Rapid Finance provides loan options including:
- Small business loans.
- Lines of credit.
- Merchant cash advances.
- Bridge loans.
- Asset-based loans.
- Commercial real estate loans.
You can apply online for the loan products Rapid Finance offers. The information you need to provide depends on the product you want. For instance, you’ll need to verify your identity and provide unpaid invoices if you are interested in invoice factoring. To get a small business loan, you’ll need to verify your identity, provide a business bank account number and routing information, and submit your last three months of bank statements. You could get funds within hours of applying and being approved, according to the company’s website.
Rapid Finance’s small business loans are available for amounts between $5,000 and $1 million. The maximum loan term for a small business loan is 60 months, and there is a three-month minimum. There will also be an interest charge or fixed fee for your loan. Terms can vary by loan product, so be sure to confirm the terms for the product you are considering. Rapid Finance automatically withdraws payments from borrowers’ business accounts and does not offer a discount for doing so.
Qualifying for a small business loan involves your credit score, the amount of time you’ve been in business and your revenue, according to Rapid Finance’s website. Generally, small businesses can get loans worth about 10% of their revenue per payback period and will need to have been in business for at least two years.
Rapid Finance’s website notes that certain funding options, such as merchant cash advances, may be more easily available to borrowers with lower credit scores. In contrast, a line of credit could require a higher credit score.
Rapid Finance can offer merchant cash advances and loans in all 50 states, according to its website.
Rapid Finance has an A+ rating with the Better Business Bureau and an excellent rating of 4.9 out of 5 stars with Trustpilot based on more than 1,700 reviews.
You can contact customer service at 866-224-1162 between 9 a.m. and 6 p.m. Eastern Time Monday through Friday. You can also email [email protected] The lender’s website also provides an online form for messages to customer support.
You can apply for a loan from Rapid Finance online. Prospective borrowers can also get quotes for their business online or by phone.
- Businesses that want fast funding.
- Businesses that want a short-term loan.
- Businesses that want an online application process.