Lendio vs OnDeck

Lendio

• ✓Single application surfaces offers from 75+ lenders
• ✓Covers nearly every loan type including SBA, term, LOC, and MCA
• ✓Free to use — Lendio earns from lenders, not borrowers
• ✓Dedicated funding managers guide borrowers through options
• ✓Ideal for businesses with limited credit history seeking any available option

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

Lendio

• !Not a direct lender — approval depends on third-party lenders
• !Some lenders in the network charge higher rates for lower credit profiles
• !Data shared with multiple lenders in the network
• !Best offers reserved for businesses with strong financials

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

Lendio

• →First-time business borrower unsure which loan type or lender to choose
• →Small business comparing multiple loan offers to find the best rate
• →Business owner exploring SBA loan options alongside conventional financing

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

Lendio

Lendio is the largest online marketplace for small business loans, allowing entrepreneurs to submit a single application and receive offers from a network of over 75 lenders — including term loans, SBA loans, lines of credit, merchant cash advances, and equipment financing. Rather than being a direct lender, Lendio acts as a matchmaker that helps businesses find the best loan product and lender for their specific situation. With over $10 billion in funding facilitated since founding, Lendio is a trusted first stop for businesses exploring financing options.

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.