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- A major difference between these alternative lending companies is the fact that Lending Club is mainly focused on making loans available to people trying to consolidate debt or make big purchases like those involved with home renovation, OnDeck Capital is completely focused on small business loans.
- OnDeck Capital takes on far riskier loans than Lending Club does, the major lending platforms like Lending Club and Prosper are far more stringent in weeding out low quality borrowers.
- Lending Club doesn't move as fast to fund loans as OnDeck Capital. Both companies let small businesses apply for a loan online at any time, but OnDeck Capital gives potential borrowers a decision in just 15 minutes and then funds the approved loan within the same day.