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The 5 Best Alternatives To OnDeck Small Business Loans

OnDeck is a well-known lender for small businesses, but it's not the only option available. Check out our list of other lenders that might better fit your needs.

    Erica Seppala
  • Last updated onUpdated

  • Chelsea Krause
  • REVIEWED BY

    Chelsea Krause

    Lead Staff Writer

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

OnDeck is one of the most well-known online alternative business lenders. OnDeck offers fast and easy-to-access term loans up to $250K and lines of credit up to $100K and even has same-day funding available for businesses that need quick access to cash.

While OnDeck’s funding products have low borrowing requirements and quick disbursements, there are some downsides to consider. Hefty fees, short repayment terms, and daily or weekly payment requirements are among the deterrents for potential borrowers.

If you like the speed and easy access of OnDeck loans but want to weigh out your options, start right here with these OnDeck alternatives.

From a wider variety of financing options to longer terms and lower rates, these five best OnDeck alternatives may be a better fit for your financial needs.

Learn More About Our Top Picks

CompanySummaryNext StepsSummary
LoanBuilder

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  • Short-term loans
  • Borrowing Fee: Undisclosed
  • FICO: Undisclosed
  • Short-term loans
  • Borrowing Fee: Undisclosed
  • FICO: Undisclosed

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Fundbox

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  • Lines of credit
  • Borrowing Fee: 4.66%+
  • FICO: 600+
  • Lines of credit
  • Borrowing Fee: 4.66%+
  • FICO: 600+

Apply Now

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SmartBiz

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  • Term loans, LOCs, SBA loans
  • APR: Varies by product
  • FICO: Varies by product
  • Term loans, LOCs, SBA loans
  • APR: Varies by product
  • FICO: Varies by product

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Credibly

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  • STLs, term loans, invoice factoring, LOCs, equipment financing, SBA loans
  • APR: Varies
  • FICO: Varies
  • STLs, term loans, invoice factoring, LOCs, equipment financing, SBA loans
  • APR: Varies
  • FICO: Varies

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Lendio

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  • Term loans, LOCs, SBA loans, STLs, MCAs, & more
  • APR: Varies
  • FICO: N/A
  • Term loans, LOCs, SBA loans, STLs, MCAs, & more
  • APR: Varies
  • FICO: N/A

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Read more below to learn why we chose these options.

Best Alternatives To OnDeck

The best alternatives to OnDeck offer things like multiple types of funding, low borrowing requirements, longer repayment terms, and lower interest rates. Here are our top six picks for the best OnDeck alternatives.

How The Best OnDeck Alternatives Compare

Funding TypeMax Borrowing AmountTerm LengthsCredit Score
LoanBuilderShort-term loans$150K17 to 52 weeksUndisclosed
FundboxLines of credit$150K12 or 24 weeks600
SmartBizLOCs, term loans, SBA loans$500KUp to 10 yearsVaries
CrediblySTLs, term loans, LOCs, MCAs, SBA loans, & more$400KVariesVaries
LendioSTLs, LOCs, SBA loans, term loans, AR financing, & moreVariesVariesN/A

LoanBuilder: Best For Fast Funding

Total Rating 3.5
Rates & Fees4.1

Services2.9

Eligibility Requirements3.4

Application3.8

Sales & Advertising Transparency3.8

Customer Service2.8

User Reviews4.1



Pros

  • Next-day funding after approval
  • Low credit score requirements
  • Available to businesses that have been in operations for as little as 9 months

Cons

  • Blanket lien required
  • Personal guarantee required
  • Not available to businesses in some industries

Why We Chose LoanBuilder As An OnDeck Alternative With Fast Funding

PayPal's LoanBuilder offers a quick application process and customizable terms, although the service does not provide lines of credit like OnDeck. The primary focus of this lender is short-term loans of up to $150,000 with term lengths up to one year.

With its fast application process and minimal borrower requirements, LoanBuilder makes a solid option for borrowers without perfect credit or a long time in business but who need money ASAP. Borrowers can be prequalified in just minutes, with funding available as soon as the next business day following approval. Borrowers can customize their loans by adjusting their desired borrowing amount and term length once approved.

LoanBuilder Services

LoanBuilder offers short-term loans up to $150,000 (maximum $100,000 for first-time borrowers) with terms of 17 to 52 weeks. Repayments are made on a weekly schedule.

LoanBuilder Rates & Fees

LoanBuilder no longer discloses its rates. However, in the past, the lender has disclosed that it charges a one-time fee of approximately 2.9%-18.72% of the borrowing amount. No additional fees are charged.

LoanBuilder Eligibility Requirements

To qualify for a LoanBuilder short-term loan, you must meet these basic requirements:

  • At least 9 months in business
  • Annual revenue of at least $33,300

Although a credit score of 620 was once required to get a LoanBuilder loan, this requirement is no longer listed.

LoanBuilder does not lend to borrowers in the states of Hawaii, Nevada, North Dakota, or South Dakota.

Additionally, LoanBuilder loans are not available to some industries, including financial services, auto dealers, and gambling businesses.

Choose LoanBuilder If...

  • You want a short-term loan that is funded quickly after approval
  • You need a loan and you have a new business or a low credit score

Get Started With LoanBuilder

Read our in-depth review

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Fundbox: Best For Revolving Lines Of Credit

Total Rating 3.8
Rates & Fees3.1

Services3.6

Eligibility Requirements4.5

Application4.8

Sales & Advertising Transparency3.8

Customer Service3.0

User Reviews4.4



Pros

  • Fast & easy application process
  • Funds are disbursed quickly
  • Low credit score requirements

Cons

  • Rates can be expensive
  • Repayments are required frequently

Why We Chose Fundbox For Best Lines Of Credit

Fundbox is a lender that provides lines of credit to eligible small business owners. Similar to OnDeck, there are minimal borrowing requirements, making it easy for newer businesses or borrowers with poor credit to qualify. While these low borrowing requirements may result in higher fees and short repayment terms, it may be well worth the cost for businesses that struggle to qualify with other lenders.

We also like that Fundbox has an easy, automated application process. You can receive a credit decision in just minutes, and you can initiate draws immediately following approval. Funds can be then transferred to your bank account as quickly as the next business day, making this a great option for borrowers who need funds quickly.

Fundbox Services

Fundbox provides eligible borrowers with small business lines of credit up to $150,000. Repayment terms are 12 or 24 weeks, with payments made on a weekly schedule.

Fundbox Rates & Fees

Fundbox charges borrowing fees that start at 4.66% for 12-week loans and 8.99% for 24-week loans.

Fundbox Eligibility Requirements

Fundbox requires borrowers to meet the following requirements to receive a line of credit:

  • At least $100,000 in annual revenue
  • Personal credit score of 600+
  • Time in business of at least six months

Choose Fundbox If...

  • You want a line of credit to draw from as needed to cover business expenses
  • You have a credit score of at least 600 and can’t get funded elsewhere
  • You have a newer business that’s been in operations for at least 6 months

Get Started With Fundbox

Read our in-depth review

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SmartBiz: Best For Long-Term Funding

Total Rating 4.7
Rates & Fees4.8

Services4.8

Eligibility Requirements4.8

Application4.5

Sales & Advertising Transparency4.9

Customer Service4.9

User Reviews3.5



Pros

  • Multiple types of financing available
  • Competitive rates
  • Long-term funding available

Cons

  • Funds can take a while to disburse
  • Some additional fees are charged

Why We Chose SmartBiz For Long-Term Funding

SmartBiz offers something that OnDeck does not: long-term financing. Like OnDeck, you can apply for a term loan or line of credit. However, you can also apply for a Small Business Administration (SBA) loan, which comes with long repayment terms and competitive rates. Through SmartBiz, you may be eligible to receive up to $500,000 with repayment terms up to 10 years.

SmartBiz loans and lines of credit are best for established businesses with a solid credit history. While the application and funding process can be quite lengthy -- especially when compared to lenders like OnDeck -- businesses that want affordable, long-term funding may find SmartBiz's financial products to be worth the wait.

SmartBiz Services

Through its lending partners, SmartBiz offers:

  • Lines of credit up to $150,000 with interest-only payments for 12 months
  • Bank term loans up to $350,000 with repayment terms of two to five years
  • SBA loans up to $500,000 with repayment terms up to 10 years

SmartBiz Rates & Fees

Rates and fees vary by product:

  • For term loans, rates start at 9.99%.
  • For SBA loans, rates range from 11.25% to 13.25%.
  • For lines of credit, rates range from Secured Overnight Financing Rate (SOFR) + 9.99% to 29.99%

Origination fees, closing costs, and other fees may apply.

SmartBiz Eligibility Requirements

Borrower requirements vary based on the product you select. For SBA loans and bank term loans, you must have a U.S.-based business that has been in operation for at least two years. Credit score requirements are 650 for SBA loans and 660 for bank term loans.

SmartBiz does not disclose requirements for its lines of credit but does say that approval can be granted provided you have:

  • A prequalification
  • 6 months of bank statements
  • Debt schedule

 

Choose SmartBiz If...

  • You have an established business with good credit history
  • You want long-term funding with competitive rates and fees

Get Started With SmartBiz

Read our in-depth review

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Credibly: Best For Short-Term Loans

Total Rating 3.6
Rates & Fees3.1

Services3.7

Eligibility Requirements3.3

Application4.0

Sales & Advertising Transparency3.6

Customer Service4.3

User Reviews4.0



Pros

  • Low credit score requirements (for some products)
  • Fast & easy application process
  • Multiple types of financing available

Cons

  • Rates can be expensive
  • Some additional fees

Why We Chose Credibly For Best Short-Term Loans

Similar to OnDeck, Credibly offers short-term working capital loans with repayment terms up to two years. Credibly is also similar to OnDeck in terms of speed -- following loan approval, you can have funds in your account in as little as 24 hours.

Unlike OnDeck, though, Credibly works with lending partners to provide additional types of funding. This includes short-term options with low borrowing requirements, such as merchant cash advances and invoice factoring, as well as long-term options like SBA loans. New businesses and borrowers with poor credit can even find options through this lender, which also offers invoice financing and equipment financing.

Credibly Services

Credibly offers the following types of small business funding through in-house lending and partner lenders:

  • Short-term working capital loans up to $600,000 with repayment terms up to 24 months
  • MCAs up to $600,000
  • Long-term loans up to $250,000 with repayment terms up to 24 months
  • Lines of credit up to $300,000
  • Equipment financing
  • SBA loans
  • Invoice factoring up to $400,000

Credibly Rates & Fees

Rates and fees vary by loan product. For short-term loans, MCAs, and other short-term borrowing products, a factor rate is used. Rates for these loans start at 1.1. An origination fee will also apply.

Credibly Eligibility Requirements

Eligibility requirements for Credibly vary by product. For short-term loans and MCAs, the following minimum requirements must be met:

  • Personal credit score of 500+
  • At least $15,000/month in revenue
  • Time in business of at least 6 months

Choose Credibly If...

  • You want a short-term loan that’s funded quickly
  • You want to explore other financing options, including SBA loans, equipment financing, and invoice factoring

Get Started With Credibly

Read our in-depth review

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Lendio: Best For Comparing Loan Offers

Total Rating 4.8
Rates & Fees5.0

Services5.0

Eligibility Requirements4.9

Application4.5

Sales & Advertising Transparency4.4

Customer Service4.9

User Reviews4.9



Pros

  • Multiple types of financing available
  • Long-term financing available
  • Borrower qualifications are lower than banks

Cons

  • Funds can take a while to disburse
  • Rates can be expensive

Why We Chose Lendio For Comparing Loan Offers

Like OnDeck, Lendio can connect business owners with lines of credit and term loans. However, Lendio isn't a direct lender. The company can also provide access to far more funding options, including low-cost SBA loans, term loans, accounts receiveables financing, merchant cash advances, business credit cards, and more.

If you want to ensure you get the best rates and terms for your business, you can easily compare offers with Lendio. With 75+ lending partners, Lendio allows you to receive and compare multiple offers with one fast, easy application. Options are even available for newer businesses and borrowers with low credit scores.

Lendio Services

Lendio offers the following funding products for businesses:

  • Business lines of credit up to $500,000
  • SBA loans up to $5 million
  • Short-term loans up to $500,000
  • Term loans up to $2 million
  • Equipment financing up to $5 million
  • Startup loans up to $150,000
  • Business credit cards up to $150,000
  • Accounts receivable financing up to $10 million

Lendio Rates & Fees

Lendio’s rates and fees vary by lender and product. Here are some common rates and fees disclosed by Lendio to give you an idea of the cost of borrowing:

  • Lines of credit: 8% to 60%
  • Short term loans: 8%+
  • Term loans: 6%+
  • MCAs: 18%+
  • Equipment financing: 7.5%+
  • Startup loans: Up to 31%

Lendio Eligibility Requirements

Eligibility requirements vary by lender and product. There are no specific revenue, time in business, or credit score requirements to qualify.

Choose Lendio If...

  • You want to easily compare loan offers from multiple lenders
  • You’re unsure of which type of loan is best for your business

Get Started With Lendio

Read our in-depth review

Jump back to comparison chart

Business Loan & Funding Products Review Methodology

We spend hours researching and evaluating each business loan and funding product that we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.

When rating lenders and funding providers, we use a 31-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating. This rubric is applied to traditional term loans, as well as short-term loans, start-up loans, lines of credit, online lending products, merchant cash advances, and equipment financing products.

  • Rates & Fees: 20% of the total star rating
  • Services: 20% of the total star rating
  • Eligibility Requirements: 20% of the total star rating
  • Application: 15% of the total star rating
  • Sales & Advertising Transparency: 10% of the total star rating
  • Customer Support: 5% of the total star rating
  • User Reviews: 5% of the total star rating

Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like terms lengths, conditions of repayment, credit score and revenue requirements, ease of application, length of time to funding, the ethics involved in promoting the lending product, customer support, and the overall reputation of the lender or funding provider.

Read more about how we rate small business lenders.

The Bottom Line On Alternatives To OnDeck

Between these five lenders and OnDeck, you’ve got a good chance of finding financing that is right for your business. Each has something unique to offer. No matter which route you choose, make sure to do your research, compare your options, and choose the loan that works best for your business.

If you still want to explore your funding options, start with our list of the best small business loans. If you have credit challenges, take a peek at our choices for the best bad credit loans. And if you have a new business, be sure to learn about the best loans for startups.

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Erica Seppala

Erica Seppala

Editor & Senior Staff Writer at Merchant Maverick
Erica began writing on small business topics in 2008. She joined Merchant Maverick in 2018 and focuses on loans, accounting, and POS. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll. She has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a graduate of Limestone University and resides in Greenville, South Carolina.
Erica Seppala
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