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  OnDeck Merchant Cash Advance

OnDeck Merchant Cash Advance

in Merchant Cash Advance from OnDeck

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OnDeck Merchant Cash Advance

Claimed

in Merchant Cash Advance from OnDeck

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Highlights
Factor Rate 1.2 - 1.4
Loan Amount N/A
Minimum Revenue $100,000
APR  (Fixed APR) N/A

OnDeck Merchant Cash Advance Review

OnDeck Merchant Cash Advance is offered by OnDeck, founded in 2007 and based in New York, NY. OnDeck Merchant Cash Advance is available in 47 states (and Washington, DC).

OnDeck Merchant Cash Advance FAQ

What APRs does OnDeck Merchant Cash Advance offer?

The cost of merchant cash advances is typically marketed as a factor rate, not an APR. OnDeck offers merchant cash advance with a factor rate starting from 1.2 to 1.4. The higher the factor rate, the higher the fees. For example, an advance of $20,000 with a factor rate of 1.5 will have a total repayment of $30,000, which includes $10,000 in fees.

, but they do not disclose their rates.

Does OnDeck Merchant Cash Advance charge prepayment fees?

Yes, OnDeck Merchant Cash Advance charges additional fees to borrowers who pay off their OnDeck Merchant Cash Advance sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a OnDeck Merchant Cash Advance early.

What types of repayment method does OnDeck Merchant Cash Advance accept?

OnDeck Merchant Cash Advance accepts the following repayment method from the Merchant:

  • Split withholding

How often does OnDeck Merchant Cash Advance process payments?

OnDeck Merchant Cash Advance processes payments monthly based on your business's credit card transactions. This means that a percentage of your transactions will automatically be sent to OnDeck Merchant Cash Advance as payment for your cash advance until the full amount is paid.

Does OnDeck Merchant Cash Advance charge an origination fee?

Yes, OnDeck Merchant Cash Advance charges a origination fee.

What is the minimum repayment amount required by OnDeck Merchant Cash Advance?

There is no minimum repayment ammount.

What are the business financing requirements for OnDeck Merchant Cash Advance?

To apply for OnDeck Merchant Cash Advance, you need to provide the following business documentation:

  • Business certificate
  • Business license
  • Business bank account

What do you need to qualify for OnDeck Merchant Cash Advance?

Applicants with a credit score of at least 580 and up to 850 may be eligible for OnDeck Merchant Cash Advance. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

OnDeck Merchant Cash Advance does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via OnDeck Merchant Cash Advance. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by OnDeck Merchant Cash Advance. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Recent bank statements
  • Business formation documents
  • Driver's license
  • Government issued photo ID
  • Proof of identity

What limitations does OnDeck Merchant Cash Advance set on the purpose of the merchant cash advance?

OnDeck Merchant Cash Advance considers merchant cash advance applications for business purposes, such as:

  • Equipment purchase
  • Inventory
  • Lease improvement
  • Product or service expansion
  • Technology investment
  • Working capital
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Other Services by OnDeck

Availability

  Available in 47 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Business Financing Requirements
  • Business Certificate
  • Business License
  • Business Bank Account
Credit Score Range 580 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Months in Business 12
Minimum Revenue $100,000
Verification Documents Required
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
  • Business Tax Return
  • Employer Identification Number
Collateral Requirement
  • Secured
Intended Use of Funds
  • Equipment Purchase
  • Lease Improvements
  • Product or Service Expansion
  • Working Capital
  • Inventory
  • Technology Investment
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Payment Frequency Monthly
Payment Options Automatic Payments
Repayment Methods Split Withholding
Factor Rate 1.2 - 1.4

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