All three marketplaces connect you with multiple lenders in minutes, but they differ in speed, loan types, and which businesses they serve best. OnDeck moves fastest for small loans. Fundera offers the widest range of options. Lendio specializes in SBA loans. Your choice depends on your loan size and how quickly you need money.
How Each Marketplace Works
These three platforms operate as middlemen between you and lenders. You submit one application online. The marketplace then shops your request to its network of lenders. Multiple lenders review your request and send you offers.
Lendio connects borrowers with SBA lenders, traditional banks, and alternative lenders. OnDeck focuses mainly on short-term business loans. Fundera shows loans from banks, credit unions, and online lenders.
You never pay a fee to apply. Lenders pay the marketplace a commission when you accept a loan. This keeps the application free for you.
Application Speed and Approval Timeline
OnDeck is the fastest if you need money quickly. Many applicants get funded within 24 hours. The trade-off is that OnDeck typically offers smaller loans.
Fundera takes a middle ground on speed. You can receive a decision in one to three days. SBA loans on Fundera take longer because the SBA review process takes more time.
Lendio’s timeline depends on loan type. Non-SBA loans move quickly. SBA loans require weeks or months because the federal government must review and approve your paperwork.
Types of Loans Available
| Loan Type | Lendio | OnDeck | Fundera |
|---|---|---|---|
| SBA 7(a) Loans | Yes | No | Yes |
| Term Loans | Yes | Yes | Yes |
| Lines of Credit | Yes | Yes | Yes |
| Equipment Financing | Yes | No | Yes |
| Merchant Cash Advances | No | Yes | Yes |
| Invoice Factoring | No | No | Yes |
Lendio shines for businesses wanting SBA loans. These loans come from the federal government and typically offer lower interest rates and longer repayment periods.
OnDeck specializes in merchant cash advances. This product works well for retail stores and restaurants with daily credit card sales.
Fundera offers the broadest menu. If you are unsure what you need, Fundera will show you many options in one place.
Interest Rates and Costs
Interest rates vary by lender, not by marketplace. The marketplace itself does not set your rate. Your credit score, business revenue, and loan type determine what rate you get.
SBA loans through Lendio typically cost less than online alternatives. The SBA sets a maximum interest rate that lenders can charge. For SBA 7(a) loans, rates currently range from 8.5 percent to 15.5 percent, depending on loan size and term.
OnDeck loans cost more. Short-term loans often carry double-digit rates or even higher. You pay for speed and convenience.
Fundera’s rates vary widely because it shows so many loan types. You will see cheap SBA options and expensive merchant cash advances on the same results page.
Credit Score Requirements
OnDeck has the lowest credit requirements. Many lenders on OnDeck work with borrowers who have fair credit. This makes OnDeck good for newer businesses or those rebuilding credit.
Lendio lenders prefer stronger credit for SBA loans. Traditional banks on the platform often want a credit score above 650. Alternative lenders on Lendio may accept lower scores.
Fundera shows lenders with varying requirements. You will find options for excellent credit and options for fair credit on the same platform.
Business Revenue Requirements
OnDeck works with very small businesses. Some lenders require as little as USD 10,000 in annual revenue. This makes OnDeck attractive for startups.
Lendio’s SBA lenders typically require USD 25,000 to USD 50,000 in annual business revenue. Some alternative lenders ask for less.
Fundera spans the full range. You can find lenders requiring minimal revenue and lenders requiring much more.
Which Marketplace Should You Choose?
Choose Lendio if you want an SBA loan. SBA loans offer the best terms for most established small businesses. Lendio specializes in connecting borrowers with SBA lenders.
Choose OnDeck if you need cash fast and have decent credit. OnDeck closes deals quickly. The higher cost is the trade-off for speed.
Choose Fundera if you want to see many options at once. Fundera shows different loan types from different lenders. This makes it easier to compare your choices.
You can also apply to multiple marketplaces. Each application to a marketplace counts as one hard inquiry on your credit. Multiple inquiries within 14 days usually count as one for credit scoring purposes.
Important Disclosure
We connect you with lenders. We do not lend.
Learn more about SBA loan programs at SBA.gov. You can also explore what small businesses report about their lending experiences in the Federal Reserve Small Business Credit Survey.
Frequently Asked Questions
Can I apply to all three marketplaces at the same time?
Yes. Each application counts as one hard inquiry on your credit report. Multiple hard inquiries within 14 days typically count as one inquiry for credit scoring. Applying to multiple marketplaces gives you more loan options to compare.
Do these marketplaces charge application fees?
No. All three marketplaces are free to apply to. Lenders pay the marketplace a commission when you accept a loan. You never pay the marketplace directly.
Which marketplace has the lowest interest rates?
Lendio generally shows the lowest rates because it specializes in SBA loans. SBA loans cap the interest rate lenders can charge. OnDeck typically has higher rates because loans close faster. Fundera shows a mix of both.
How long does an SBA loan take to close?
SBA loans usually take four to six weeks to close after approval. The SBA must review your application and approve the lender. This takes time but usually results in better terms than faster alternatives.
What credit score do I need to qualify?
OnDeck works with credit scores as low as 500 or 550. Lendio’s SBA lenders typically want 650 or higher. Fundera shows options across the entire credit spectrum. Your actual score matters less than your business revenue and how long you have been in business.