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.
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.
Dhara Singh is 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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