Overview
Founded in 2002, Rapid Finance is committed to helping small businesses secure the capital they need to grow and thrive. Since its founding, Rapid Finance has lent over $2 billion to companies from a range of different industries. From SBA Loans and merchant cash advances to more traditional financing options, Rapid Finance business loans offer multiple financing options through a quick online application and approval process.
With an A+ rating on the Better Business Bureau, Rapid Finance could be the ideal choice to secure fast funding for your business. Continue reading to find out available loan types, rates, and what else you can expect from this lender.
Rapid Finance Small Business Loans Overview:
Loan amount: Up to $1,000,000
Minimum monthly revenue requirements: $10,000
Age of business: At least 24 months
Minimum credit score: 550
Repayment terms: 3-60 months
Features
With Rapid Finance, companies have a range of financing options outside of a traditional loan. In this way, prospective borrowers, who would not ordinarily have a way of securing funds, can find an alternative to get quick financing.
Available lending options include:
- Small Business Administration Loans: Low-interest rates with long-term financing
- Merchant Cash Advance: Variable payment based on credit card sales
- Line of Credit: A short-term financing option in which businesses only pay interest on borrowed money
- Small Business Loan: A loan for businesses with flexible repayment terms
- Commercial Real Estate Loans: Loans for purchasing or refinancing a business property
- Factoring: Businesses sell invoices for an immediate cash advance
- Asset-Based Loan: Businesses use assets to secure a loan rather than credit or cash flow
- Bridge Loan: A short-term loan while your business awaits long-term financing
- Healthcare Cash Advance: Specifically for businesses in the healthcare industry to finance based off of future insurance receivable.
Application Process
Long gone are the days of meeting with a bank teller in-person to finance your business. Rapid Finance offers an alternative solution with its easy application process handled entirely online in just a few simple steps:
Step 1: Apply online (for free)
Step 2: Provide business information
Step 3: Receive funds as fast as 1 day
Rapid Finance doesn’t publish rates online, and prospective borrowers will need to submit an application to receive a free quote that includes expected rates. You’ll need to provide some general information about your business first. Businesses are not required to pay any fees or commit to a loan to receive a quote.
If you decide to move forward, an expert adviser will contact you to answer any questions. You’ll then need to fill out a lengthier application with information such as monthly revenue, credit score, credit history, and address.
Rapid Finance will consider credit score but also look at other factors to determine eligibility. That makes this a great option if you say, have a better financial situation than your credit score suggests or if your credit has been hit due to a missed payment. Once you apply, approval can process within the same day. If approved, you can expect to receive funding in as quickly as one day.
Repayment Terms
Repayment terms will depend on multiple factors such as your business, the industry of your business, and the loan structure. Rapid Finance offers business loans with short-term repayment periods starting at 4 months, but terms on small business loans could be as long as 18 months. With Rapid Finance business loans, the borrowed amount is paid through an automated clearing house (ACH).
Customer Support
If you have questions or need assistance, Rapid Finance conveniently offers a number of channels to reach customer service. Email and phone support is available Monday through Friday, 9:00 a.m. to 6:00 p.m. EST. The online contact form allows businesses to reach customer support or get in touch directly with one of the expert business advisers at Rapid Finance.
Looking at Rapid Finance reviews online only reaffirms the quality of service. The Better Business Bureau gives Rapid Finance an impressive A+ rating. Customers themselves have left reviews of Rapid Finance. On average, the company has earned 5 out of 5 stars from hundreds of satisfied clients. Customers especially love the level of service when working with one of Rapid Finance’s expert advisers.
