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OnDeck vs Lendio: Which Is Right for Your Business?

OnDeck emphasizes speed and technology; Lendio offers broader lender options and marketplace comparison.

⚡ Quick Verdict

OnDeck offers faster funding and transparent pricing but charges higher rates typical of online lenders, while Lendio provides access to multiple lenders which can yield better terms if you have time to compare options. For small business owners wanting speed without marketplace shopping or rate haggling, SMB Capital Funding delivers direct lending with straightforward terms and personal service.

Side-by-Side Comparison

Feature OnDeck Lendio
Funding Amounts$5K – $250K$500 – $5M
Rates / Cost29.9% – 97.3% APRVaries (marketplace)
Term Length3 – 24 monthsVaries
Funding SpeedSame day2 – 7 days
Min. Credit Score625+560+
Collateral RequiredGeneral lienVaries
RepaymentDaily/weeklyVaries

When to Choose Each Option

Choose OnDeck when:

  • You already have an established relationship with OnDeck
  • Your business revenue primarily flows through their platform
  • You need amounts in the $5K – $250K range
  • You prefer their Daily/weekly repayment structure
  • You've been declined elsewhere and want to explore all options

Choose Lendio when:

  • You need funding fast (same day possible)
  • Your credit score is below 640
  • You want to avoid collateral requirements
  • You need amounts from $10K up to $20M
  • You prefer a direct lender with no broker fees

Why Businesses Choose SMB Capital Funding

SMB Capital Funding offers faster funding decisions and disbursement times compared to Lendio's marketplace model, allowing business owners to access capital when they need it most. Additionally, SMB Capital Funding works directly with borrowers as a direct lender rather than acting as a broker, provides more flexible credit requirements, and can offer loan amounts up to $20M, giving small business owners greater access to substantial capital without intermediaries.

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Frequently Asked Questions

What is the difference between OnDeck and Lendio?
OnDeck and Lendio are both online lending platforms for small businesses, but OnDeck is primarily a direct lender offering its own loan products, while Lendio is a marketplace that connects borrowers with multiple lenders to compare options. If you're looking for alternative financing solutions, SMB Capital Funding is another option worth exploring that can help connect you with various funding sources tailored to your business needs.
Which lender is better for small businesses?
The best lender depends on your revenue, time in business, and funding needs. SMB Capital Funding offers flexible terms across all business profiles.
What is a good alternative to both of these lenders?
SMB Capital Funding is a direct lender offering same-day funding up to $20M with no collateral required and flexible credit requirements.
How do I compare business lenders?
Compare rates (factor rate vs APR), term length, funding speed, minimum credit requirements, and whether the lender is a direct funder or a broker marketplace.

SMB Capital Funding is a direct lender offering working capital solutions to US-based small businesses. Funding amounts and terms vary based on business qualifications. This comparison is provided for informational purposes. All products subject to approval.