waiting on a reply and never received one until I emailed, and then called two times. A week later for a reply is not customer service> I would have no clients if I treated them this way especially for such a high interest loan which has cost me more than the $302 each business day I pay.

Please let me know how you can improve my situation. I requested a weeks credit and two weeks lead time for the loan to start again. I am tired of fighting with On Deck and feel the only way is to complain to a higher authority.

Thank you.

EMAIL #3-1/**/15

I think more harm than that occurred but ok for a refund if can you have the total processed immediately.

Thanks

NO RESPONSE AS OF 1`/**/15Desired Settlement: I am frustrated that I have to spend so much time trying to get a resolution. As a small business owner who is the primary revenue driver in both cases, my time has costs me thousands of dollars.

I would On Deck to waive interest for a week off my bill including their promised overdraft. In addition, I would like another two weeks before I have to pay interest. Lastly I would like the option of a future loan effective 1/**/15.

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 with us on October [redacted], 2014 and was funded on November [redacted], 2014. He was referred to us through [redacted] at CAB Funding, one of our Funding Advisor Partners. We work with the company to connect their small business customer to OnDeck financing.In regards to [redacted]’s complaint regarding a delay in funding, [redacted] has informed us that [redacted] had originally sent in incorrect bank deposit information (a voiced check from his personal account), which caused a delay in funding because we were unable to ACH the funds to his business account. OnDeck only funds to business accounts, not personal accounts. [redacted] confirmed that [redacted] had spoken with his bank and confirmed with his bank that the ACH was received Wednesday, November [redacted], but that the bank had to hold the money before applying it to the account. We have agreed to pay the $175 insufficient fund fees caused by the delay in funding, as well as two daily payments of $604 for a total of $779. Please see the payment history attached for confirmation of his reimbursement. Also, [redacted] is also now in collections with his loan due to uncollected receivables. His last payment was made on January [redacted], 2015. We are also attaching all of our email correspondence with [redacted], which will show we have been responding to him in a timely manner. We sincerely apologize for any frustration the delay in funding may have caused [redacted].We are committed to providing the best possible borrowing experience for our customers. Again, we apologize for this matter. My contact details are below – please do not hesitate to contact me should you have any questions. Thanks,[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:

[[redacted] is either lying or received incorrect information. The initial loan was completed and on Monday they needed additional information. Keep in mind that I was promised same day funding. On Tuesday they all everything and was then told that I would not receive a wire but an ACH. I had an urgent payment for Workers Comp due that day. On Deck said the ACH would be resolved Tuesday but it would take my bank a day to process. I contacted my back about this. Keep in mind that I have received numerous ACH's over the years. As they have told me before, the ACH would be processed immediately. Therefore I should receive the ACH the same day. When I spoke to On Deck again they said that my ACH would be available on Wednesday. They basically lied about when funding would arrive causing me to scramble around. I would like a week off of my interest.The other issue was about the stopping an interest payment which [redacted] at On Deck agreed to do. Unfortunately they still charged my account causing my further charges. I would like another week of interest taken off.I have left messages for supervisors of which I sent you. I never received a phone call or email back.They now say that I am in collections but they never have communicated any of this to me.Now I noticed that they have deducted an interest payment. No notification.In sum, they are negligent and unprofessional in their dealings with me. I would like someone with authority to contact me and make a more reasonable offer than what they provided. Then they try to strong arm me instead of talking to more about what happened. I am a small business and I operative with my clients in a much more communicative manner than this large organization. Awful experience!!!!!

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

Sincerely,

Consumer

Response:

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

I have been in discussion with many people at On Deck. Here another summary of what has transpired some of the specifics seem to get confusing.1) I was told initial funding would be provided immediately. NOT TRUE2) I was told that I would receive a call back from a managers NOT TRUE at least 5 times.3) I was told that I would not be charged for an interest payment NOT TRUE4) I was told that I would be charged for an interest payment 2nd TIme NOT TRUE5) I was told by the [redacted] that my bank holds the ACH for 1 to 2 day before the credit takes place NOT TRUEThe point of all is that On Deck continue to lie to me. Their cover is to give one day credit. They have never recognized the impact on my business to have a lender who is not honest. I have to take time out of my day now since the loan inception to resolve the issues they created.When a [redacted] of an organization lies to clients then you know that the organization has a culture issue. I attached the entire exchange with [redacted]. Lastly, I was told from [redacted] that she was working on this matter and it has been escalated. Instead she has not replied to me but to Revdex.com. I also left a message to get a return call from [redacted] yesterday but he never replied.[redacted]

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] filed by [redacted]. Upon receiving this complaint, we reviewed ourrecords regarding the situation and our communications with [redacted].April *, 2015, [redacted], [redacted], contacted [redacted] per [redacted]’srequest to have his loan balanced waived to advise him that we would not waivethe balance of his loan.April *, 2015 [redacted] has contacted [redacted] and [redacted] has entered into aworkout agreement. OnDeck has addressed all of [redacted]’s concerns. We consider this matter closed. Again, we sincerely apologize to [redacted]. Thanks,[redacted]Excellence[redacted]Phone: ###-###-####

Review: I took out a loan online for $ 25,000 plus $ 4,999.76 interest on 12/**/2014 and was to repay said loan in 147 business days by debit from my bank account of $ 204.08.

It soon became apparent that I would be unable to make those payments. Over the past year I have provided Hardship Letters and Bank Statements but my business has declined so much I can not sustain the payments they are asking me to make. They are asking me to pay $ 65/business day but I am unable to do so.

I have asked them to stop debiting my account because each time they do I get charged an overlimit charge of $ 30 and they receive no payment.

I have tried to make a different arrangement with them but they insist on simply continuing to debit my account every business day.

I asked them to either help me with smaller daily payments or a small monthly payment until business recovers but they just tell me to keep paying the $ 65/day. I then said please write the loan off as a bad debt but they won't do that either.Desired Settlement: First, stop debiting my bank account!

Second, either give me a payment plan I can work with or write the loan off and put it in for collection.

Business

Response:

Thank you for giving OnDeck the opportunity to respond to [redacted] request. I’m happy to review the steps that OnDeck has already taken with

respect to this matter.As [redacted] notes, OnDeck worked closely with him for a year to

try to help get him back on sound financial footing. We regret the

hardship that [redacted] business has faced; based on his request to

discontinue his workout program we have ceased all current collection efforts.OnDeck is committed to providing the best possible lending

experience to all our merchants. [redacted] may contact our Payment

Support team at ###-###-#### for any further questions.Sincerely,Eric L[redacted]OnDeck – Director of Customer Service

Online loan accessibility done smoothly.

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.

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

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: 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

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,

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

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.

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.

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,

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: 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,

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!

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.

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...

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 took out a loan with them August of 2014, they sold the loan in April 2015 to Cach, LLC in the mean time I sent them a check in May for $ 500.00. without realizing they had sold the loan. I ask them to return my $ 500.00 back to me or send it to Cach so I can get a credit. I have contacted them about a dozen times since may and they say they are looking into it. Im tired of waiting.Desired Settlement: Refund

Business

Response:

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

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,