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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.

Details

Min. Amount$5,000
Max. Amount$1,000,000
Loan Term3 to 60 months
Min. Credit Score500
APRFee based
RequirementsSteady flow of credit card sales, bad credit OK

Pros

  • Lower rate available if your credit score is 660 or higher
  • Same-day turnaround available
  • Works as a irect lender and connection service

Cons

  • Some loans come with daily or weekly repayments
  • Three-month terms can mean a high short-term cost
  • Not available to startups

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

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How Rapid Finance compares to other lenders

Here's how Rapid Finance stacks up to other online lenders that offer fast funding.

★★★★★


Finder Rating: 3.74 / 5

Find out more

Loan amount

$5,000 to $1,000,000

APR

Fee based

Loan term

3 to 60 months

Requirements

Steady flow of credit card sales, bad credit OK

★★★★★


Finder Rating: 4.7 / 5

Find out more

Loan amount

$10,000 to $5,000,000

APR

Starting at 6%

Loan term

6 to 120 months

Requirements

Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales

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.

Name Product Filter Values Loan amount APR Requirements

Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★

Fora Financial business loans
$5,000 – $500,000
Varies
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

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.

OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★

OnDeck short-term loans
$5,000 – $250,000
As low as 35%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

National Funding business loans
Finder Rating: 4.75 / 5: ★★★★★

National Funding business loans
$5,000 – $500,000
4% to 8%
Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.
Working capital loans and equipment financing, some high-risk industries may be eligible.

Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
$1,000 – $150,000
Not stated
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.
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Compare up to 4 providers

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.

Review by


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.

Expert review

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.

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