Swift Capital vs OnDeck | Which offers lower costs? Faster funding?

Compare Swift Capital vs. OnDeck business financing

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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 Swift Capital and OnDeck have to offer.

Winner snapshot

Swift Capital logoOnDeck logo
Funding speedTieTie
Reputation
  • Winner
Lending limitsTieTie
Costs
  • Winner
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An overview of Swift Capital and OnDeck

Swift Capital 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 Swift Capital 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 Swift Capital, 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 Swift Capital, eligibility for a business advance rests on whether: you’re a US citizen, your business is over a year old and your personal credit score is at least 500.

Like with Swift Capital, 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?

Swift Capital

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.

OnDeck

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 Swift Capital and OnDeck, you could see your funds in a business day.

Which has a better reputation?

Swift Capital

Swift Capital’s average score on Trustpilot is an impressive 9.4 out of 10, based on nearly 1,400 reviews. Around 85% of its customers have rated its services as excellent.

OnDeck

OnDeck also gets a 9.4 out of 10 on Trustpilot, although its score is based on some 850 reviews. But more than 90% of its users rate OnDeck as excellent.

  • Winner: OnDeck

    OnDeck takes this round by a narrow margin. While the Trustpilot score for both companies is the same, more OnDeck customers rate it an excellent service.

How much can I borrow with each lender?

Swift Capital

Swift Capital offers business advances of $5,000 to $500,000.

OnDeck

OnDeck also offers business loans of $5,000 to $500,000.

  • Winner: Tie

    Both Swift Capital and OnDeck enforce same minimum and maximum lending limits.

Which lender offers lower-cost financing?

Swift Capital

Swift Capital offers fixed fees that start at 9.9%. The fixed fee is multiplied by the funding amount; actual APRs are higher since most advances are repaid within just a few months. In addition, you’ll pay a loan origination fee of 1% to 2.5% of the amount you borrow from Swift Capital. Its best price guarantee means you could end up closer to this rate. Once you pay 50% of the amount you owe through your first business advance, you achieve premier status. Premier customers typically get a 1-point price reduction on subsequent funding.

OnDeck

OnDeck term loans term loans start at 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: Swift Capital

    The difference between Swift Capital and OnDeck’s APR offerings isn’t much if you’re taking out a small amount of financing. Swift Capital’s promise to beat or meet offers from its competition means you could have a better chance of getting a good rate with it. You could also pay a lower origination fee for your first loan with Swift Capital.

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 $50,000 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: Swift Capital and OnDeck.

Swift Capital

OnDeck

Fees$500–$1,250 origination fee on a $50,000 12-month advance.$1,250–$2,000 origination fee on a $50,000 12-month loan.
Ease of applicationGet 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.

Though OnDeck offers a lower starting interest rate, Joshua likes that Swift Capital loans come with lower fees — and he appreciates its best price guarantee. Ultimately, he decides to apply with Swift Capital.

Get OnDeck business financing

Bottom line

In many ways, Swift Capital 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 Swift Capital. There’s a always chance that Swift Capital won’t be able to meet OnDeck’s terms, but Swift Capital’s best price guarantee could result in you walking away with $500 regardless.

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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