OnDeck vs LoanBuilder: Lender Comparison

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  2. OnDeck vs LoanBuilder: Lender Comparison

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ondeck vs loanbuilder

If you want a fast business loan, OnDeck and LoanBuilder are two great options. We’ve decided to have a closer look at the two with our OnDeck vs LoanBuilder comparison.

OnDeck and LoanBuilder are fairly similar in some ways. Their minimum requirements and loan sums are comparable. But there are a few key differences between the two that we must go over.

A Glance at the Competitors


Lender Minimum Revenue Time In Business Minimum Credit Next Steps
$100,000/yr 1 year 600+ See if you qualify

OnDeck is an alternative business lender. They offer both term loans and lines of credit. So, right off the bat they offer one more loan product than LoanBuilder, which only offers term loans. OnDeck is also a flexible lender, so long as you meet their minimum requirements.

LoanBuilder: Build Your Own Loan

Lender Minimum Revenue Time In Business Minimum Credit Next Steps
$42,000/yr 9 months 550+ See if you qualify

LoanBuilder is a PayPal service that provides fast short-term business loans. They only offer term loans, but they are especially transparent. You can use the LoanBuilder Configurator to build your own loan using sliders. Using some basic information you provide them with, they will let you know if they are willing to provide that loan.

OnDeck vs LoanBuilder: Which Business Lender Is Cheaper?

OnDeck’s rates vary from a 9% APR to a 99% APR. The exact rate you get will depend on your credit score. According to OnDeck, the companies weighted APRs are 25.6% for term loans and 32.8% for lines of credit.

The main expense for a LoanBuilder loan is their “borrowing fee”. This fee will be anywhere from 6.49% to 19.31% of the value of the loan.

Overall, LoanBuilder loans will cost less than OnDeck business loans. OnDeck is the winner when it comes to rates.

OnDeck vs LoanBuilder: Which Business Lender Is More Accessible?

OnDeck business loans are harder to qualify for than most of their competition. The requirements for OnDeck are:

  • A credit score of at least 600
  • At least one year in business
  • Annual revenue of at least $100,000
  • A personal guarantee
  • No bankruptcies for the last 2 years

Their combination of high credit score and revenue requirements make them a more difficult lender to get approved by. While OnDeck’s requirements are a bit high, they are not entirely uncommon among alternative lenders.

LoanBuilder is a much easier lender to get approved with. Their only requirements are:

  • A credit score of at least 550
  • At least 9 months in business
  • Annual revenue of at least $42,000

LoanBuilder is the easier lender to get approved by.

OnDeck vs LoanBuilder: Which Business Lender Is Faster?

Both OnDeck and LoanBuilder are very fast. But OnDeck is a bit faster than LoanBuilder most of the time.

Once you apply online or by phone, OnDeck will come to a decision in about 15 minutes. If they approve you, they will usually send you your funds in about 24 hours. At most , you may have to wait until the next business day.

LoanBuilder is also very fast, but will take a bit longer than OnDeck to approve you and send your funds. OnDeck wins when it comes to speed.

OnDeck vs LoanBuilder: Which Business Lender Offers Better Customer Service?

OnDeck offers customer support via phone, email, or live chat online. You can also talk to them through their social media accounts. For basic questions, OnDeck has a simple FAQ section to help you troubleshoot. OnDeck also provides each borrower with one designated customer service representative. This representative will help you with any of your problems during the term of your loan.

LoanBuilder can be reached by phone Monday through Saturday. You can also reach them by email or their social media accounts, but they have no live chat service. LoanBuilder’s customer service is good overall, and the company received a designation as a J.D. Power 2017 Certified Contact Center because of its “outstanding customer service experience.”

As far as customer service goes, OnDeck and LoanBuilder are tied.

Tallying The Scores

Between OnDeck and LoanBuilder, LoanBuilder offers the better deal. With better rates and lower requirements, LoanBuilder makes accessing a better loan easier. As an added bonus, LoanBuilder offers a level of customization that OnDeck doesn’t.

The main factor we left out of this comparison was total loan sums. That’s because both OnDeck and LoanBuilder are identical when it comes to loan amounts. They each offer a minimum loan of $5,000 and a maximum of $500,000.

More Options With OnDeck

One more factor to consider is that LoanBuilder only offers term loans with short terms. While this is good for many business owners, some will want longer terms. OnDeck offers more variety with terms of 3 to 36 months. Furthermore, they offer lines of credit, which can be a more attractive option in many cases.

Not sure where to go for a business loan? Read these quick & helpful guides:
Check out our preferred marketplace lenders.

Lender Minimum Revenue Time in Business Minimum Credit Next Steps
$100K/year 1 year 600+ See if you qualify
$10,000/mo 3 mo. n/a See if you qualify
$10,000/mo 3 mo. n/a See if you qualify
$75,000/yr 24 mo. 620+ Request Intro
Varies Varies 560+ See if you qualify

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