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Rapid Finance business loans review

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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 NameRapid Finance small business loans
Min. Amount$5,000
Max. Amount$1,000,000
Loan TermUp to 18 months
Min. Credit Score500
APRFee based
RequirementsSteady flow of credit card sales, bad credit OK
Check eligibility

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

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

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.

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