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The 5 Best OnDeck Alternatives

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.

    Chris Motola
  • UPDATED

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If you’re looking for funding for your business, you’ve probably come across the name OnDeck, which offers fast, easy-to-access business loans. Although the company has more competition today, OnDeck is still one of the most well-known lenders available. It’s quick, easy to qualify for, and provides multiple business financing products. Generally, OnDeck’s term loans or lines of credit only take a few minutes to find out if you qualify, and you receive your cash just days later.

This lender is not without its critics, however. OnDeck may be fast and convenient, but its loans have the potential to come with hefty fees ranging from 29.9% to 99.9% APR (based on loans originated in the half-year ending March 31, 2022). Plus, the daily repayment schedule may be inconvenient for some businesses, and you need to have a credit score of at least 625.

Whether you already use OnDeck and are looking for lower-cost alternatives, you’re shopping around, or for some other reason, we’ve got you covered with the best OnDeck alternatives below. All these companies provide loans similar to OnDeck but might be able to grant you lower fees, more convenient repayment options, or products better suited to your business.

Who knows? One of these funding companies may bring your business to the next level.

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CompanySummaryNext StepsSummary
LoanBuilder

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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.
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.

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Fundbox

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Fundbox is an online lender with a fast and automated application process and minimal borrower requirements.
Fundbox is an online lender with a fast and automated application process and minimal borrower requirements.

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SmartBiz

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This company partners with banks to offer SBA loans, but it uses technology (and quality customer service) to speed up the notoriously slow SBA loan application process.
This company partners with banks to offer SBA loans, but it uses technology (and quality customer service) to speed up the notoriously slow SBA loan application process.

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Fundation

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Fundation dishes out business term loans and lines of credit to eligible borrowers. Its term loans cap off at a maximum borrowing amount of 500K, while its lines of credit are limited to $150K.
Fundation dishes out business term loans and lines of credit to eligible borrowers. Its term loans cap off at a maximum borrowing amount of 500K, while its lines of credit are limited to $150K.

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Credibly

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Credibly has the shortest term lengths of any lender on this list -- at a maximum, you’ll have to repay your loan in two years, so it's better suited for working capital needs or small business expansion projects.
Credibly has the shortest term lengths of any lender on this list -- at a maximum, you’ll have to repay your loan in two years, so it's better suited for working capital needs or small business expansion projects.

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Read more below to learn why we chose these options.

Best Alternatives To OnDeck

OnDeck’s competitors include LoanBuilder, Fundbox, SmartBiz, Fundation, and Credibly. Learn more about these popular small business lenders below.

LoanBuilder

LoanBuilder


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LoanBuilder is a lending service that entered the PayPal fold in 2017. Borrowers benefit from a quick application process and customizable terms with LoanBuilder, although the service does not provide lines of credit. The primary focus of this lender is short-term loans of up to $500,000 with term lengths of 13 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. LoanBuilder enables business owners to find out if they’re preapproved for a loan -- it just takes a few minutes. Borrowers can adjust their desired borrowing amount and term length once approved.

For rates, expect a number between 2.9% and 18.72% of the total borrowing amount. You'll repay this fee in installments along with the principal. As a nice bonus, LoanBuilder doesn’t charge fees beyond the borrowing charge (such as origination or application fees).

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Fundbox

Fundbox


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Fundbox is an online lender with a fast and automated application process.

Fundbox boasts minimal borrower requirements. Here's all that's needed to qualify: a compatible business checking account, a business that's been operational for at least six months, $100,000 in annual revenue, and a minimum of 600 on a FICO credit check.

To check your eligibility, simply create an account, fill out a few questions, and authorize Fundbox for read-only access to your accounts. Because the application process is automated, you can typically determine your eligibility and rates in as little as three minutes.

New businesses that don't qualify for other lenders will want to give Fundbox a good look. Note that because of its low borrower requirements, you may wind up paying higher fees than elsewhere. Still, Fundbox is worth considering if you have the right type of business.

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SmartBiz

SmartBiz


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Most lenders on this list do medium- or short-term loans, which means they're repaid in five years or less. SmartBiz is a little different. This company partners with banks to offer SBA loans, but it uses technology (and quality customer service) to speed up the notoriously slow SBA loan application process.

SmartBiz is still the slowest financier on this list -- you're looking at a funding time of anywhere between a week and three months -- but it will be able to tell you whether you have a good chance of qualifying within a few minutes of applying. Additionally, it more than makes up for the somewhat slow process by providing low-cost, long-term loans -- which you're unlikely to find elsewhere.

With SmartBiz, you'll find two types of SBA 7(a) loans on offer: one for working capital and debt refinancing and the other for commercial real estate purchases. The former has a borrowing term of 10 years, and the latter has a term of 25 years. The APRs for both vary slightly, with 11.04% for working capital/debt refinancing and 7.43% for commercial real estate purchases. Both of these rates are extremely competitive in the world of small business loans.

The stats above represent the minimum requirements for the working capital/debt refinancing loan; qualification guidelines are a little more strict for commercial real estate loans.

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Fundation

Fundation


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Fundation dishes out business term loans and lines of credit to eligible borrowers. Its term loans cap off at a maximum borrowing amount of 500K, while its lines of credit are limited to $150K. Interest rates for both products max out at 29.99%.

With a typical funding time of a week or less, Fundation's application process might take a little more time to complete than OnDeck's. However, you can typically get a quote within 24 hours of applying. So while Fundation might not be the best pick if you're in urgent need of cash, the application certainly doesn't take very long.

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Credibly

Credibly


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Credibly offers short-term loans as well as more traditional installment loans. Credibly has the shortest term lengths of any lender on this list -- at a maximum, you’ll have to repay your loan in two years. That makes Credibly’s loans better suited for working capital needs or small business expansion projects.

While they can get a little expensive, Credibly's fees are competitive with those of OnDeck and other similar lenders in the industry. And with a timeframe from application to getting funding of two to five days, you can expect the funds pretty quickly.

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Final Thoughts

Between these five lenders and OnDeck, you’ve got a good chance of finding financing that is right for your business. Each delivers different loan products; for instance, both Fundation and Credibly offer installment loans. OnDeck, Fundbox, and Fundation provide lines of credit. You can get short-term loans with OnDeck, Credibly, and LoanBuilder, while SmartBiz is the place to go for SBA 7(a) loans.

Don’t see anything you like? Your next stop is our small business loan comparison chart or our business line of credit comparison chart.

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Chris Motola

Chris Motola

Senior Staff Writer at Merchant Maverick
Chris has been writing about small business topics since 2003. In 2015, he joined Merchant Maverick, where he writes about business financing, payment processing, and demographic trends in entrepreneurship. Chris has been featured in Fox Business, ABC News, Yahoo Finance, GoBankingRates, Newsweek, BizJournals, and other publications. He has a Bachelor’s of Arts in English Writing Arts from SUNY Oswego, and a Masters of Science in Interactive Media from the University of Central Florida. He currently resides in the Hudson Valley region of New York.
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