Both are term loans — why does the structure feel so different?

OnDeck uses daily or weekly ACH on a relatively short term (typically 12 – 24 months) with a total interest cap. Funding Circle uses monthly amortization on a longer term (3 – 7 years). The math differs even at identical APR: Funding Circle's longer amortization means lower monthly payment but more total interest paid; OnDeck's shorter term means higher monthly burden but lower total cost.

I want $200K with the cheapest monthly payment — which?

Funding Circle. A 5-year amortization at 15% APR has a materially lower monthly payment than OnDeck's 18 – 24 month term. Total interest paid will be higher on Funding Circle, but monthly cash-flow burden is lighter.

Can I get approved by both?

Possible if you clear 660+ FICO and 24+ months TIB. Worth running both applications to compare apples-to-apples offers. Funding Circle's bank-style underwriting may decline files OnDeck's data-driven model approves — the two underwriting philosophies don't always agree.

OnDeck vs Funding Circle — honest comparison 2026

Both fund small businesses. They solve different problems. Here's the honest side-by-side, then five use-case verdicts so you don't have to guess.

The specs

OnDeckFunding Circle

Product typeMulti-productTerm

Amount range$5K – $400K (term); $6K – $200K (LOC)$25K – $500K

Cost (factor / APR)Term APR 27%+; LOC APR 30%+APR 7.49 – 24.99% (fixed-rate, fully-amortizing term loans)

Speed to fundSame-day for approved filesFunding in 48 hours to 1 week after approval

Min time in business12 months24 months

Min monthly revenue$8,000$50,000+/yr business revenue (~$4,000/mo floor)

Min credit score600+660+

Products

Term loan
LOC

Fixed-rate business term loans (3 – 7 years)
SBA 7(a) loans via partner banks

Verdicts by use case

Cheapest cost of capital — Winner: Funding Circle. Funding Circle's fixed APR (7.49 – 24.99%) lands below OnDeck's term loan APR (27%+) for most qualifying borrowers. Same dollar amount, same term — Funding Circle wins on total cost.
Speed to fund — Winner: OnDeck. OnDeck funds same-day on approved + verified files. Funding Circle takes 48 hours to a full week. If you need cash this week, OnDeck wins outright.
Larger deal size — Winner: OnDeck. OnDeck term loans cap at $400K and LOC at $200K. Funding Circle caps conventional term at $500K but is slower to fund — for fast access to $300K+, OnDeck wins on speed.
Predictable amortization with no prepayment penalty — Winner: Funding Circle. Funding Circle is a fully-amortizing fixed-rate term loan with no prepayment penalty. OnDeck term loans have prepayment discount options but the structure is daily/weekly ACH — different cash-flow shape.
Lower FICO floor — Winner: OnDeck. OnDeck accepts 600+ FICO. Funding Circle wants 660+. A 620 – 659 FICO is OnDeck-only in this pair.

The honest takeaway

OnDeck and Funding Circle 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

Both are term loans — why does the structure feel so different?: OnDeck uses daily or weekly ACH on a relatively short term (typically 12 – 24 months) with a total interest cap. Funding Circle uses monthly amortization on a longer term (3 – 7 years). The math differs even at identical APR: Funding Circle's longer amortization means lower monthly payment but more total interest paid; OnDeck's shorter term means higher monthly burden but lower total cost.
I want $200K with the cheapest monthly payment — which?: Funding Circle. A 5-year amortization at 15% APR has a materially lower monthly payment than OnDeck's 18 – 24 month term. Total interest paid will be higher on Funding Circle, but monthly cash-flow burden is lighter.
Can I get approved by both?: Possible if you clear 660+ FICO and 24+ months TIB. Worth running both applications to compare apples-to-apples offers. Funding Circle's bank-style underwriting may decline files OnDeck's data-driven model approves — the two underwriting philosophies don't always agree.