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On Deck vs Capital Loan Hub

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ON DECK

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 500 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.

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CAPITAL LOAN HUB

CapitalLoanHub claims to connect businesses with lenders for no-collateral business loans up to $500,000. While this may be accurate, we found too few details about CapitalLoanHub to know if they are a trustworthy partner for a process that involves such a large amount of money and personally identifiable information.

For example, most reputable lenders and referral services have multiple ways to communicate, whether that's via live online chat, a toll-free number, or all of the above. The only contact methods offered by CapitalLoanHub are an online contact form and an email address - despite being told in the FAQ that prospective customers can call or visit one of their storefronts with any questions. Given that they list their physical address as being on the island of Nevis in the Caribbean, we feel that most American-based businesses will be uncomfortable sharing their private information with CapitalLoanHub, even just to be connected with another (hopefully reputable) lender. There is no guarantee that their information will be kept secure during the process of matching them with possible sources for a business loan.

Even on CapitalLoanHub's "Do I Qualify?" page, there are no specifics as to their lenders' requirements. Do businesses have to be in operation for a certain length of time, have a minimum level of monthly income, or provide a Social Security Number for at least one of the applicants? There's no way to know without providing information; even the "Get Started Now" form has options ranging from "not yet in business" to "5 or more years" time in business, but many business loans are not offered to startups or newer companies.

With so little to prove that CapitalLoanHub is a reliable source for business loans, we can only give them a low rating at this time. We believe you'll have a much more secure and successful process in obtaining your next business loan with one of the higher-rated lenders in our review.

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Business Loans

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

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.

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!



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