OnDeck vs Funding Circle: When to Choose Each
Updated
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.
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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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Frequently Asked Questions
Why is Funding Circle so much cheaper than OnDeck?
Can a business with 650 credit qualify for Funding Circle?
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By FundBizPro Research · Published 2026-05-03 · United States
Written by
FundBizPro Research Team
Independent research from primary sources
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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