I'm at $40K/mo with 670 FICO and 14 months TIB — which?

OnDeck. Their term APR (27%+) will beat Mulligan's MCA factor (1.25+) materially at this file grade. The only reason to take Mulligan is if you need $400K+ (above OnDeck's term cap) or you specifically want the MCA structure rather than a term loan.

I'm at $30K/mo with 540 FICO and 10 months TIB — which?

Mulligan. OnDeck's 600+ FICO and 12+ month TIB floor declines you. Mulligan's 525+ floor and 9+ month floor accept you. Expect a 1.40+ factor. Build credit and tenure aggressively for the next round.

Does Mulligan share OnDeck's same-day funding speed?

No. Mulligan funds in 24 – 48 hours after underwriting. OnDeck funds same-day on approved + verified files. If cash is needed today, OnDeck wins on speed when both will approve.

OnDeck vs Mulligan Funding — honest comparison 2026

Both fund small businesses. They solve different problems. Here's the honest side-by-side, then five use-case verdicts so you don't have to guess.

The specs

OnDeckMulligan Funding

Product typeMulti-productMulti-product

Amount range$5K – $400K (term); $6K – $200K (LOC)$5K – $2M (across products)

Cost (factor / APR)Term APR 27%+; LOC APR 30%+Factor 1.20 – 1.49 (MCA); APR varies on term loan + LOC

Speed to fundSame-day for approved filesFunding in 24 – 48 hours after underwriting

Min time in business12 months9 months

Min monthly revenue$8,000$10,000

Min credit score600+525+

Products

Term loan
LOC

Short-term business loan
MCA
Working capital LOC

Verdicts by use case

Cheapest cost of capital if you qualify for both — Winner: OnDeck. OnDeck term APR (27%+) on a 24-month amortization typically beats Mulligan's MCA factor (1.20 – 1.49 = 40 – 100% APR-equivalent on a 12-month hold). OnDeck wins on cost for borrowers who clear OnDeck's bar.
B/C-paper merchants (sub-600 FICO) — Winner: Mulligan Funding. Mulligan accepts 525+ FICO. OnDeck wants 600+. Sub-600 FICO merchants are Mulligan-only in this pair.
Larger deal size ($400K+) — Winner: Mulligan Funding. Mulligan funds up to $2M across products. OnDeck term loans cap at $400K. For sizable capital, Mulligan wins outright.
Newer business (9 – 12 months) — Winner: Mulligan Funding. Mulligan accepts 9+ months TIB. OnDeck wants 12+ months. Sub-12-month merchants are Mulligan-only.
Direct-lender brand trust — Winner: OnDeck. OnDeck is the most recognized direct-lender brand in the segment with $14B+ deployed. Mulligan is a respected direct funder but lower brand recognition. Brand-conscious merchants favor OnDeck.

The honest takeaway

OnDeck and Mulligan 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 at $40K/mo with 670 FICO and 14 months TIB — which?: OnDeck. Their term APR (27%+) will beat Mulligan's MCA factor (1.25+) materially at this file grade. The only reason to take Mulligan is if you need $400K+ (above OnDeck's term cap) or you specifically want the MCA structure rather than a term loan.
I'm at $30K/mo with 540 FICO and 10 months TIB — which?: Mulligan. OnDeck's 600+ FICO and 12+ month TIB floor declines you. Mulligan's 525+ floor and 9+ month floor accept you. Expect a 1.40+ factor. Build credit and tenure aggressively for the next round.
Does Mulligan share OnDeck's same-day funding speed?: No. Mulligan funds in 24 – 48 hours after underwriting. OnDeck funds same-day on approved + verified files. If cash is needed today, OnDeck wins on speed when both will approve.