Rapid Finance business loans review
This lender can fund your business as soon as the same day — but isn't transparent about costs.
finder.com’s rating: 3.73 / 5.0
Bottom line: Rapid Finance offers a range of short- and long-term loans with funds in your account as soon as the same day you’re approved.
- Lower rate available if your credit score is 660 or higher
- Same-day turnaround available
- Works as a irect lender and connection service
- Some loans come with daily or weekly repayments
- Three-month terms can mean a high short-term cost
- Not available to startups
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Rapid Finance offers funding as soon as the same day as the same day as your business applies. This makes it a good option for businesses that need emergency funding. Its wide range of loan amounts and terms also means that it can cover both small working capital expenses to big-ticket purchases like replacing equipment.
But it doesn’t disclose information about the cost before you provide personal information. If you’d rather not have to prequalify to know if a lender is worth. it, look. for a more transparent provider.
Rapid Finance rates, fees and terms
Rapid Finance doesn't disclose rates or fees before you prequalify. But similar short-term online lenders can charge rates and fees equivalent to APRs of 80% or even higher in some cases. Terms on its term loans range from 3 to 60 months.
Use our calculator to see how much a Rapid Finance loan might cost you each month at different loan amounts, rates and terms. Other products like merchant cash advances come with different rates fees and terms.
Business loan calculator
See how much you'll pay
|Loan terms (in years)|
Fill out the form and click on “Calculate” to see your
estimated monthly payment.
Based on your loan terms
How Rapid Finance compares to other lenders
Here's how Rapid Finance stacks up to other online lenders that offer fast funding.
Rapid Finance small business loans
ROK Financial business loans
OnDeck short-term loans
Go to site
Go to site
$5,000 – $1,000,000
$10,000 – $5,000,000
$5,000 – $250,000
Starting at 6%
29.9% to 99.9%
3 to 60 months
6 to 120 months
3 to 24 months
Steady flow of credit card sales, bad credit OK
Eligibility criteria 1+ year in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
625+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
Compare more business loans lenders
Rapid Finance reviews and complaints
Rapid Finance has mostly positive customer reviews and only a few complaints. Many cite the quality service they received from Rapid Finance as the reason for their positive rating. Some — though not all — also mention the fast turnaround time.
How to qualify
You and your business must meet these requirements to qualify for a Rapid Finance loan:
- Monthly revenue of $5,000 or more
- At least two years in business
- Personal credit score of at least 500
- US citizen
How the application works
You can get started by filling out a quick online form to get a free quote. Your quote should give you estimates of the loan cost, term and amount your business is eligible to borrow. If you're happy with your quote, you can work with a member of Rapid Finance's lending team to complete the application and make sure you get the right type of funding for your business.
After signing your loan documents, your funds can appear in your business's bank account as soon as the same day. Depending on your loan term, you'll repay the balance plus interest and fees in monthly, weekly or daily installments.
What sets it apart
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 one business day after approval.
Frequently asked questions
Answers to common questions about this online lender.
Will applying with Rapid Finance affect my credit?
It could. To assess your application, Rapid Finance performs a hard credit pull of your credit history. Hard pulls have the potential to lower your credit score and stay on your record for up to two years.
Does Rapid Finance offer online account access?
Yes. Sign up for a free Rapid Finance account to manage your loan 24/7.
Compare more business loans from top lenders
Use this table to see how Rapid Finance stacks up to other business loans available online.
Business loan ratings
Rapid Finance small business loans is not currently available on Finder
Have you considered Lendio business loans?
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
- Large network of 75+ lenders
- Quick & easy application
- May receive funding in as little as 24 hours