RapidFinance (formerly RapidAdvance) provides small business loans, merchant cash advances, lines of credit, and Small Business Administration (SBA) bridge loans. It offers loan amounts of $5,000 to $1 million. In this article, we cover RapidFinance reviews and fees. Ready to get started? Get a quote.
RapidFinance offers small business loans amounting from $5,000-$1 million. The effective annual percentage rate (APR) for most RapidFinance merchant cash advances ranges from 50%-80%. Businesses with at least three years in operation and good credit standing can qualify for the best rates. Interested borrowers may contact its sales team for more specific RapidFinance pricing details.
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Summary of Positive RapidFinance Reviews
Users who gave positive RapidFinance reviews cited its easy application process, fast approval of fund applications, and helpful customer support. They also like that its rates are lower than those of many similar business funders.
One user who gave RapidFinance a positive review on TrustPilot commented that the technical support made the application process easy because he was upfront, honest, and responsive, and the loan was closed quickly. He added that the loan he obtained was a big help in allowing his company the opportunity to move forward and succeed.
Summary of Negative RapidFinance Reviews
Users who gave negative RapidFinance reviews reported that they were denied funding despite being offered additional funds and submitting all necessary documents. They also reported a negative effect on their credit score even if they pay their loans on time, and that liens over collaterals are not released on time after payment.
One user who gave RapidFinance a negative review said that his loan was denied because it pulls credits scores from FICO, the most stringent in the industry. He noted that this is where most users would have a lower score than every other credit card company or lender would pull. He added that he was promised that a solution was being worked for him, but he never heard from them again.
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Check out the list below of some of RapidFinance’s features:
- Online application
- High approval rates
- Affordable repayment
How do I apply for a loan?
To begin the process, you can either call RapidFinance or fill out a short application form online. You have to be ready to produce documents confirming your revenue. The company will then do a hard pull on the credit of qualifying applicants. Approval can come within 24 hours, with funding available in as soon as three days.
What documents do I need to submit when applying for a loan?
The following documents must be submitted to confirm the borrower’s revenues: four months of business bank statements, a voided business check, a copy of your driver’s license, your most recent business tax return―for funding of more than $105,000―or your balance sheet―for funding of more than $105,000.