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Rapid Finance Reviews: Professional Analysis & User Insights for 2023

Rapid Finance is one of the most established players in the small business lending market. It offers eight types of small business loans, has high borrowing limits, and is welcoming to those with less-than-ideal credit.

rapid finance review
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

Reviewed by: Sarah Brooks, Personal Finance Writer and Editor

Fact Checked by: Somer G. Anderson, Accounting and Finance Professor


Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses or reviews expressed in this article are those of the author alone and have not been approved or endorsed by any partner.

Expert Reviewer Verdict

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 as possible.

In this review, our team of expert reviewers has thoroughly analyzed and evaluated Rapid Finance small business loans. We will share our findings and provide our expert recommendations on whether Rapid Finance small business loans are worth considering.


Rapid Finance User Reviews

A quick look at Trustpilot will tell you just how good Rapid Finance is. With a rating of 5.0 stars out of 5 from more than 1,800 reviews, you can rest assured your loan is in safe hands.

Customers love the personal service and often praise individual service agents by name. Others are impressed by the ease of the application process and quick loan funding time.

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

On the Better Business Bureau (BBB) website, Rapid Finance receives 4.43 out of 5 stars across 21 reviews and an A+ rating. Notably, Rapid Finance closed 4 complaints in the last 3 years and 2 in the last 12 months.

Positive ReviewsNegative Reviews
Excellent customer serviceInterest rates higher on final offer
Simple application processLong wait times on email queries
Fast funding timesIssues receiving funding

Summarized Ratings

Loan Features3.7
Interest Rates & Fees3
Application Process4
Customer Support4
User Reviews4.9
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.

What Is Rapid Finance?

Rapid Finance is a financial services company that understands the challenges of running a small business. The company helps you access cash quickly when you need it. Whether you are looking to expand your business, consolidate debt, purchase inventory, or upgrade your technology, Rapid Finance has a loan that will fit your specific business needs.

With eight different loan types available, there’s sure to be one that will meet your finance and budget criteria. Loan types include SBA loans, small business term loans, merchant cash advances, commercial real estate loans, and more.

The application process with Rapid Finance is quick, and funding can take place within hours of loan approval.


Rapid Finance Pros and Cons

Wide variety of loans
Efficient application process
Great customer service
Generous lending limits
High approval rates
Low minimum credit score requirement
Lack of information pre-application
No funding for startups
Not available in all 50 states

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 an SBA loan, while larger firms looking to improve their cash flow may choose 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 a wide range of amounts, making Rapid Finance a reasonable choice for businesses of almost any size.

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 length3 - 60 months
Repayment periodDaily or weekly
Min - Max amountUp 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 lengthNo fixed payment term*
Repayment periodNot disclosed
Min - Max amountUp to $500,000

*Payment term is dependent on business receivables

Line of Credit

Lines of credit are flexible and operate similarly to a credit card. Tap the line of credit for cash when you need it, make payments on the account each month, and have it available if a cash flow issue ever comes up. You only need to borrow the amount that you need, and you only pay interest on the amount you use.

Term lengthUp to 18 months
Repayment periodWeekly
Min - Max amount$5,000 - $250,000

Bridge Loan

A Rapid Finance bridge loan is a loan designed for emergency expenses, offering a quick application and approval process. They’re usually easier to qualify for than a term loan, but can be more expensive.

Term lengthUp to 60 months
Repayment periodNot disclosed
Min - Max amount$5,000 - $1 million

SBA Loan

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

Term lengthUp to 30 years
Repayment periodMonthly
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 lengthUp to 18 months
Repayment periodWhen you receive customer payments
Min - Max amount$20,000 - $10 million

Asset-Based Loan

These secured loans require collateral, such as real estate or equipment. They come with lower interest rates than other loans, but keep in mind your assets can be seized if you stop making payments.

Term length6 - 36 months
Repayment periodDaily, weekly or monthly
Min - Max amount$50,000 - $10 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 length5 – 20 years
Repayment periodMonthly
Min - Max amount$75,000 - $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.

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. Generally, the better your credit, the lower the rate you’ll receive.

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.

We recommend getting in touch directly with the Rapid Finance customer service team regarding specific rates and fees prior to signing a loan agreement

How to Qualify for a Rapid Finance Loan

To qualify for a small business loan from Rapid Finance, you’ll need a minimum credit score of at least 550. The company will also look at your time in business and monthly revenue. The lending decision will be based on a combination of these three criteria.

When applying, Rapid Finance does a soft credit pull, meaning your credit score will not be affected. If you choose to move forward with the loan, the company will then perform a hard pull on your credit.

Rapid Finance Application Process

Rapid Finance’s loan application is fully online and relatively quick to complete. Unfortunately, you may not 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.

And finally, you’ll have to submit the required documentation. Documents Rapid Finance may ask for include, but are not limited to:

  • Tax returns
  • Three months of bank statements
  • Profit & loss statement
  • Balance sheet
  • Business license
  • Other legal documents

Once you provide all of the required information, Rapid Finance will review your loan application and reach out to discuss available options.

How Rapid Finance Determines the Loan Amount

Your credit score, annual business revenue, 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 poor credit or haven’t been in business for two years, it might be worth talking to a service agent to discuss other factors that could help your application.

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 walk you through the application process.

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

Rapid Finance Perks and Bonuses

One of the biggest perks of Rapid Finance is simply the amount of products the company offers. If you’re looking for a loan for your small business, there’s a good chance 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 upon approval, 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 list rates or fees, leaving borrowers in the dark until they go through the application process.

On the bright side, it does publish minimum and maximum loan amounts, along with loan terms and repayment requirements. They also do a soft pull on your credit when applying, so it’s risk-free for the borrower.


Rapid Finance provides an easy online application along with a comprehensive website detailing loan products. Once you apply, you can access your online account portal to review loan offers.

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

With eight different loan options, Rapid Finance is an excellent choice for small business loans. 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 will report the details of your business’s loans to the credit bureaus. Any loans you receive will have a direct 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.

TJ Porter

Written by: 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
Sarah Brooks

Reviewed by: Sarah Brooks

Personal Finance Writer and Editor

Sarah Brooks is a personal finance writer and editor with more than 10 years of experience. She specializes in personal and business loans, mortgages, auto loans, and credit cards.

More about me
Somer G. Anderson

Somer G. Anderson

Accounting and Finance Professor Ph.D., CPA, CGMA, CFE

Somer G. Anderson has been working in the accounting and finance industries for over 20 years as a financial statement auditor, a finance manager in a large healthcare organization, and a finance and accounting professor. Over that time, she's earned a doctorate in personal financial planning and her CPA, CGMA, and...

More about me