TL;DR
Frank pre-approves in 3 minutes and funds as fast as 72 hours through traditional banks at 6%-15% APR. OnDeck funds same-day to 3 days through their own balance sheet at an average of 57.90% APR. The "speed" gap operators used to use to justify OnDeck's pricing has closed. The price gap hasn't. On a $100K loan over 12 months, Frank saves you roughly $40,000-$50,000.
~$6K-$15K interest
~$45K-$60K total cost
Frank charges you nothing. We're paid by the bank when your loan closes. OnDeck charges 0-4% origination on every term loan. On a $100K loan, that's up to $4,000 deducted from your proceeds before you see a dollar.
What Ondeck does well
OnDeck has been around since 2006. They've funded over $15 billion to more than 150,000 businesses. They didn't get there by accident.
Same-day funding is genuine. If you apply by 10:30 AM Eastern on a business day, you can have funds in your account by 5 PM the same day on loans up to $100,000. For an operator with a payroll due Friday and a key piece of equipment that just died, that's not a marketing claim — it's a real lifeline.
Approval is realistic for fair-credit borrowers. A 625 FICO, one year in business, and $100K in annual revenue gets you in the door. OnDeck serves over 700 industries including contractors, restaurants, auto repair, and healthcare.
They report to credit bureaus. Unlike some online lenders, OnDeck reports to Experian, Equifax, and PayNet. Paying them on time builds your business credit, which matters when you eventually want to graduate to bank financing.
The application is fast and clean. Ten minutes online, a phone call with a loan advisor, a same-day decision. No 50-page packet, no SBA paperwork, no waiting on underwriting committees.
What to watch for
OnDeck's pricing is the issue. Read this carefully.
The average APR on an OnDeck term loan is 57.90%. That's not the rate they advertise, that's the actual average across their book. Their APRs range from 35% to 99%. The line of credit averages 57.10%. To put that in context: a $100,000 OnDeck term loan at average pricing costs you roughly $45,000-$60,000 in interest and fees over 12 months. The same loan from a traditional bank through Frank costs you $6,000-$15,000.
Daily and weekly payments will eat your cash flow. OnDeck doesn't run on a monthly schedule. Term loans require daily or weekly automatic withdrawals from your business checking account. For a seasonal operator — landscaping, HVAC, roofing — that's a problem. You're paying the same in February as you are in August.
Prepayment doesn't always save you. OnDeck's "100% prepayment benefit" is real but conditional. On standard terms, paying off early may waive remaining interest, but on others you're still on the hook for 75% of the interest you'd have paid over the full term. Read the contract.
The same-day funding has fine print. Same-day funding is only available on loans under $100,000, and only if you submit the application by 10:30 AM Eastern on a business day. If you apply at 11 AM, you're waiting until tomorrow at the earliest. If you need $150K, same-day is off the table entirely. Frank's 72-hour funding has none of those carve-outs.
When Frank is the better fit
Frank exists because the math on OnDeck no longer makes sense for most trade operators. Here's why.
Frank is fast enough. 3-minute pre-approval. As fast as 72 hours to funding. The "we have to use OnDeck because we need money tomorrow" argument applies to a vanishing number of situations. For 95% of operator capital needs, equipment, expansion, working capital, acquisitions, real estate, 72 hours is fast enough.
Frank is dramatically cheaper. Bank rates from 6%. SBA 504 from 5%. SBA 7(a) from 9.75%. Equipment financing from 6%. The difference between OnDeck's 57.90% average and a bank's 12% on a $100K loan is roughly $45,000 in your pocket over the loan term. That's a piece of equipment. That's a hire. That's a year of marketing.
Frank doesn't take daily withdrawals from your checking account. Bank loans are monthly. They align with how trade operators actually budget — invoice cycles, AR timing, seasonal fluctuations. OnDeck takes money out of your account every business day whether you booked work that day or not.
Frank is built for trades. HVAC, plumbing, electrical, roofing, GC, landscaping, restoration, solar, pest, cleaning, septic, masonry, painting. Our underwriting model — the Forward Revenue Score — looks at trade-specific signals (route density, recurring contracts, equipment value, seasonal patterns) that generalist lenders ignore. Banks like operators they understand. We help them understand you.
Frank charges you $0. No origination fee. No application fee. No prepayment penalty. We're paid by the bank when your loan closes. OnDeck takes 0-4% off the top of every term loan.
How to decide
Do you genuinely need money in less than 72 hours? → Maybe OnDeck. But understand: you're paying ~50% APR for ~36 hours of speed.
Do you have 72 hours and want bank rates? → Frank.
Are you considering OnDeck because you don't think you'd qualify for a bank loan? → Apply with Frank first. Pre-approval is 3 minutes, free, and won't hit your credit. We'll tell you honestly if you qualify or not.
Are you currently in an OnDeck loan and want to refinance? → Frank. We refinance OnDeck balances into bank term loans regularly. Operators routinely cut their monthly payment in half.
FAQ
Is OnDeck a real bank?
No. OnDeck is an online lender. They're a non-bank direct lender, they fund loans off their own balance sheet at the high APRs needed to make their model work.
Why is OnDeck's APR so much higher than a bank?
Two reasons. First, they take more risk, they approve borrowers some banks won't. Second, they charge more because they can. The speed and accessibility have a real cost, and most operators don't run the math before signing. Frank closes the speed gap and gets you to the bank rates anyway.
Can I refinance an OnDeck loan into a bank loan with Frank?
Often, yes. Once you've made on-time payments on an OnDeck loan, your business credit improves and you become a better candidate for traditional bank financing. We've helped operators refinance OnDeck balances into 8-12% bank loans, saving five and six figures in interest.
Does OnDeck offer SBA loans?
No. OnDeck only offers term loans and lines of credit. For SBA financing — including SBA 7(a) up to $5M and SBA 504 for real estate up to $5.5M, you need an SBA-approved bank. Frank routes those directly.
What happens if I miss an OnDeck payment?
OnDeck reports to credit bureaus, so missed payments hurt both your business and personal credit. They also charge late fees and can accelerate the loan if you default.
Is OnDeck better than Bluevine, Lendio, or Fundbox?
Depends on what you need. OnDeck has higher loan amounts than Fundbox, faster decisions than Lendio, and serves more business types than Bluevine. But all four sit in the same general category — fast, expensive online financing. Frank is in a different category: fast AND cheap, because we work with banks instead of replacing them.
Same speed. Six times cheaper. Zero fees.
Frank pre-qualifies your business in 3 minutes and gets you funded in as fast as 72 hours through traditional banks at 6%-15% APR. No daily withdrawals. No 57.90% average APRs. No origination fees deducted from your proceeds.
Let's talk