1. OnDeck vs Funding Circle

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
#8 OnDeck
7.5 Overall Score
4.9
starstarstarstarstar_half
(91)
Funding Circle logo verified_user
#28 Funding Circle
4.2 Overall Score
1.1
starstar_halfstar_borderstar_borderstar_border
(16)

Overview

OnDeck

Funding Circle

Max Loan Amount
Max Loan Amount
$500k
$500k
Lowest APR Rate
Lowest APR Rate
9.99%
10.63%
Origination/Closing Fees
Origination/Closing Fees
2.50%
3.49%–6.99%
Time to Funding
Time to Funding
1 Day
1 Day
Time In Business
Time In Business
13 Years
10 Years

Ratings

OnDeck

Funding Circle

Overall Score
Overall Score
7.5 of 10
4.2 of 10
Review Score
Review Score
4.9
starstarstarstarstar_half
1.1
starstar_halfstar_borderstar_borderstar_border
Value for Money
Value for Money
4.3
starstarstarstarstar_half
1.1
starstar_halfstar_borderstar_borderstar_border
Quality of Product or Service
Quality of Product or Service
4.8
starstarstarstarstar_half
1.0
starstar_halfstar_borderstar_borderstar_borderstar_border
Customer Service
Customer Service
4.9
starstarstarstarstar_half
1.0
starstar_halfstar_borderstar_borderstar_borderstar_border
Company Trustworthiness
Company Trustworthiness
4.8
starstarstarstarstar_half
1.0
starstar_halfstar_borderstar_borderstar_borderstar_border
Likely to Recommend
Likely to Recommend
9.7 of 10
0.0 of 10

Reviews

OnDeck

Funding Circle

Number of Reviews
Number of Reviews
91
16
Review Breakdown
Review Breakdown
4.9
starstarstarstarstar_half
5 star
96%
4 star
1%
3 star
0%
2 star
0%
1 star
3%
1.1
starstar_halfstar_borderstar_borderstar_border
5 star
0%
4 star
0%
3 star
0%
2 star
6%
1 star
94%

Reviews for OnDeck

Helpful Favorable Review

starstarstarstarstar

Craig Fetter

October 30th, 2020 Baltimore, MD DETAILS arrow_drop_down
Value for your money
starstarstarstar_borderstar_border
Quality of product or service
starstarstarstarstar
Customer service
starstarstarstarstar
Company trustworthiness
starstarstarstarstar

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

starstar_borderstar_borderstar_borderstar_border

FRED SHAPIRO

October 30th, 2020 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.


Reviews for Funding Circle

Helpful Favorable Review

None Available

Helpful Critical Review

starstar_borderstar_borderstar_borderstar_border

Tom Ovidiu Moldovan

October 30th, 2020 Bailey, CO DETAILS arrow_drop_down
Value for your money
starstar_borderstar_borderstar_borderstar_border
Quality of product or service
starstar_borderstar_borderstar_borderstar_border
Customer service
starstar_borderstar_borderstar_borderstar_border
Company trustworthiness
starstar_borderstar_borderstar_borderstar_border

They completely wasted my time. They don't really know what they are doing when evaluating credit, especially when it comes to new companies. You're better off dealing with a local bank or with American Express. One rep (Arian - I see not the first complaint) hang up on me, one other told me it will take them 6 (six) weeks to simply remove my company from their mailing lists. That tells you something as well. I hope their founders in Britain will order some training to help them learn how to use a delete button.


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. 

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