Rapid Finance 2023 Review
Rapid Finance, formerly RapidAdvance, offers business funding for a variety of industries. They provide businesses with a variety of funding options to meet each company’s unique needs, as well as a wealth of resources geared toward business owners.
Rapid Finance boasts positive customer reviews, flexible funding and payment options, and competitive rates compared to other business lenders.
If you’re looking for a trustworthy and reliable business funding company, it’s worth considering Rapid Finance as an option.
Read all about Rapid Finance below, plus reviews from their happy customers, to decide if this company is right for you.
Rapid Finance: What You Need to Know
Rapid Finance was founded in 2005 and is one of the biggest names in the alternative business financing industry.
This non-traditional lending network can finance amounts from $5,000 to $1 million, depending on the business’s gross sales. These higher financing limits give them a major edge over their competition, as they can finance businesses that need more cash.
Rapid Finance also receives high marks for personalized customer service. Each business that applies for and receives financing is assigned a personal business advisor. This person helps the business explore the funding options that best suit its needs.
Applicants also receive quick decisions, with applications being approved in as little as 8 minutes. In some cases, funding is available in just 24 hours.
Businesses looking to apply must have at least six months in business and $5,000 in monthly revenue. The person applying for the financing also must have a minimum personal credit score of 550 or higher.
Not all types of businesses are eligible for funding from Rapid Finance. Read on to see if your business qualifies.
Rapid Finance Features:
- Wide variety of traditional and non-traditional funding options
- Low origination fees
- Quick application process and decisions
- Access to funds in just a few days
- Flexible payment options
- Funding available between $5,000 and $1 million
- Customer service is easy to reach and friendly
- Large collection of helpful resources for businesses
How Does Rapid Finance Work?
Rapid Finance provides direct financing but also partners with other financing companies to provide funding to businesses that need extra money.
They offer a wide variety of short-term financing options for small businesses, well beyond the traditional merchant cash advance.
Applicants can expect quick decisions on their eligibility, with the application process taking approximately 8 minutes according to Rapid Finance. Cash is available quickly, too, with the average financing recipient receiving funds within 2 business days.
Where is Rapid Finance Available?
Rapid Finance is available in all 50 states; however, not all financing products are offered in all 50 states.
Funding from Rapid Finance also isn’t available to all industries.
Industries that cannot get funding from Rapid Finance include:
- Annual memberships
- Adult entertainment
- Bail bonds
- Construction contractors
- Collection agencies
- Consumer debt counseling services
- Direct or multi-level marketing
- Flea markets
- Home-based or door-to-door
- Law firms
- Marijuana (dispensaries, distributors, and producers)
- Payday loan companies
- Travel agencies
- Tractor trailer transportation
- Wireless phones and accessories
What Financing is Available from Rapid Finance?
Rapid Finance offers a wide variety of business funding options and also partners with other financing companies in order to provide the best option for customers and provide products to customers that Rapid Finance currently does not offer.
Small Business Loans
These traditional loans to small businesses give the full funded amount in one lump sum and have flexible repayment terms with either daily or weekly payments.
Merchant Cash Advance
Rapid Finance provides advances based on average credit card receivables processed by a business. The business receives the advance in a lump sum and payments are taken from daily credit card sales over time. There is no set term as payments are only made when the business makes a sale.
The more credit card payments the business takes, the faster the advance is paid.
Healthcare Cash Advance
Similar to a merchant cash advance, healthcare cash advances are processed for businesses in the healthcare industry based on future predicted insurance receivables.
These short-term loans help bridge the financing gap while businesses secure longer-term funding.
Lines of Credit
Flexible borrowing options that allow businesses to borrow only what they need and pay only for what they use. While Rapid Finance does not currently offer a line of credit, it works with other financing companies who provide lines of credit.
Small Business Administration (SBA) Loans
Loans from the Small Business Administration offer low interest rates and long-term financing. While Rapid Finance does not offer SBA Loans, it works with other financing companies who provide factoring products.
While Rapid Finance does not offer a factoring product, it works with other financing companies who provide factoring products.
Businesses that have lots of assets, such as equipment or property, can receive loans based on the value of those assets instead of credit or cash flow. While Rapid Finance does not offer a asset-based loans, though it works with other financing companies who do.
Commercial Real Estate Loan
This type of funding is used to purchase or refinance a commercial business property. While Rapid Finance does not offer real estate loans, it works with other financing companies who do.
How to Apply for a Business Loan Through Rapid Finance
To begin the process, either call Rapid Finance or fill out their online application. Have business financial information close at hand, including the last three months statements from a business bank account, a voided check, and identification. Some applicants may be required to produce additional documentation, depending on the product they apply for.
Once approved, you may pay a loan origination fee for a loan product - an amount many users say is lower than other financing companies - and all typical fees and payments.
Funding is available in amounts from $5,000 to $1 million, making it a flexible option for businesses of all sizes and with a variety of financing needs.
Only businesses with a history of cash flow are eligible for funding, so startups cannot get financing from Rapid Finance.
Documents Needed for Your Application
Most businesses will need just a few pieces of documentation to apply for funding through Rapid Finance. These documents include:
- Three months of bank statements from a business banking account
- A voided check from your business bank account
- A copy of your driver’s license
- Your most recent business tax return for funding over $105,000
- Your business balance sheet for funding over $105,000
Some applicants may be asked to provide additional documentation.
How to Apply for Rapid Finance
There are two ways to apply for funding from Rapid Finance: Online or over the phone.
- To apply over the phone, call (855) 951-3540 or visit Rapid Finance's site.
- You will be asked to provide basic information about yourself and your business, including your business’s legal name and your name.
- Rapid Finance will need financial information about yourself and your business, including bank statements from the last three months for your business account and a voided check from your business account. Depending on the type of funding you apply for, you may be asked to provide further documentation.
- Rapid Finance will pull your credit score and other financial information before making its decision.
- You will have a decision on whether you qualify in as little as eight minutes.
- If approved, you can receive your funds in as little as 24 hours. The average amount of time Rapid Finance customers have to wait for their funds is two business days.
Contact Rapid Finance
Website: www.rapidfinance.com Customer Service: (855) 951-3540 Hours: Monday-Friday 9 a.m.-6 p.m. EST Address: 4500 E. West Highway 6th Floor Bethesda, MD 20814
Rapid Finance Pros
- Large selection of funding options
- Traditional loans and non-traditional financing
- Financing available between $5,000 and $1 million
- Collection of high-quality resources for business owners
- Accessible, helpful customer support
- Online portal for 24/7 access to accounts
- Apply online or over the phone
- Fast eligibility decisions
- Quick access to money
- Comparatively low rates to other lenders
- Low origination fees
- Flexible payment options
- Doesn’t report to business credit bureaus or personal credit bureaus
- Access to large partner network
Rapid Finance Cons
- Some industries aren’t eligible for funding
- Not available for startups
- Personal credit score of 550 required
- Can be costly depending on product and terms
- Some additional fees
- Some customers reported a lengthy approval process
- Not available to anyone with a personal lien over $150,000
- Requires a business bank account with deposits from at least five different sources each month
- Not available to businesses who have had more than six days of non-sufficient funds in your accounts in the last two months
Rapid Finance’s non-traditional structure means loan holders don’t pay a traditional interest fee on their loans. Instead, they pay a “fixed fee” based on the origination amount of the loan.
Most businesses can expect to pay between $1.09 and $1.20 for each dollar they borrow in fixed fees, plus origination fees. That means, if you borrow $10,000, you can expect to pay between $10,900 and $12,000 for the loan.
For those seeking a merchant cash advance, a fixed fee is charged based on the amount sold by the customer to Rapid Finance. Rapid Finance receives a portion of each credit or debit card receivable.
Rapid Finance offers flexible funding options to businesses that need anywhere from a little extra cash to a large amount of money for a big project.
They offer a fast application with quick decisions and access to cash, helping out busy business owners. The documents needed to apply are ones most businesses are likely to have on hand, meaning applicants don’t have to jump through a ton of hoops.
Their friendly customer service representatives and extensive set of resources for businesses - offering advice on everything from finances to marketing - makes them a top choice among business owners.
While they aren’t available in all areas and to all businesses, Rapid Finance is a great option for many businesses that need quick cash.
Frequently Asked Questions
Who’s eligible for funding through Rapid Finance?
Established businesses that meet the cash flow requirements, are located in one of the 45 states where Rapid Finance’s services are available, and who operate in one of their approved industries are eligible for funding.
How much does Rapid Finance cost?
The amount you will pay to receive financing from Rapid Finance depends on the type of funding you choose and the amount you receive. Many of Rapid Finance’s customers say their rates, including origination fees and fixed fees are comparable to other alternative lenders.
Is it easy to qualify for Rapid Finance?
Rapid Finance aims to help those who may not qualify for traditional bank loans, who have lower credit scores, or who haven’t been in business as long as other lenders require. As a result, Rapid Finance has a higher financing approval rate than many other financiers.
Do I need to have collateral to qualify?
No. Many of Rapid Finance’s products don’t require collateral in order to qualify for funding.
Will I be charged more if I pay off my loan early?
No. While you still will have to pay off any remaining fixed fee on your funding, Rapid Finance offers prepayment discounts if you’re able to pay off your loan early.
Reviews for Rapid Finance
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|Credit Score Required||550|
|Minimum Loan Amount||$5,000|
|Max Loan Amount||$500,000|
|Minimum Monthly Revenue||$10,000|
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