OnDeck Combines Machine Learning With AI-Enabled Verification to Automate Approval Process

New capability makes getting a small business loan simple, with qualifying applicants seeing a stipulation-free decision in under a minute

CHICAGO, Oct. 8, 2026 /PRNewswire/ -- OnDeck, part of Enova International and the proven leader in transparent and responsible online lending to small businesses, today announced the launch of automated final-decisioning for small business loan applications. OnDeck's new AI-powered verification, combined with its machine learning, can produce real-time decisioning that can cut funding decision time from a few hours to under a minute, with the goal of making most approved applications stipulation-free offers.

Following a successful rollout of automated approvals for eligible existing customers, OnDeck is now extending this capability to new customers applying across channels. With OnDeck's world class analytics capabilities, machine learning and AI, the company expects to route a growing share of its billions in annual originations through automated decisioning, providing more streamlined access to capital for partners and customers.

"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."

Qualified applicants can receive approval with no stipulations, allowing them to move directly to funding without the need to submit additional documents. These automated decisions are subject to OnDeck's existing underwriting standards and ongoing model performance monitoring.

The launch comes as small businesses increasingly adopt AI in their own operations. According to OnDeck's latest Small Business Cash Flow Trend Report, conducted with Ocrolus, 61% of small businesses now use AI, and 91% of those users say it has had a positive impact on their business. The report also found that 75% of small businesses now look beyond traditional banks for working capital, and OnDeck's faster, AI-powered decisioning is built to meet that demand.

OnDeck will showcase its automated lending approach at Money20/20, October 18–21, and B2B Finance Expo, October 20–21, where company representatives will meet with partners and industry attendees. Partners interested in meeting with OnDeck at either event can contact Michael Shutty at mshutty@enova.com. Media inquiries can be directed to media@enova.com.

About OnDeck®

OnDeck®, part of Enova International, is the proven leader in transparent and responsible online lending to small businesses. Founded in 2006, the company pioneered the use of data analytics and digital technology to make real-time lending decisions and deliver capital rapidly to small businesses online. Today, OnDeck offers a wide range of term loans and lines of credit customized for the needs of small business owners. OnDeck has provided loans to customers in 900 different industries nationwide. For more information, visit www.ondeck.com.

About Enova

Enova International (NYSE: ENVA) is a leading online financial services company that serves small businesses and consumers who are underserved by traditional banks. For over 20 years, Enova has provided over $72 billion in loans and financing to more than 15 million customers by offering a suite of market-leading products powered by the company's world-class analytics, machine learning algorithms and proprietary technology. You can learn more about the company and its portfolio of businesses at www.enova.com.

SOURCE OnDeck