OnDeck Tumbles as Competition Forces Online Lender to Cut Rates
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OnDeck Capital Inc. slid as much as 15 percent as stiffer competition pushed down the online lender’s interest rates on small-business loans.
The shares plummeted 13 percent to $17.46 at 10:45 a.m. in New York, after dropping to $17.05 earlier Tuesday. OnDeck’s effective interest rate on loans originated in the first quarter fell to 49 percent from 60 percent a year earlier, the New York-based company said in a statement Monday after the market closed.