Journey Capital review (formerly OnDeck Canada)

What is Journey Capital?

Journey Capital is an online business loan provider that previously operated as OnDeck Canada. The company offers business term loans, merchant cash advances and business lines of credit ranging from $5,000 to $300,000. You can apply entirely online or by phone.

The company began offering loans to Canadian businesses as OnDeck in 2015.

Is Journey Capital legitimate?

It is. The company previously operated as OnDeck Canada and was owned by Enova, a Chicago-based financial services company that is listed on the New York Stock Exchange under the ticker symbol “ENVA.” In May 2022, OnDeck Canada completed a management buyout from Enova.

The company’s Canadian headquarters is located in Montréal, Quebec.

• Prohibited industries

  Journey Capital does not offer loans to businesses in the following industries:

  • Adult entertainment and materials
  • Firearm vendors
  • Government, non-profits, and public administration
  • Astrology, divination, and fortune telling services

  • Lotteries, casinos, raffles, gaming, and gambling
  • Money services business (MSB)
  • Religious and civic organizations
  • Rooming and boarding houses

What we like about Journey Capital

• Easy to apply. Apply online in around 10 minutes with a simple and straightforward application.
• High loan amounts. Journey Capital provides loans of up to $300,000.
• Get funds quickly. Once you’re approved, funds are disbursed in as little as 24 hours.
• Flexible repayment option. With flex funds advances, you can make repayments daily with a percentage of your card sales. The amount is calculated based on what your business can afford to pay.
• No personal collateral required. Loans are secured by your business assets, not personal assets like your house or car.

What to watch out for

• High sales requirements. To qualify, your gross revenue has to be at least $100,000/year. Most Journey Capital borrowers actually earn more than this.
• Credit score requirements. You’ll need a credit score of at least 600, even if your business has high revenue.
• Startups can’t apply. You won’t be able to get approved for funds if your business is less than 6 months old.

Summary of Journey Capital reviews

BBB accredited	No
BBB rating	Not rated
BBB customer reviews	None for Canada, but OnDeck US has a rating of 2.73 out of 5 stars, based on 124 reviews.
Trustpilot score	4.9 out of 5 stars based on 84 reviews
Google reviews	4.7 out of 5 stars based on 117 reviews
Customer reviews verified as of	April 1, 2024

Customers have complimented Journey Capital on its fast, easy process. On the other hand, customers have complained about its bad customer service or high rates.

Alternatives to Journey Capital

Am I eligible for a loan?

To be eligible for an Journey Capital loan, your business must be:

1. Incorporated in Canada
2. Operating for 6+ months
3. Earning at least $100,000/year
4. Have a minimum credit score of 600
5. Have a business bank account

How to apply for Journey Capital business loans

You can apply online or by phone. You’ll need the following information:

• Business number (BN)
• Social Insurance Number (SIN)
• Estimated annual gross revenue
• Average bank balance
• You may need to upload business bank statements from the last 3 months

The online application process is simple. Here’s how it works:

1. Visit Journey Capital‘s website.
2. Provide details such as the amount you want to borrow and how you plan to use the money.
3. Enter information about your business like the name, contact info, tax ID (Business Number) and estimated annual revenue.
4. Provide personal information like your name, contact info, date of birth, SIN and how much of the business you own (as a percentage).
5. Submit your application. Within a few minutes, you’ll receive a decision. If approved, you’ll have to phone Journey Capital to complete the process. Additional information may be required.

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How much will a Journey Capital loan cost?

The cost of your business loan will depend on the loan amount, loan term and interest rate. As an example, a $100,000 business loan with a loan term of 12 months and an 8.99% APR will have a monthly payment of $8,744.68 and $4,936.21 total interest. Generally, the longer the loan term, the more you’ll pay in interest.

Types of Journey Capital business loans

This lender offers three different loan products with different terms and repayment schedules. Your interest rate varies based on factor like your credit history and the amount of revenue your business earns.

Business term loan

Borrow between $5,000 and $300,000, and make daily or weekly repayments over 4 - 24 months. Interest rates range from 16% to 25%.

Business line of credit

You can get a line of credit of up to $300,000. You’ll only pay interest on the amount you borrow rather than on the full amount you qualify for, and you’ll top this up as you go with regular minimum payments.

Flex funds advance

Flex funds advances (a type of merchant cash advance) allow you to pay back your loan daily with a percentage of your credit/debit card sales. You can borrow between $5,000 and $300,000 and pay it back as quickly or slowly as your business brings in revenue.

Bottom line

Journey Capital provides fast, convenient business loan options. Term loans provide predictable repayments, while flex funds advances and lines of credit give you repayment flexibility—a good option if your business’s cash flow is uncertain. You’ll have to look elsewhere if you’re a startup or have bad credit.

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