The specs
OnDeckBalboa Capital
Product typeMulti-productMulti-product
Amount range$5K – $400K (term); $6K – $200K (LOC)$5K – $500K (working capital); $2K – $250K (equipment app-only)
Cost (factor / APR)Term APR 27%+; LOC APR 30%+APR 6% – 30%+ (equipment); APR 15 – 50%+ (working capital)
Speed to fundSame-day for approved filesSame-day on equipment app-only; 1 – 3 days working capital
Min time in business12 months12 months
Min monthly revenue$8,000$8,000
Min credit score600+620+
Products
- Term loan
- LOC
- Equipment financing
- Working capital loan
- Franchise financing
- Commercial financing
Verdicts by use case
- Best APR-equivalent on general working capital — Winner: OnDeck. OnDeck term loan at 27%+ APR over 24 months typically lands cheaper than Balboa's working capital APR (15 – 50%) on comparable amounts. For straight cash-flow needs, OnDeck wins on cost for files that clear both bars.
- Equipment purchase financing — Winner: Balboa Capital. Balboa funds equipment app-only to $250K, APR often starting at 6%. OnDeck has no dedicated equipment product — its term loan can fund equipment but at materially higher APR. For a defined equipment purchase, Balboa is cheaper outright.
- Franchise expansion or build-out — Winner: Balboa Capital. Balboa's franchise financing program supports build-out, equipment, and multi-unit operators across recognized systems. OnDeck doesn't underwrite franchise-specific use cases. Franchise operators favor Balboa.
- Same-day funding on approved file — Winner: Tie. Both offer same-day funding on clean approved files. OnDeck's same-day applies to term loan + LOC; Balboa's applies to equipment app-only. Compare on the product that matches your use.
- Larger working capital deal ($300K+) — Winner: OnDeck. OnDeck term loans go to $400K with consistent underwriting at scale. Balboa's working capital tops at $500K but is more selective at the high end — equipment-finance origins mean working capital comfort zone is mid-six-figures rather than scaling cleanly.
The honest takeaway
OnDeck and Balboa Capital solve overlapping but distinct problems. The right choice depends on three things you already know about your business: how fast you need the money, how long you've been operating, and whether the capital need is one-time or recurring.
Frequently asked questions
- I'm a trucking company needing $150K for a tractor and $50K for working capital — which?
- Balboa for the tractor (equipment finance at 8 – 14% APR collateralized by the truck title — far cheaper than any working capital product). For the $50K working capital, run both: OnDeck term loan likely at 28 – 35% APR is competitive with Balboa's working capital quote. Often the right answer is Balboa equipment + OnDeck working capital — split the deal across funders matching product to use.
- Does OnDeck do equipment financing at all?
- Not as a dedicated product. OnDeck's term loan and LOC can be deployed for equipment, but it's priced as general working capital, not asset-collateralized financing. For known equipment purchases at $25K+, a dedicated equipment lender like Balboa (or Currency, Beacon) typically beats OnDeck on cost by a wide margin. Use OnDeck for equipment only if speed matters more than rate or if the asset isn't collateralizable.
- Balboa is a bank-owned lender now (Ameris). Does that change ISO commission?
- Yes, somewhat. Bank-owned lenders typically run more conservative commission structures than independent direct funders — published Balboa commission isn't as transparent as OnDeck's broker program. OnDeck's broker bar is high (2+ years, $1M+/mo volume) but the commission tiers are documented. ISOs working both should expect to deal direct with merchants on Balboa more often than placing through broker channels.