OnDeck and National Funding both lend short-term working capital to established small businesses, but they price it differently. OnDeck offers term loans of $5,000 to $400,000 and lines of credit of $6,000 to $200,000, sets a 625 FICO minimum and publishes its average APRs (53.2% on term loans, 59.8% on lines). National Funding offers working capital loans of $6,000 to $500,000 priced with a factor rate, plus equipment financing of up to $150,000, and says most of its customers have a FICO score of 600 or higher. Choose OnDeck for a revolving line or a published cost benchmark; choose National Funding for a larger lump sum or equipment financing.
Our OnDeck review and National Funding 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 National Funding at a glance
Figures checked on September 21, 2026. Pricing is shown as each lender quotes it.
| OnDeck | National Funding | |
|---|---|---|
| Products | Term loans; lines of credit | Working capital loans; equipment financing and leasing |
| Amounts | Term loans $5,000 to $400,000; lines $6,000 to $200,000 | Working capital $6,000 to $500,000; equipment up to $150,000 |
| Repayment | Term loans up to 24 months, daily or weekly; lines over 12, 18 or 24 months, weekly or monthly | Working capital 4 to 24 months, daily or weekly; equipment 2 to 5 years, monthly |
| 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 rate, set per offer; its example uses 1.25 |
| Credit score | 625 personal FICO minimum | “Most of our customers have a personal FICO of 600 or higher” |
| Minimum revenue | $100,000 a year | Not published |
| Time in business | 1 year minimum | At least 6 months for equipment financing; term loan page mentions businesses “as young as one year old” |
| Credit check to apply | Soft check on the owner’s personal credit | Checking options “won’t affect your score” |
| Early payoff | Term loans: remaining interest waived or 75% owed, depending on the prepayment option | Early payoff discounts may be offered; terms disclosed before you accept |
| Speed | Same day if you finish before 10:30 a.m. ET on a weekday; otherwise 2 to 3 business days | Same-day approvals; funds in as fast as 24 hours |
| State limits | Doesn’t lend in North Dakota | Sales-based financing only in 16 states (listed below) |
| Lender / owner | OnDeck or Celtic Bank; OnDeck is owned by Enova | National Funding, Inc. and affiliates; privately owned |
Who is behind each lender
OnDeck has been part of Enova International since Enova completed its acquisition on October 13, 2020 (Enova). Depending on your state and business, your loan is issued by “a member of the OnDeck family of companies or by Celtic Bank” (OnDeck line of credit).
National Funding was founded in 1999, is based in San Diego, California, and describes itself as privately owned. It says it has funded more than $7 billion for more than 100,000 customers, and that if it can’t offer financing, “we may try to match you with one of our partners” (National Funding about).
What each costs
A few terms first. APR (annual percentage rate) is the yearly cost of borrowing, including interest and certain fees, so you can compare offers of different sizes and lengths. A factor rate is a multiplier applied once to the amount you receive: $50,000 at 1.25 means you repay $62,500, however long the term. An origination fee is taken from the loan when it’s paid out.
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 charges an origination fee of 0% to 4% (OnDeck FAQs).
National Funding prices working capital with a factor rate and explains that “a factor rate fixes your total repayment from day one” (National Funding working capital). It doesn’t publish a rate range or average, so ask for the factor rate, every fee, the term and the payment amount in writing, then work out the APR before you sign.
Worked example: each lender’s own illustration
OnDeck’s sample disclosure shows a $75,000, 12-month term loan with $73,125 disbursed after a $1,875 origination fee, 52 weekly payments of $1,889.42, a total loan cost of $25,125 and an APR of 61.34% (OnDeck loan comparison tool). That’s about 33.5 cents of cost per dollar borrowed.
National Funding’s example is $50,000 at a factor rate of 1.25, repaid as $62,500: a cost of $12,500, or 25 cents per dollar. Its example doesn’t state a term, so it has no APR. If that $12,500 were repaid over 6 months, the annual cost would be far higher than over 18 months. The two examples aren’t like-for-like; ask both lenders for the APR and total repayment on the same amount and term. Our guide to factor rates vs APR shows how to convert one to the other.
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.
National Funding
- Most customers have a personal FICO of 600 or higher; it says it looks at your full business profile, not just a score.
- Equipment financing: your business “needs to have been operating for at least 6 months” (National Funding equipment financing).
- Its term loan page says it reviews “your last three months of bank statements along with your credit score” and funds businesses “as young as one year old” (National Funding term loans).
- In AK, CO, MA, MN, MT, NV, NJ, NY, ND, OK, OR, PA, RI, SD, TN and VT, “the financing offered is limited to sales-based financing.”
Choose OnDeck if…
- You want a revolving line of credit of up to $200,000, which OnDeck offers alongside its term loans.
- You want a published average APR to benchmark offers against.
- You’d like an early payoff option set out up front: some OnDeck loans waive all remaining interest.
- You’re in one of the 16 states where National Funding offers only sales-based financing and you’d prefer a term loan.
Choose National Funding if…
- You need more than $400,000; its working capital loans go up to $500,000.
- You want equipment financing with monthly payments over 2 to 5 years.
- You’re close to OnDeck’s 625 cutoff; National Funding sets no published minimum and says it looks at your “full business profile, not just a number.”
- You’re in North Dakota, where OnDeck doesn’t lend. National Funding offers sales-based financing there.
Pitfalls to watch
- Frequent debits. OnDeck term loans and National Funding working capital loans are both repaid daily or weekly. Check the schedule against your cash flow.
- Different price measures. OnDeck quotes APR; National Funding quotes a factor rate. Convert both to APR on the same amount and term.
- Early payoff terms. OnDeck may still charge 75% of remaining interest, depending on the loan’s option; National Funding’s discount, if offered, is set before you accept. Get both in writing.
- Sales-based financing. In the 16 listed states, National Funding’s product is sales-based financing, which works differently from a loan. Ask how payments are set.
FAQ
Which lends more, OnDeck or National Funding?
National Funding’s working capital loans go up to $500,000; OnDeck’s term loans reach $400,000, for select customers only.
Does National Funding publish its rates?
It quotes a factor rate per offer and gives a 1.25 example, but no rate range. OnDeck publishes average APRs.
Which is easier to qualify for?
OnDeck sets fixed minimums: 625 FICO, 1 year and $100,000 in revenue. National Funding says most customers have a 600+ score and reviews your whole business profile, including three months of bank statements.
Does checking my options affect my credit score?
OnDeck uses a soft check on the owner’s personal credit to set eligibility, and National Funding says checking your options won’t affect your score.
Next step
If you’d like to compare OnDeck or National Funding offers with others, SMB Compass can help you compare options from the lenders we work with. Start with our business term loans or equipment financing page, or read National Funding alternatives, OnDeck alternatives and OnDeck vs Credibly.
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)
- National Funding: Home
- National Funding: About
- National Funding: Working capital loans
- National Funding: Term loans
- National Funding: Equipment financing
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.