Rapid Finance Review

ByKaty WardJan. 07, 2021

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In a Nutshell

If you’re seeking to expand your business or have been hit by an unforeseen expense, Rapid Finance offers multiple financing options for borrowers across industries. The company operates a simple, transparent application process and your funds could be available as soon as the same day.

pros

  • Get a quote within minutes
  • Wide range of financing options

cons

  • Only able to view rates once application is complete
  • No 24-hour phone support

Rapid Finance at a Glance

Direct lender or marketplaceDirect
Loan typesSmall business, merchant cash advance, line of credit, bridge loan, SBA, invoice factoring, asset-based, commercial real estate
Loan amountVaries depending on loan type, $500-$10 million
Repayment termsVaries depending on loan type, between 3-30 years
APRAvailable on application
Suitable forWide range of financing options for all types of businesses

Rapid Finance Rapid Finance View Rates

Overview

Launched as an alternative to traditional banks, Rapid Finance has provided more than $2 billion in funding to clients of all sizes across a range of industries. With an A+ rating from the Better Business Bureau, the company has established itself as a dependable player in the alternative funding market. 

Why Rapid Finance Is Good For Your Business

Rapid Finance advertises flexibility as one of its greatest strengths and  the company offers potential borrowers a lot of choice over their loan type, how much they would like to borrow, and the term of their loan. The company’s transparent quoting process also means you won’t be hit by any hidden fees or unexpected costs. 

Loan Features

Rapid Finance offers a range of loan products:

  • Small business loans: a lump sum of working capital for business purposes
  • Merchant cash advance: fast access to capital based on future credit cards receivables
  • Line of credit: quick access to a defined amount of working capital
  • Bridge loan: a short-term loan to cover unexpected costs
  • Small Business Administration loan: partially guaranteed by the government, these provide access to financing over the longer term and with lower administration costs
  • Invoice factoring: a financing option enabling you to sell your business invoices in exchange for an immediate advance
  • Asset-based loan: access to financing based on your business’ assets
  • Commercial real estate: enables you to refinance or purchase a commercial property

Application Process

The first step is applying online through the company’s website or by speaking to one of the company’s advisors over the phone. Depending on the loan type, you may need to provide information such as:

  • Your full name
  • Business name and address
  • Your business tax ID (EIN)
  • Details of previous tax returns
  • An estimate of your monthly sales

Once you’ve entered this information, you’ll see a selection of loan offers you could qualify for, while the company’s underwriting team also reviews your application. Like many of its competitors, Rapid Finance advertises funds as being available “within hours”, which is faster than mainstream banks, but this process can take up to seven days.

How Much Can You Borrow? 

The amount you can borrow will depend on your business’ circumstances and the type of loan.

  • Small business loan: from $5,000-$1 million
  • Merchant cash advances: $5,000-$500,0000
  • Line of credit: $5,000-$250,0000
  • Bridge loan:$5,000-$1 million
  • SBA loan/invoice factoring: $500-$5.5 million
  • Asset-based loan/commercial real estate loan: $50,0000-$10 million 

Repayment Terms

The term of your loan will also depend on the type of loan.

  • Small business loan: between 3-60 months
  • Line of credit: amortization between 3-18 months
  • Bridge loan: between 3-60 months
  • SBA loan/invoice factoring: 1-30 years
  • Asset-based loan/commercial real estate loan: 6-36 months

Privacy and Security 

As well as encrypting your data on the website, Rapid Finance ensures only employees with the appropriate authority can view your personal information. The company has an extensive privacy policy and you can access, correct, or delete any details held about you by contacting the company over the phone or via email.

Help & Support

You can contact Rapid Finance over the phone, via email, or through its online query form. The company’s business hours are between 9:00 AM -6:00PM ET on Mondays to Fridays.

For more general queries, the website also contains a number of online resources, including small business guides and a blog featuring articles on business-related topics.  

Phone: 1-(800)-664-0173

Email: customerservice@rapidfinance.com

Physical Address

4500 East West Highway,

6th Floor,

Bethesda, MD 20814

Summary

Rapid Finance provides a range of financing options to suit many types of businesses of varying size, industry or borrowing needs. Following a simple application process, you could get a quote within minutes and receive your funds as soon as the same day you apply.

Rapid Finance Rapid Finance View Rates

Rapid Finance customer testimonials

ExcellentReviews 1,348
TrustPilot is the world’s most powerful review platform, free and open to all.
Excellent
94%
Great
4%
Average
0%
Poor
0%
Bad
2%
  • author
    Kathy Kinney
    Apr 08, 2021
    Very fast and helpful.

    Very fast and helpful.

    ...

  • author
    Tyler Thrasher
    Mar 31, 2021
    Nick was great to work with

    Nick was great to work with, very professional and helpful. I never felt like he was pressuring me to buy something, he also listened to my unique situation and advised me for what was best for my business. Thanks Nick

    ...

  • author
    al Pinard
    Mar 29, 2021
    This was hassle free very professional…

    This was hassle free very professional experience. My company was supported by Nick Cook every step of the way. Literally had funding within 2 days incredible, now we can finally expand. Rapid Finance has been a blessing!

    ...

  • author
    Gena Copeland
    Mar 09, 2021
    This is the second or third time I've…

    This is the second or third time I've worked with Rapid Finance and I'm sure it won't be the last! Anthony Birch is so helpful and knowledgeable and makes the experience a breeze. If your needing a loan don't hesitate reaching out to Rapid Finance.

    ...

  • author
    Joma Morgan
    Mar 04, 2021
    Getting the loan from Rapid Finance was…

    Getting the loan from Rapid Finance was a pleasant easy process, and my agent Joel Rosethal was very accurate and professional in explaining the terms of my loan. (GREAT EXPERIENCE)

    ...

Rapid Finance