Bluevine vs. OnDeck
Line of Credit or Term Loan?
Bluevine's line of credit is better for recurring or uncertain cash needs because you pay interest only on what you draw and it costs less. OnDeck's term loan is better for a single, defined purchase with a clear payback, and it reports to business credit bureaus, which Bluevine's line does not emphasize. Both fund within about a day and require 12 months in business and a 625 score.
Bluevine
Business line of creditOnDeck
Term loanPoint by point
Bluevine
OnDeck
Product
Revolving line of credit, draw as needed.
Lump-sum term loan, 18 to 24 months.
Cost
Simple interest from about 7.8%, no fees.
APRs commonly 27% to 100%.
Amount
Up to $250,000.
Up to $250,000.
Credit reporting
Limited.
Reports to Experian, Equifax and D&B business bureaus.
Repeat borrowing
Redraw without reapplying.
Loyalty pricing for repeat borrowers.
A green dot marks the stronger option on that point.
Verdict
Open the Bluevine line for working capital; use OnDeck when you need a lump sum for one purpose and want the payment history on your business credit file.