Rapid Finance (formerly RapidAdvance) is a lender that offers a wide range of loan programs, which include merchant cash advances (MCAs), lines of credit, and Small Business Administration (SBA) funding. It has been in business since 2005 and has funded more than $1 billion. It lends up to $1 million and is best for borrowers seeking short-term loans.
Rapid Finance Pros and Cons
No hidden fees
No long-term loans
High interest rates
Varied loan options and high maximum loan amount
Who Rapid Finance Is Best For
- Business owners who need help finding the best financing option: Rapid Finance is part of Quicken Loans and offers loan brokering for products it does not fund. This means that it can access multiple financing solutions that would suit the borrower’s preference.
- Borrowers seeking fast turnaround: As its name suggests, the lender boasts itself of its quick application and funding. Loan approval can be made in a matter of hours, and funds can be released in as early as one day.
- Those who want flexible repayment schedules and huge loan amounts: It offers borrowers daily, weekly, and monthly repayment terms—allowing them to manage their cash flows better. It can also lend up to $1 million, which is way higher than what the other lenders can offer.
Rapid Finance Costs and Terms
Lines of Credit
$5,000 to $500,000
$5,000 to $1 million
Three to 18 months
Three to 60 months
Daily or weekly payments
Daily, weekly, or monthly payments
Rapid Finance’s costs include an origination fee of up to 2.5% and fixed fees for short-term business loans that are anywhere from 9% to 31%. Its estimated APR is around 14% to 175%, which is rather high compared to other lenders.
The high rates and fees are balanced by its quick application, more relaxed credit score requirement, and fast funding, which are important decision-making factors in getting a loan. It also offers flexible repayment schedules and huge loan amounts.
Do You Qualify for Rapid Finance Financing?
Minimum Credit Score
Time in Business
At least two years
No stated minimum
Established businesses generating good revenue with strong credit history have very high approval chances, though those with fair or poor credit scores are still entertained. Its basic qualifications include a minimum credit score of 550 and at least two years of business tenure. It also requires borrowers these standard documents, to begin the application:
- Government-issued photo ID, such as a driver’s license
- A voided check from a business checking account
- Business bank statements from the previous three months
Rapid Finance Application Process
Those interested may apply online by filling out an application form, and this should take less than 10 minutes. After submitting the form, a business advisor will get in touch with you to discuss possible options that would fit your needs. Loans can be approved within 24 hours and disbursed within one business day.
Alternatively, you may call Rapid Finance at 866-219-9971 should you wish to speak with a loan expert.
Rapid Finance Alternatives
up to $250,000 for line of credit
What Business Owners Should Know About Rapid Finance
- It has access to a broad network of financing: Rapid Finance is part of Quicken Loans, which allows it to provide its borrowers with more financing solutions. In the same way, it also invites those interested in becoming its partner by offering great commissions.
- Rapid Finance excludes some businesses from getting a loan: It does not service the following business types: ecommerce or online businesses, adult entertainment, firearms, bail bonds, casinos, churches and nonprofits, law firms, car services, automobile dealerships, travel agencies, direct or multilevel marketing, annual memberships, collection agencies, flea market, kiosks, and other lending ventures.
Most Helpful Rapid Finance Reviews
The Rapid Finance reviews online are generally positive, with customers citing its fast approval process, quick funding turnaround, and excellent customer support as the reasons. There are, however, a few negative ratings left by clients who complained about high-interest rates, damaged credit standings, and broker deal issues.
Rapid funding and professional team
One customer who left a positive review on Trustpilot appreciates how its support team, specifically his business advisor, helped him with his loan application. He added that the person he was working with was very detailed and helpful in explaining to him everything he needed to expect and was not being pushy or pressing.
Great for borrowers but not for brokers
While Rapid Finance receives overwhelmingly positive feedback from its borrowers, its brokers say a different thing. One broker who wrote a negative review on Trustpilot said that the company has turned down 20 offers he made to borrowers. He furthered that because of this, his clients no longer trust him.
Rapid Finance Frequently Asked Questions (FAQs)
What other loan offerings does Rapid Finance have?
It provides commercial real estate financing, asset-based lending, invoice factoring, SBA loans, bridge loans, healthcare cash advance, small business funding, and MCA.
Which states does Rapid Finance lend to?
It offers access to business loans in all 50 states.
Does Rapid Finance charge a prepayment fee?
No, it doesn’t charge prepayment and late fees.
Rapid Finance can be a go-to-place for borrowers who need fast cash, flexible repayment options, and short-term loans. It is part of a large lending network and offers a wide range of loan programs. It is suitable for established businesses with steady revenue that might need huge cash injections because of its high maximum loan amount.
However, those interested need to take note that it has higher interest rates as compared to other lenders, and it charges an origination fee. Its loans are mainly short-term, which may not be a good fit for those who are looking for long repayment terms. Additionally, funding may not be available to startups.