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OnDeck vs. Prosper: Which is better?

OnDeck provides larger business loans, but Prosper offers smaller personal loans with potentially lower APRs.

OnDeck accepts borrowers with fair credit scores seeking larger business term loans and lines of credit. Prosper, on the other hand, offers fixed rate personal loans to similar borrowers with more flexible use guidelines but potentially higher origination fees. Being that Prosper is a personal loan provider, it may be best for business owners only looking to cover smaller business costs with a personal loan.

OnDeck vs. Prosper: A quick comparison


Finder rating★★★★★ ★★★★★
Loan products offered
  • Term Loans
  • Line of Credit
  • Personal loans for small business costs, debt consolidation, home improvement, healthcare financing, vehicles and other purposes
Interest rates
  • Average is 60.9% for term loans
  • 52.6% average APR for lines of credit
  • 8.99% to 35.99%
Fees0% to 4%1% to 7.99%
Loan amounts
  • $5,000 to $250,000 for term loans
  • $100,000 for a line of credit
  • $2,000 to $50,000
Turnaround time
  • Instant for line of credit
  • 1 business day for term loans
  • Minimum 1 business day after approval
Eligibility requirements
  • 1 year in business
  • 625 min. FICO score
  • $100K annual business revenue
  • Business checking account
  • Three months’ bank balance statement
  • Minimum 600 Credit Score
  • US citizen
  • Name
  • Address
  • DOB
  • US driver’s license or identifying documents
  • Proof of Income
  • BBB star rating: A+
  • Trustpilot rating: 4.6
  • BBB star rating: A+
  • Trustpilot rating: 4.6
State availabilityNot available in: Nevada, North Dakota, South DakotaNot available in: Iowa, North Dakota, West Virginia
  • Flexible repayment terms
  • Customizable weekly or monthly payments for line of credit
  • Reductions for origination fee if renewing the loan
  • Lower credit score requirements
  • Co-applicants accepted
  • No prepayment penalties
  • Limits of $10,000 for instant daily draws unless using ACH
  • Not available in all 50 US states
  • A late fee of $15 or 5% of the unpaid monthly amount
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OnDeck vs. Prosper: Which one’s better?

In the case of business financing, OnDeck may be a better option, as it offers more generous financing of up to $250,000 at a rapid 1-day turnaround. However, since both companies accept fair credit score borrowers, it really depends on what you plan to use the loan for. For smaller business expenses below $50,000, a personal loan from Prosper may be the more affordable option.

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. Line of credit borrowers can customize their payments to a weekly or monthly schedule.

When to consider Prosper

Prosper is best for people who:

  • Want smaller loan amounts. Prosper personal loans offer loans of up to $50,000, which may work well for business owners who don’t need a larger lump sum.
  • Have lower credit profiles. Prosper states it accepts borrowers with a minimum credit score of 600 that pass other criteria.
  • Seek a peer-to-peer lending experience. Prosper’s peer-to-peer lending service allows a borrower to customize their repayment options from 2 to 7 years.

The similarities

While OnDeck is specifically geared toward business owners and Prosper offers personal loans that can be used for business expenses, both are highly rated lenders that may approve lower credit score borrowers. Each offers financing to their clients in a fast turnaround time and with an origination fee attached.

Compare other loans

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

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: 4.9 / 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 OnDeck and Prosper

Here are three alternative products similar to OnDeck and Prosper:

  • If you have a low credit score, you’ll have more luck at, as this marketplace 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 revenue and credit score requirement.

See how other lenders stack up

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