OnDeck vs Funding Circle

Rebecca Graham
Rebecca Graham | Contributor

OnDeck and Funding Circle are similarly sized alternative business lending solution companies with individual pros and cons.

Where Funding Circle has more competitive eligibility requirements and a greater selection of loan products, OnDeck has a lower barrier to loan approval, expanding access to credit to businesses that are performing well irrespective of varying FICO scores. 

OnDeck logo verified_user
#6 OnDeck
7.7 Overall Score
4.9
star star star star star
(91)
Funding Circle logo verified_user
#29 Funding Circle
4.7 Overall Score
1.1
star star_border star_border star_border star_border
(22)

Overview

OnDeck

Max Loan Amount

$500k

Lowest APR Rate

9.99%

Origination/Closing Fees

2.50%

Time to Funding

1 Day

Time in Business

14 Years

Funding Circle

$500k

10.63%

3.49%–6.99%

1 Day

11 Years

Ratings

OnDeck

Overall Score
7.7 of 10
Review Score
4.9
star star star star star
Value for Money
4.3
star star star star star_half
Quality of Product or Service
4.8
star star star star star
Company Trustworthiness
4.8
star star star star star
Likely to Recommend
9.7 of 10

Funding Circle

4.7 of 10
1.1
star star_border star_border star_border star_border
1.1
star star_border star_border star_border star_border
1.0
star star_border star_border star_border star_border
1.0
star star_border star_border star_border star_border
0.0 of 10

Reviews

OnDeck

Number of Reviews
91
Review Breakdown
4.9
star star star star star
5 star
96%
4 star
1%
3 star
0%
2 star
0%
1 star
3%

Funding Circle

22
1.1
star star_border star_border star_border star_border
5 star
0%
4 star
0%
3 star
0%
2 star
5%
1 star
95%

Reviews for OnDeck

Helpful Favorable Review

star star star star star

Craig Fetter Baltimore, MD

I dealt with Scott. Very knowledgable. He is great on follow through and follow up. I am very pleased with his abilty to serve my short and longer term needs. Highly recommend. And I have used a few competitors.

1 year ago

Helpful Critical Review

star star_border star_border star_border star_border

FRED SHAPIRO Watertown, MA

never informed that i would be charge $4000.00 over and above the high interest rate charged for a loan. sneaky and deceitful.will never be able to deal with your firm again.I WILL ALSO LET THE WORLD KNOW THAT YOU HAVE CHEATED A 87 YEAR OLD MAN WITH CANCER AND HEART DISEASE OF AN EXTRA 4% ON A LOAN. VERY DISTURBING SITUATION.

1 year ago

Reviews for Funding Circle

Helpful Favorable Review

None Available

Helpful Critical Review

star star_border star_border star_border star_border

Habituer Tacoma, WA

Terrible predatory and criminal lending practices. They will float payment checks purposefully in order to charge bogus interest and late fees. I started sending payments via B2B wells Fargo to prove when they cashed them. Caught them red handed on multiple occasions not posting my payments for several days after receiving cash from my bank. Then they would bill me for late fees. When COVID interest rates dropped they refused to lower rate. Then they refused to send payoff statements when we tried to get away from them. Total scumbags!

3 days ago

The Final Word

When taking into account loan types and loan amounts, OnDeck and Funding Circle seem evenly matched.

But where overall trust, customer satisfaction, and loan attainability are so crucial, OnDeck comes more highly recommended overall by borrowers via the company's record of customer reviews. 

Loan Types

OnDeck offers both short-term and long-term loans as well as lines of credit. 

Funding Circle offers more loan products including term loans, SBA loans, lines of credit, invoice factoring, and Merchant Cash Advance (MCA). 

Maximum Loan Amount

OnDeck offers both short-term and long-term loans up to $500,000.

Funding Circle term loans range from $5,000 to $500,000. 

OnDeck business lines of credit go up to $100,000. 

Funding Circle lines of credit range from $6,000 to $250,000. 

Availability 

OnDeck does not lend to small business owners businesses in Nevada, North Dakota, or South Dakota.

Funding Circle loans are available in all states except Nevada. 

Eligibility Requirements  

Funding Circle requires two years in business and a personal FICO credit score of at least 660 for business owners. 

OnDeck's requirements are less stringent, requiring only one year in business and no minimum credit score. However, the higher your credit score, the more likely you are to be approved and the better the terms of the loan. 

Top Choice

OnDeck Logo
OnDeck

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