OnDeck launches AI-powered loan decisioning for small businesses

OnDeck, a small business lender that is part of Enova International (NYSE: ENVA), announced the launch of automated final-decisioning for small business loan applications, according to a company press release dated Oct. 8, 2026.

The system combines AI-powered verification with machine learning to produce real-time lending decisions. OnDeck says the technology can reduce funding decision time from a few hours to under a minute, with qualifying applicants receiving stipulation-free offers that allow them to proceed directly to funding without submitting additional documents.

OnDeck had previously rolled out automated approvals for eligible existing customers. The company is now extending the capability to new customers applying across channels. The automated decisions remain subject to OnDeck's existing underwriting standards and ongoing model performance monitoring.

"We didn't set out to be the fastest lender – we set out to be the easiest," said Jim Granat, Co-President of Small Business Lending at Enova. "When you apply the right AI and analytics, ease and speed come together naturally, without cutting corners. Business owners get an immediate answer and eligible applicants can move straight to funding – without extra paperwork."

OnDeck's latest Small Business Cash Flow Trend Report, conducted with Ocrolus, found that 61% of small businesses now use AI, with 91% of those users reporting a positive impact. The report also found that 75% of small businesses now look beyond traditional banks for working capital.

OnDeck plans to showcase its automated lending approach at Money20/20, Oct. 18–21, and B2B Finance Expo, Oct. 20–21.

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