OnDeck vs. Lendio: Battle of the Business Loan Lenders

ByBestmoney StaffJan. 07, 2021
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OnDeck and Lendio are both top companies in the alternative small business lending industry, but that's where their similarities end.

OnDeck Vs. Lendio

OnDeck and Lendio are both top companies in the alternative small business lending industry, but that is where their similarities end. OnDeck is a loan provider that offers direct customer lending for a variety of products. Lendio is a small business loan aggregating service that does not provide loans, but has partnered with lenders. Their proprietary application technology allows users to fill out a single form to get quotes on up to 10 products from 66 different vendors. See how they stack up against one another.

Loan Options

OnDeck has a larger offering than most direct small business lenders, providing short-term loans, long-term loans and lines of credit. Most comparable companies offer one or two products, which really makes OnDeck stand out. Even more unique is OnDeck’s short-term loan option, as they are one of the few companies in the industry to offer this product. 

Lendio on the other hand features the most small business loan products in the business. They offer clients access to cash flow loans, business credit cards, lines of credit, term loans, equipment loans, merchant cash advances, accounts receivable factoring, large SBA loans, small SBA loans, and commercial real estate loans.



Lendio offers a wider variety of loan products that have a better chance to meet their clients’ financing needs.

Loan Rates

Term Loans – OnDeck offers short-term loans of $250,000 maximum with a total interest rate (not annualized because payback is less than 1 year) as low as  9.99%, and long-term loans up to $500,000 starting at 5.99% interest rates. By comparison, Lendio only offers a long term loan product up to $500,000 with rates as low as  4.00% .

Business lines of credit – Both companies offer lines of credit up to $100,000, but OnDeck offers rates as low as 13.99% while Lendio clients can receive rates as low as  4.00% .



It is a tough call to determine a clear winner because each company won a product, but the overall winner goes to Lendio. Though there was a larger difference in line of credit rates, the term loan rate difference was more important for two reasons. First, term loans have bigger maximums, so interest payments will most likely be bigger for term loans. Second, term loans are for a longer period of time, so term interest adds up more over the long run.

Loan Term Flexibility

OnDeck’s unique short-term loan offers borrowers terms ranging from 3-12 months. Their long-term loans offer terms that range from 15-36 months. Lendio does not have a short-term loan option, but their long term loans range between 1-5 year repayment terms



Lendio’s longer-term option is more important than a short term option. Generally, term loans are needed for large purchases and are often paid out over a long time to lower monthly payments, allowing for more operational capital for the business while the loan is repaid. Additionally, most alternative lenders do not have an early repayment fee, so a long-term loan could be re-structured as a short-term loan if the borrower decides to pay more than the monthly amount to decrease the payment time and total interest paid.

Customer Service

OnDeck offers customers separate emails and phone numbers for general questions and sales questions. They offer yet another email address for website or marketing communications. Additionally, OnDeck’s site offers customers a live chat feature to instantly answer questions. Lendio offers users a phone number and a contact form to get in touch with their support staff.



OnDeck’s variety of contact methods, including live chat, give them a huge win in the customer service category.



Lendio’s wide variety of products are what gives it the win. Customers who use their service can have access to all the information they need to choose the right financing option for their small business to make sure their loan is a success! See why lenders like Lendio and OnDeck are among the highest-ranked companies in the alternative lending space and understand how these lenders can meet your business loan needs.