OnDeck vs. American Express Business Line of Credit: Which is better?
American Express Blueprint, previously Kabbage, skips APRs for monthly fees instead — but OnDeck offers longer repayment terms.
Small businesses with fair to good credit can benefit from American Express business line of credit, previously Kabbage, which offers no interest rates or maintenance fees. OnDeck, on the other hand, provides fast funding, shorter repayment horizons and a lower credit score threshold.
OnDeck vs. American Express Blueprint Business Line of Credit: A quick comparison
|American Express Business Line of Credit
|Loan products offered
|0% to 4% origination fees
|Not available in: Nevada, North Dakota, South Dakota
OnDeck vs. American Express Blueprint Business Line of Credit: Which one’s better?
OnDeck may work best for larger businesses with a lower credit profile that seek business expansion, equipment purchase or want to hire employees.
American Express Blueprint Business Line of Credit is best for borrowers with higher credit scores who need day-to-day coverage.
OnDeck may be a more competitive solution due to its higher customer ratings and quick turnaround times.
When to consider OnDeck
OnDeck is compatible with 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.
- A higher-rated lender. OnDeck boasts Trustpilot ratings nearing 5 stars, while American Express Blueprint Business Line of Credit is rated below 2 stars.
When to consider American Express Blueprint
American Express Blueprint Business Line of Credit is a good option for businesses that prefer:
- Baked in monthly fee vs. interest rate. If you prefer a fee built into your monthly loan payments versus an interest rate, American Express may fit the bill.
- More than one loan. You can have more than one loan up to your approved line of credit.
- Geographical flexibility. While OnDeck is limited in its geographical accessibility, American Express offers its line of credit to borrowers in all 50 US states and territories.
Both American Express Blueprint Line of Credit and OnDeck offer lines of credit and business loans up to $250,000 if you qualify. But these lenders differ in almost every other way.
Compare other business loans
Compare up to four lenders side-by-side to see how they stack up.
Alternatives to OnDeck and American Express Blueprint Business Line of Credit
These lenders are similar to both OnDeck and American Express Blueprint Business Line of Credit:
- Bluevine. Offers fast approval and funding.
- SmartBiz business loans. Get loan amounts up to $500,000.
- Finance Factory. Offers APRs as low as 0% for line of credit.
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