In July 2013, Anthony Bellamy, 50, a veteran who owns Capital Refrigeration & Equipment Specialists, based near Chicago, had an opportunity to serve 250 schools. His company was just eight months old, so he needed money for supplies, tools and manpower.

After being denied by banks who said that his business would need to be a few years old before it could qualify for a loan, in May 2014, he was able to borrow $35,000 from OnDeck Capital, one of the biggest online small business lenders, which has lent $3 billion to 45,000 businesses. He was told that the loan would cost him $10,500 and would need to be paid back over 12 months. Though he requested weekly or monthly payments, at that time, OnDeck only offered daily payments by ACH withdrawals. (In August, it introduced a weekly payment option.)

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