The specs
OnDeckLendio (marketplace)
Product typeMulti-productMulti-product
Amount range$5K – $400K (term); $6K – $200K (LOC)$1K – $5M+ (varies by lender in the 75+ partner network)
Cost (factor / APR)Term APR 27%+; LOC APR 30%+Lender-dependent — SBA Prime + 2.75%, term APR 6 – 35%, MCA factor 1.10 – 1.55, LOC APR 8 – 99%
Speed to fundSame-day for approved filesAs fast as 24 hours (MCA / LOC partners); SBA partners 30 – 60 days
Min time in business12 months6 months
Min monthly revenue$8,000$8,000 (lowest-bar partner floor; varies by product)
Min credit score600+550+ (lowest-bar partner floor; varies by product)
Products
- Term loan
- LOC
- SBA loans (referral)
- Term loans (referral)
- LOC (referral)
- MCA (referral)
- Equipment financing (referral)
- Invoice factoring (referral)
- Commercial real estate (referral)
Verdicts by use case
- Same-day funding on clean established file — Winner: OnDeck. As of 2026-06-28 OnDeck same-day-funds approved files via direct-lender operational tempo. Lendio's marketplace handoff (application → partner matching → partner funding) adds 24 – 72 hours minimum even when the marketplace routes to a fast partner. For genuine same-day needs OnDeck direct is the only path.
- Broadest single-application product fan-out — Winner: Lendio (marketplace). Lendio's 75+ partner network is structurally broader than OnDeck's term + LOC product line. A single Lendio application can surface SBA, term, LOC, MCA, equipment financing, invoice factoring, and CRE offers. For merchants undecided on product shape Lendio's fan-out is the right tool.
- Predictable direct-lender pricing without marketplace markup — Winner: OnDeck. OnDeck direct pricing is the quoted APR with no marketplace referral-fee pass-through. Lendio's matched term and LOC partners price in the 1 – 5% referral-fee cost as APR markup. For price-sensitive merchants who know they want OnDeck's product shape direct application is cleaner.
- Cheapest SBA option for SBA-eligible merchant — Winner: Lendio (marketplace). OnDeck does not offer SBA loans. Lendio's marketplace includes SBA partners at Prime + 2.75%. For SBA-eligible merchants Lendio's SBA fan-out is the only option in this pair.
- Established direct-lender brand trust — Winner: OnDeck. OnDeck is a well-known direct lender with documented operational consistency, mature loan documents, and a strong brand among established merchants. Lendio is a marketplace brand — the actual lender on a funded Lendio deal is one of the 75+ partners, with variable operational consistency and brand recognition. For merchants who specifically value direct-lender brand trust OnDeck is the differentiated fit.
The honest takeaway
OnDeck and Lendio (marketplace) 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 need $250K term loan in 48 hours — OnDeck direct or Lendio marketplace?
- OnDeck direct. The Lendio marketplace structurally adds 24 – 72 hours of handoff latency that's hard to compress on a genuine 48-hour need. Apply to OnDeck direct for the term loan, and if you want SBA or alternative term partners in parallel run those through Lendio separately on a longer timeline. Don't use the marketplace as the primary path for time-sensitive funding on a file you know OnDeck will fund.
- Does Lendio show OnDeck as one of the matched partners?
- Yes typically. OnDeck has been a consistent Lendio partner for term loan and LOC. When Lendio matches your file to OnDeck the pricing typically reflects a 1 – 3% APR markup vs OnDeck direct pricing — the referral-fee pass-through. For OnDeck-target files apply direct for the cleaner pricing; apply through Lendio only if you specifically want OnDeck quoted alongside SBA and alternative term partners as part of broader product comparison.
- Why is Lendio's matching algorithm not always optimal for the merchant?
- Lendio's revenue model is referral-fee-per-funded-deal, so the matching algorithm's optimization function is partly weighted toward partners with the highest per-deal referral economics rather than purely the lowest cost or best fit for the merchant. A merchant who qualifies for an SBA loan at Prime + 2.75% might also get matched to an MCA partner at 1.30 factor (much more expensive) because the MCA partner pays a higher referral fee per funded deal and the algorithm surfaces both options. For merchants the discipline is to evaluate matched offers on cost-of-capital first, ignore the algorithm's ordering, and apply skepticism when a higher-cost product is presented as the recommended option.