Rapid Finance Review

Rapid Finance is one of the most established players in the alternative lending market. It offers seven types of small business loans, high borrowing limits, and is welcoming to those with bad credit

rapid finance review
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Min. Credit Score
Min. Credit Score Varies
Loan Amount
Loan Amount Up to $1 million
Loan Repayment
Loan Repayment 3-60 months
TJ Porter
Written by:TJ Porter
Personal Finance Writer

Rapid Finance has been providing small business loans since 2005, making it one of the oldest, and most trusted, alternative lenders on the market. Like many of its competitors, the service is focused on providing fast access to funding and ensuring that borrowers have as many options open to them as possible.

Summarized Ratings

This parameter considers loan terms, repayment optionality, and loan limits. For each financing arrangement offered, each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

Rapid Finance gets a 3.7 for Loan Features. This decidedly above average score reflects a broad offering of loan terms, fairly average loan limits, and highly accommodative repayment options.

Excellent variety of loans
Efficient application process
Great customer service
Generous lending limits
High approval rates
Lack of information pre-application
No funding for startups

What Is Rapid Finance?

With seven different loan types available here you’re really spoiled for choice. You may want to opt for a short-term injection of cash via invoice factoring, or you could take out a longer-term business loan. However, it can be a little difficult to find out detailed rates and terms before you apply as Rapid Finance assesses each application on its own merits, meaning there can be a lot of variation between offers.

That being said, the process is quick; those with bad credit are welcome and approval rates are higher than you’ll find at other lenders.

Rapid Finance Loan Features

Rapid Finance offers a variety of different loans, each tailored to a specific type of business or business need. For example, small businesses looking to grow may want to get an SBA loan while larger firms looking to improve their cash flow might want an invoice factoring loan.

Most of the company’s loans are flexible, giving borrowers the choice of payment schedule and term. You can also borrow very small and large amounts, as little as $500 to as much as $10 million, making Rapid Finance a reasonable choice for businesses of almost any size.

Note that Rapid Finance is not available in New Jersey, Rhode Island, Montana, South Dakota, or Nevada

Small Business Loan

A Rapid Finance small business loan is the platform’s most popular choice. All payments are fixed, the terms are generous and you can borrow up to $1 million.

Term length

3 - 60 months

Repayment period

Daily or weekly

Min - Max amount

Up to $1 million

Merchant Cash Advance

A merchant cash advance is designed for companies who need cash now and can back their borrowing with future sales. You’ll get a lump sum of cash in exchange for a percentage of future sales. Keep in mind that rates on these types of loans can be high.

Term length

Not disclosed

Repayment period

Not disclosed

Min - Max amount

Up to $500,000

Line of Credit

Lines of credit are flexible, working a bit like a credit card. Tap the line of credit for cash when you need it, pay the money back when you can, and have it available if a cash flow issue ever comes up. You only need to borrow the amount that you need.

Term length

Up to 18 months

Repayment period


Min - Max amount

$5,000 - $250,000

Bridge Loan

A Rapid Finance bridge loan is a loan designed for emergency expenses that can be applied for and approved quickly. They’re usually easier to qualify for than a term loan, but are more expensive.

Term length

Up to 60 months

Repayment period

Not disclosed

Min - Max amount

$5,000 - $1 million

SBA Loan

SBA loans are backed the federal government’s Small Business Administration. The application time can be long, but you’ll be rewarded with lower rates and fees and an better chance of approval.

Term length

Up to 30 years

Repayment period


Min - Max amount

$500 - $5.5 million

Invoice Factoring

Invoice factoring is a type of loan that lets you borrow money against your balance of unpaid invoices. These Rapid Finance loans are great for companies who often wind up waiting for customers to pay their bills.

Term length

Up to 18 months

Repayment period

When you receive customer payments

Min - Max amount

$20,000 - $10 million

Asset-Based Loan

These secured loans require that you put up some of your company’s assets, such as real estate or inventory, as collateral. They’re easier to qualify for than other loans but come at the cost of higher risk as your assets can be seized if you stop making payments.

Term length

6 - 36 months

Repayment period

Daily, weekly or monthly

Min - Max amount

$50,000 - $5 million

Commercial Real Estate Loan

A commercial real estate loan is designed for companies that need to buy property. Whether you’re purchasing an office, a warehouse, or a storefront, these loans can help your company secure the funding it needs

Term length 5 – 20 years
Repayment period Monthly
Min - Max amount $750,000 - $2 million

Rapid Finance Interest Rates and Fees

Rapid Finance discloses very little information on rates and fees before you apply. As every customer is assessed individually the platform can’t guarantee a set range of rates without first reviewing your details.

That being said, we can get an idea of some of the rates from online customer reviews. Generally, the lender will apply a factor rate to many loan products which can range between 1.11 to 1.25, although you may see lower rates than this if you have excellent credit.

Rapid Finance states that fees may be applied in some cases, but doesn’t provide specific details. You should keep an eye out for origination fees and late payment charges when you read your loan agreement, and be aware that several loan types will have administrative costs.

If you’d like to know more, we’d recommend getting in touch directly with the Rapid Finance customer service team.

How to Qualify for a Rapid Finance Loan?

Rapid Finance does not advertise the required credit score, revenues, or time in business to be eligible for a loan.

When you go through the application process, the site assures you that your application’s chances are based on more than just your credit score. Rapid Finance will look at your business’s financials, including your size and revenue, to make a lending decision. However, there’s no indication as to how each factor is weighed or if there are strict requirements.

The good news is that you don’t have to worry about a hard credit pull damaging your credit, even if you never had a chance of qualifying. The credit pull only happens after you’re given an offer and accept it, so there’s no risk in trying to qualify for a loan

Rapid Finance Application Process?

Rapid Finance’s loan application is fully online and is relatively quick to complete. Unfortunately, you won’t always get an online quote right away. Depending on the information you provide, Rapid Finance may have to review the information you submitted and reach out to you at a later date.

First, you’ll have to offer some basic contact info.

Then, you’ll have to tell the lender why you’re applying for a loan.

Next, you’ll have to answer more specific questions about your company, such as its structure and the industry you operate in.

Once you provide all of the required information, Rapid Finance will review what you submitted and reach out to discuss any options that are available.

How Does Rapid Finance Determine the Loan Amount?

Rapid Finance doesn’t disclose its methodology used to determine your loan amount. Your credit score, annual income and length of time in business will all be critical factors in determining how much you can borrow, but each case will be considered individually.

If you have bad credit or don’t have a lot of business experience, it might be worth talking to a service agent to discuss other factors that could help your application.

In keeping with strong customer service and satisfied users, you’ll find an interesting ‘client of the month section on the Rapid Finance website. Here you can learn about some of the best success stories from the platform’s borrowers directly.

Rapid Finance Customer Support

The Rapid Finance customer service helpline is open between 9 AM and 6 PM, EST Monday through Friday, and is the best way to get in touch if you’ve got any questions. Service agents are helpful, attentive and can easily take you through the application process.

If you prefer, there’s an email address you can use or you can reach out via Facebook or LinkedIn. The platform is regularly praised for its friendly customer service and helpful staff.

In addition, you can access the business resources section of the website where you’ll find useful blogs and a number of small business guides to get you started.

Rapid Finance Loan Reviews

A quick look at Trustpilot will tell you how just how good Rapid Finance is. With a rating of 4.9 stars out of 5 from more than 1,300 reviews, you can rest assured knowing your loan is in safe hands. In particular, customers love the personal service they receive here and often praise individual service agents by name. Others are impressed by just how easy it is to apply, and how quickly they were able to receive funding.

In certain instances, customers have noted that they had trouble receiving funding, long waits on getting responses to queries and some final offers having higher interest rates than those shown at the application stage. However, these criticisms are rare.

Positive Reviews

Negative Reviews

Excellent customer service

Interest rates higher on final offer

Simple application process

Long wait times on email queries

Fast funding times

Issues receiving funding

Rapid Finance Perks and Bonuses

Rapid Finance business loans come in many types and varieties. If you’re looking for the right Rapid Finance business loan for your company, there’s a good chance that the lender has a loan designed specifically for your needs.


Rapid Finance is a highly flexible lender, offering a huge variety of loan types from invoice factoring to SBA loans. Regardless of the type of business you own or your reasons for needing funding, there’s a good chance that Rapid Finance has a loan for you.

Additionally, the company claims it can fund loans in just hours, which is a major plus for businesses that are strapped for cash.


One place where Rapid Finance falls short is in transparency. The company doesn’t do a good job of listing its rates or fees, leaving borrowers in the dark until they go through the application process.

On the bright side, it does publish the minimum and maximum loan amounts so you can decide whether it’s worth applying for funding in the first place.


Rapid Finance offers an easy online application that business owners can use. It also has an online account portal where you can review your loan offers and choose the one that’s right for you.

Once you’ve accepted a loan, you can manage your loan through this online portal, making it easy to make payments. Unfortunately, there is no mobile app, so you’ll have to interact with the lender from a desktop or laptop.

Final Thoughts

Rapid Finance is an excellent first choice for borrowers. The process is fast, customer service is great and you’ll find a huge range of flexible funding types to choose from. It doesn’t cost anything to apply, and your credit score won’t be affected by taking a look.

Frequently Asked Questions (FAQ)

Does Rapid Finance report to credit bureaus?
Yes, Rapid Finance, like other business lenders, will report the details of your business’s loans to the credit bureaus. This means your interactions with Rapid Finance loans will have an impact on your company’s credit score.
Is Rapid Finance legit?
Yes, Rapid Finance is legit. The company has offered millions of dollars in loans to small businesses across the United States. It also has strong ratings from the Better Business Bureau and Trustpilot.
Is Rapid Finance a direct lender?
Yes, Rapid Finance is a direct lender, however it does work with other lenders to help fund businesses that it cannot or is unwilling to offer loans to. This gives businesses an even better chance of qualifying for a loan when they apply with Rapid Finance.

About the Author

TJ Porter

Personal Finance Writer

I have in-depth experience in reviewing financial products such as savings accounts, credit cards, and brokerages, writing how-tos, and answering financial questions both simple and complicated.

More about me