By Anna Irrera and Nikhil Subba

Aug 7 (Reuters) – Shares of OnDeck Capital Inc rose as much as 17 percent on Monday after the online lender said it had made progress on a plan to cut costs and improve the credit profile of its borrowers, and expects to reach double-digit loan growth again by next year.

OnDeck gave the upbeat outlook in its second-quarter earnings report.

Like other online lenders, OnDeck has faced concerns from investors over the quality of its loans and its ability to grow at a fast pace. Shares of the company have fallen more than 75 percent to $4.93 since its listing in December 2014…

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