The specs
OnDeckRapid Finance
Product typeMulti-productMulti-product
Amount range$5K – $400K (term); $6K – $200K (LOC)$5K – $1M (across products)
Cost (factor / APR)Term APR 27%+; LOC APR 30%+Up to 5% of financing per public partner page; APR varies
Speed to fundSame-day for approved filesSame-day to 3 days
Min time in business12 months12 months
Min monthly revenue$8,000$10,000
Min credit score600+600+
Products
- Term loan
- LOC
- MCA
- Term loan
- LOC
- Embedded lending
Verdicts by use case
- APR-transparent pricing — Winner: OnDeck. OnDeck publishes APR (27%+). Rapid Finance uses factor rates on MCA, APR-disclosed on term loans.
- Faster funding — Winner: OnDeck. OnDeck same-day funding for approved files. Rapid Finance 24-72 hours.
- Lower revenue acceptance — Winner: OnDeck. OnDeck $8K/mo vs Rapid Finance $15K/mo. Smaller businesses are OnDeck-only.
- Multi-product flexibility — Winner: Tie. Both offer multiple products. OnDeck: term loan + LOC. Rapid Finance: MCA + term loans + equipment.
- Established business preference — Winner: Tie. Both require 12+ months TIB for best products. Both fund up to 600+ credit.
The honest takeaway
OnDeck and Rapid Finance 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 need fast funding (24h) — which?
- OnDeck. Same-day funding for approved files. Rapid Finance is fast but typically 24-72 hours.
- I want term loan pricing transparency — which?
- OnDeck. APRs explicitly published (27%+ typical). Rapid Finance has APR-disclosed term loans but more variability.
- I do $10K/mo — which works?
- OnDeck. $8K/mo floor accepts you. Rapid Finance's $15K/mo floor declines.