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Compare American Express vs. OnDeck Small Business Loans

What’s the difference between American Express® Business Line of Credit (formerly Kabbage) and OnDeck Small Business Loans? See how our editors compare the two companies below.
Last Updated: March 28, 2024
American Express
4.6 / 5 - Excellent
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OnDeck
4.5 / 5 - Excellent
#1 in Small Business Loans
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Key Facts

  • Best for companies 1+ years in business and at least an average of $3,000/month revenue
  • Business line of credit from $2,000 to $250,000
  • 6-, 12- or 18-month loans as follows: 
  • 2-9% for 6-month loans, 2-9% for 6-month loans, 7.5-18% for 12-month loans, 15.75-27% for 18-month loans 
  • Apply online and get a decision in real-time
  • No penalty for early repayment
  • Minimum credit score of 640 required

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000

  • Average Yearly Revenue requirements:$100,000

  • Minimum Credit Score: 625 FICO

  • Minimum Time in Business to apply: 1 year

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Paycheck Protection Plan Information

OVERALL RATINGS

 American ExpressOnDeck
Loan Options4.0/54.5/5
Application Requirements5.0/54.5/5
Average Rates & Fees4.5/54.5/5

Kabbage and OnDeck are both excellent online lenders that offer small business loans.

Small business owners just starting up their businesses and who need additional funds quickly to help with the launch of their companies should consider Kabbage and OnDeck.

Both companies have lenient qualification requirements compared to most other traditional lenders in the small business sector. Both companies also offer quick turnarounds on approval and funding, with Kabbage approving in as little time as 10 minutes and OnDeck within 24 hours.

Kabbage and OnDeck both hold outstanding ratings with the Better Business Bureau and a stellar 5-star Trustpilot score.

Loan Options

Kabbage offers lines of credit loans, whereas OnDeck offers small business lines of credit, short-term, and long-term loans.

OnDeck’s fixed-term loan amounts range from $5,000 to $500,000 with term lengths of three to 36 months. Repayment terms can be fixed daily or weekly payments.

Its business lines of credit loans have a maximum amount of $100,000 for a maximum term length of six months with fixed weekly repayments.

Kabbage offers lines of credit loan amounts from $2,000 up to a maximum of $250,000 – a generous amount for a small business line of credit.

Term lengths range from six to 12 months, with monthly auto-withdrawals or manual payments.

Available Loan Types

 American ExpressOnDeck
SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Disclaimer

Term Loans

 American ExpressOnDeck
Min Term Length
6 months
6 months
Max Term Length
18 months
24 months
Repayment Terms
Customers must pay a minimum amount toward their principal loan amount and a monthly fee based on their actual balance.
Fixed daily or weekly payments

Business Lines of Credit

 American ExpressOnDeck
Min Loan Amount
$2,000
$6,000
Max Loan Amount
$250,000
$100,000
Min Term Length
6 months
Max Term Length
18 months
12 months
Repayment Terms
Customers must pay a minimum amount toward their principal loan amount and a monthly fee based on their actual balance. American Express does not penalize customers for early repayment and monthly costs decrease along with the balance you owe.
Fixed weekly payments

Rates & Fees

Term Loans

Fees: One-time fee to cover cost of servicing and processing the loan: * 1st loan: 2.5-4% of loan amount * 2nd loan: 1.25-3% of loan amount * 3rd+ loan: 0-3% of loan amount

Lines of Credit

Fees: American Express charges monthly fees based on the actual amount you owe. Your monthly payment will change as your balance increases or decreases. American Express does not charge application fees, monthly maintenance fees, or prepayment penalties.

Lines of Credit

Fees: $20 monthly maintenance fee, which is waived for 6 months if you draw $5,000 or more in the first five days of opening your account. There are no fees to draw money.

Application & Qualifications

 American ExpressOnDeck
Online Application
Approval Time
Approvals in real-time
As fast as 24 hours
Funding Time
A few minutes to several days
As fast as 24 hours
Min. Years In Business
1 year(s)
1 year(s)

Reputation

Both OnDeck and Kabbage are well-respected financial tech companies, offering online lending with fast application and funding turnarounds on small business loans.

Both companies get high marks for stellar reputations. Kabbage and OnDeck both are accredited businesses with the Better Business Bureau (BBB) and both hold “A+” ratings with the bureau, with the majority of consumers reviews posted on the BBB site being positive at 84% for Kabbage and 69% for OnDeck.

Additionally, Kabbage made Forbes’ Top 50 Fintech companies list for 2018 and 2019.

Customer Feedback

 American ExpressOnDeck
BBB Rating
A+
A+
Date Collected
2023-02-08
2022-12-13

Contact & Additional Information

 American ExpressOnDeck
Homepage URL
https://www.americanexpress.com/en-us/business/blueprint/business-line-of-credit/
https://www.ondeck.com
Company Phone
(888) 986-8263
(888) 269-4264
Headquarters Address
730 Peachtree Street NE Suite 1100, Atlanta, GA, 30308
1400 Broadway, New York, NY, 10018
Mailing Address
730 Peachtree Street NE Suite 1100, Atlanta, GA, 30308
1400 Broadway, New York, NY, 10018
Year Founded
1850
2006

Final Verdict

American Express® Business Line of Credit (formerly Kabbage) and OnDeck Small Business Loans are very close in quality and have the same overall rating. That said, American Express scores better than OnDeck across: Consumer Education, and Application Requirements. Whereas, OnDeck scores better on Loan Options. Both companies score similarly on Average Rates & Fees.

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