Business Line of Credit
OnDeck offers lines of credit up to $100,000 with a 12-month repayment term that resets after each withdrawal. This solution allows you to easily handle cash flow problems but comes with higher interest rates. The repayments are made weekly, and are made automatically. The APR range starts at 29.9%, and OnDeck does not charge any prepayment fees. Businesses can open credit lines of a minimum of $6,000 and a maximum of $100,000.
American Express® Business Line of Credit loan terms are six, 12, or 18-months, and payments are made monthly. The company charges a monthly fee depending on the length of your loan. For six-month terms, fees are 3-9% of the loan, 12-month terms are 6-18%, and 18-month terms are 9-27%. American Express® Business Line of Credit loans range from $2,000 to $250,000.
Other Loan features
OnDeck has a relatively comprehensive portfolio. Besides credit lines for businesses, the company also offers term loans. Term loans have a loan term of up to 24 months and can be repaid daily or weekly. The amount of money you can borrow varies between $5,000 and $250,000 and the APR starts at 29.9%.
American Express Business BlueprintTM, on the other hand, only focuses on lines of credit. However, this company does have some extra services to offer. Their payment services include invoice processing and credit card payment. The company provides its own online payment platform which includes online payment processing tools and invoicing tools. Both aim to help small businesses get paid faster.
Bottom line: American Express® Business Line of Credit is our pick if you need a small business line of credit, due to their straightforward fee structure and higher loan amount. If you’d prefer a short-term loan, though, our choice is OnDeck.