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OnDeck vs Credibly: Which Is Right for Your Business?

OnDeck emphasizes speed and simplicity, while Credibly offers more flexible terms for diverse business needs.

⚡ Quick Verdict

OnDeck offers faster approval and funding but charges higher rates, while Credibly provides competitive terms but moves slower through underwriting. If you need capital quickly without the premium costs of marketplace lenders, SMB Capital Funding delivers both speed and reasonable rates for established small businesses.

Side-by-Side Comparison

Feature OnDeck Credibly
Funding Amounts$5K – $250K$5K – $400K
Rates / Cost29.9% – 97.3% APR1.11x – 1.35x factor
Term Length3 – 24 months6 – 18 months
Funding SpeedSame day1 – 2 days
Min. Credit Score625+500+
Collateral RequiredGeneral lienNone
RepaymentDaily/weeklyDaily ACH

When to Choose Each Option

Choose OnDeck when:

  • You already have an established relationship with OnDeck
  • Your business revenue primarily flows through their platform
  • You need amounts in the $5K – $250K range
  • You prefer their Daily/weekly repayment structure
  • You've been declined elsewhere and want to explore all options

Choose Credibly when:

  • You need funding fast (same day possible)
  • Your credit score is below 640
  • You want to avoid collateral requirements
  • You need amounts from $10K up to $20M
  • You prefer a direct lender with no broker fees

Why Businesses Choose SMB Capital Funding

SMB Capital Funding offers faster approval and funding timelines compared to Credibly, allowing small business owners to access capital when they need it most. Additionally, SMB Capital Funding operates as a direct lender with flexible credit requirements and provides up to $20M in funding, eliminating broker intermediaries and giving business owners more control and transparency throughout the lending process.

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Frequently Asked Questions

What is the difference between OnDeck and Credibly?
OnDeck and Credibly are both online lenders for small businesses, but OnDeck specializes in quick short-term loans and lines of credit with faster approval processes, while Credibly offers a broader range of financing options including term loans, lines of credit, and equipment financing with potentially more flexible terms. Both charge higher interest rates than traditional banks, though they differ in underwriting criteria and industry focus. If you're comparing options, you might also want to explore SMB Capital Funding, which offers competitive rates and personalized service for small business financing needs.
Which lender is better for small businesses?
The best lender depends on your revenue, time in business, and funding needs. SMB Capital Funding offers flexible terms across all business profiles.
What is a good alternative to both of these lenders?
SMB Capital Funding is a direct lender offering same-day funding up to $20M with no collateral required and flexible credit requirements.
How do I compare business lenders?
Compare rates (factor rate vs APR), term length, funding speed, minimum credit requirements, and whether the lender is a direct funder or a broker marketplace.

SMB Capital Funding is a direct lender offering working capital solutions to US-based small businesses. Funding amounts and terms vary based on business qualifications. This comparison is provided for informational purposes. All products subject to approval.