Credably is open to younger businesses and lower credit scores: The working capital loans require six months of business, $15,000 in monthly revenue, and a credit score of 500 and can be up to $600,000. OnDeck requires a FICO score of 625, one year in business and $100,000 in annual revenue, and provides term loans of up to $400,000 and lines of credit of up to $200,000. OnDeck reports costs as APR and publishes its averages; Credibly quotes factor interest rates from November 1st. Choose Credible if you’re newer or rebuilding your credit. Choose OnDeck if you qualify and want a revolving line or APR-based pricing.
Our OnDeck Rating and Credably Rating cover each lender in detail, and all direct conversations can be found in the Lender Rating Center. Figures below are from each lender’s website unless otherwise stated.
OnDeck vs. Credably at a glance
The figures were verified on September 21, 2026. Prices are shown as provided by individual lenders.
| OnDeck | Credible | |
|---|---|---|
| Products | term loan; 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 between $5,000 and $400,000; Lines $6,000 to $200,000 | Working capital loans between $25,000 and $600,000; Merchant cash advances of $5,000 to $600,000; Partner lines up to $300,000 |
| repayment | Term loan 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 |
| Prices as stated | Average APR 53.2% (term) and 59.8% (line) for loans taken out in the half year ending June 30, 2026; Commitment fee 0% to 4% | factor rates from 1.11; 2.5% processing fee for most deals; $50 monthly administration fee for merchant cash advances |
| Minimum credit score | 625 personal FICO | 500 (working capital loan); 550 (cash advances from merchants); 700 for partner lines |
| Minimum sales | $100,000 per year | $15,000 per month (working capital loan); $20,000 per month (dealer cash advances) |
| Minimum time in store | 1 year | 6 months |
| Credit check for application | Gentle check of the owner’s personal creditworthiness | Gentle credit increase |
| Early payout | Term Loan: Waiver of remaining interest or 75% owed, depending on early repayment option | Merchant cash advance: 20% discount on the factor share (cost share) 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 working days | Approval in just 2 hours; Financing in just 4 hours |
| Lender | OnDeck or Celtic Bank; OnDeck is owned by Enova | Credible for working capital loans and merchant cash advances; Partner 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). Depending on the state and company, the loans are issued by “a member of the OnDeck family of companies or by Celtic Bank” (OnDeck Line of Credit).
Founded in 2010, Credably is based in Southfield, Michigan (PR Newswire). It describes itself as a “direct lender for working capital loans and merchant cash advances” and offers SBA loans, lines of credit, equipment financing, and long-term loans through partners (credible).
What each one costs
First a few terms. APR (annual percentage rate) is the annual cost of borrowing, including interest and certain fees. A Factor set is a multiplier applied once to the amount you receive: $10,000 at 1.2 means you pay back $12,000, regardless of the term. Since a factor rate does not change over time, a shorter repayment period means higher annual costs for the same factor.
OnDeck publishes average APRs of 53.2% for term loans and 59.8% for lines of credit for loans taken out in the half year ending June 30, 2026 (OnDeck requirements). It adds a 0% to 4% commitment fee (OnDeck FAQs) and charges no annual, monthly or withdrawal fees for its line.
Credably quotes factor interest rates “as low as 1.11” and says that “most deals incur a 2.5% origination fee” (Credably Working Capital Loans). The lowest factor rates are “available to merchants with excellent credit and financial strength,” and merchant cash advances “incur a $50 monthly administration fee” (Credibly FAQ). Credably does not publish a typical or average factor rate. Therefore, ask in writing about your factor rate, your fees, your term and your payment amount and convert these into an effective annual interest rate.
Worked example: $75,000
OnDeck’s sample disclosure shows a $75,000 loan with a 12-month term: $73,125 is paid after an origination fee of $1,875, 52 weekly payments of $1,889.42, total cost of credit of $25,125, and an APR of 61.34% (OnDeck loan comparison tool).
At Credibly’s lowest published factor rate of 1.11, a $75,000 working capital loan represents a repayment of $83,250, which translates to a factor cost of $8,250. The 2.5% commitment fee adds $1,875, for a total of $10,125. This is the lower end reserved for Credably’s strongest applicants and has no term attached, while OnDeck’s figure is an example of a fixed term of 12 months. Your offer may vary greatly from both sides. Ask both about the APR for the same amount and term. Our guide to factor interest rates versus APR shows how.
Who is qualified?
OnDeck
- 625 personal FICO, 1 year in business, $100,000 annual revenue, and a business checking account (OnDeck).
- A score of over 675, more than two years in business, sales of over $250,000, and an average monthly balance of over $3,000 improve your chances.
- Only select customers qualify for the loan with a maximum term of $400,000. OnDeck does not lend in North Dakota.
Credible
- Working Capital Loans: 6+ months in business, $15,000 in monthly sales, and a credit score of 500+.
- Merchant Cash Advances: 6+ months, average monthly revenue over $20,000, and a score of 550+ (credible merchant cash advance).
- Partner products require more: 700+ for lines of credit, 1+ year for equipment financing, and 2+ years for long-term loans.
Choose Credible if…
- You have been in business for 6 to 12 months, so at least 1 year with OnDeck.
- Your credit score is below 625; Credably’s working capital loans start at 500.
- You need more than $400,000; Credably’s direct products cost up to $600,000.
- You need money within a few hours; Credible financing offers in just 4 hours.
Choose OnDeck if…
- You want a revolving line of credit from the lender itself, with no origination fees.
- You want APR based pricing and a published average for comparison.
- You want monthly payments in one go; Credably’s direct products are paid back daily or weekly.
- If you want a small loan rather than an advance: OnDeck term loans start at $5,000, while Credably’s working capital loans start at $25,000 (the $5,000 minimum applies to merchant cash advances).
Pitfalls to be aware of
- Frequent withdrawals. OnDeck’s term loans and Credably’s working capital loans and cash advances are repaid daily or weekly. Allocate the charges to your cash flow.
- Various pricing measures. OnDeck Rates APR; Believably names a factor set. Convert both to APR for the same amount and term.
- Cash advances from merchants are not loans. Credible says a merchant cash advance is “not a loan, but a sale of a portion of future receivables,” so the credit rules may not apply. Read the agreement carefully.
- Early payout. Depending on the loan option, OnDeck may continue to charge 75% of the remaining interest. Credably’s 20 percent discount applies to the factor portion of a merchant cash advance, which is paid in a lump sum.
FAQ
Is it easier to qualify for Credably than OnDeck?
For published minimums, yes: 6 months, $15,000 per month, and a score of 500 on Credably’s working capital loans, versus 1 year, $100,000 per year, and a FICO of 625 on OnDeck.
Which is cheaper?
It depends on your offer. OnDeck’s average APRs are 53.2% (term) and 59.8% (line). Credably’s factor sets start at 1.11 for the strongest applicants. Ask both for an APR for the same amount and term.
Does Credably offer a line of credit?
Through partners: up to $300,000 with a credit score over 700. OnDeck offers its own lines from $6,000 to $200,000.
Does the application affect my creditworthiness?
Both state that they carry out a soft credit check when submitting the application.
Next step
If you’d like to compare OnDeck or Credably’s offerings, SMB Compass can help you compare options from the lenders we work with. Start with our short-term business loans page or check out OnDeck alternatives, Kapitus vs. Credably and OnDeck vs. Fundbox.
Sources
About this page. Written by Ezra Cabrera, Content Team Lead at SMB Compass. The figures were reconciled with each lender’s website on September 21, 2026; Lenders change their terms. Therefore, please check the current conditions before applying and let us know if you notice a number that has changed. SMB Compass is a corporate finance broker: we do not lend our own money and are paid by the lenders we lend from. This site provides general information and does not provide financial, legal or tax advice.
This article is for general information purposes only. This does not constitute financial, legal or tax advice, nor does it take into account your company’s specific situation. Interest rates, terms and requirements change and vary by lender. Before making a financing decision, speak to a qualified financial advisor, accountant or lawyer. SMB Compass is a business financing company and not a direct lender.
