Compare LoanBuilder vs. OnDeck business financing

Winner snapshot

Funding speed	Tie	Tie
Reputation		Winner
Lending limits	Tie	Tie
Costs	Winner
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An overview of LoanBuilder and OnDeck

LoanBuilder, A PayPal Service has provided unsecured advances to small and midsize businesses since 2006. Its main selling point is a best price guarantee: If you find a better offer, it either matches that or gives you $500. It also reward loyalty by giving second-time borrowers a slight rate discount.

These perks sound good, but getting other information about LoanBuilder can be tricky. Its website doesn’t offer other exact specifics, and customer service reps won’t be able to provide estimates of fees and interest rates before you apply. If you decide to take out an advance with this provider, comb through the fine print before signing any contract.

Founded in 2007, OnDeck offers short- and long-term business loans, in addition to lines of credit. A main selling point is its discount on origination fees for returning customers.

Unlike LoanBuilder, specific information about OnDeck’s loans are readily available on its site. It also offers live chat, if you want to ask a question but can’t (or don’t want to) talk on the phone.

First, am I eligible?

With LoanBuilder, eligibility for a business advance rests on whether: your business is at least 9 months old, makes at least $24,000 annually and your personal credit score is 550 or higher.

Like with LoanBuilder, OnDeck accepts borrowers with personal credit scores of at least 500 and businesses that are at least a year old. But you must also prove that you’ve made at least $100,000 in the past 12 months.

Which lender can get me money faster?

• Winner: Tie

  With both LoanBuilder and OnDeck, you could see your funds in a business day.

Which has a better reputation?

• Winner: Tie

  The Trustpilot score for both companies is the same. And while slightly more OnDeck customers rate it an excellent service, that rating is based on roughly half the number of reviews.

How much can I borrow with each lender?

• Winner: Tie

  Both LoanBuilder and OnDeck enforce same minimum and maximum lending limits.

Which lender offers lower-cost financing?

• Winner: OnDeck

  While OnDeck might interest and an origination fee, it’s upfront about the cost. This makes it easier to compare.

Bottom line

In many ways, LoanBuilder and OnDeck provide similar options to get your business to the next level. Prequalifying for both might not be a bad idea: Doing so won’t affect your credit score, and you can use OnDeck’s offer to see if you can get a better deal with LoanBuilder.

If you’ve just started considering business financing options, you might want to take a look at what lenders could offer you. Who knows — maybe another lender out there has an even better deal on what you need.

See how other top business financing providers compare

Frequently asked questions

• What details will I need to provide to find out if I prequalify?

  The specifics will vary by lender, but in general you’ll provide your Social Security number, your business tax ID and your business’s average monthly sales.

• I've only been in business for nine months. How can I get a loan?

  You’ll find lenders that provide loans to startups and newer businesses, but a personal loan could also be an option if you’d like to borrow less than $100,000.