OnDeck vs. Bluevine Loans 2022

We scored these two online lenders on their loan costs, borrower requirements, and other important points.
Best for term loans
OnDeck
OnDeck
3.1 out of 5 stars
3.1
Starting at
35% APR
  • Icon Pros  Dark
    Lines of credit & term loans
  • Icon Pros  Dark
    Same-day approval
  • Icon Pros  Dark
    Next-day funding
Best for lower rates
BlueVine
Bluevine
3.9 out of 5 stars
3.9
Starting at
4.8% interest
  • Icon Pros  Dark
    Lines of credit only
  • Icon Pros  Dark
    Instant or next-day approval
  • Icon Pros  Dark
    Same- or next-day funding

Data as of 1/24/22. Offers and availability may vary by location and are subject to change.

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OnDeck and BlueVine are best for . . .

So you’re interested in business financing from OnDeck or Bluevine―two well-liked online lenders―but you don’t know which one will work better for you. No worries, we’re here to help you narrow things down even more.

In this article, you’ll learn how OnDeck and Bluevine compare. We’ll look at factors like borrower requirements, loan types, rates, and more.

Overall, we like OnDeck for term loans, but Bluevine has better rates on credit lines. As we compare various factors, though, it should become pretty clear which lender fits your needs better.

Let’s start comparing.

Compare OnDeck vs. Bluevine

OnDeck vs. Bluevine financing at a glance

Lender
Min./max. loan amount
Lowest listed rate
Min. credit score
Get funding
OnDeck$5,000/$250,00035% APR600
Bluevine$6,000/$250,0004.8% interest600

Data as of 1/24/22. Offers and availability may vary by location and are subject to change.

You’ve probably already noticed that OnDeck and Bluevine have a few key things in common.

They are, for example, both online lenders (as opposed to traditional lenders like banks or credit unions). They both offer fast financing, with funding turnaround in as little as 24 hours. Likewise, both OnDeck and Bluevine offer a business line of credit as one of their funding options. And both lenders have pretty positive customer reviews.

So at first blush, both lenders may seem like good fits for you. And honestly, they might be―but they have a few important differences that can help you make sure.

Most funding options: OnDeck

First off, OnDeck and Bluevine offer different financing options.

As we already noted, both OnDeck and Bluevine have business lines of credit, a type of revolving credit you can use to borrow money over and over again. (Think of a credit card, but designed for bigger expenses.) You can get a higher credit limit from Bluevine (assuming you qualify), but these credit lines otherwise look fairly similar.

Bluevine used to have term loans and invoice factoring, but now it has just credit lines.

OnDeck, on the other hand, also offers term loans (technically short-term loans). These are classic small-business loans, which let you borrow a lump sum that you repay over time (plus interest). OnDeck offers larger loans than lines of credit, so its business loans may work better for certain bigger expenses.

So with two financing options instead of Bluevine’s one, OnDeck has the most funding options.

Info
Need a business bank account?

Aside from lines of credit and invoice factoring, Bluevine also offers (free!) business checking accounts. Learn more in our Bluevine checking account review.

Best borrower requirements: Tie

Bluevine and OnDeck have different borrower requirements, or minimum qualifications to get business financing. (Note that meeting minimum requirements doesn’t guarantee you’ll get approved―it just means you have a shot.)

OnDeck vs. Bluevine borrower requirements

Lender
Product
Min. credit score
Min. revenue
Min. time in business
Get started
Line of credit600$100,000/yr.1 yr.
Term loan600$100,000/yr.1 yr.
Line of credit600$10,000/mo.6 mos.

Data effective 1/24/22. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

OnDeck keeps things simple with the same borrower requirements for both of its business funding products (term loans and lines of credit). You need a fair personal credit score of 600, a business that’s at least one year old, and $100,000 in annual revenue. Those are pretty moderate requirements for an online lender, and much lower than you’d see from a traditional lender.

For a Bluevine line of credit, your business needs to be at least six months older, and you need a high personal credit score of 600. You also need at least $120,000 in annual revenue.

So as you can see, OnDeck requires businesses to be older than Bluevine does, while Bluevine has higher revenue requirements. They accept the same minimum credit score of 600.

In other words, neither OnDeck nor Bluevine necessarily has lower borrower requirements―they’re just different. In terms of borrower requirements, Bluevine and OnDeck tie. Your business’s age and revenue will help you decide which lender offers the better fit.

Lowest financing costs: Bluevine

But let’s say you think either OnDeck or Bluevine could work for you. In that case, one easy way to decide is to compare the cost of getting financing.

As a rule, online lenders tend to charge more than traditional lenders―and that’s definitely true with OnDeck. APR (annual percentage rate) ranges at OnDeck start at 35%―the high end of ranges for many traditional lenders. Now, remember that APR includes both your interest rate and fees. But even so, OnDeck doesn’t have especially cheap financing.

OnDeck vs. Bluevine financing costs

Lender
Financing product
Lowest listed rate
Repayment term
Get funding
OnDeckLine of credit35.9% APRUp to 12 mos.
OnDeckTerm loan35% APRUp to 24 mos.
BluevineLine of credit4.8% interest6–12 mos.

Data effective 1/24/22. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Things look cheaper at Bluevine. Interest rates on its lines of credit start at 4.8%―not too much higher than you’d see at a traditional bank. (Of course, that’s just a starting rate.) And while invoice factoring is rarely one of the cheaper business funding options out there, Bluevine offers competitive weekly rates.

That means that, overall, Bluevine has cheaper financing. But since your individual rate will depend on your borrower qualifications (among other factors), OnDeck could still end up being cheaper for you specifically. Still, we’d start with Bluevine if you want the better deal.

Longest repayment term: OnDeck

Another factor that might help you make your choice is how long you get to repay the funds you borrow.

Bluevine credit lines give you either 6 or 12 months to repay your funding―so one year at most. (That’s on par with other online lenders.)

OnDeck’s line of credit also gives you a maximum of one year. But with its term loan, you can double that and get up to two years to repay your financing. That can be especially helpful if you want smaller payments to free up cash flow. 

Do keep in mind, though, that longer repayment terms also mean you’re accruing more interest―which could increase your overall loan costs. Still, if having a long payment schedule matters to you, OnDeck gives you the longest possible repayment term.

Fastest funding times: Bluevine

One final factor to consider? How fast you can get your money.

As we said, both OnDeck and Bluevine are online lenders, which generally offer fast turnaround times on applications and funding.

And sure enough, Bluevine and OnDeck both offer same-day approval on loan applications. Bluevine also offers instant approval in some cases, which makes it the slightly faster option.

Likewise, Bluevine offers same-day funding (though you’ll have to pay a wire transfer fee). OnDeck’s just a bit slower, with next-day funding.

Either way, you’re getting your funds pretty quickly. But if you need the absolute fastest option, Bluevine offers a quicker potential turnaround.

So with all those factors in mind, let’s get to our final verdicts on OnDeck and Bluevine.

The takeaway

Both OnDeck and Bluevine are solid online lenders with a couple loan types each and fast funding types.

If you’re a small-business owner looking for a short-term loan, OnDeck offers the better business funding option (since it actually offers term loans, unlike Bluevine). But if a business line of credit will do, and you mostly want low rates, Bluevine and its competitive starting interest rates will work better for you.

Not 100% sold on either Bluevine or OnDeck? Find more great lenders on our rankings of the best small-business loans.

Related reading

Methodology

To get our analysis of Bluevine and OnDeck, we started off by comparing key factors like funding limits, credit requirements, customer reviews, and so on. We assigned scores to the lenders for each factor, and then averaged those scores to get overall scores for OnDeck and Bluevine. We used their overall scores to develop our comparisons and recommendations.

OnDeck vs. Bluevine FAQ

Are Bluevine and Lendio the same company?

No, Bluevine and Lendio are not the same company. Lendio and Bluevine do partner together, though, so you can potentially get approved for a Bluevine line of credit or invoice financing by applying through Lendio. (For more details, see our comparison of Bluevine vs. Lendio.)

Is Bluevine a legitimate company?

Yes, Bluevine is a legitimate business lender. It has thousands of good reviews on Trustpilot (with a 4.4 out of 5 overall score)1 and it earns an A+ from the Better Business Bureau.2

Which is better: Kabbage or Bluevine?

Overall, we like Bluevine better than Kabbage. That’s because Bluevine offers more types of financing (a line of credit and invoice factoring), lower starting rates, and faster funding times. So while Kabbage’s line of credit isn’t bad, Bluevine does it better.

Is Bluevine SBA-approved?

Bluevine was an approved lender for SBA PPP loans, but it (like other lenders) no longer offers new PPP loans. Bluevine is not an approved lender for normal SBA business loans, like SBA 7(a) loans. If you’re interested in those, we suggest applying with Fundera.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.

Sources

  1. Trustpilot, “Bluevine.” Accessed June 15, 2022.
  2. Better Business Bureau, “Bluevine Inc.” Accessed June 15, 2022.
  3.  
Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
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