Alternative business lenders compared: Bluevine, OnDeck, Funding Circle, Lendio
The big 4 online business lenders, honestly compared on price, speed, and approval.
When alternative beats bank
Online lenders win on speed (24-72 hours vs 4-12 weeks) and approval rate (~76% vs ~49%). They lose on price (14-60% APR vs bank 9-12%) and amount (typically <$250k).
Bluevine
Best for: speed + line of credit. Approval in 24-72 hours, up to $250k. APRs 15-50%. Requires 1+ year in business, 625+ FICO. Application is genuinely fast (under 10 minutes).
OnDeck
Best for: established businesses needing $5k-$250k term loans. APRs 30-99% (yes, that high — short-term loans). 3+ years in business preferred. Cash-flow-heavy underwriting.
Funding Circle
Best for: longer-term loans ($25k-$500k, 3-7 year terms) at moderate rates (15-30% APR). 2+ years in business, 660+ FICO. UK-origin, US operations material.
Lendio (marketplace, not lender)
Best for: shopping multiple offers in one application. Submits your single application to 75+ lenders, returns matched offers. Useful when you don't know which lender you fit. Service is free to borrower; lenders pay Lendio.
When to skip all four
If you qualify for SBA 7(a) and don't need money in under 4 weeks — SBA gets you a 9-12% APR vs 25-60% from online. The 8-12 week timeline is the only real cost.
Building SMBs.com — the free directory of every small business worldwide. Previously: founder + operator at FIH Inc, focused on small-business M&A advisory.