Rapid Finance
4.8
8.2
Overall Score
Author: Kaitlyn Short
Small 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 various finance brokers for equipment leasing, credit card processing, asset based loans, and invoice factoring so pay close attention to the specific requirements, rates, terms, and conditions set forth by your direct lender, including the following:
- Application process
- Positive credit behavior
- Interest rate
- Origination fee
- Fixed fee
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.
Highlight: Rapid Finance offers a wide range of loan dollar amounts.
Many lenders in the industry have much higher minimums and much smaller maximums. The wide range offered by Rapid Finance gives potential borrowers more options based on their specific cash flow needs, large or small.
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, asset based loan, 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 online lender 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 customers' experiences with a Rapid Finance business loan.
Call our recommended rep over at Rapid Finance below.
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Tunks Cypress Inn Boyce, LA
6 years ago
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Brad
6 years ago
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Randall Dailey Paris, KY
6 years ago
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Richard
5 years ago
Reply from Rapid Finance
Apr. 24th, 2019
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none Woodstock, GA
6 years ago
