OnDeck Tightens Credit as Originations Fall in Q1

OnDeck reported first quarter earnings yesterday and total originations dipped for the quarter coming in at $636 million compared to $658 million for the previous quarter; the reason for the dip was because OnDeck tightened their credit box during the quarter; OnDeck CEO Noah Breslow said, “We made some adjustments to credit policy mid-quarter to pull back in certain areas and our funding advisor channel volume decreased sequentially as a result”; one bright spot was their line of credit product that reached an all time high of $150 million for the quarter. Source.