American Express fits businesses with at least a year in operation, a 660+ FICO and an SSN that want a line of credit with clear pricing and no origination fee; OnDeck fits owners with a FICO from 625, $100,000+ in annual sales and a need for money very fast, or a term loan of up to $400,000 (per their sites, checked October 2026). If your credit is below 625, you only have an ITIN or your business is newer, neither fits well, and it makes sense to look at alternatives such as Merchant Fund Express, our recommended funder.
Below we compare products, requirements, costs and speed, and spell out who each one is for. We do not invent customer reviews or ratings: everything comes from what the companies themselves publish.
Key takeaways
- American Express offers a line of credit from $2,000 to $1,000,000; at approval, the limit tops out at $250,000.
- OnDeck offers a term loan from $5,000 to $400,000 and a line of credit from $6,000 to $200,000.
- Amex asks for a 660 FICO, 1 year and $3,000 in average monthly revenue; OnDeck asks for a 625 FICO, 1 year and $100,000 in annual revenue.
- Amex charges a monthly fee of 0.55% to 1.55% of the amount drawn; OnDeck publishes an average APR of 53.2% on term loans and 59.8% on lines.
- Neither one mentions an ITIN as an alternative to an SSN on its pages.
- If you do not qualify, our recommended funder reviews sales and deposits from FICO 500 and offers Spanish-speaking support.
Side-by-side comparison
These facts come from each company's official pages (per their sites, checked October 2026). Companies change their products without notice, so confirm before you apply.
| Item | American Express | OnDeck |
|---|---|---|
| Products | Line of credit; each draw becomes its own installment loan | Term loan and line of credit |
| Amounts | Line from $2,000 to $1,000,000; up to $250,000 at approval | Loan from $5,000 to $400,000; line from $6,000 to $200,000 |
| Terms | Each draw over 6, 12, 18 or 24 months | Loan up to 24 months; line draws over 12, 18 or 24 months |
| Time in business | At least 1 year | At least 1 year |
| Minimum credit | 660 FICO (may be higher) | 625 personal FICO |
| Revenue | $3,000 a month on average | $100,000 a year |
| How it charges | Monthly fee of 0.55% to 1.55% of the original draw amount | Interest and, on the term loan, an origination fee based on your offer |
| Other fees | No origination, annual or application fee, and no prepayment penalty | If you prepay a term loan, part of the remaining interest may still be due under the contract |
| Speed | Funds in 1 to 3 business days after the draw is approved | Funds "as soon as the same day" if you close before 10:30 a.m. ET, Monday to Friday |
| Who lends | American Express National Bank | An OnDeck-family company or Celtic Bank, depending on your state |
| Restrictions | Asks for an EIN and SSN | Does not lend in North Dakota; some industries restricted |
How the American Express line works
The American Express Business Line of Credit is not a card. You are approved for a limit and, every time you draw, that draw becomes its own loan with a 6, 12, 18 or 24-month term. You can have several loans open at once inside your limit.
- The monthly fee. It runs from 0.55% to 1.55% and is calculated on the original draw amount, spread evenly across each month of the term. You see it before you accept. Because it is figured on the original amount and not on the declining balance, the equivalent annual cost is usually higher than the monthly percentage suggests.
- No other published fees. No origination fee, annual fee, application fee or prepayment penalty. There are late fees.
- Personal credit. Amex pulls reports from the consumer credit bureaus and reports your payment status to them. The line can help or hurt your personal credit.
- First payment. Your first statement arrives 21 to 51 days after the money is disbursed, depending on your billing cycle.
The structure is simple to read, which is its biggest strength: you know the price of each draw before you take it. To translate that monthly fee into something you can compare, see our guide to APR vs. interest rate on a business line of credit.
How OnDeck works
OnDeck offers two products. The term loan gives you a lump sum, from $5,000 to $400,000, with terms up to 24 months; its site notes that only select customers with strong credit and enough revenue qualify for $400,000. The line of credit runs from $6,000 to $200,000, each draw is repaid over 12, 18 or 24 months with weekly or monthly payments, and it requires a minimum $1,000 draw when you open it.
- Speed. This is its strong suit: if you sign before 10:30 a.m. Eastern, Monday to Friday, funds usually arrive the same day; otherwise, in 2 to 3 business days.
- Credit check. It says you can check your eligibility without affecting your score.
- Cost. OnDeck publishes an average APR of 53.2% on term loans and 59.8% on lines of credit, for loans originated in the six months ending June 30, 2026. The lowest rates go to businesses with the strongest credit and cash flow.
- Prepayment. If you pay a term loan early, you may still owe part of the remaining interest; the percentage is in the contract.
To see what an OnDeck offer would cost in APR terms, run it through our OnDeck APR calculator. If you are trying to build business credit along the way, read our guide to OnDeck business credit reporting.
Who each one is for
Choose American Express if...
- Your business is a year old or more, your FICO is 660 or higher and you have an SSN.
- You want to know the exact price of each draw before you accept it.
- You value paying no origination fee and no prepayment penalty.
- You already use Amex cards: its site says some cardholders may see a pre-approved offer.
Choose OnDeck if...
- Your FICO is between 625 and 660 and you sell $100,000 or more a year.
- You need the money the same day and can close early on a business day.
- You prefer a term loan with a single lump sum of up to $400,000.
- You want weekly payments on the line because your sales come in every week.
Neither fits if...
- Your credit is below 625.
- You only have an ITIN: neither one mentions an ITIN as an alternative on its pages.
- Your business is less than a year old.
- Your business is in North Dakota (for OnDeck).
Two examples to help you decide
For example, a salon owner who has been open three years, with a 700 FICO and an SSN, wants to stock up on product for wedding season and pay it back over six months. American Express fits: she sees the fee before drawing, pays no origination fee and can pay early with no penalty.
Another example: an auto shop with two years in business, a 640 FICO and strong sales needs to fix a lift today so it does not lose jobs. It falls short of Amex's 660 but clears OnDeck's minimums, and OnDeck can fund the same day. If that same shop had a 560 FICO or only an ITIN, the realistic option would be a funder that reviews deposits.
The alternative if neither one fits
If you do not qualify for American Express or OnDeck, or you want to compare with an offer based on your sales, Merchant Fund Express, our recommended funder, reviews your sales and deposits, not just your credit. It works with credit from FICO 500, offers $5,000 to $5,000,000, and decisions often come in 2 to 4 hours. In most cases no collateral is required, it accepts applicants with an ITIN (no SSN needed), and it offers Spanish-speaking support.
| Criterion | Our recommended funder |
|---|---|
| Credit | From FICO 500; better credit and cash flow usually bring better offers |
| Amounts | $5,000 to $5,000,000 |
| Speed | Decisions often in 2 to 4 hours |
| ITIN | Accepts applicants with an ITIN (no SSN needed) |
| Language | Spanish-speaking support |
| Applying | Free, no impact to credit |
You can apply here for free and compare its offer against the others on the same terms: payment, term and total cost, in writing.
How to compare the offers you get
American Express charges a monthly fee, OnDeck publishes an APR, and other funders use a factor rate. To avoid comparing apples to oranges:
- Ask for the total cost in writing and the equivalent APR of each offer.
- Compare the payment with your worst month, not your best. If the payment leaves nothing for payroll or rent, the amount is too high.
- Check what happens if you pay early. Amex has no penalty; with OnDeck some interest may remain due.
- Confirm the payment frequency: monthly, weekly or daily changes your cash flow a lot.
- Read who the lender is on the contract and make sure it matches the company you spoke with.
And if one of them already said no, do not reapply blindly. Read business funding after being declined to figure out what to fix first and where to apply next.
Frequently asked questions
Which is cheaper, American Express or OnDeck?
It depends on your profile and the offer you get. American Express charges no origination fee and no prepayment penalty and publishes a monthly fee of 0.55% to 1.55%. OnDeck publishes an average APR of 53.2% on term loans and 59.8% on lines. Ask both for the APR on your specific offer and compare them side by side.
Which one is easier to get?
Based on their published requirements, OnDeck asks for less credit (625 FICO versus 660 at Amex) but more sales: $100,000 a year versus an average of $3,000 a month at Amex. Both ask for at least a year in business. If you fall short of those minimums, look at options that review your deposits.
Can I apply to American Express or OnDeck with an ITIN?
On their pages, American Express asks for your Social Security number to apply, and neither one mentions an ITIN as an alternative. If you only have an ITIN, Merchant Fund Express accepts applicants with an ITIN (no SSN needed) and offers Spanish-speaking support.
Which one funds faster?
OnDeck, if you close before 10:30 a.m. Eastern on a business day: funds usually arrive the same day. With American Express, once the draw is approved and signed, the money takes 1 to 3 business days depending on your bank.
Do they affect my personal credit?
American Express pulls reports from the consumer credit bureaus and reports your payments to them. OnDeck says you can check your eligibility without affecting your score. Either way, paying late can damage your credit, so choose a payment your cash flow can handle.
Is there an option if both turned me down?
Yes. Our recommended funder reviews sales and deposits as well as credit, works with FICO from 500, and applying is free with no impact to your credit. You can also check community development lenders (CDFIs) in your area, which usually cost less but take longer.