Which business lenders actually lend, and which just sell your application

The most useful thing you can know before you apply anywhere is whether the company is lending you money or selling your details to people who might. Almost nobody writes this down plainly, because almost every site comparing business lenders is itself paid per application it forwards.

So here it is, taken from each company's own terms of use, footer disclosures and licensing statements, checked on 21 September 2026. Where a company describes itself one way in its marketing and another way in its legal text, both are quoted.

The three models

Direct funder. Their own money, or their own balance sheet plus a bank partner named in your agreement. One company, one file, one set of calls.
Marketplace or lead generator. They are not a lender. Your application is distributed to a network of funders and, in one case, to other brokers. Expect multiple companies to contact you.
Hybrid. They fund some products themselves and broker the rest. Which is which usually is not obvious from the marketing, and it matters.

What each one actually is

Company	Model	In their own words
Lendio	Marketplace	"Lendio is not a lender and does not make credit decisions."
LendingTree	Lead generator	"LendingTree is not a lender or a creditor... LendingTree's services are only administrative."
OnDeck	Direct	"You can work with OnDeck directly from application to funding, without going through a third party."
Fundbox	Bank-originated	Loans "originated by First Electronic Bank or Lead Bank".
Bluevine	Split	Line of credit "issued by Celtic Bank"; term loans "through our partners".
Kapitus	Hybrid	"As both a financing provider and a marketplace... either directly or through its financing network."
Credibly	Hybrid	"Credibly is a direct lender of working capital loans and merchant cash advances. Through our partners, we offer SBA loans, business lines of credit, equipment financing..."
Rapid Finance	Hybrid	Offers term loans, lines of credit and factoring under its own licence; "arranges" SBA, asset-based, real estate and card products.
National Funding	Hybrid	Markets "Business Loans from a Direct Lender", but its terms say it lends "either directly or by referring SMBs to other financing providers" under a "lender and broker license".
Fora Financial	Mostly direct	FAQ says "Fora Financial is a direct lender"; the footer adds that financing may be "issued by Fora Financial, Celtic Bank, or a network of unaffiliated third-party funding providers".

Why this decides how many calls you get

When you apply to a direct funder, one company underwrites your file. When you apply to a marketplace, your business name, revenue and phone number go to a network. Lendio's terms of use say your information is shared with "lenders, business financing providers, banks, and brokers". That last word is the one to notice: a broker who receives your file can forward it again.

LendingTree is registered as a "Marketing Lead Generator" and states it "is paid a marketing lead generation fee" by the providers it matches you with. Its subsidiary QuoteWizard settled a telephone-consumer class action for $19 million, approved in September 2025 and disclosed in LendingTree's own quarterly filing. That is a lead-generation business model doing what lead-generation business models do.

None of this makes marketplaces useless. If your file is difficult, reaching several funders at once has real value. But it should be a decision you make, not something that happens to you.

Who publishes what it actually costs

This is the other thing worth knowing before you apply, and the results are worse than you would hope.

Company	What it publishes
OnDeck	Real APRs, including portfolio averages. 53.2% APR on term loans and 59.8% on lines of credit for the half-year to 30 June 2026, with worked cost examples.
Fora Financial	A full factor range: 1.13 to 1.50, and as low as 1.05 on early payback.
Credibly	A factor floor only: "as low as 1.11", no ceiling. Plus a 2.5% fee and a $50 monthly admin fee on advances.
Bluevine	An interest floor only: "as low as 7.8%", no ceiling and no APR.
Lendio	Bare percentages, never labelled APR or factor rate.
Kapitus	"Rates Starting at 6.2%" while also saying "our loans don't technically have a rate; instead, we charge one fixed price".
Rapid Finance	Nothing. "An interest charge or fixed fee will be charged, other fees may also be charged."
National Funding	Nothing. Terms are disclosed by a representative on the phone.
Fundbox	Nothing. Its pricing page now redirects to the homepage.
LendingTree	No pricing of its own. Its comparison table mixes APRs, interest rates, factoring fees and factor rates in one column, and every figure belongs to a partner.

Credit where it is due: OnDeck is the only company in this group that publishes what its customers actually paid. Fifty-three percent APR is an expensive loan. Publishing it anyway is more honest than a "rates from 6.2%" banner with no ceiling, and it is worth saying so plainly even though we are not affiliated with them.

Four questions that cut through all of it

"Are you the lender, or will my application go to other companies?" Ask it first. The answer changes everything that follows.
"What is the total dollar amount I pay back, including all fees?" Not the rate. The number.
"What is the payment, how often, and what happens in a slow week?" See how holdback rates work.
"How long, in months?" Total cost divided by term is the only figure that compares across products. Here is how to convert a factor rate.

How to read any offer you get

Put every offer into the same four numbers and the marketing stops mattering: total dollars back, net cash received after fees, payment amount and frequency, and expected term in months. We wrote that up in why the same business gets three completely different offers.

Company descriptions, product lists, stated minimums and pricing statements above are quoted from each company's own website, terms of use and licensing disclosures, checked 21 September 2026. Ratings and legal matters are from BBB, Trustpilot and public filings on the same date. Companies change their terms; check the current page before you apply.

Questions owners ask

Is a marketplace worse than a direct lender?

Not worse, different. A marketplace reaches several funders at once, which genuinely helps a difficult file. The cost is that your details go to a network, so expect more calls. A direct funder means one file and one relationship.

Why do so few of them publish rates?

Because advances are priced with factor rates rather than APRs, and a factor rate does not convert to an annual cost without knowing the term. Several states have introduced commercial financing disclosure rules that are beginning to change this.

Does applying to a marketplace hurt my credit?

Most start with a soft pull. The risk is that multiple funders in the network each run their own check at offer stage, so ask how many companies will receive your file before you submit it.

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General information, not financial or legal advice. Terms vary by lender and business.