What We Learned From High-Cost Lender OnDeck's IPO Filing
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OnDeck, a small business lender that has loaned Main Street companies more than $1.7 billion since 2007, sometimes at annual percentage rates exceeding 100 percent, has filed for an initial public offering.
The filing sheds some light on the murky world of alternative lending, in which unregulated lenders such as OnDeck make high-cost, small-dollar loans. The IPO may value OnDeck at $1.5 billion, the Wall Street Journal reported.
What does the company’s filing tell us?