OnDeck vs. Bluevine Loans 2021

OnDeck and BlueVine are both online lenders with business lines of credit―but their rates and other financing look pretty different.
Best for term loans
OnDeck
OnDeck
3.2 out of 5 stars
3.2
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
3.6 out of 5 stars
3.6
Starting at
4.8% interest
  • Icon Pros  Dark
    Invoice financing & lines of credit
  • Icon Pros  Dark
    Instant or next-day approval
  • Icon Pros  Dark
    Same- or next-day funding

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. And while these comparisons should make it pretty clear which lender fits your needs better, we’ll also give you our ultimate take on whether you should choose OnDeck or BlueVine for your business lending.

Let’s start comparing.

Compare OnDeck vs. BlueVine

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.

Loan types

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.

OnDeck 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.

BlueVine doesn’t have term loans (at least not anymore), but it does offer invoice factoring. Invoice factoring lets you use unpaid invoices as collateral for financing. You get a percentage of the invoice’s value (85% to 90%, in BlueVine’s case) right away, and you get the rest (minus weekly fees) when your client pays the invoice. Of course, invoice factoring only works for businesses that do invoicing―so usually B2B businesses.

So OnDeck has loans and lines of credit, while BlueVine has lines of credit and invoice factoring. But how do you qualify for these different products?

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.

Borrower requirements

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
OnDeck

OnDeck

Line of credit600$100,000/yr.1 yr.
OnDeck

OnDeck

Term loan600$100,000/yr.1 yr.
BlueVine

BlueVine

Invoice factoring530$10,000/mo.3 mos.
BlueVine

BlueVine

Line of credit600$10,000/mo.6 mos.

Data effective 8/12/21. 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.

BlueVine, on the other hand, has different requirements for its different products. Its invoice factoring has lower requirements. Your business can be as young as three months and your credit score as low as 530. 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. Either way, you 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. Their minimum credit score requirements are pretty comparable, though BlueVine does accept much lower credit scores for its invoice factoring.

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

Financing costs

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.

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.

Funding times

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.

Best for term loans: OnDeck

OnDeck
OnDeck
3.2 out of 5 stars
3.2

Starting at 35% APR

  • Direct lender
  • Instant approval
  • 4.9 Trustpilot score1

Data effective 8/12/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

If you want a term loan for your business, OnDeck is the better lender for you.

That’s because, quite simply, OnDeck offers term loans while BlueVine (like many other online lenders) does not. So if you’d prefer a lump sum type of financing rather than revolving credit, OnDeck has the product you need.

And while OnDeck’s term loans can’t quite compete with the ones you’d find at a traditional lender, they’re pretty decent for an online lender. With loan amounts up to a quarter-million and repayment schedules of up to two years, OnDeck term loans offer enough versatility to work for all kinds of business needs (like equipment purchases, inventory, business expansion, and more).

OnDeck loan options

Financing product
Min./max. loan size
Lowest listed rate
Repayment term
Get funding

Line of credit

$6,000/$100,00035.9% APRUp to 12 mos.

Term loan

$5,000/$250,00035% APRUp to 24 mos.

Data effective 8/12/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Plus, OnDeck offers incentives for repeat borrowers, like reduced origination fees and even waived interest. (For details, see our OnDeck review.) That only makes its term loans more attractive.

As we’ve already pointed out, though, OnDeck loans aren’t the cheapest. With a starting APR of 35% (with a range that goes much higher), you really need to do the math to see if you can afford an OnDeck loan―and if it’s worth it.

Still, if you think your business would do best with a short-term loan, OnDeck offers a good way of getting one.

Best for lower rates: BlueVine

BlueVine
OnDeck
3.6 out of 5 stars
3.6

Starting at 4.8% interest

  • Direct lender
  • Instant or next-day approval
  • 4.5 Trustpilot score2

Data effective 8/12/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

Want the best deal you can get on financing? Then pick BlueVine over OnDeck.

Like we said earlier, BlueVine has much lower starting rates than OnDeck does (or many other online lenders, for that matter). With interest rates of less than 5%, BlueVine lines of credit can compete even with traditional lenders. That makes BlueVine one of the most affordable online lenders―especially when compared to OnDeck’s double-digit starting rates.

Even putting the low starting rates aside, there’s plenty to like about BlueVine’s line of credit. With same-day approval and funding, it’s a fast way to get funding. And like any line of credit, BlueVine’s credit line offers loads of flexibility for anything from last-minute working capital needs to day-to-day cash flow help. As an added bonus, its credit lines have higher maximum credit limits than many other online lenders.

BlueVine loan options

Financing product
Min./max. loan size
Lowest listed rate
Repayment term
Get funding

Invoice factoring

Up to $5 million0.25%/weekN/A

Line of credit

$6,000/$250,0004.8% interest6–12 mos.

Data effective 8/12/21. At publishing time, amounts, rates, and requirements are current but are subject to change. Offers may not be available in all areas.

And if you’d rather not use a line of credit, BlueVine invoice factoring is still plenty competitive. It has relatively low weekly rates and huge maximum loan sizes (in the millions of dollars).

Of course, if you’re not interested in a line of credit or invoice factoring (like if you’d rather use a small-business loan), BlueVine won’t work for you. Likewise, depending on your business’s revenue, you may have an easier time qualifying for OnDeck (or another lender entirely).

Even so, BlueVine’s low starting costs make it an excellent lender for businesses looking for cheap financing rates.

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 4.5 out of 5 overall score)2, and it’s funded more than 450,000 business owners.3

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.

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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

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, “OnDeck.” Accessed August 12, 2021.
  2. Trustpilot, “BlueVine.” Accessed August 12, 2021.
  3. BlueVine, “About BlueVine.” Accessed August 23, 2021.
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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