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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:
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.
Based in Utah, Fundia Credit & Capital focuses on small business lending and is one of the few companies in our review who include startups in their group of potential borrowers. Focused entirely on small businesses, including entrepreneurs, their desire to help their borrowers succeed is evidenced by the 12 months of free counseling they provide in order to help their customers effectively manage their credit lines.
Borrowers can receive a loan of up to $200,000 with same-day approval. Unfortunately, there is nothing on Fundia's site that allows prospective borrowers to get even an estimated loan amount or an interest rate, so it is difficult to compare Fundia with other lenders in our review, with respect to affordability.
One significant difference in the Fundia process is the requirement to sign up for a credit score report through Credit Check Total (which costs $1). Applicants can either provide their Credit Check Total login information or upload a PDF of the score report. Once the applicant has entered their basic business information and total desired loan amount, along with the credit score report, he or she can be pre-approved for the Fundia process. Because Fundia doesn't require security in the form of collateral, such as real estate or equipment, they do expect at least one of the business partners (either the borrower or another partner in the business) to have a credit score of 680 or higher.
Despite a relatively short history - having been established in 2015 - Fundia is an accredited business with the Better Business Bureau, with not only an A rating but also eight positive customer reviews and no negative ones. While the lack of any detailed information regarding interest rates or fees makes it hard to determine Fundia's ranking on an apples-to-apples basis with other lenders, we're very impressed with their positive reviews with the BBB and their willingness to not only lend to startups but to partner with them to help them succeed. We give Fundia four stars, and would easily raise that score if more detailed information regarding rates and fees proved to be competitive with other lenders in the business loans market.
To help you find the Best Business Loans, TopConsumerReviews.com provides you with an in-depth comparison of On Deck and Fundia.
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:
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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