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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.
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OnDeck is one of the most well-known online alternative business lenders. OnDeck offers fast and easy-to-access term loans and lines of credit 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 OnDeck alternatives may be a better fit for your financial needs.
Learn More About Our Top Picks
| Company | Summary | Next StepsSummary |
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LoanBuilder
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Fundbox
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SmartBiz
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Credibly
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Lendio
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Read more below to learn why we chose these options.
Table of Contents
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 picks for the best OnDeck alternatives.
| Funding Type | Max Borrowing Amount | Term Lengths | Credit Score | |
|---|---|---|---|---|
| LoanBuilder | Short-term loans | $150,000 | 17 - 52 weeks | Undisclosed |
| Fundbox | Lines of credit | $150,000 | 12 or 24 weeks | 600 |
| SmartBiz | LOCs, term loans, SBA loans | Varies by product | Varies by product | Varies by product |
| Credibly | STLs, term loans, LOCs, MCAs, SBA loans, & more | $600,000 | 3 - 24 months | 500 |
| Lendio | STLs, LOCs, SBA loans, term loans, AR financing, & more | Varies by lender/product | Varies by lender/product | N/A |
Pros
Cons
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 52 weeks.
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.
Pros
Cons
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.
Pros
Cons
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. Term loans and lines of credit are also available.
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.
Pros
Cons
Similar to OnDeck, Credibly offers short-term working capital loans. 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.
Pros
Cons
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.
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.
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.
Between these 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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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity. The editorial content on this page is not provided by any of the companies mentioned and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author’s alone.
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