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Rapid Finance Small Business Financing Review


ConsumersAdvocate.org Rating: 4.8 / 5 (Excellent)
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Rapid Finance is a Maryland-based company founded in 2005 that provides web-enabled financial services for small and medium-sized businesses in the United States.

It offers a variety of financing options, including loans, merchant cash advances, and SBA bridge loans. Approval can be obtained within minutes of application, and funds are made available to customers in hours.

Rapid Finance has an A+ BBB rating and a 5-star Trustpilot score.
 
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How is Rapid Finance rated?

Breakdown

4.8/5
Loan Options
5.0/5
Application Requirements
4.5/5
Average Rates & Fees

Overall Rating: 4.8 / 5 (Excellent)

Rapid Finance offers impressive loan limits for term and equipment loans.

It also has an extremely fast approval process and proffers a lot of flexibility in loan offerings. But, above all, the company has a great reputation for its customer service.

Former clients mainly cite their excellent communication with Rapid Finance staff and the personalized service it provides.

The company also offers several different types of small business financing. This is a great quality, as prospective customers may not be 100% familiar with the best available options for their particular financial situation.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Disclaimer

* Rapid Finance provides Merchant Cash Advances, Healthcare Cash Advances, Lines of Credit and Term Loans. Merchant Cash Advances, Healthcare Cash Advances, Lines of Credit and Term Loans not provided by Rapid Finance and SBA Loans, Lines of Credit, Factoring, Asset Based Loans, Commercial Real Estate Loans and Business Credit Cards are offered through an unaffiliated third-party. Rapid Finance acts as a broker for these products.

Term Loans

Min Loan Amount
$5,000
Max Loan Amount
$1,000,000
Max Term Length
18 months
Repayment Terms
Fixed daily or weekly payments

Merchant Cash Advance

Repayment Terms
Rapid Finance will disperse up to 250% of monthly credit card sales volume in a lump sum. Payments are automatically extracted from your daily credit card sales and vary depending on the sales. There is no set time frame for payment.

Equipment Loans

Repayment Terms

Loan Options - 4.8 / 5

Rapid Finance is a funder that provides multiple options for small business financing. The company offers more choices than most other online lenders, including small business loans, merchant cash advances, and many other financing options through its partner network.

With a $1 million maximum, Rapid Finance offers the most money for term loans of all the lenders we feature. It does have a rather short repayment term at 18 months, however.

It also features a strong equipment loan maximum when compared to other providers at $1 million as well.

Rapid Finance Rates & Fees

Average Rates & Fees - 4.5 / 5

Rapid Finance does not provide information on APRs or related loan fees for its small business loan products.

Rapid Finance does not charge an interest rate, but rather a flat fee that is included in the entire financing amount.

Application & Qualifications

Online Application
Approval Time
Get a decision in minutes
Funding Time
Within a few hours.
Min. Years In Business
1 year(s)
Min. Annual Revenue
$100,000
Min. Credit Score
550

Application Requirements - 5 / 5

Rapid Finance excels in getting customers approved and funded fast. Small businesses can receive their money as quickly as the same day they applied for it.

The company is also rather lenient with their time in business requirements- ranging around 1 year.

Rapid Finance Reputation

Customer Feedback

Trustpilot Score
9.8 out of 5
BBB Rating
A+
BBB Positive Reviews
167
BBB Negative Reviews
4
Date Collected
2019-02-13

Consumer Education - 5 / 5

Rapid Finance has one of the best reputations for customer service in the small business financing industry. The company has an excellent Trustpilot score of 9.8 out of 10 and 99% positive customer reviews.

What's more, Rapid Finance has an A+ with the BBB, and 98% positive reviews.

Customers routinely praise business advisors by name and call attention to their careful and attentive customer service, saying they will return for all their small business financing needs.

Contact & Additional Information

Homepage URL
https://www.rapidfinance.com/
Company Phone
(800) 358-5707
Headquarters Address
4500 East West Highway 6th Floor, Bethesda, MD, 20814
Year Founded
2005

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Customer Comments & Reviews

Loading Reviews ...
B
Bill
7/5/2016
I spoke with a representative about a business loan. I was told that my Experian credit score was 682. I felt that this was wrong and immediately ordered a new score from Experian. The new score was 705. I called Experian and they said that their score was accurate although if all of the vendors on my report would update their reports the score would be even higher than the 705. Go figure.

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Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000

  • Average Yearly Revenue requirements:$100,000

  • Minimum Credit Score: 625 FICO

  • Minimum Time in Business to apply: 1 year

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