- Rapid Finance
Rapid Finance
check_circle VerifiedSmall business financing company Rapid Finance has grown to be one of the biggest names in alternative business financing since its founding in 2005. With personalized customer service, competitive rates, and flexible funding options, Rapid Finance has funded over $2 billion for companies in various industries.
The company's variety of financing options puts it at the forefront of the industry. Rapid Finance also provides a business advisor who will work with customers one-on-one in order to service every unique business situation.
Applications are not solely based on credit score, giving more applicants funding opportunities, and financing amounts start at $5,000.
Customers can get approved in minutes and can receive funding in as little as 24 hours.
The Good
- Variety of Loan Options
- High Maximum Loan Amount
- High-Quality Resources
- Customer Support
- Rapid Finance Reviews
Variety of Loan Options
Rapid Finance provides a variety of financing options for lots of differing borrower needs, including the following:
- Bridge loans
- Lines of credit
- Merchant cash advance
- SBA loans
- Invoice factoring
- Asset based loans
- Commercial real estate loans
Through its lending partners, Rapid Finance allows customers to participate in low-interest rate SBA-approved bridge and long-term loans.
The company's small business loan is a great fit for small businesses that do not meet the criteria for an SBA loan.
The merchant cash advance (MCA) and line of credit are both good options for short-term cash needs. Small businesses can purchase new equipment, bolster their payroll, or pay off tax liens with the MCA or line of credit products.
Approved loan uses depend on the loan type, but includes practically any need you have as a business owner, including the following:
- Working capital
- Location expansion
- Equipment leasing
- Payroll
- Debt consolidation
- Technology
- Marketing
Be aware that Rapid Finance works with a partner network of finance brokers for equipment leasing, credit card processing, asset based loans, and invoice factoring so pay close attention to the terms and conditions set forth by your direct lender.
High Maximum Loan Amount
With Rapid Finance and its partner network, businesses can receive financing ranging from $5,000 to $10,000,000 depending on gross sales and other factors.
Many lenders in the industry only offer loan amounts closer to $500,000, giving Rapid Finance a leg up on its competition.
High-Quality Resources
Rapid Finance's website provides excellent resources for small business owners including white papers, slide share presentations, and an e-book on marketing best practices. Its blog is updated frequently and includes a long list of articles covering several small business topics.
Additionally, you can check your eligibility with Rapid Finance's loan amount calculator to see how much you could qualify for if approved based on your credit score and gross monthly sales.
Keep in mind that the results of the calculator are no guarantee; you’ll still need to be formally approved with an application.
Customer Support
When clients choose to work with Rapid Finance, they'll have access to a personal business advisor who can help them determine which financing options are right for their business.
Rapid Finance also provides a number of other tools for borrowers, including a client portal that is accessible around the clock and allows borrowers to upload documents, see payment information, and review financing when applicable.
Rapid Finance Reviews
The majority of Rapid Finance reviews are positive, giving the company a high rating from consumers. Rapid Finance customers highlight quick loan approval and funding time, great staff and customer service, and competitive rates.
With such high ratings from customers, future borrowers can have peace of mind knowing Rapid Finance is a trusted lender that delivers quality and satisfactory service.
The Bad
- Does Not Fund Startup Companies
- Excluded Businesses
Does Not Fund Startup Companies
Rapid Finance does not provide funding for startups, so those looking for startup funding will need to look elsewhere.
To qualify for a loan with Rapid Finance, businesses have to meet certain requirements, such as being in business for at least six months and having at least $5,000 in monthly revenue. Business owners will need to have a credit score of 550 or higher.
Excluded Businesses
Rapid Finance does not service the following business types:
- Annual memberships
- Adult entertainment
- Bail bonds
- Casinos
- Churches and all non-profits
- Collection agencies
- Consumer debt counseling services
- Direct/multi-level marketing
- Firearms
- Flea market
- Home-based door/door-no lease space
- Kiosks
- Law firms
- Marijuana (dispensaries, producers, distributors)
- Payday loan companies/other lending businesses
- Travel agencies
- Car services
- Automobile dealerships
The Bottom Line
Overall, Rapid Finance has some great options available for the small business owner, including a merchant cash advance, a line of credit, and other small business loans.
In addition to offering multiple financing solutions, the company offers a simple application process, opportunities to borrow even with bad credit, quick approval and funding times, and respectable customer support.
If you are a consumer looking for a trusted lending option and your company has at least six months in business and $5,000 or more in monthly revenue, a Rapid Finance loan may be a great choice.
You can find Rapid Finance reviews below to learn more about the customer experience with the lender.
Call our recommended rep over at Rapid Finance below.
1-(866) 564-3221
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User Reviews
Star Rating
215 Reviews
Review Breakdown
Sentiment Criteria
Verified Customer
Amoy Belvett
Getting my loan was very fast. It didn't take much time before I could get it. Someone was always there to answer my questions if I had any. The only thing is that the interest rate they give you is too high, it's at 28%.
Verified Customer
Yevgeniya Khaimova
The people in customer service are very friendly, quick, and on point. Everything else is just easy, for payments they just take the money out of my account. I'm glad I went and worked with them.
Verified Customer
Jose Miguel Melendez Rivera
They are easy to work with and they do their job quickly. The quality of service is good too, very personal and just right for me.
Verified Customer
Anonymous
I'm glad I went with them. The sign up process was easy and simple. The account managers are easy to work with too and don't need a lot of paperwork from you. It was simple for me to gather the information they requested. I'm a very happy customer.
Verified Customer
Tunks Cypress Inn
I chose them because I was trying to find some funding online. They popped up so I called and talked to someone. The first time I went through the process it was pretty slow but the second time it went pretty quickly. The people there are always available to answer any question that I have and they always try really hard to give me what I need. The only thing is that, if you want to add more funds they negotiate a whole new interest rate for that instead of just adding it to the amount you already have. I thought that was a little unfair, especially since you have 2 completely different interest rates for the same loan package.
Verified Customer
Hair Cleaners Lice Removal Clinics,
Getting the loan was pretty easy and convenient, there was no pressure at all from them. I haven't changed agents much, but the 2 I've had have been pretty clear and precise in the information they give me.
Verified Customer
Anonymous
They are very helpful. They always accommodate for what I want and are just fantastic.
Verified Customer
Joe lafalcia
Just awesome customer service and help when we really need it
Verified Customer
Holly Sowa
Holly was professional and made the process easy and our business would not be in the position it is in without their support.
Verified Customer
Bob from Michigan
Fast service and great people make it a simple process
Verified Customer
Janine Aquino
Quick and easy way to get needed money for your business.
Verified Customer
Jas mine Lockhart
Very Professional very respectful of your privacy
Verified Customer
Lauren Coubert
Advisors were helpful, prompt, and smart
Verified Customer
AJ Matos
Great fast service . Money was deposited in a timely manner . And device was excellent
Verified Customer
Michael DeLuca
Their loans are like loan shark loans and prey on business owners that are in a financial bind. I have reached out on several accoassions to work out payment details and have received no response. I will never borrow fromt hem again.