Rapid Finance

Rapid Finance Reviews

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About Rapid Finance

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Rapid Finance is an alternative lender offering various funding options like merchant cash advances, lines of credit and small business loans. It boasts quick funding and a range of products, but it lacks transparency in fees and rates.

    Pros & Cons

    Pros
    • Get a quote in minutes
    • Funding in as quick as a few hours
    • Many types of business loans
    • Easy way to view multiple loan offers at once
    • May provide financing to those with lower credit
    Cons
    • Doesn’t disclose eligibility requirements
    • Unclear interest rates
    • Some products require automatic payments

    Featured Reviews

    Our editor’s take on Rapid Finance

    Rapid Finance stands out for its diverse range of products, catering to various business needs like cash advances, lines of credit and more. It's particularly appealing for businesses seeking quick funding and flexible repayment terms.

    However, a notable drawback is its lack of transparency regarding fees and rates on its website. This can be a red flag if you’re hoping to gauge costs upfront. But if you value speed and flexibility and want to compare a bunch of loan options at once, Rapid Finance could be a good fit.

    Rapid Finance products

    Rapid Finance helps business owners get funding through several types of business loans.

    Asset-based loans

    Rapid Finance's asset-based loans are designed for small businesses needing working capital. These loans are secured by business assets like inventory, accounts receivable, equipment or other property. The more liquid the asset, the less risky and potentially cheaper the loan is.

    Since these loans are collateralized, the loan amount depends on the asset's value, but amounts are available from $50,000 to $10 million, with terms of six to 36 months in daily, weekly or monthly payments.

    Bridge loan

    Rapid Finance's bridge loans are short-term solutions ideal for businesses facing unexpected costs while securing long-term financing. These loans provide immediate funding, helping businesses manage cash flow, buy real estate or expand operations. They’re ideal if your business needs temporary financial support during transitions to more permanent financing solutions.

    Loan amounts are available from $5,001 to $1 million with terms of three to 60 months in automatic daily, weekly or monthly payments.

    Commercial real estate loans

    A Rapid Finance commercial real estate loan is used to purchase or renovate commercial property. You receive a lump sum to finance the property, which you then repay over time with interest. This loan is secured by the real estate itself, which serves as collateral.

    Amounts are available from $75,000 to $2 million, with terms of five to 20 years, repaid in monthly payments.

    Invoice factoring

    With invoice factoring, you sell your business’s unpaid invoices at a discount to Rapid Finance for immediate cash. Then, Rapid Finance collects payment directly from your customers. Also known as accounts receivables factoring, this service is particularly useful for businesses with long invoice payment cycles that need working capital immediately to continue operations.

    Invoice factoring is available in amounts from $20,000 to $10 million and Rapid Finance will collect payments as invoices are paid.

    Line of credit

    Rapid Finance's line of credit is revolving, meaning you can reuse it after repaying borrowed funds. You get approved for a maximum amount and can draw funds as needed. Similar to a credit card, you only pay interest on the amount you use rather than the total credit limit.

    Lines are available from $5,001 to $250,000 with terms of three to 18 months (term resets for each draw) and daily, weekly or monthly payments.

    Merchant cash advance

    A merchant cash advance (MCA) from Rapid Finance provides quick cash now in exchange for a portion of future sales. Instead of fixed monthly payments, you repay the advance through a percentage of your daily or weekly credit card sales. This means that the amount you pay varies based on your sales volume. It can be ideal if you have variable or seasonal income.

    Loan amounts are available from $5,000 to $500,000 with terms based on business receivables.

    SBA loan

    An SBA loan is a type of small business loan that’s partly guaranteed by the U.S. Small Business Administration (SBA). It has perks like lower interest rates and longer repayment terms than most business loans. Rapid Finance helps businesses apply for these loans, which are then approved and funded by the SBA and its partners.

    Loan amounts are available from $500 to $5.5 million, with terms of one to 30 years in monthly payments.

    Small business loans

    A Rapid Finance small business loan gives you a set amount of money with a fixed repayment schedule. Once you accept the terms and complete any necessary paperwork, you get a lump sum of cash. Then, you repay the loan amount plus interest over time. You can use the loan for almost anything, like expansion, inventory or equipment.

    Loan amounts are available from $5,001 to $1 million with terms of three to 60 months in automatic daily, weekly or monthly payments.

    Rapid Finance rates

    Rapid Finance doesn’t publicly disclose specific interest rates or factor rates on its website. This lack of transparency is common among lenders offering similar products, as rates often depend on individual business factors. These factors can include your business's revenue, credit history and the specific type of funding product you're interested in.

    You can view precise rates by getting preapproved on Rapid Finance’s website. This takes a few minutes and doesn’t impact your credit score.

    Rapid Finance fees

    Rapid Finance's fees vary depending on the specific loan product you choose. Generally, you may encounter origination fees, which are a flat fee or a percentage of the loan amount.

    For certain products, you’ll pay either an interest rate or a fixed fee. An interest rate is a percentage of the loan amount charged over time, while a fixed fee is a predetermined amount added to the loan.

    How to apply for a Rapid Finance loan

    Applying for a Rapid Finance business loan generally looks like this:

    1. Submit an online application or give Rapid Finance a call.
    2. Review the business loan offers you’re connected with and choose the one that best fits your needs.
    3. Fill out the full business loan application and wait for funding.

    Rapid Finance will deposit your funds into your connected bank account in a few hours to a few days after it approves your application. For certain loan types, like SBA loans, funding may take longer because the application process is more complex.

    Have this documentation ready before you apply:

    • 3+ months of business bank statements
    • Business tax ID
    • Financial statements (like profit and loss)
    • Tax returns
    • Business plan (required for some loan types)
    • Collateral details (for secured loans)

    How does Rapid Finance compare?

    Rapid Finance isn’t your only option when it comes to business loans and lines of credit. Here’s how its terms and fees for a business line of credit compare to two other big lenders in the space — American Express and Bluevine.

    Need cash now? Use our Business Loans Tool to match with partners in minutes!

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    Rapid Finance FAQ

    What credit score do you need for Rapid Finance?

    Rapid Finance doesn’t disclose a set minimum credit score because it ultimately depends on which type of loan you’re applying for and your entire financial profile. For instance, you may qualify for a small business loan with bad credit if other parts of your application are strong, such as having decent revenue and a longer time in business.

    What does Rapid Finance do?

    Rapid Finance provides various loan products to small and midsize businesses in the United States, including small business loans, lines of credit, merchant cash advances and SBA loans. It’s known for funding loans in as little as a few hours.

    Does Rapid Finance do a hard pull?

    Rapid Finance initially performs a soft credit pull during the preapproval stage, which doesn’t impact your credit score. Then, if you qualify and decide to proceed with a loan, It will conduct a hard credit pull as part of the final decision-making process. This hard pull could temporarily lower your credit score by a few points.

    Is Rapid Finance legit?

    Rapid Finance says it has helped over 30,000 businesses get over $3 billion in financing since its inception in 2005. It offers a range of loan products, including small business loans, merchant cash advances, lines of credit, SBA loans and bridge loans. It’s headquartered in Bethesda, Maryland.

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    Rapid Finance Company Information

    Company Name:
    Rapid Finance
    Website:
    www.rapidfinance.com