OnDeck vs National Funding: A Comparison

  1. Business Loans
  2. OnDeck vs National Funding: A Comparison

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

Expert Review By:

ondeck vs national funding

If you’re looking for a simple business loan, OnDeck and National Funding are two serious contenders. They each provide simple and fast business loans, and offer term loans and lines of credit. Their solutions provide business financing options for most simple needs. These similarities call for an OnDeck vs National Funding review.

Let’s just right in by having a quick look at these two business lenders. Then, let’s get into the details and see how they stack up against each other.

A Glance At The Candidates


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

OnDeck is a low-fee alternative business lender. Their rates still can’t compare to traditional lenders, but they offer good rates for alternative lenders. They also offer good customer service and the speed you’d expect of an online lender. OnDeck is also a transparent lender, and as you’ll see, it’s pretty easy to understand the kind of deal you’ll get if you choose to borrow from them.

OnDeck offers a business term loan and a business line of credit.

National Funding

Lender Minimum Revenue Time In Business Minimum Credit Next Steps
$100,000/yr 1 year 500+ See if you qualify

National Funding is another simple alternative lender. They don’t charge great rates, but they are far easier to qualify for. They can also provide high sums for equipment financing. While there are some things you need to keep in mind, they also offer a wide range of payment options.

National Funding offers merchant cash advances and installment loans for various business purposes.

OnDeck vs National Funding: Which Business Lender Is Cheaper?

OnDeck offers business loans and lines of credit. APRs can be as low as 9% for the most qualified borrowers. But their APRs can rise as high as 99% in other cases. OnDeck installment loans have a weighted average APR of 25.6%. Their lines of credit have a weighted average APR of 32.8%. These are decent alternative loan rates that OnDeck is very transparent about.

National Funding has a stranger pricing plan. You pay them a borrowing fee that works out to a factor rate and royalty. For normal business term loans, you will have to pay a borrowing fee of 17-36%. They also charge an origination fee of 2%. National Funding also collects its repayments through daily ACH payments.

Overall, OnDeck will generally offer the less expensive deal. They are also more lenient with repayments and won’t take automated payments daily.

OnDeck vs National Funding: Which Business Lender Is More Accessible?

OnDeck has quite a few minimum requirements. They are as follows:

  • Annual revenue of at least $100,000
  • At least one year in business
  • A credit score of at least 600

They will also ask for a personal guarantee and won’t lend to you if you’ve had a bankruptcy in the last 2 years.

National Lender is a more lenient lender. They require:

  • Annual revenue of at least $100,000
  • For an MCA, at least $3,000 in monthly credit card sales
  • At least 12 months in business
  • A credit score of at least 500

Their time in business and revenue requirements are the same. But they will lend to business borrowers with quite poor credit.

National Funding is the more accessible lender of the two.

OnDeck vs National Funding: Which Business Lender Is Faster?

OnDeck loan applications can be completed by phone or online. In either case, approval should take around 15 minutes. If you’re approved, your funds will be sent during the next business day most of the time. 

Also, OnDeck is a fast provider of consolidation loans. So, if you need to pay off multiple debts quickly, OnDeck is a good choice.

National Funding MCAs are a particularly fast way to get huge sums fast. If you qualify, you can get this fast access to an MCA of up to $250,000 or an installment loan of up to $500,000. If you come prepared, you can get a loan from National Funding quickly.

We cannot declare a winner for speed when it comes to these two lenders. You can always expect fast approval (or disapproval) from each of them.

OnDeck vs National Funding: Who Offers Better Customer Service?

OnDeck offers support via phone, live chat, or email. They are also active on their Facebook and Twitter channels. They are typically proactive and they match you with one of their representatives for the life of your loan. You can direct any questions you have to this representative. They also have a fairly detailed FAQ section if you have any simple problems.

National Funding isn’t well-known for its great customer service. But it isn’t poorly regarded either. Their sales staff is friendly, and customer support is easy to reach. You can reach National Funding’s customer support by phone, live chat, or through:

  • Facebook
  • Twitter
  • LinkedIn

Neither of these lenders offers poor customer service. But OnDeck still provides more channels and more highly-regarded service.

Tallying The Scores

Both OnDeck and National Funding offer fast, large business loans.

OnDeck is a great business lender for those with mid-range credit scores. They offer more competitive rates and strong customer service. But if you have a credit score below 600, National Funding will offer competitive business loans, relative to what you can get with a lower credit score.

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

Business articles from across the web:

Previous Post
American Debt Enders: Debt Solutions
Next Post
What’s A Cash Flow Loan? The Ins And Outs