Lender Reviews

Rapid Finance Reviews – Rates, Payback Terms, Pros & Cons

Rapid Finance is one of the well-known lenders that finance small and medium-sized businesses. The main loan programs of the lending institute are merchant cash advance (MCA), business line of credit, asset-based loan, bridge loan, SBA loan, invoice factoring, and commercial real estate loan. Rapid Finance was founded in 2005. Science now the lending company has funded more than 2 billion dollars.

Hello everyone, today we are going to review Rapid Finance. In this review, we will explain all the pros and cons of Rapid Finance, interest rates, payback terms, fees, is it legit or a scam. We will also try to give you an idea about some of the best competitors of Rapid Finance. Our in-depth review will help you to make the right decision that you should work with Rapid Finance or not.

Rapid Finance Pros

Like another online lender, Rapid has some upsides and downsides. At first, let’s take a look at the upsides of the financial institute.

1. Multiple Loan Programs

We already reviewed more than 8 to 10 online lenders who offer business loans to small businesses. And we found most of them has only MCA and working capital loan. But Rapid Finance offers multiple types of financing. They have 8 loan programs. It’s cool and we loved it.

2. Maximum Amount of Loan

If you take a look at the small and mid-size businesses, they have monthly low revenue and most of them don’t have a good number of deposits into their business checking account. Besides they also don’t have a good or excellent fico score. So they can not apply for a business loan to the traditional banks. And they have to rely on private lenders. Here, Rapid Fiance provides the maximum amount of loan.

3. Interest Rates Are Relatively Low

If you notice you will see most of the private lenders don’t have multiple financing options for the merchants. As a result, small and mid-size business owners are kind of forced to take this loan with a high interest rate. However, if you compare Rapid Finance with other online lenders, the interest rate is not bad at all.

4. Great Customer Support

Customer care is one of the most important aspects of a company, especially when you talk about a private financial company. The lending company provides great customer support. As a result, they have a lot of repeat customers. Many customers say they are working with Rapid for a couple of years and they are satisfied also.

5. Minimum Deposit

In fact, there are very few loan providers who require 5000 monthly revenue. If you read our last review on Kapitus Funding you will see that their minimum monthly required deposit is 25 thousand dollars. But you can apply for a loan if your monthly gross sales are 5 thousand or more. However, Bitty Advance also provides loans against 5 thousand dollars monthly revenue.

6. Fast Approval

As a private lender, all the funding processes done in-house. So if you apply for a business loan to Rapid Finance it will take 24 to 72 hours to get funded. It is a kind of same-day business financing.

7. Bad Credit Doesn’t Matter

In our previous review, we mentioned personal credit score is important in the term of business loan. Most of the online lenders require 600+ personal credit scores. But Rapid Finance requires a low credit score. So if you have a poor credit score you can get approval for a business loan.

8. Easy Application Process

Online lender’s all the lending process done online. Especially the small business loans. To get a business loan from Rapid Finance you can simply apply online and get funded. You don’t need to visit their office or submit papers hand to hand.

9. Minimal Paperwork Requires

If you have any experience with a traditional bank. Then you will see to get a business loan from the traditional banks you need to submit a lot of papers and documents. But when you work with an online lender you don’t need to submit a lot of documents. And I think it saves your time and hassle-free also.

10. Early Payment Discount

There has a certain financial company that offers early payment discounts. But if you pay back earlier you can get a 2%-15% early payment discount on your cost of capital. OneDeck also has an early payment discount.

Rapid Finance Cons

Well, we are not saying that Rapid Finance is the best lender. While writing this review about the small business loan provider we found some bad aspects of this financial company. Now I am going to share the bad aspects of the financial institute. And it will help you to make the right decision and compare with other financial companies.

1. Restricted Industries

We know there have dozens of business categories. There have many restricted industries where Rapid Finance doesn’t finance. Some of them are law firms, travel agencies, car services, flea markets, casinos, adult entertainment, non-profit, multilevel marketing, marijuana, collection agencies, and more.

2. Expensive

If you are looking for cheap money for your business then you should skip Rapid Finance, you should go for a mortgage loan or traditional bank loan. Because this kind of financing is a little expensive than a regular bank loan.

3. No early payment discount

There have many merchant cash advance and business loan provider who offers early payment discount. But there has no option here.

Rapid Finance Requirements

The qualification for funding is very simple and better than most other competitors. To get approval for a business loan from Rapid Finance you must meet the following requirements:

  • 3 months in business (for MCA)
  • 2 years in business (short term loan)
  • Monthly revenue $5000 to $12000
  • Personal credit score: 500 or more

Note: If you are in a restricted industry (mentioned above) then you will disqualify for their loan program.

Is Rapid Finance Legit?

Yes, Rapid Finance is 100% legit, not a scam. Financing from the lending institution is safe and secure. It is based in Bethesda, Maryland, USA. Rapid was established in 2005.

Rapid Finance Alternatives or Competitors

Some of the Rapid Finance alternatives or best competitors are GreenBox Capital, Credibly, Kapitus, Fundbox, OneDeck, Kabbage, Funding Circle, BlueVine.

Rapid Finance Interest Rates, Fees, Payback Terms

Rapid Fiance’s interest rate is a little higher than a regular bank. The interest rate is anywhere between 6% to 35% and the origination fee is 0% to 2.5%. And for the small business loan, the payback term is between 3 months to 60 months. For Real Estate and SBA loan payback term is anywhere between 1 year to 30 years.

How To Apply For Rapid Finance Loan

The application process is simple and easy. As all the funding process done online and in-house, you don’t need to apply by visiting their office. To get a loan from Rapid Finance you just need to visit their official website and you will see an apply now button.

  • Click On Get Quote
  • Then put some basic information (business name, your name, phone number, and email) click continue.
  • Now select the purpose of the funding and click continue.
  • Put some basic information about your business.
  • Put business revenue info and click on continue
  • You will see the maximum loan amount you could get approved. Select the amount you need and click on continue.
  • Finally, put your address, and other personal information and click on agree, and continue.
  • You will see a pre-qualified loan amount.

After being pre-qualified you will ask for some paperwork including bank statements, one page of the application, voided check, driving license, proof of ownership. Last of all after bank verification you will get funded within 24 hours.

Note: If you want to change the loan amount you can talk to their representative and negotiate for the interest rate. It could save some dollars.

Customer Reviews

We visited a few customer review sites and find a lot of positive reviews about Rapid Finance,  as well as negative reviews.

  • Trustpilot user reviews: 4.8 out of 5
  • Google Reviews: 9 out of 10
  • Best Company user reviews: 4.7 out of 5

Our Review On Rapid Finance

In our review, we found Rapid Finance is an affordable and fastest financing solution for small businesses. We already reviewed almost a dozen of online lenders who finance small businesses. If we compare with some of the competitors then the rate and terms, and also the financing option of Rapid Finance is good to go.

Bottom Line

Generally, quick loans are a little expensive than regular bank loans. But the company offering multiple financing options, an easy online process, and also affordable interest rates. So if you are looking for funding for your business within a short time then you can work with Rapid Finance.

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