Question 1

Is OnDeck a direct lender?

Accepted Answer

Yes, OnDeck is a direct lender that offers its own term loans and lines of credit. FundLocal is a lending marketplace that matches you with 75+ competing lenders, including options similar to OnDeck but often at lower rates.

Question 2

What credit score do I need for OnDeck?

Accepted Answer

OnDeck typically requires a minimum credit score of 625 and at least one year in business. FundLocal works with borrowers starting at 550 credit scores and 6 months in business through our diverse lender network.

Question 3

Does OnDeck charge prepayment penalties?

Accepted Answer

OnDeck term loans may include prepayment penalties depending on your agreement terms. FundLocal specifically matches borrowers with lenders that offer no prepayment penalties, so you can pay off early and save on interest.

Question 4

How fast can I get funded through OnDeck vs FundLocal?

Accepted Answer

OnDeck advertises next-day funding for approved applicants. FundLocal offers same-day pre-approval and funding as fast as 24 hours, with most borrowers funded within 1-3 business days.

Question 5

What loan amounts does OnDeck offer?

Accepted Answer

OnDeck offers term loans from $5,000 to $250,000 and lines of credit up to $100,000. FundLocal's lender network provides term loans up to $500,000, lines of credit up to $250,000, and equipment financing up to $2 million.

Question 6

Does FundLocal charge any fees?

Accepted Answer

FundLocal never charges application fees, broker commissions, or origination fees. The rates and terms you see are the rates and terms you get, direct from the lender. OnDeck may charge origination fees of 0-4%.

Question 7

Can I get equipment financing from OnDeck?

Accepted Answer

No, OnDeck does not offer equipment financing. If you need to purchase or lease business equipment, FundLocal can match you with specialized equipment lenders offering rates from 6.5% with the equipment itself as collateral.

Question 8

Is FundLocal a lender?

Accepted Answer

FundLocal is a lending marketplace, not a direct lender. We match your application with 75+ competing lenders to find the best rates and terms for your business. This competition between lenders drives down your cost of borrowing.

Question 9

What industries do OnDeck and FundLocal serve?

Accepted Answer

Both OnDeck and FundLocal serve most industries. FundLocal specializes in construction, healthcare, trucking, restaurants, retail, and manufacturing with lenders who understand industry-specific equipment and cash flow patterns.

Question 10

How do OnDeck reviews compare to FundLocal?

Accepted Answer

OnDeck has mixed reviews, with common complaints about high interest rates and aggressive collections. FundLocal borrowers frequently cite the competitive rates from multiple lender offers and the dedicated funding advisor as key advantages.

Feature	Fundlocal	OnDeck
No broker commissions		Broker fees may apply
Same-day pre-approval		1-3 day approval
Rates from 6.5% APR		Rates from 29.9% APR
Equipment financing available		No equipment financing
No prepayment penalties		Prepayment penalties on some products
Dedicated funding advisor		Online self-service
Multiple lender matching		Single lender (OnDeck only)
Lines of credit up to $250K		Lines of credit up to $100K

FundLocal vs OnDeck: Business Financing Compared

Lower Rates, No Hidden Fees

More Product Options

Multiple Lender Competition

No Broker Commissions

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