November 12, 2014

By Bob Coleman
Editor, Coleman Report

ondecklogo022014With revenues of $108 million and a loss of $14.4 million through the first nine months of 2014, alternative small business lender, OnDeck Capital plans on going public.

The unregulated non-bank lender has lent more than $1.7 billion to Main Street since 2007 at exorbitant interest rates.

Under criticism of APRs well over 100%, OnDeck says it has capped APRs at 99%. The average APR per loan is just over 50%.

Read more coverage by Bloomberg’s Patrick Clark