OnDeck vs Funding Circle

Jenna Vasquez
Jenna Vasquez | 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
#12 OnDeck
7.1 Overall Score
4.8
star star star star star
(93)
Funding Circle logo
#40 Funding Circle
2.7 Overall Score
1.1
star star_border star_border star_border star_border
(27)

Overview

OnDeck

Maximum Loan Amount

$500k

Quickest Time to Funding

1 Day

Loan Types

N/A

Minimum Credit Score

N/A

Time in Business

Undisclosed

Funding Circle

$500k

1 Day

N/A

N/A

12 Years

Ratings

OnDeck

Overall Score
7.1 of 10
Review Score
4.8
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

2.7 of 10
1.1
star star_border star_border star_border star_border
1.3
star star_half star_border star_border star_border
1.2
star star_border star_border star_border star_border
1.0
star star_border star_border star_border star_border
0.2 of 10

Reviews

OnDeck

Number of Reviews
93
Review Breakdown
4.8
star star star star star
1 star
4%
2 star
0%
3 star
0%
4 star
1%
5 star
95%

Funding Circle

27
1.1
star star_border star_border star_border star_border
1 star
96%
2 star
4%
3 star
0%
4 star
0%
5 star
0%

Reviews for OnDeck

Helpful Favorable Review

star star star star star

Craig Fetter

December 26th, 2019

DETAILS

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.

Helpful Critical Review

star star_border star_border star_border star_border

FRED SHAPIRO

August 15th, 2019

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.

Reviews for Funding Circle

Helpful Favorable Review

None Available

Helpful Critical Review

star star_border star_border star_border star_border

Dan Mooney

June 16th, 2022

check_circle

Review Source

Hung me up for 7 days with 750 credit score and 17 years in business. Kept leading me on for days. The only phone call I had was the day I filled out the app. After that Noone answers and Noone will return your calls. Only email dragging you out. If you have 750 or less credit score and in business less that 17 years with 1.8 million in sales or less per year they will deny you. B.c that's what they did to me.

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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