Funding Circle vs OnDeck
An honest side-by-side comparison of two of our top business loans picks — pricing, strengths, weaknesses, and who each one is really for.
Funding Circle
Ranked #4 of 15 in this directory
Term loans for established small businesses with competitive fixed rates
OnDeck
Ranked #3 of 15 in this directory
Online small business term loans and lines of credit with same-day funding
Our pick: OnDeck. Our editors rank OnDeck higher overall in Business Loans — but Funding Circle can be the better fit depending on your budget and use case below. How we review
Compare the details
| Funding Circle | OnDeck | |
|---|---|---|
| Pricing model | Paid | Paid |
| Starting price | See website | See website |
| Category | Term Loan | Term Loan |
| Editorial rank | #4 of 15 | #3 of 15 |
Strengths
Funding Circle
- ✓Loan terms up to 7 years — longer than most online lenders
- ✓Competitive fixed rates for businesses with strong credit profiles
- ✓No prepayment penalty — pay off early and save on interest
- ✓Large loan amounts up to $500,000 suit growing businesses
- ✓Dedicated account managers provide personalized service
OnDeck
- ✓Same-day funding available for qualifying borrowers
- ✓Term loans and lines of credit in a single platform
- ✓Proprietary scoring considers more than just credit score
- ✓Transparent pricing with no hidden fees
- ✓Dedicated loan advisors available for personalized guidance
Watch out for
Funding Circle
- !Requires at least 2 years in business and $50,000 in annual revenue
- !Minimum credit score of 660 required for most products
- !Application process is more thorough than quick-funding alternatives
- !Origination fees of 3.49%–6.99% added to loan cost
OnDeck
- !Interest rates can be higher than traditional bank alternatives
- !Short maximum loan terms — up to 24 months for term loans
- !Early repayment does not reduce total interest owed in some cases
- !Not available in all US states
Best use cases
Funding Circle
- →Established business looking to expand operations or open a new location
- →Manufacturer purchasing capital equipment with favorable long-term financing
- →Business owner refinancing high-cost short-term debt into a longer fixed-rate loan
OnDeck
- →Restaurant owner needing fast capital for equipment repair or renovation
- →Staffing agency covering payroll between client invoices
- →Retail business expanding inventory ahead of peak season
About each tool
Funding Circle
Funding Circle is a leading online marketplace lender specializing in term loans from $25,000 to $500,000 for established small businesses. Operating as a peer-to-peer lending platform, Funding Circle connects borrowers directly with institutional and individual investors, which enables more competitive rates than many online lenders. With loan terms up to 7 years and a transparent application process, Funding Circle is ideal for businesses looking for longer-term, lower-cost financing than what most fintech lenders offer.
OnDeck
OnDeck is one of the most established online small business lenders, offering term loans from $5,000 to $250,000 and lines of credit up to $100,000. Known for its streamlined application, OnDeck can approve and fund loans the same day, which is critical for businesses facing urgent capital needs. OnDeck uses its proprietary OnDeck Score to evaluate creditworthiness using thousands of data points beyond traditional credit checks, allowing businesses with limited credit history to qualify for funding.
Still deciding? Browse all 15 options with honest pros, cons, and pricing.
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