Do both Rapid Finance and OnDeck offer merchant cash advances?

No. OnDeck exited the merchant cash advance market following its 2020 acquisition by Enova International. It now offers only APR-based term loans (29.9%–97.3% APR) and revolving lines of credit (29.9%–65.9% APR). Rapid Finance remains an MCA provider, offering factor-rate advances with revenue-based repayment. This makes the comparison between them a product-type comparison as much as a lender comparison.

Which has easier qualification requirements — Rapid Finance or OnDeck?

They serve different credit profiles. Rapid Finance accepts personal credit scores as low as 500 and funds businesses with 6+ months of history and $10,000+/month in revenue. OnDeck requires a minimum 625 credit score, 1+ year in business, and $100,000+ in annual revenue. If you're newer or have a lower credit score, Rapid Finance is the realistic option. If you meet OnDeck's bar, its term loan is almost certainly cheaper on a true dollar-cost basis.

Which is cheaper — Rapid Finance or OnDeck?

On the same principal amount, OnDeck is typically cheaper when you qualify. Rapid Finance factor rates run 1.10–1.50, equivalent to effective APRs of 40%–150%+ depending on repayment timeline. OnDeck term loans start at 29.9% APR (though most funded applicants land higher in the range). A $40,000 advance at a 1.30 Rapid Finance factor rate means $52,000 in total repayment. A $40,000 OnDeck term loan at 50% APR over 12 months costs roughly $11,000 in interest — total repayment approximately $51,000, but with a more predictable fixed-payment schedule and no factor-rate structure.

Which funds faster — Rapid Finance or OnDeck?

Rapid Finance is faster. Its process runs from application to funding in as little as 24–48 hours, with a streamlined online application and minimal documentation requirements (3–6 months of bank and merchant processing statements). OnDeck's automated underwriting system also delivers approvals in 24–48 hours, with funding in 1–3 business days after approval. The practical difference is narrow — both are fast by traditional lending standards — but Rapid Finance's simpler underwriting often produces a same-day or next-day advance, where OnDeck may take an extra day for document review.

What fees do Rapid Finance and OnDeck charge?

OnDeck charges an origination fee of 2.4%–4% (lower for repeat borrowers) plus a standard ACH return fee. It does not charge monthly administrative fees. Rapid Finance charges fees as part of the factor rate structure rather than separate line-item fees. Always confirm the full cost — total repayment including any origination or administrative fees — before comparing offers from either lender. Factor rate times advance amount does not always equal full cost if origination fees are added separately.

Rapid Finance vs OnDeck: MCA vs Term Loan

Rapid Finance and OnDeck are both well-known names in small business financing — but comparing them directly requires an honest framing up front: they no longer offer the same product type. Rapid Finance is a merchant cash advance provider. OnDeck exited the MCA market in 2020 following its acquisition by Enova International and now offers only APR-based term loans and revolving lines of credit.

This means the comparison is partly provider-vs-provider and partly product-vs-product. Here’s what that difference means for you.

The Short Answer

Choose Rapid Finance if your business is 6–12 months old, your credit score is 500–620, you need a true merchant cash advance with revenue-linked repayment, or you need funding in 24 hours.
Choose OnDeck if you have 1+ year in business, a 625+ credit score, and prefer a fixed-payment term loan with APR-based pricing — which is almost always cheaper for qualified borrowers.

Side-by-Side Comparison

Feature	Rapid Finance	OnDeck
Product type	Merchant cash advance (factor rate)	Term loan / line of credit (APR)
Cost structure	Factor rate 1.10–1.50	APR 29.9%–97.3% (term loan); 29.9%–65.9% (LOC)
Max advance	$500,000	$250,000 (term loan); $100,000 (LOC)
Min. credit score	500+	625+
Time in business	6+ months	1+ year (prefer 2+)
Min. monthly revenue	$10,000+	~$8,300+/mo ($100K+ annual)
Funding speed	24–48 hours	24–48 hours (approval); 1–3 days (funding)
Repayment	% of daily card sales or fixed ACH	Fixed daily or weekly ACH
Origination fee	Included in factor rate	2.4%–4%
Early payoff benefit	Only if prepayment discount in contract	Yes — interest stops accruing

Data from provider directory listings. Terms vary by business profile and change over time. Confirm current offers directly.

The Critical Difference: MCA vs Term Loan

An MCA from Rapid Finance and a term loan from OnDeck are not interchangeable products. Understanding the structural difference is the most important part of this comparison.

Rapid Finance MCA: You receive a lump sum and repay a fixed total amount equal to the advance multiplied by the factor rate. If you advance $50,000 at a 1.30 factor rate, you repay $65,000 — that number is fixed from the start and does not change based on how long it takes. Repayment comes via daily automatic withdrawals (either a holdback percentage of card sales or a fixed ACH debit) until the total is satisfied. Revenue-based repayment means slow days produce smaller payments, which protects cash flow during dips.

OnDeck term loan: You borrow principal at a stated APR, and interest accrues on the outstanding balance. Paying early reduces the total interest you owe. Payments are fixed on a daily or weekly schedule. OnDeck’s proprietary OnDeck Score evaluates your cash-flow patterns, deposit consistency, and operating history — it often matters more than the credit score alone.

For a business that qualifies for both: the OnDeck term loan is almost always cheaper in total dollar terms, especially for advances repaid over 6–12 months.

Qualification Requirements

Rapid Finance: 6+ months in business, $10,000+/month in revenue, 500+ personal credit score. Underwriting focuses on daily credit card sales volume and 3–6 months of bank statements. It does not rely heavily on tax returns or detailed credit analysis, which makes it accessible to newer businesses and owners rebuilding credit.

OnDeck: 1+ year in business (prefers 2+), $100,000+ annual revenue, 625+ personal credit score. OnDeck’s automated system analyzes deposit patterns and cash-flow consistency to generate an OnDeck Score that determines offer quality. Strong, steady deposit history earns the best rates; volatile or inconsistent deposits push applicants toward the high end of the APR range.

If you’re under a year old or below a 625 credit score, you effectively cannot access OnDeck’s products. That is not a knock on your business — it simply means Rapid Finance or a similar MCA provider may be your realistic near-term option.

Cost Comparison on Real Numbers

On a $30,000 advance:

Option	Rate	Total Repayment	Fee
Rapid Finance, strong applicant	1.18	$35,400	$5,400
Rapid Finance, mid-range applicant	1.30	$39,000	$9,000
Rapid Finance, weaker profile	1.45	$43,500	$13,500
OnDeck term loan, 12 months at 40% APR	40% APR	~$36,600	~$6,600
OnDeck term loan, 12 months at 65% APR	65% APR	~$40,800	~$10,800

MCA total repayment is fixed at origination. Term loan total interest depends on actual payoff timeline. APR comparison is approximate.

Use the MCA cost calculator to model your specific scenario.

Repayment Flexibility

Rapid Finance collects via a holdback rate — typically 10%–20% of daily credit card sales — or a fixed daily ACH. With holdback, payments naturally slow when sales slow, which can protect cash flow during a bad week. With fixed ACH, the amount is the same every business day regardless of revenue.

OnDeck’s fixed daily or weekly ACH does not flex with revenue. A slow month means the same payment comes out as a strong month. This predictability is useful for budgeting but provides no cushion during dips. OnDeck also offers lines of credit ($6,000–$100,000) which function as revolving credit drawn on demand — a different structure from either a term loan or an MCA.

Who Each Is Best For

Choose Rapid Finance if:

You have 6–12 months of business history and cannot yet access term loans
Your credit score is between 500 and 620
You need funding in 24 hours — emergency equipment, an urgent inventory buy
Your revenue is primarily card-based and you want holdback repayment to flex with sales
You need up to $500,000 and want MCA-style underwriting

Choose OnDeck if:

You have 1+ year in business with consistent bank deposits
Your credit score is 625+ and your OnDeck Score will be favorable
You prefer a lower-cost term loan with fixed predictable payments
You want interest to stop accruing if you pay early
You value an established, publicly accountable lender with extensive customer support

The Bottom Line

Rapid Finance and OnDeck serve genuinely different customer profiles and offer structurally different products. Rapid Finance is the fast, accessible MCA option for businesses that need capital now and cannot yet qualify for term lending. OnDeck is the lower-cost term loan option for established businesses with strong credit and consistent revenue.

If you qualify for OnDeck, get its term loan quote and compare total repayment against the same dollar amount from Rapid Finance. The numbers will usually favor OnDeck for qualified borrowers. If OnDeck’s requirements are out of reach today, Rapid Finance is a legitimate bridge — use it for a specific, short-term need with a defined repayment source.

Learn More

Rapid Finance full review
OnDeck full review
Credibly vs OnDeck — another MCA vs established lender comparison
MCA vs term loan explained
Full MCA provider directory

Compare Your Options

Calculate your total MCA cost using Rapid Finance’s 1.10–1.50 factor rate range, then run the same dollar amount through a term loan APR model to see how much each option actually costs your business.