Best Reviews TopConsumerReviews.com Best Business Loans Best Reviews
Best Reviews
      June 24, 2019

Home  >  Business Loans  >  On Deck vs LendingTree

Best

Business Loans

  1. Funding Circle
  2. LendingClub
  3. LendingTree
  4. Kabbage
  5. Balboa Capital
  6. Nat Business Capital
  7. CAN Capital
  8. Advanced Comm Capital
  9. Capital Loan Hub

Compare Products

  • Select any 2 companies in our reviews to compare them head-to-head!
  • Compare

Your Information Is Secure
Personal Loan Tips Newsletter

Latest Reviews

Cruise Vacations

Dental insurance

Government Grants

Learn to Read Programs

Menopause Relief

Online Fitness

Paid Surveys

Personal Trainers

Pet Meds

Wedding Planning Guides

 

Individual Reviews

On Deck

Funding Circle

LendingClub

LendingTree

Kabbage

Balboa Capital

National Business Capital

CAN Capital

Advanced Commercial Capital

Capital Loan Hub

 

Our professional reviewers evaluate products and services independently, but Top Consumer Reviews may earn money when you click on the links on our pages. Learn more.

Better Business Bureau Reliability Seal

On Deck vs LendingTree

Best Business Loans

To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth comparison of On Deck and LendingTree.

To see ALL of our reviews for the Best Business Loans, please Click Here

With all the difficulties in today's economy, many people are choosing to open their own business instead of working for a traditional employer. Whether you're just starting your business, expanding your already-established business, or even hanging out a shingle as an online company, it's likely that at some point you'll need a business loan to successfully meet your customer's needs and your business goals.

In the past, small business owners relied heavily on traditional brick-and-mortar banks in order to finance their business loans. Often that meant that borrowers had to rely on their own reputation and relationship with their local bank. Getting the lowest possible interest rate was also more challenging, since there were few lending options from which to choose.

Continue reading below reviews

Best Reviews

2019

Business Loan Reviews

5 stars
On Deck

ON DECK Visit Site

TopConsumerReviews.com Best-In-Class Blue Ribbon Award OnDeck started in 2007 to focus on helping small businesses with a major issue: Financing. Since then, they have helped more than 50,000 small businesses across more than 700 industries in both the US and Canada with more than $8 billion in business loans and lines of credit.

There are three primary types of small business loans offered by OnDeck:

  • Short-Term Loans: Up to $250,000 with repayment terms from 3-12 months
  • Long-Term Loans: Up to $500,000 with repayment terms from 15-36 months
  • Lines of Credit: Up to $100,000

OnDeck's business loan application process is straightforward and only takes about 10 minutes to complete. You enter simple information such as your business history, your desired loan amount, and similar details. Once that is complete, OnDeck's online system evaluates your business and provides a decision in a matter of minutes. Funding can take place as soon as 24 hours later.

In order to qualify for a loan from OnDeck, there are a number of basic requirements that must be met. For example, businesses must have at least 1 year of history, one of the business owners or partners must have a personal credit score of 600 or higher, and the business must demonstrate revenue of at least $100,000 in annual revenue. While this means that OnDeck would not be suitable for pure startups, many businesses should still be able to meet Ondeck's starting conditions and quickly be on the way to securing their business loan.

One unique aspect of OnDeck's loan repayment terms is that payments are made on a daily or weekly basis, rather than the traditional monthly payments one would expect from a loan. We think this is a good feature for both the lender and the borrower. The business owner can better stay on top of their repayments, rather than experiencing the snowball effect that can occur when trying to make larger monthly payments. OnDeck benefits by lessening their risk of repayment. This may be one contributing factor to the low rates that OnDeck passes on to their borrowers.

Another feature we liked about OnDeck is their transparency with regards to fees charged. OnDeck charges low loan origination fees that top out at 2.5%, with discounted fees on subsequent loans to help build customer loyalty. Their loan interest rates are extremely competitive in the industry, averaging around 15% on their term loans and 10% on business lines of credit.

We're impressed with OnDeck's A+ rating with the Better Business Bureau, and by numerous positive reviews across a wide spectrum of businesses who recommend OnDeck's simple process, helpful customer service, and overall loan experience. For all these reasons, OnDeck is a fantastic option for businesses in need of a business loan, and they earn our highest rating.

Visit Site

4 stars
LendingTree

LENDINGTREE Visit Site

If you'd like to get a feel for the different types of business loans available and some possible partners that would fund the loan you choose, LendingTree can help. Unlike most of the other business loan sources in our review, LendingTree does not fund loans directly but instead serves as a connection between borrowers and lending partners.

LendingTree is very helpful when it comes to understanding different types of business loans. Do you know the difference between a Small Business Loan and an SBA Loan? How about between a Working Capital Loan and a Business Line of Credit? If not, don't worry - you'll find a wealth of information on the main business loan page. Just click on the various types of loans listed and you'll find detailed explanations, along with helpful Pros/Cons summaries to help you understand at a glance.

To get an idea of what LendingTree has to offer for your business, the main landing page (as well as the link for Business Loans on the primary site) will ask you first to choose what kind of business you have:

  • Sole Proprietorship
  • Partnership
  • Corporation
  • S-Corporation
  • LLC

From there, you'll choose the range of loan you're looking for, from less than $15,000 to more than $300,000. Enter the month and year that you started your business (or the acquisition date), your monthly revenue, and whether or not you've filed for bankruptcy in the last 7 years. You'll then need to provide your business' name, phone number, and email address in order to see your funding options. Just be aware that if you put it "dummy" information just to see your possible loan details, you'll get an error message saying that your data doesn't match.

The number of lenders a business is matched up with can vary significantly. Factors such as income, years in business, location and more will help determine how many companies are potentially interested in lending you money.

Of course, in order to get your loan funded, each lending partner will have their own specific requirements. LendingTree does a decent job of communicating that to prospective borrowers, giving a list of steps and documents, you should expect throughout the process, such as putting together a cash flow projection and gathering papers like your business license and your personal/business tax returns.

LendingTree reduces the headache many of us face attempting to borrow money. No need to complete multiple applications from local lenders when LendingTree serves as the liaison between business owners and banks. LendingTree provides a fast and efficient process of identifying potential lenders as well as a wealth of information for those looking to borrow for business purposes.

Visit Site

Continued from above

Fortunately, business owners today can choose among many lenders to find the best terms and interest rates available. In addition to the old local options, small business borrowers now have much more and better choices through various lenders on the Internet that specialize in small business loans.

There are many factors that you should consider before selecting a lender for your business loan. Some of these include:

  • Loan size and rate. How much will you be allowed to borrow? What interest rates do they typically offer on loans of that size?
  • Loan application process. When applying for your business loan, can it be completed online? Is the lending process easy and straightforward?
  • Requirements for business history. Can a brand-new business take out a loan, or is there a minimum time that the business must have been in operation in order to qualify? What other verification and/or collateral is required to secure the loan?
  • BBB rating. Does the lender have an established history of good business practices?

TopConsumerReviews.com has reviewed and ranked the best Business Loan programs available today. We hope this information helps you find the best loan for your small business at an affordable rate!

Sanders to propose canceling entire $1.6 trillion in U.S. student loan debt, escalating Democratic policy battle

Under Castro's plan, borrowers would not have to repay their loans until their income rose above 250 percent of the federal poverty line - about $64,000 for a family of four - after which it would be ...

Published:  Sun, 23 Jun 2019 21:07:00 GMT



Leveraged Loan Investors Push Private Equity Firms on ESG

The bank has established a global team to grow the sustainable finance business, covering green bonds, ESG linked loans, green loans and green equity. Although it is still at an early stage ...

Published:  Mon, 24 Jun 2019 02:28:00 GMT



Holyoke Economic Development Corp. to revamp program with focus on smaller business loans

HOLYOKE - The Holyoke Economic Development Industrial Corporation (HEDIC) will follow a Boston-based consulting firm's recommendation to revamp a business loan program by offering smaller microloans ...

Published:  Fri, 21 Jun 2019 13:19:00 GMT



The Proper Way to Apply for Business Loans for Bad Credit

Worried you can't get a loan because of a bad credit score? If you have bad credit, it can make it much harder to get a loan to fund your business. Lucky for you, you can still find plenty of loans ...

Published:  Sat, 22 Jun 2019 01:30:00 GMT



4 Reasons Same Day Loans Are Perfect for Small Business Expenses

You run a pretty awesome business if you do say so yourself. The work is great, and the results are even greater. Better still, you see some change happening on the horizon and who doesn't like that? ...

Published:  Sat, 22 Jun 2019 00:16:00 GMT



Using Home Equity Loan/HELOC Money to Start a Business

Much like using a credit card had a negative connotation in the past where swiping the plastic instead of using cash made it seem like you didn't have the available funds, taking out a second mortgage ...

Published:  Fri, 21 Jun 2019 11:09:00 GMT



Personal Loan vs. Small Business Loan: Which Is Right for Me?

From business credit cards to loans to investors, there are a number of ways to get your hands on additional cash to grow your business. Two of the most popular funding options are personal loans and ...

Published:  Thu, 06 Jun 2019 03:45:00 GMT



PayPal's Latest Milestone: $10 Billion In Small Business Loans

The small business lending market is booming and it's not the traditional banks that are benefiting. Fintechs are leading the way. Case in point: PayPal. It hit a milestone, announcing it has provided ...

Published:  Wed, 29 May 2019 04:42:00 GMT



A Startup Should Take out a Business Loan that Makes Sense

Taking out any loan for your business or personal use is easy nowadays, but it is highly essential that you take out a loan that makes sense. No one wants to fall into a debt trap making life ...

Published:  Mon, 27 May 2019 11:07:00 GMT



Personal Loan vs. Small Business Loan: Which Is Right for Me?

Which is better for funding your company: a personal loan or a business loan? Find out here. Image source: Getty Images. From business credit cards to loans to investors, there are a number of ways to ...

Published:  Thu, 06 Jun 2019 04:18:00 GMT



Share Us!    Share TopConsumerReviews.com on Twitter Share TopConsumerReviews.com on LinkedIn Share TopConsumerReviews.com on Google+ Share TopConsumerReviews.com on Pinterest

Home      About Us      Terms & Conditions      Privacy Policy      Contact Us      Disclosure