The specs
OnDeckEverest Business Funding
Product typeMulti-productMCA
Amount range$5K – $400K (term); $6K – $200K (LOC)$5K – $500K
Cost (factor / APR)Term APR 27%+; LOC APR 30%+Factor 1.20 – 1.45 depending on paper grade
Speed to fundSame-day for approved files24 – 48 hours after approval
Min time in business12 months6 months
Min monthly revenue$8,000$20,000
Min credit score600+500+
Products
- Term loan
- LOC
- MCA (1st, 2nd, 3rd position)
- Renewal funding
Verdicts by use case
- Established merchant (12+ months TIB, 600+ FICO, $30K+/mo) — Winner: OnDeck. OnDeck term loan at 27%+ APR on 24 months and LOC at 30%+ APR materially beat Everest's 1.20 – 1.45 factor (APR-equivalent typically 40 – 80% over 6 – 12 months). For files that clear both bars, OnDeck is cheaper on a true APR basis.
- Newer business (6 – 12 months TIB) — Winner: Everest Business Funding. OnDeck requires 12+ months TIB and declines newer businesses outright. Everest's 6-month TIB floor accepts businesses OnDeck won't underwrite. Sub-12-month merchants are Everest-only in this pair.
- Impaired credit (sub-580 FICO) — Winner: Everest Business Funding. OnDeck's 600+ FICO floor declines sub-580 files. Everest accepts down to 500. For genuinely impaired credit, Everest is the only realistic option in this pair.
- Builds business credit — Winner: OnDeck. OnDeck reports both term loan and LOC to commercial credit bureaus (D&B, Equifax Small Business, Experian Commercial). Everest's MCA is structured as receivables purchase and generally does not report. Merchants building business credit favor OnDeck.
- Multi-position stacking — Winner: Everest Business Funding. OnDeck declines files with existing MCAs in most cases and explicitly underwrites first-position-only. Everest underwrites genuine 2nd, 3rd, sometimes 4th positions. For files with existing MCA debt, Everest is in the cascade; OnDeck isn't.
The honest takeaway
OnDeck and Everest Business Funding solve overlapping but distinct problems. The right choice depends on three things you already know about your business: how fast you need the money, how long you've been operating, and whether the capital need is one-time or recurring.
Frequently asked questions
- I'm 10 months in business at $40K/mo with 640 FICO — OnDeck or Everest?
- Everest, because OnDeck declines you. OnDeck's 12+ month TIB floor is firm — you'll be declined on submission. Everest accepts the file at ~1.28 – 1.35 factor given the otherwise-clean profile. Once you cross 12 months and have a clean trading history, refinance into OnDeck or Credibly term loan at materially lower APR-equivalent — Everest's structure costs 2 – 3× what a term loan does at your file grade.
- Why is OnDeck cheaper if Everest funds faster on harder files?
- Different business models. OnDeck underwrites tighter (12+ months, 600+ FICO, no existing MCAs) and prices the resulting lower-risk portfolio at sub-50% APR. Everest underwrites looser (6+ months, 500+ FICO, accepts stacking) and prices the higher-risk portfolio at 40 – 80% APR-equivalent factor. The Everest premium isn't a markup — it's compensating for genuinely riskier underwriting. For files that fit OnDeck's bar, Everest is materially overpriced.
- Can I move from an Everest MCA to an OnDeck term loan to refinance out?
- Yes, common path. Pay down Everest below ~50% of original advance, demonstrate 6+ months of clean payment history, build OR rebuild FICO to 620+, then apply to OnDeck for term loan at 28 – 40% APR. Use the OnDeck proceeds to pay off Everest. Net savings on a $100K deal can run $15K – $30K depending on remaining term. The refinance path is the standard exit from MCA into term-loan structure.