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.
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| Finder rating | ★★★★★ | ★★★★★ |
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| Fees | 0% to 4% | 1% to 9.99% |
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| State availability | Not available in: Nevada, North Dakota, South Dakota | Not available in: Iowa, North Dakota, West Virginia |
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In the case of business financing, OnDeck may be a better option, as it offers more generous financing of up to $400,000 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.
OnDeck is compatible with borrowers who want:
Prosper is best for people who:
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 up to four lenders side by side to see how they stack up.
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How we picked theseThe 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.
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What is your primary need for a business loan?
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