Approvd vs OnDeck: One Lender vs 75+
OnDeck is a direct lender with fast funding. Approvd gives you OnDeck's options plus 74 more — in the same application time.
OnDeck is one of the most recognized names in online business lending — they've been doing this since 2006 and have funded over $15 billion in loans. They're a legitimate, well-run direct lender with fast approvals and straightforward products. But applying with OnDeck means you're only seeing OnDeck's rates and terms. Applying through Approvd means you see OnDeck's offers alongside offers from 74 other lenders — which, in practice, almost always produces better options. The question isn't whether OnDeck is good. It's whether good is good enough when better might be available.
The Details
Side-by-Side Comparison
A feature-by-feature breakdown of Approvd vs OnDeck.
| Feature | Approvd | OnDeck |
|---|---|---|
| Type | Marketplace (75+ lenders) | Direct lender |
| Products | Full range — all loan types | Term loans + lines of credit |
| Loan Range | $10K – $5M | $5K – $250K |
| Max Loan Amount | $5M | $250K |
| Min. Credit Score | 500+ | 625+ |
| Min. Time in Business | 3+ months | 12 months |
| Min. Annual Revenue | $96K+ | $100K+ |
| Funding Speed | Same day possible | As fast as same day |
| APR Range | Varies by lender / product | 27.3% – 99.7% APR (published) |
| Origination Fee | Varies by lender | 0% – 4% of loan amount |
| Prepayment Penalty | Varies — many lenders have none | Yes on term loans |
Where Approvd Wins
- Compare 75 lenders simultaneously — including OnDeck-caliber options
- Higher maximum loan amounts (up to $5M vs $250K)
- Lower minimum credit score (500 vs 625)
- Accepts newer businesses (3 months vs 12 months)
- Many lenders offer no prepayment penalty
- Dedicated advisor to help you compare APR apples-to-apples
Where OnDeck Wins
- Long track record — 15+ years, $15B+ funded
- Very simple, direct application with no marketplace friction
- Transparent rate disclosure upfront
- Strong customer reviews for the borrowing experience
Our Verdict
Start with Approvd. You'll see all the lenders OnDeck-quality options or better, across 75 lenders simultaneously. If OnDeck happens to offer the best terms for your situation, you'll see it. But you're very likely to find better rates by comparing across the full market first.
Choose Approvd if…
Virtually all borrowers benefit from comparing across Approvd's marketplace before committing to a single lender. OnDeck's published APR range (27–99%) is wide — Approvd may surface comparable products at the lower end of that range or better.
Consider OnDeck if…
If you've already compared the market and OnDeck has offered you the best terms, applying directly through OnDeck is perfectly reasonable. But do the comparison first.
Common Questions
Frequently Asked Questions
Is OnDeck a good business lender?
Yes — OnDeck is a legitimate, established lender with a long track record. Their application is fast, their products are straightforward, and they're transparent about rates. The issue isn't quality; it's that applying to one lender means you can't compare, and OnDeck's published APR range (27.3%–99.7%) is wide. You want to know where on that range you fall before you accept — and comparing through Approvd first tells you that.
What are OnDeck's interest rates?
OnDeck publishes their APR range as 27.3%–99.7% for term loans and 35%–60.9% for lines of credit. Your actual rate depends on credit score, revenue, time in business, and loan amount. The wide range means getting competing offers is important — many Approvd lenders offer comparable products at lower rates.
Does OnDeck charge prepayment penalties?
OnDeck charges a prepayment penalty on term loans — if you repay early, you still owe a portion of the remaining interest. Many alternative lenders in Approvd's network do not charge prepayment penalties. If you think there's any chance you might pay off early, this is a meaningful cost difference to factor in.
Can I get more than $250,000 through Approvd?
Yes. Approvd's marketplace includes lenders offering up to $5M in financing through term loans, SBA products, and revenue-based financing. OnDeck's maximum is $250K, making Approvd the necessary path for any borrower needing more than that.
Ready to See Your Real Options?
Stop comparing platforms and start comparing actual offers. Our 5-minute application checks 75+ lenders simultaneously — no credit impact.
Approvd is a loan marketplace, not a direct lender. Competitor information is sourced from publicly available data and is subject to change. Always verify current terms directly with any lender before applying.