OnDeck Combines Machine Learning With AI-Enabled Verification to Automate Approval Process
PR Newswire•08/10/2026•08:30 ET
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Key Highlights
- ➤OnDeck cuts funding decision time from a few hours to under a minute
- ➤AI-powered verification targets stipulation-free offers for most approved applications
- ➤Automated decisioning expands from eligible existing customers to new applicants
- ➤Enova expects growing share of billions in annual originations routed automatically
- ➤61% of small businesses use AI, according to OnDeck’s latest report
Expert Statements
Jim Granat, Co-President of Small Business Lending at Enova
“We didn't set out to be the fastest lender – we set out to be the easiest,”
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 Combines Machine Learning With AI-Enabled Verification to Automate Approval Process PR Newswire
New capability makes getting a small business loan simple, with qualifying applicants seeing a stipulation-free decision in under a minute
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