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Loanbuilder vs OnDeck: Which is better?

PayPal’s Loanbuilder has flat-fees, while OnDeck has traditional interest rates.

If you’re on the fence about whether a loan from Loanbuilder or OnDeck is right for you, you may want to look at how much you want to borrow as OnDeck offers larger loan amounts. However, Loanbuilder offers loans with no origination fees.

Loanbuilder VS OnDeck: A quick comparison


Finder rating★★★★★ ★★★★★
Loan products offered
  • Business loans
  • Term Loans
  • Line of Credit
Interest rates
  • No interest rate just a single fixed price fee paid over lifetime of loan
  • Average 60.9% APR for term loans
  • Average 52.6% APR for Lines of Credit
FeesNo origination fee0% to 4% origination fee
Loan amounts
  • $5,000 to $100.000 for first time borrowers
  • Up to $150,000 for repeat borrowers
  • $5,000 to $250,000 for term loans
  • $100,000 for a line of credit
Turnaround time
  • 1 business day
  • Instant for line of credit
  • 1 business day for term loans
Eligibility requirements
  • Business checking account
  • Credit score
  • Personal guarantee
  • Minimum annual revenue of $33,000
  • 1 year in business
  • 625 min. FICO score
  • $100K annual business revenue
  • Business checking account
  • Three months’ bank balance statement
  • BBB star rating: A+
  • Trustpilot rating: 4.6
  • BBB star rating: A+
  • Trustpilot rating: 4.6
State availabilityAvailable in all statesNot available in: Nevada, North Dakota, South Dakota
  • Quick and simple application process
  • No origination fee
  • Flexible repayment terms
  • Customizable weekly or monthly payments for line of credit
  • Reductions for origination fee if renewing the loan
  • Weekly payments required
  • PayPal Business account required
  • Not available in all U.S. states
  • Limits of $10,000 for instant daily draws unless using ACH
Read review

Loanbuilder vs OnDeck: Which one’s better?

Loanbuilder stands out due to its easy application process, fixed-rate fees and transparency in allowing borrowers to see their options upfront. However, for borrowers who dislike weekly payments and fees altogether, OnDeck may serve as a more compatible business financing solution.

When to consider Loanbuilder

Loanbuilder may be your best option if you:

  • Don’t want to pay an origination fee. Loanbuilder doesn’t charge origination fees.
  • Prefer fixed fees instead of interest rates. Unlike other lenders Loanbuilder charges a fee spread out over the course of a loan’s lifetime versus charging an interest rate.

When to consider OnDeck

OnDeck is works best for borrowers who want:

  • Diversity of experience. OnDeck reports it has worked with 700 types of businesses, such as restaurants, auto repair shops and healthcare professionals, offering $15 billion in collective funding.
  • Faster turnaround loan times. OnDeck promises funding instantly for its line of credit and one business day for its small business loans.
  • Flexible payment schedules. Borrowers can customize their payments to a weekly or monthly schedule.

The similarities

Both LoanBuilder and OnDeck are popular small business lenders offering business loans with a fast application process. They provide customizable loan amounts and terms, making them suitable for borrowers with varying financing needs. These similarities position both lenders as attractive options for small businesses seeking quick and flexible financing solutions.

Compare up to four lenders side-by-side to see how they stack up.

1 - 6 of 6
Name Product Filter Values Min. Amount Max. Amount APR Requirements
Lendio business loans
Finder Score: 4.8 / 5: ★★★★★
Lendio business loans
Starting at 3%
Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
Finder Score: 4.7 / 5: ★★★★★
Starting from 3.9%
525+ credit score, one year in business, at least $50,000 annual revenue
Compare lending options and get funded fast.
Finder Score: 4.9 / 5: ★★★★★
Rates start at 1% per month
500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements
Same day approval
Nav business loans
Finder Score: 4.8 / 5: ★★★★★
Nav business loans
Varies by lender
550+ credit score
Get connected with personalized matches from over 100 lending options. Plus, get the best rates with the help of dedicated funding managers.
Finder Score: 4.4 / 5: ★★★★★
Varies by loan type and lender
Must have been in business between 1 to 2 years, have a minimum revenue of $75,000 to $250,000 and have a minimum credit score of 500 to 650.
Complete a three-minute form to see loans that fit your business’s needs. Compare offers without a hard credit check.
Fundera business loans
Finder Score: 4.9 / 5: ★★★★★
Fundera business loans
Varies based on lenders
$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months
Get connected with short-term funding, SBA loans, lines of credit and more.

Alternatives to Loanbuilder vs. OnDeck

Here are three alternative products similar to OnDeck and Loanbuilder:

  • If you have a low credit score, you’ll have more luck at, as this site has no major credit requirements.
  • Biz2Credit. You can get a fast turnaround on loans up to $6 million with Biz2Credit.
  • Sunwise Capital. This lender has a low $15,000 monthly requirement compared to Loanbuilder’s $33,000 monthly requirement. A medium between Loanbuilder and OnDeck’s $100,000 annual requirement. However, Sunwise also offers loans to those with credit scores as low as 500, which is a lower barrier to entry than both Loanbuilder and OnDeck.

See how other lenders stack up

Frequently asked questions

What details do I need to provide to find out if I prequalify?

The specifics will vary by lender, but in general you’ll provide your Social Security number, your business tax ID and your business’s average monthly sales.

I’ve only been in business for nine months. How can I get a loan?

You’ll find lenders that provide loans to startups and newer businesses, but a personal loan could also be an option if you’d like to borrow less than $100,000.

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