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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Rapid Finance

Rachel Morey Rachel Morey Last update:
Loan Amount
$5K-$1M
Min Credit Score
500
Funding time
1

Rapid Finance is a lender that specializes in providing a variety of different financing options to small businesses. They provide direct lending services, and they also serve as a marketplace for their lender partners for certain types of loans. Rapid Finance offers free quotes and funding as soon as the day after approval.

Loan Types Available

Rapid Finance provides small business loans, merchant cash advances, healthcare cash advances, bridge loans, lines of credit, SBA loans, invoice factoring, asset-based loans, and commercial real estate loans either as a direct lender or through their network of lender partners.

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Small Business Loans

Good for: Business owners who need a loan with level payments and a fixed interest rate to help n grow their company.

  • Loan Amounts: $5,000 – $1,000,000
  • Loan Terms: 3 months – 5 years
  • Requirements: Good credit history, established business that generates revenue

A small business loan with Rapid Finance could help a business meet short-term financial obligations, hire employees, consolidate debt, upgrade technology, or expand operations. Getting a quote doesn’t require a hard credit pull, so it has no impact on credit. To learn about interest rates and terms, the business owner must complete a short application to get pre-qualified. Payment schedules are also flexible, with daily, weekly, or monthly payments.

Merchant Cash Advances

Good for: Merchant cash advances are ideal for businesses that receive a lot of their revenue via credit card transactions. This type of financing works well for seasonal businesses because the amount due depends on credit card transactions; it isn’t a fixed monthly amount.

  • Financing Amounts: $5,000 – $500,000
  • Requirements: Must receive regular payments from customers via credit card, bad credit OK

A merchant cash advance from Rapid Finance involves a fast application. To get access to funds, the business owner must be approved, then connect Rapid Finance with their credit card processor. Funds are available the next day. Businesses can use funds for any reason, and they pay the amount due plus a small fee when the business credit card processor automatically deducts a preset percentage of each future credit card transaction.

Healthcare Cash Advances

Good for: Healthcare cash advances are ideal for businesses that process insurance receivables. This can take 30 to 90 days, so a healthcare cash advance offers a business earlier access to those funds. This type of financing is only for businesses in the healthcare industry.

  • Financing Amounts: $5,000 – $500,000
  • Requirements: Not disclosed

Home health care and medical companies won’t have to wait 90 days for insurance payment with a healthcare cash advance. This type of financing gives businesses access to capital right away. When the insurance provider makes a payment to the business, a portion of that payment goes to Rapid Finance as payment for the healthcare cash advance.

Bridge Loans

Good for: Companies waiting for funds from a large loan may need access to a portion of the funds right away. They may need money to cover closing costs and fees, as well. A bridge loan from Rapid Finance provides access to cash the day after approval.

  • Loan Amounts: $5,000 – $500,000
  • Loan Terms: 3 – 18 months
  • Requirements: Not disclosed

A bridge loan provides fast access to capital while a company waits for a larger loan to go through underwriting. Getting access to funds from other financiers through a traditional loan process could take weeks or even months. A bridge loan helps “bridge” the gap when another loan is in process.

Lines of Credit

Good for: Companies with established credit who want a lower interest rate than they may be able to get with a business credit card. Businesses without established credit who know they’ll need fast access to cash at some time in the future but would like to create the ability to access funds right away.

  • Loan Amounts: $5,000 – $500,000
  • Loan Terms: 3 – 18 months
  • Requirements: Not disclosed

Some businesses have cash flow issues that require occasional fast access to varying amounts of money. A line of credit offers this kind of immediate access while allowing a business to qualify just once. There are no fees or interest until a company taps its line of credit. This flexible financing helps offset seasonal cash flow issues so businesses can purchase inventory, expand their operations, or hire extra help when needed.

SBA Loans

Good for: Companies with a steady stream of income that need to expand or make a larger investment in their operations so they can grow could find the funds they need through a Small Business Administration (SBA) loan.

  • Loan Amounts: $30,000 – $250,000
  • Loan Terms: 1 – 10 years
  • Requirements: Not disclosed

SBA loans have lower interest rates than many other types of funding. With longer terms, these loans may be more accessible to new businesses and those without an established credit history because they are partially guaranteed by the government. To get an SBA loan, a company must have substantial revenue. These loans come with a fixed interest rate that varies according to a company’s credit rating and other qualifying factors. Payments through Rapid Finance are daily, weekly, or monthly.

Invoice Factoring

Good for: Invoice factoring is a great option for a business that can’t access capital because they are waiting for customers to pay outstanding invoices. Sometimes called accounts receivable factoring, this type of financing helps company’s access cash if their customers pay on terms from 30 to 60 days.

  • Loan Amounts: $25,000 – $10,000,000
  • Loan Terms: depends on amount financed and amount of outstanding invoices
  • Requirements: Not disclosed

Typically, invoice financing offers next-day access to funds tied up in outstanding invoices. While Rapid Finance does not offer invoice factoring, it has a network of partners who do offer this type of financing.

Asset-based Loans

Good for: Companies that have accounts receivable or inventory that’s worth money and need fast cash can use their assets as collateral for a loan. This type of secured loan allows businesses with less-than-perfect credit to get a loan that they may not have otherwise qualified for.

  • Loan Amounts: $50,000 – $10,000,000
  • Loan Terms: 6 – 36 months
  • Requirements: Not disclosed

An asset-based loan works well for a business that wants to borrow money, but that can’t qualify for other types of traditional financing. Companies can use asset-based loans to buy equipment, purchase additional inventory, or expand. Like any secured loan, defaulting on an asset-based loan puts the collateral at risk.

Commercial Real Estate

Good for: Businesses that need to purchase a commercial property or refinance their commercial property may be interested in using Rapid Finance to facilitate that process.

  • Loan Amounts: $75,000 – $2,000,000
  • Loan Terms: 20 – 30 years
  • Requirements: Not disclosed

While Rapid Finance does not offer real estate financing, it has a network of partners who do offer this type of financing. Companies can use the money to repair, develop, or purchase offices, buildings, or land for their commercial operations. Funding may be available in as little as one month.

Rapid Finance Pros

  • All types of financing provided by Rapid Finance offer same day or next-day access to funds upon approval
  • A wide array of funding options
  • Access to a one-on-one consultation with a Rapid Finance lending expert

Rapid Finance Cons

  • No information about specific qualification criteria for each type of funding
  • No interest rate information available on the website
  • Must go through pre-qualification process to find out if Rapid Finance’s terms are competitive in the marketplace

Application Process

All applications start with a pre-qualification. This doesn’t impact credit because it doesn’t involve a hard credit inquiry. If the business agrees to the proposed terms and fees, they can move forward with the financing. Funding could be available the next day.

Before a business can receive funds, the applicant must provide a government-issued form of photo ID and a voided check from the business checking account. The merchant cash advance application requires the last three credit card processing statements and the most recent three months’ worth of bank statements. The healthcare cash advance also requires the business owner to submit the most recent three months’ worth of statements from the business checking account. An SBA loan requires two years of business tax returns and a full schedule of debts. Invoice factoring applications require only unpaid invoices from a reputable creditor and a government-issued ID.

Qualifying for a commercial real estate loan requires additional paperwork, including a schedule of debts, at least two years’ worth of tax returns and financials, and information about the property and its value.

Pre-qualification for any of Rapid Finance’s loans does not involve a hard pull of credit. After agreeing to the loan terms proposed by Rapid Finance, the company reserves the right to conduct a hard pull of credit with permission from the business owner seeking financing.

Privacy & Security

Rapid Finance has a 94% 5-out-of-5-star review rating on Trust Pilot. Reviewers mention fast responses from customer service via phone, easy financing qualification, and a simple-to-use account interface. There are 1,147 Trust Pilot reviews from verified Rapid Finance customers.

The company states that they have an 85% return customer rate, which means that 85% of their customers who use Rapid Finance’s services return for another loan. On Trust Pilot, they are ranked 12 out of 168 in the Non-Bank Financial Services Category.

Their privacy policy, published on the Rapid Finance website, the company states that they may share your personal contact information with third parties, but will do so only with the customer’s permission.

Customer Support

Rapid Finance offers customer support via phone and email. Applicants can call (800) 631-3370 to reach a customer support professional Monday through Friday between 9 am and 6 pm eastern standard time. Customer service is available during the same times at (866) 224-1162. There’s also a contact form available on the website for inquiries.

Final Thoughts

While Rapid Finance offers a large number of financing opportunities, they don’t disclose credit requirements or terms for any of their loans. This could be off-putting to brand-new businesses and those with poor or unestablished credit.

The company conducts only a soft pull of credit for pre-qualification, so there’s no risk to a company or individual’s credit score to find out potential terms for a specific type of funding. The application process is fast, and if approved, funding is available the next day for most types of loans.

This company offers many options for funding, and its reputation indicates that in spite of a lack of specific information about terms, it may be worth going through the pre-qualification process.

With a large number of positive reviews from over a thousand happy customers on Trust Pilot, companies looking for flexible financing options from solid U.S.-based companies should put Rapid Finance on their shortlist.

 

Address

Rapid Finance
4500 East West Highway
6th Floor
Bethesda, MD 20814

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Rachel Morey Rachel Morey
Rachel Morey is a journalist specializing in finance content. She has written for some of the major lenders in the online personal and business finance industry. She has been writing professionally for nearly a decade and has projects in print and broadcasting. A native Iowan, Rachel has a special fondness for the open roads of rural America.
This review is based on the writer's personal opinion.