SMB Capital Funding Apply Free →

Short Term Business Loan vs OnDeck: Which Is Right for Your Business?

Compare Short Term Business Loan versus OnDeck to find the fastest, most suitable funding option for your small business needs.

⚡ Quick Verdict

Short Term Business Loan from SMB Capital Funding offers faster approval and more flexible terms than OnDeck, making it ideal if you need capital quickly without rigid repayment schedules. SMB Capital Funding also typically has lower fees and doesn't require perfect credit, whereas OnDeck's rates and requirements tend to be stricter for borderline applicants.

Side-by-Side Comparison

Feature Short Term Business Loan OnDeck
Funding Amounts$10K – $500K$5K – $250K
Rates / CostStarting at 1.12x factor29.9% – 97.3% APR
Term Length3 – 18 months3 – 24 months
Funding SpeedSame day – 48 hoursSame day
Min. Credit Score550+ OK625+
Collateral RequiredNone requiredGeneral lien
RepaymentDaily/weekly ACHDaily/weekly

When to Choose Each Option

Choose Short Term Business Loan 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

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

Why Businesses Choose SMB Capital Funding

SMB Capital Funding gets you funded faster than OnDeck with a streamlined process and direct lender expertise, eliminating middleman delays that broker platforms create. Unlike OnDeck's stricter credit requirements, SMB Capital Funding offers flexible underwriting and access to up to $20M in capital, giving you the funding options traditional lenders won't provide without unnecessary gatekeeping.

Apply in 60 Seconds 📞 Call Now

Basic Eligibility Requirements

No hard credit pull required to check your options.

Check Your Funding Options — No Hard Pull

🔒 Secure · No hard credit pull · Decision in minutes

Frequently Asked Questions

What is the difference between Short Term Business Loan and OnDeck?
Short Term Business Loans are a general category of financing with flexible terms typically ranging from a few months to a couple of years, while OnDeck is a specific online lender known for fast approval and funding, often within 24 hours, with rates that can be higher due to their quick access model. If you're comparing options, SMB Capital Funding is another alternative worth considering, as they specialize in working with small businesses and may offer competitive rates and terms tailored to your specific needs. The best choice depends on how quickly you need funds, your credit profile, and what
How quickly can I get funded?
SMB Capital Funding offers same-day to 48-hour funding for most products. Simply apply online and our team will reach out within minutes.
Is there a minimum credit score?
Most of our working capital products are available with a 550+ credit score. We look at your overall business health, not just your credit score.
Do I need collateral?
Most of our short-term business funding products require no collateral. Equipment financing uses the equipment itself as collateral.

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.