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Compare LoanBuilder vs. OnDeck business financing

While similar, these two lenders offer slightly different rates and terms depending on your business needs.

Having access to a little more capital can make a serious difference to your business’s bottom line. If you need cash to keep afloat during the off season or just want to invest in your marketing, business loans can be helpful tools. And now that lending has moved online, you have many more borrowing options beyond your local bank.

But it can be hard to figure out which lenders will give you the best deal for your needs. We help you weigh your choices by breaking down what LoanBuilder and OnDeck have to offer.

LoanBuilder, A PayPal Service was formerly Swift Capital

LoanBuilder, A PayPal Service might seem new. But it’s actually the product of Swift Capital joining forces with PayPal in 2017. Swift Financial still handles repayments on LoanBuilder loans.

Winner snapshot

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?

LoanBuilder, A PayPal Service

Applying online takes only a few minutes, and you’ll find out if you prequalify quickly. You can typically get your funds in as little as a business day from the time you complete your application.


The online application takes little time to complete, and you’ll get an offer from OnDeck within minutes. Once you accept, you could get your money as quickly as the next business day, although it can take up to five business days, depending on your loan.

  • Winner: Tie

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

Which has a better reputation?

LoanBuilder, A PayPal Service

LoanBuilder’s average score on Trustpilot is an impressive 9.7 out of 10, based on nearly 4,000 reviews as of May 2019. Around 90% of its customers have rated its services as excellent.


OnDeck also gets a 9.7 out of 10 on Trustpilot, although its score is based on some nearly 1,900 reviews. But more than 94% of its users rate OnDeck as excellent.

  • 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?

LoanBuilder, A PayPal Service

LoanBuilder offers business advances of $5,000 to $500,000.


OnDeck also offers business loans of $5,000 to $250,000.

  • Winner: Tie

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

Which lender offers lower-cost financing?

LoanBuilder, A PayPal Service

Instead of interest, LoanBuilder charges one fixed fee, which it multiplies by the funding amount. The longer your term, the higher a fee you’ll pay. However, it doesn’t disclose how much these fees are on its website. There are no origination or application fees.


OnDeck term loans term loans start at 9.99% APR. Your first OnDeck term loan comes with origination fees that’ll range between 2.5% to 4%. If you go back to them for a second loan, you’ll pay between 1.5% and 3%. That rate further drops to 0% to 3% for third and subsequent loans. You’ll pay an APR of at least 13.99% if you decide to open a line of credit instead.

  • Winner: OnDeck

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

Case study: Joshua’s drive-in dream

Joshua recently revived a drive-in movie theater that’s doing well. But he feels like he could do even better if he had access to extra funds. Joshua figures he needs around $100,000 to put his expansion and marketing plans into action. Not wanting to deal with the hassle of his local bank, he compares two non-bank online lenders he’s heard about: LoanBuilder and OnDeck.


$7,600 on a $100,000 9-month advance.

$5,565.53 on a $100,000 9-month loan.

Ease of application

Get prequalified in minutes by filling out an online application. Swift Credit checks your credit after you accept an offer.

Offers a quick, easy online application. Applying doesn't affect your credit score.

With a similar application process, Joshua decided to go with the lender that offered the lowest cost: OnDeck.

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.

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