How Does OnDeck Compare to Other Lenders?

When you’re searching for small business financing, choosing the right lender can make all the difference. Whether you’re looking for a fast process, flexible repayment terms or lower credit score requirements, it can pay to compare your funding options.

Comparing Small Business Lenders

Not all small business loan options or lenders are the same. Online fintech providers offer speed and accessibility, while traditional banks and SBA loans may offer lower interest rates — but with longer application, decision and funding processes.

But even online small business lenders have differences in loan amounts, credit limits, term lengths, repayment structure, eligibility, and revenue requirements.

OnDeck vs. Other Business Lenders¹

Here are some important factors to consider — so you can see how OnDeck compares to other online small business lenders. Use this chart to help find the lender and products that are right for you.

¹ Information is accurate as of 12/19/2025.

OnDeck vs. Bluevine

OnDeck and Bluevine both offer fast, online business funding. However, if you want more types of funding and repayment options, OnDeck may be the stronger fit. OnDeck can also help sole proprietorships obtain funding, while Bluevine requires the business to be a corporation or LLC for lines of credit.

Products and Amounts

OnDeck offers both term loans and revolving lines of credit, with credit limits up to $200,000 and term loans up to $400,000. Bluevine also offers a line of credit up to $250,000, while its term loans are only available through third-party partners. They can go as high as $500,000, depending on the partner lender.

Eligibility Requirements

Both OnDeck and Bluevine require a personal credit score of at least 625 and a minimum of one year in business. However, Bluevine has additional criteria: applicants must be a corporation or LLC, have at least $10,000 in monthly revenue, and be in good standing with the Secretary of State. OnDeck keeps it simpler — you’ll just need $100,000 in annual revenue and a business checking account to be eligible. Loans are subject to lender approval.

Funding Speed and Repayment

In terms of speed, both OnDeck and Bluevine can fund qualified borrowers in as little as one day. But OnDeck may offer more variety when it comes to repayment options, since the term loan has daily or weekly payments, while the line of credit has weekly or monthly payments. Bluevine offers weekly or monthly payments for its line of credit; while the repayment structure for its term loans would be decided by its partner lender.

Geographic Restrictions

Geographically, OnDeck serves all states except North Dakota. OnDeck also does not lend in U.S. territories. Bluevine excludes Nevada, North Dakota and South Dakota, as well as U.S. territories.

OnDeck vs. Fundbox

If you’re choosing between OnDeck and Fundbox, you’re likely looking for fast, flexible access to capital. Both lenders offer business lines of credit, but they differ in key areas — including borrower requirements and speed.

Products and Amounts

OnDeck offers two main products: term loans and revolving lines of credit. You can borrow up to $200,000 with a line of credit, or up to $400,000 with a term loan. For even larger amounts, OnDeck also works with partners to help you access funding up to $1 million. Fundbox solely offers lines of credit. Their credit limits also reach up to $200,000, but they don’t currently offer term loans directly.

Eligibility Requirements

Fundbox’s requirements are slightly more accessible than OnDeck’s. They require just six months in business, a 600+ credit score, and at least $30,000 in annual revenue. OnDeck’s requirements include at least one year in business, a personal credit score of 625 or higher, $100,000 in annual revenue, and a business checking account.

Funding Speed and Repayment

OnDeck can fund as soon as 24 hours after approval,† while Fundbox typically delivers funds within two business days. When it comes to repayment, OnDeck offers daily, weekly or monthly payments depending on the product and what fits a business’s cash flow. Fundbox requires weekly payments only, and repayment terms range from 12 to 104 weeks.

Geographic Restrictions

OnDeck serves every U.S. state except North Dakota; and there are also some industries to which OnDeck does not lend. Fundbox is not available in some states, though they don’t publicly list which ones — and they also exclude some industries.

OnDeck vs. American Express

OnDeck and American Express both offer business lines of credit, however the way American Express structures theirs is a bit different. OnDeck may have an advantage in its lower credit requirements, application process and payment flexibility.

Products and Amounts

American Express offers a business line of credit ranging from $2,000 to $250,000. From that amount, you can draw funds as installment loans or single repayment loans. OnDeck offers a revolving line of credit up to $200,000 and a term loan up to $400,000.

Eligibility Requirements

Compared to OnDeck, American Express typically requires stronger credit profiles to qualify. You’ll need a minimum FICO® score of 660 and at least $3,000 in average monthly revenue. OnDeck requires just a 625 minimum FICO® score but $100,000 in annual revenue.

Funding Speed and Repayment

Funding from American Express generally arrives within one to three business days. OnDeck can fund in as soon 24 hours.† American Express repayment options are limited to monthly installments or a single repayment, depending on the loan type. OnDeck’s daily, weekly or monthly repayment options provide more flexibility.

Geographic Restrictions

American Express lends in all 50 states and U.S. territories. OnDeck products are available in all states except North Dakota. OnDeck products are not available in the U.S. territories.

OnDeck vs. SBA Loans

SBA loans are a type of funding that is backed by the federal government’s Small Business Administration. They are issued by private lenders such as banks and credit unions, but because a portion of the loan (up to a certain percentage) is guaranteed to be repaid by the government, they can be issued with lower interest rates.

For businesses that qualify, SBA loans are known for offering low annual percentage rates and longer repayment terms — but they’re slower and harder to access. You’ll need strong credit, extensive documentation, and patience. Approvals can take weeks or even months.

OnDeck, on the other hand, is designed for speed and simplicity. You can apply online in minutes, and if approved, get funded in as soon as 24 hours.† With fewer restrictions and a far faster timeline, OnDeck is often a better fit when you need to act quickly.

Which loan option makes sense for you?

OnDeck and SBA loans are both helpful funding options for small business owners, but one might be better than the other depending on your situation.

• Need money fast, and for a short-term need? OnDeck may win.
• Need large amounts of capital, favorable cost or a longer term to repay? SBA may be superior.
• Strong business/financials, willing to endure paperwork and wait? SBA likely yields better terms.
• Marginal credit or less established business? OnDeck might be one of the few accessible options.

OnDeck Business Loans

OnDeck offers two fast funding products — a business term loan and a line of credit. The OnDeck Term Loan is a lump sum of $5,000 – $400,000 that’s repaid in fixed installments over two years or less. It’s great for one-time investments in your business. The OnDeck Line of Credit offers credit limits of $6,000 – $200,000. It’s repaid weekly or monthly with flexible repayment terms of 12, 18 or 24 months each time you take a draw. Lines of credit are great for keeping funds on hand and covering ongoing everyday expenses.

Online Lender vs. Traditional Bank

OnDeck offers a fully digital experience designed to deliver fast funding for business owners who don’t have time to spare. You can complete the application process online in just minutes, with no paperwork, no in-person meetings, and no disruption to your day. If approved, funds can land in your account as soon as the same business day† — a speed that most traditional banks can’t match.

By contrast, applying through a bank often means gathering stacks of documentation, scheduling branch appointments, and waiting days or weeks for a decision. Banks may also require collateral, hard credit checks, and a longer credit history — putting them out of reach for many small businesses. If you’re looking for a lender that respects your time and moves at the speed of your business, OnDeck delivers a clear advantage.

OnDeck lending requirements

OnDeck’s requirements are much more streamlined than traditional business lenders. To qualify for OnDeck offers, you must meet the following minimum requirements:

• 1+ year in business
• 625+ personal credit score
• $100K+ in business revenue
• Active business checking account

You’ll also need to provide three months of business bank statements to verify your business’s revenue.

OnDeck application process

OnDeck’s fast online application process is designed to get you funding — not slow you down. You can check your eligibility in just minutes, and doing so won’t impact your personal credit score. There’s no hard credit check to apply, so you can explore your options without risk. The online form is simple and secure, and once submitted, most applicants receive a decision quickly — often within the same business day. If approved, funds can be deposited into your account as soon as 24 hours later, depending on when you complete your loan agreement. It’s a streamlined process built for speed, so you can spend less time applying and more time running your business.

OnDeck customer experience and reviews

With over 150,000 businesses funded and more than $15 billion delivered, OnDeck has a proven track record of helping small businesses access the capital they need. OnDeck holds an A+ rating with the Better Business Bureau, and consistently earns high marks from customers for both transparency and service. OnDeck is also regularly recognized on a variety of “Best for” lists by companies such as Forbes, NerdWallet and LendingTree.

Business owners often highlight the ease of the application, the responsiveness of OnDeck’s loan advisors, and the speed of funding as major differentiators. Whether you need help choosing a loan product or have a question mid-repayment, OnDeck offers real human support in the form of their dedicated loan advisors — not just automated responses. It’s lending backed by experience, and built around the needs of small business owners like you.

FAQs: Getting Started With Business Lending

What to look for in a small business lender?

The right lender should offer more than just capital — they should give you clarity, speed and control. Here are some factors and questions you might want to look into when comparing small business lenders.

What does a small business need to get a loan?

Traditionally, a business would need documents such as a business plan, tax returns and a strong business credit report to qualify for small business financing. But online lending has made the process more streamlined. To get a small business loan, you’ll typically need to meet a few basic requirements — though the exact criteria vary by lender. Most lenders will look for the following:

• Time in business. Usually at least 6 to 12 months
• Personal credit score. Often a 600+ FICO, though some require higher
• Business revenue. Often at least $8,000 – $10,000 per month or $100,000 annually
• Business checking account. Needed to verify cash flow and deposit funds

Depending on the lender, you may also need to provide a personal guarantee or collateral, especially for larger amounts.

What type of loan is best for a small business?

It depends on how you plan to use the funds. A business line of credit gives you flexible access to working capital — ideal for covering gaps in cash flow, buying inventory, or managing seasonal expenses. You draw only what you need and repay what you use.

A term loan is better for larger, one-time investments like equipment, renovations, or expansion. You get a lump sum upfront and repay it over a fixed period, which can make planning easier.

If your business lending needs change often, a line of credit gives you ongoing access. If you know exactly how much you need and why, a term loan might be the better fit.

Do I need an LLC before getting business financing?

Not necessarily. Many lenders — including OnDeck — will work with sole proprietors as long as they meet the minimum credit score, revenue and time in business requirements. That said, forming an LLC or corporation can help you appear more established, protect your personal assets, and improve your long-term borrowing potential.

Some lenders, like Fundbox and Bluevine, require you to be a registered business entity. If you’re planning to apply through them, having an LLC or corporation is essential. But if you’re a sole proprietor looking for fast, accessible funding, lenders like OnDeck offer more flexibility without that extra step.