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Rapid Finance business loans review
Last updated:
Short-term business loans of $5,000 to $1,000,000 with turnaround in days.
finder.com’s rating: 3.73 / 5.0
★★★★★
If you’re seeking capital to grow your business, a short-term business loan could help you reach your entrepreneurial goals. But not all business loans are created equal. Here’s what to expect with one short-term lender, Rapid Finance, when taking your next step in business.
$5,000
Min. Amount
$1,000,000
Max. Amount
Details
| Product Name | Rapid Finance small business loans |
|---|---|
| Min. Amount | $5,000 |
| Max. Amount | $1,000,000 |
| Loan Term | Up to 18 months |
| Min. Credit Score | 500 |
| APR | Fee based |
| Requirements | Steady flow of credit card sales, bad credit OK |
Finder experts pick Rapid Finance small business loans as a 2020 best pick for business loans.
Do I qualify?
For approval, Rapid Finance requires that eligible businesses:
- Be in business at least two years.
- Generate monthly revenue of at least $5,000.
What is Rapid Finance?
Rapid Finance is a nontraditional lender specializing in small business loans, merchant cash advances and business lines of credit.
Founded in 2005 and based in Bethesda, Maryland, this loan provider has funded an impressive $1 billion plus in loans to tens of thousands of businesses.
What makes a Rapid Finance loan unique?
Unlike traditional financial institutions, Rapid Finance offers more flexibility in its application and funding. It looks at the overall health of your business — not just your credit score — to give you easier access to the funding you need.
It also speeds up the often prolonged in-person application process you’ll find at your local bank. With Rapid Finance, applying for funding takes place entirely online, and you could see your money in As fast as 1 business day after approval.
What are the benefits of a Rapid Finance business loan?
- Simple online application. Apply for a business loan in just a few minutes from the comfort of your home.
- High approval rates. Rapid Finance looks at the overall health of your business — not just your credit score — opening up access to the funding you need.
- Preferred rate loan. If you’re a business owner whose personal credit score is 660 or higher, you might be eligible for preferred interest rates.
- Fast turnaround. You’ll hear whether you’re approved for a business loan in just a few hours.
- Rapid funding. If you’re approved, you can access your funds in as little as one business day.
What to watch out for
Rapid Finance offers small-business owners a convenient loan application process and rapid access to funds. But it’s not without a few potential pitfalls that include:
- No long-term loans. Loan terms top out at 18 months, which means you’ll need to seek funding elsewhere if you need longer to pay it off.
- Daily repayments. Repayments are required daily, which could jeopardize your free cash flow.
- Not for startups. Successful applicants must be in business at least 24 months. If your business is a startup, you’ll need to seek alternative funding.
Compare more business loans from top lenders
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Am I eligible?
To receive a free quote that includes personalized loan options, complete an online application with Rapid Finance.
Rapid Finance specifies a few eligibility requirements for qualified applications:
- You must be a US citizen with a personal credit score of at least 500.
- Your business must be at least two years old.
- Your monthly revenue must be at least $5,000 or greater.
How do I apply?
Applying is a simple online process through Rapid Finance’s site.
What documents do I need to apply?
To establish your identity, Rapid Finance requires standard documents that include:
- Your Social Security number.
- Government-issued photo ID.
- A voided check from your business checking account.
- Business bank statements from the previous three months.
I got the Rapid Finance business loan. Now what?
- Put your loan to good use. Financing the purchase of new equipment, hiring new employees or consolidating debt, grow your business the way you want.
- Prepare for daily repayments. To avoid fees and penalties, make sure that your loan repayment amount is available for daily withdrawals.
Bottom line
Rapid Finance extends short-term business financing solutions to borrowers who need access to capital. Quick turnaround and funding is attractive, but this lender lacks the long-term financing solutions some borrowers may require.
Before making any decisions you may be able to find a better business loan provider by comparing your options.
Frequently asked questions about Rapid Finance
Business loan ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.
