What’s with OnDeck’s Presence in Arlington

The Washington Business Journal details why small business lender OnDeck has an office in Arlington; it details an October day in which OnDeck seeks a judgement against 13 small businesses which have failed to repay their loans; the results are mixed against the businesses with settlements, payment plans or a new trial date; the reason for OnDeck’s presence in Arlington is in the commonwealth’s commercial lending rules which don’t cap interest rates on loans above $5,000 and the lack of licensing requirements for commercial lenders; OnDeck has recently shifted their strategy of pursuing those who don’t pay by bringing efforts in-house and so far the move is paying off, OnDeck has won 45% more judgements against small businesses for unpaid loans than the total cases filed in the past 7 years. Source