Credibly is open to younger businesses and lower credit scores: its working capital loans need 6 months in business, $15,000 in monthly revenue and a credit score of 500, and go up to $600,000. OnDeck asks for a 625 FICO score, 1 year in business and $100,000 in annual revenue, and lends term loans of up to $400,000 and lines of credit of up to $200,000. OnDeck quotes costs as APR and publishes its averages; Credibly quotes factor rates from 1.11. Choose Credibly if you’re newer or rebuilding credit; choose OnDeck if you qualify and want a revolving line or APR-based pricing.
Our OnDeck review and Credibly review cover each lender in depth, and every head-to-head is in the lender reviews hub. Figures below come from each lender’s own site unless marked.
OnDeck vs Credibly at a glance
Figures checked on September 21, 2026. Pricing is shown as each lender quotes it.
| OnDeck | Credibly | |
|---|---|---|
| Products | Term loans; lines of credit | Working capital loans and merchant cash advances (direct); lines of credit, long-term loans, equipment financing and SBA loans through partners |
| Amounts | Term loans $5,000 to $400,000; lines $6,000 to $200,000 | Working capital loans $25,000 to $600,000; merchant cash advances $5,000 to $600,000; partner lines up to $300,000 |
| Repayment | Term loans up to 24 months, daily or weekly; lines over 12, 18 or 24 months, weekly or monthly | Working capital loans 6 to 24 months, daily or weekly; merchant cash advances 3 to 24 months, daily or weekly |
| Pricing as quoted | Average APR 53.2% (term) and 59.8% (line) for loans originated in the half-year ending June 30, 2026; origination fee 0% to 4% | Factor rates from 1.11; 2.5% origination fee on most deals; $50 monthly administration fee on merchant cash advances |
| Minimum credit score | 625 personal FICO | 500 (working capital loans); 550 (merchant cash advances); 700 for partner lines |
| Minimum revenue | $100,000 a year | $15,000 a month (working capital loans); $20,000 a month (merchant cash advances) |
| Minimum time in business | 1 year | 6 months |
| Credit check to apply | Soft check on the owner’s personal credit | Soft credit pull |
| Early payoff | Term loans: remaining interest waived or 75% owed, depending on the prepayment option | Merchant cash advance: 20% off the factor (cost) portion if paid in one lump sum |
| Speed | Same day if you finish before 10:30 a.m. ET on a weekday; otherwise 2 to 3 business days | Approval in as fast as 2 hours; funding in as fast as 4 hours |
| Lender | OnDeck or Celtic Bank; OnDeck is owned by Enova | Credibly for working capital loans and merchant cash advances; partners for other products |
Who is behind each lender
OnDeck has been part of Enova International since Enova completed its acquisition on October 13, 2020 (Enova). Its loans are issued by “a member of the OnDeck family of companies or by Celtic Bank,” depending on your state and business (OnDeck line of credit).
Credibly was founded in 2010 and is based in Southfield, Michigan (PR Newswire). It describes itself as “a direct lender of working capital loans and merchant cash advances,” and offers SBA loans, lines of credit, equipment financing and long-term loans through partners (Credibly).
What each costs
A few terms first. APR (annual percentage rate) is the yearly cost of borrowing, including interest and certain fees. A factor rate is a multiplier applied once to the amount you receive: $10,000 at 1.2 means you repay $12,000, whatever the term. Because a factor rate doesn’t change with the term, a shorter repayment period means a higher annual cost for the same factor.
OnDeck publishes average APRs of 53.2% on term loans and 59.8% on lines of credit, for loans originated in the half-year ending June 30, 2026 (OnDeck requirements). It adds an origination fee of 0% to 4% (OnDeck FAQs) and charges no annual, monthly or draw fees on its line.
Credibly quotes factor rates “as low as 1.11” and says “most deals have a 2.5% origination fee” (Credibly working capital loans). Its lowest factor rates “are available to merchants with excellent credit and financial strength,” and merchant cash advances carry “a $50 monthly administration fee” (Credibly FAQ). Credibly doesn’t publish a typical or average factor rate, so ask for your factor rate, fees, term and payment amount in writing and convert them to an APR.
Worked example: $75,000
OnDeck’s sample disclosure shows a $75,000, 12-month term loan: $73,125 disbursed after a $1,875 origination fee, 52 weekly payments of $1,889.42, total loan cost of $25,125 and an APR of 61.34% (OnDeck loan comparison tool).
At Credibly’s lowest published factor rate, 1.11, a $75,000 working capital loan means $83,250 repaid, a factor cost of $8,250; the 2.5% origination fee adds $1,875, for $10,125 in total. That’s the low end, reserved for Credibly’s strongest applicants, with no term attached, while OnDeck’s figure is a sample for a set 12-month term. Your offer from either could differ widely. Ask both for the APR on the same amount and term. Our guide to factor rates vs APR shows how.
Who qualifies
OnDeck
- 625 personal FICO, 1 year in business, $100,000 annual revenue and a business checking account (OnDeck).
- A 675+ score, 2+ years in business, $250,000+ revenue and a $3,000+ average monthly balance help your chances.
- Only select customers qualify for the $400,000 term loan maximum. OnDeck doesn’t lend in North Dakota.
Credibly
- Working capital loans: 6+ months in business, $15,000+ in monthly revenue and a credit score of 500+.
- Merchant cash advances: 6+ months, $20,000+ in average monthly sales and a 550+ score (Credibly merchant cash advance).
- Partner products need more: 700+ for lines of credit, 1+ year for equipment financing and 2+ years for long-term loans.
Choose Credibly if…
- You’ve been in business between 6 and 12 months, under OnDeck’s 1-year minimum.
- Your credit score is below 625; Credibly’s working capital loans start at 500.
- You need more than $400,000; Credibly’s direct products go up to $600,000.
- You need funds within hours; Credibly quotes funding in as fast as 4 hours.
Choose OnDeck if…
- You want a revolving line of credit from the lender itself, with no draw fees.
- You’d like APR-based pricing and a published average to benchmark against.
- You want monthly payments on a line; Credibly’s direct products are repaid daily or weekly.
- You want a small loan rather than an advance: OnDeck term loans start at $5,000, while Credibly’s working capital loans start at $25,000 (its $5,000 minimum applies to merchant cash advances).
Pitfalls to watch
- Frequent debits. OnDeck term loans and Credibly’s working capital loans and merchant cash advances are repaid daily or weekly. Map the debits against your cash flow.
- Different price measures. OnDeck quotes APR; Credibly quotes a factor rate. Convert both to APR on the same amount and term.
- Merchant cash advances aren’t loans. Credibly says a merchant cash advance “is not a loan, but a sale of a portion of future receivables,” so loan rules may not apply. Read the agreement closely.
- Early payoff. OnDeck may still charge 75% of remaining interest, depending on the loan’s option. Credibly’s 20% reduction applies to the factor portion of a merchant cash advance paid in one lump sum.
FAQ
Is Credibly easier to qualify for than OnDeck?
On published minimums, yes: 6 months, $15,000 a month and a 500 score for Credibly’s working capital loans, against 1 year, $100,000 a year and a 625 FICO at OnDeck.
Which is cheaper?
It depends on your offer. OnDeck’s average APRs are 53.2% (term) and 59.8% (line). Credibly’s factor rates start at 1.11 for its strongest applicants. Ask both for an APR on the same amount and term.
Does Credibly offer a line of credit?
Through partners: up to $300,000, with a 700+ credit score. OnDeck offers its own lines of $6,000 to $200,000.
Does applying affect my credit score?
Both say they use a soft credit check when you apply.
Next step
If you’d like to compare OnDeck or Credibly offers with others, SMB Compass can help you compare options from the lenders we work with. Start with our short-term business loans page, or read OnDeck alternatives, Kapitus vs Credibly and OnDeck vs Fundbox.
Sources
- OnDeck: Loan eligibility requirements
- OnDeck: Business term loans
- OnDeck: Business line of credit
- OnDeck: FAQs
- OnDeck: Loan comparison tool (sample disclosures)
- Enova: Enova Completes Acquisition of OnDeck (Oct 13, 2020)
- Credibly: Home
- Credibly: Working capital loans
- Credibly: Merchant cash advance
- Credibly: FAQ
- PR Newswire: Credibly Secures over $260 Million in New Financing (May 12, 2026)
About this page. Written by Ezra Cabrera, Content Team Lead at SMB Compass. Figures were checked against each lender’s own website on September 21, 2026; lenders change their terms, so confirm current terms before you apply, and let us know if you spot a figure that has changed. SMB Compass is a business financing broker: we don’t lend our own money, and we are paid by the lenders we place loans with. This page is general information, not financial, legal or tax advice.