BlueVine vs. OnDeck: Which Lender is Better for Your Small Business?

Compare Small Business Loans


With so many more options for small business financing out there, it can be difficult to know which bank or lender is right for you. Below, we compare two popular online lenders, BlueVine and OnDeck, and evaluate which lender is right for certain types of businesses and in specific situations.

BlueVine vs. OnDeck Summary

In general, we recommend BlueVine to borrowers who want to advance unpaid invoices or who have younger businesses. On the other hand, we think OnDeck is the better choice for standard term loans and for borrowers with lower credit scores (particularly if you want a line of credit).

BlueVine (Review)OnDeck (Review)
Better for
  • Advancing unpaid invoices
  • Newer businesses
  • Standard term-loan
  • Borrowers with lower credit scores
Minimum Age of Business
  • Invoice Factoring: 3 months
  • Line of Credit: 6 months
12 months
Minimum Annual Revenue$120,000$100,000
Minimum Credit Score
  • Invoice Factoring: 530
  • Line of Credit: 600
Personal GuaranteeYesYes
Other RequirementsN/AN/A
Products Offered
  • Invoice Factoring
  • Line of Credit
  • Loan
  • Line of Credit
Loan Amount Range
  • Invoice Factoring:$20,000 - $5 million
  • Line of Credit:$5,000 - $250,000
  • Loan:$5,000 - $500,000
  • Loan:$2,000 - $250,000
APR Range
  • Invoice Factoring: 15.00% - 68.00%
  • Line of Credit: 15.00% - 78.00%
  • Loan: 9.30% - 99.70%
  • Line of Credit: 13.99% - 39.90%
Loan Terms
  • Invoice Factoring: 3 months
  • Line of Credit: 6 months
  • Loan: 3 - 36 months
  • Line of Credit: 6 months
Repayment Options
  • Invoice Factoring: Weekly
  • Line of Credit: Weekly
  • Loan: Daily or weekly
  • Line of Credit: Weekly
Prepayment PenaltyNoNo
Funding TimeAs fast as one dayAs fast as 24 hours
Apply NowApply at BlueVineApply at OnDeck

How to Choose Between BlueVine and OnDeck

If you want to advance unpaid invoices, consider BlueVine. While you can use an OnDeck loan or line of credit cover cash flow gaps from unpaid invoices, BlueVine offers a specific invoice factoring product with a payment schedule that makes more sense. With invoice factoring, you will receive an 85% to 90% advance on an unpaid invoice, and your customer will pay the invoice to your BlueVine account. After repayment, you will receive the remaining 10% to 15% of the invoice less fees charged by BlueVine.

If you want a term loan, consider OnDeck. Neither of BlueVine’s products are truly suitable for business owners that need to make a large, one-time investment in their business. OnDeck, on the other hand, makes standard term loans up to $500,000 with terms up to three years. These types of loans can be great for expanding your business, remodeling your existing space or expanding your inventory and warehousing capabilities.

If you’ve been in business less than one year, consider BlueVine. You can qualify for either invoice factoring or a line of credit at BlueVine even if you haven’t been in business a full year. To qualify for invoice factoring at BlueVine, businesses need to be at least three months old with $10,000 in monthly revenue. The business owner must also have a credit score of 530 or higher. The line of credit has similar criteria, except for a higher FICO score requirement of 600 and a time in business requirement of six months. OnDeck, for comparison, requires businesses be at least one year old to be eligible for a loan or a line of credit.

If you have a credit score between 500 and 600, consider OnDeck (especially for a line of credit). BlueVine has higher personal credit score requirements than OnDeck, requiring a 530 score for invoice factoring and a 600 score for a line of credit. You may have trouble getting approved if your FICO score is on the cusp of these requirements. In that case, consider getting a loan or line of credit from OnDeck, where the minimum FICO score required is only 500.

If you want a line of credit, consider both lenders. OnDeck and BlueVine offer very similar line of credit products, so you should evaluate each lender yourself if you want a credit line. Generally speaking, it’s better to keep your business borrowing in one place, if possible, as you can often get a better deal with each subsequent loan. If you have ongoing cash flow issues with accounts receivable, BlueVine might be a better option. However, if you want to expand your business through a term loan, OnDeck could be the better choice.

If none of this applies to you, consider other lenders. If you haven’t already, talk to your banker about loan and line of credit options available through your bank. Your bank may also make SBA loans, which can be another great source of funding with their competitive rates and long terms. Finally, if you can’t qualify for these traditional financing options, consider other alternative lenders, like Kabbage, LendingClub or Funding Circle.

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