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 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.
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How we picked these
What is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
All responses are collected anonymously and used for internal data purposes only.
What is your primary need for a business loan?
Alternatives to Loanbuilder vs. OnDeck
Here are three alternative products similar to OnDeck and Loanbuilder:
Businessloans.com. If you have a low credit score, you’ll have more luck at Businessloans.com, 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.
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.
Dhara Singh was a freelance personal finance writer at Finder specializing in loans. Formerly she was a top 10 journalist at Yahoo Finance with more than 38+ million content views where she covered retirement and mortgages. She has also written for Bankrate, and CNET and continues to write for a variety of outlets, such as Investopedia and Worth magazine. Her articles focus on equipping readers with the right information and data so they can make the most informed decisions related to their finances.
Dhara previously worked as an insights analyst for Finder’s PR team, where she started the Deadliest Cities to Drive series in 2018, connecting interesting data analysis to a suite of car insurance products. When she’s not writing, Dhara coaches small business owners through her Stories to Sales programs and empowers them to use their life experiences to help other people. She has also self-published a poetry book on Amazon called Tell her She’s Lovely.
Dhara holds a B.S. in Finance and Supply Chain Management from Rutgers University and a M.S. in Journalism from Columbia University.
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