OnDeck vs. Prosper: Which is better?

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

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.

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

6 of 6 results

Updated regularly

Finder Score	Min. Amount	Max. Amount	APR	Requirements
Promoted Finder score 9.9 Excellent Pinnacle Funding	Finder score 9.9 Excellent	$5,000	$3,000,000	Varies by loan type	6+ months in business, 525+ credit score, $180,000 in annual revenue	Apply in minutes with funding as fast as 24 hours and zero impact to your credit score.	Go to siteView details Compare product selection Compare	loading
Promoted Finder score 9.5 Excellent Fundera business loans	Finder score 9.5 Excellent	$2,500	$5,000,000	Varies by lender	$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.	Go to siteView details Compare product selection Compare	loading
Promoted Finder score 9.5 Excellent Lendzi	Finder score 9.5 Excellent	$5,000	$20,000,000	Varies by lender	Minimum credit score of 580, minimum annual revenue of $120,000, preferably one to two years in business	Compare lending options and get funded fast.	Go to siteView details Compare product selection Compare	loading
Finder score 9.6 Excellent Advance Funds Network	Finder score 9.6 Excellent	$10,000	$5,000,000	Varies by lender	6 months in business, at least $10,000 in monthly revenue	A range of funding options for your business	Go to siteView details Compare product selection Compare	loading
Finder score 8.9 Great Best Money	Finder score 8.9 Great	$5,000	$5,000,000	Varies by lender	Depends on the lender	Apply in minutes. Get funded fast.	Go to siteView details Compare product selection Compare	loading
Finder score 9.6 Excellent Lendio business loans	Finder score 9.6 Excellent	$1,000	$5,000,000	Varies by lender	Operate business in US for 6 months or more, have a business bank account, minimum 580 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteView details Compare product selection Compare	loading

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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.

Read the full breakdown

Alternatives to OnDeck and Prosper

Here are three alternative products similar to OnDeck and Prosper:

• Businessloans.com: If you have a low credit score, you’ll have more luck at Businessloans.com, 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

• LoanBuilder vs. OnDeck
• Fundera vs. Lendio
• Bluevine vs. Fundbox
• OnDeck vs. American Express Line of Credit
• Fundbox vs. American Express Line of Credit

To make sure you get accurate and helpful information, this guide has been edited by Holly Jennings as part of our fact-checking process.

Written by

Dhara Singh

Writer

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. See full bio