OnDeck vs Funding Circle: When to Choose Each
TL;DR — Key Facts
- →Funding Circle's rates (11%–45%) are dramatically lower than OnDeck's (27%–99%) for qualifying borrowers.
- →Funding Circle requires 660 credit and 24 months in business; OnDeck requires 625 and 12 months.
- →OnDeck funds same-day; Funding Circle takes 5 business days.
- →Funding Circle goes up to $500K; OnDeck caps at $250K.
- →If you qualify for Funding Circle, the rate savings almost always justify the extra 4 days of wait.
OnDeck
United States
Efficiency Score
6.5/10
APR Range
27–99%
Funding
Same day
Min Credit
625+
Funding Circle
US & Canada
Efficiency Score
6.8/10
APR Range
11–45%
Funding
5 days
Min Credit
660+
Verdict
For borrowers who qualify for both (660+ credit, 24+ months, $150K+ revenue), Funding Circle is almost always the better financial decision. The rate differential — 15%–45% versus 27%–99% — represents real money: on a $150,000 loan, the difference between a 20% and 50% APR over 12 months is approximately $30,000 in interest. The 4-day wait difference is not worth that premium unless same-day funding is a genuine operational requirement.
Side-by-side comparison
| Feature | OnDeck | Funding Circle |
|---|---|---|
| Min credit score | 625 | 660 |
| Min time in business | 12 months | 24 months |
| Min annual revenue | $100,000 | $150,000 |
| Loan amount | $5K – $250K | $25K – $500K |
| Funding speed | 1 business day | 5 business days |
| APR range | ~27% – 99% | ~11% – 45% |
| Origination fee | Yes | Yes |
| Prepayment penalty | None | None |
Where they actually differ
Rate gap is the defining difference. At equivalent loan amounts, Funding Circle borrowers pay materially less. A $100,000 loan at 20% APR (Funding Circle lower range) costs $10,500 in interest over 12 months. The same loan at 50% APR (OnDeck mid-range) costs $26,500 — a difference of $16,000 for the same capital.
Experience requirements. Funding Circle's 24-month minimum is a hard wall. Businesses under 2 years old, regardless of revenue or credit, will not qualify. OnDeck's 12-month minimum allows access a full year earlier.
Loan amount range. Funding Circle's $25K minimum is higher than OnDeck's $5K floor — businesses needing under $25K must use OnDeck or another lender. Funding Circle's $500K ceiling is double OnDeck's $250K, making it more useful for larger capital needs.
Reddit sentiment
OnDeck on Reddit: The default answer in threads asking "what's the fastest way to get $50K for my business?" Acknowledged as legitimate and effective at what it does, but consistently flagged as expensive for borrowers who qualified for better options.
Funding Circle on Reddit: Mentioned positively among borrowers who specifically compared multiple lenders before accepting a term. The recurring observation: "I almost accepted OnDeck's offer before someone told me to check Funding Circle." The 24-month requirement is the most frequent qualification frustration.
FundBizPro head-to-head efficiency scores
| Dimension | OnDeck | Funding Circle |
|---|---|---|
| Speed | 9/10 | 6/10 |
| Cost | 4/10 | 7/10 |
| Accessibility | 7/10 | 6/10 |
| Transparency | 6/10 | 8/10 |
| Composite | 6.5/10 | 6.8/10 |
Winner by use case
Choose OnDeck if: You have been in business less than 24 months. Or you need capital today. Or you need under $25,000. Or your credit is 625–659.
Choose Funding Circle if: You have 24+ months in business, 660+ credit, $150K+ revenue, and a week to wait. The rate savings are almost always worth the extra 4 days.
Consider neither if: You have 680+ credit, 2+ years in business, and can wait 6 weeks — SBA 7(a) rates remain lower than Funding Circle's best-case APR for equivalent terms.
Read Next
Guide
OnDeck Review: Fast Funding with a Real Cost
An independent OnDeck review covering rates (27%–99% APR), qualification requirements, Reddit sentiment, and exactly who should — and should not — use it.
Guide
Funding Circle Review: The Best Rate Among Alternative Lenders
Independent Funding Circle review — rates (11%–45% APR), strict requirements, US and Canada availability, and who qualifies for the lowest alternative lending rates.
This article is for informational purposes only and does not constitute financial, legal, or investment advice — consult a licensed professional before making acquisition or financing decisions.
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Score a franchise location free →By FundBizPro Research · Published 2026-05-03 · United States
Written by
FundBizPro Research Team
Backgrounds in commercial banking and SBA lending
The FundBizPro Research Team writes from primary sources — government program documentation, SBA SOP language, lender-published rate sheets, and FDD filings — rather than aggregating other websites. Content is educational only and is not a substitute for advice from a licensed professional.
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