Rapid Finance logo

Loan Amounts


$5,000 - $1,000,000

Loan Term


3 months - 5 years

APR Range


9% - 31%

Min. Credit Score



Editorial Rating

Rapid Finance Review: 2021 Edition

Advertiser disclosure This page may contain links to our partners’ products and services, which allows us to keep our website sustainable. This means that spendmenot.com may receive a compensation when you sign up and / or purchase a product or a service using our links. However, all opinions expressed in this article are solely ours, and this content is in no way provided or influenced by any of our partners.

Loan Amounts


$5,000 - $1,000,000

Loan Term


3 months - 5 years

APR Range


9% - 31%

Min. Credit Score





Origination fee 0% - 2.5%

Funding Time


Up to 3 days

Founded in



BBB Rating



Min. Revenue


$5,000 per month



Depends on the loan product

Rapid Finance logo

Editorial Rating

Small businesses often face the biggest hurdle when trying to obtain ready access to working capital. In understanding the challenges that small business owners face, Rapid Finance brings an alternative lending option to the table and is committed to supporting small businesses with simple and convenient financing solutions.

This Rapid Finance review will cover borrowing terms, qualifications to apply, loan renewal policies, and will evaluate the risk of lending money with this platform. To offer a more comprehensive view of the service, we dug deeper into some older Rapid Finance reviews as well, so read on.

What Is Rapid Advance / Rapid Finance?

Known as Rapid Advance until recently, this is a technology-powered financial services company that provides flexible funding to business owners in a variety of industries. It is the fourth-largest online small business lender in the United States and has given out over $1 billion in funding since it was founded in 2005. Rapid Finance has an online platform that allows small business owners to apply for a number of loan options:

  • Small business loans
  • Merchant cash advances
  • Healthcare cash loans
  • Bridge loans
  • Business lines of credit
  • SBA loans
  • Invoice factoring 
  • Asset-based loan options
  • Commercial real estate loans

Rapid Finance understands that every business is different so they created financing options to fit any and every kind of business need. The company has been around since 2005 and has a long history of being devoted to helping small business owners and do the heavy lifting.

Who Is Rapid Finance Best For?

This platform is tailor-made for small and medium businesses that otherwise wouldn’t qualify for a traditional loan. They specialize in helping companies that need funding quicker than traditional financing allows. Rapid Finance is fast small business funding made simple and with companies trying to make their way through the pandemic, the platform also provides COVID-19 financing relief.

The company works with any business that needs what they’ve dubbed “opportunity capital” but there are certain types of businesses that are excluded from the service:

  • Adult entertainment 
  • Bail bonds
  • Casinos
  • Churches and all non-profits
  • Collection agencies
  • Consumer debt counseling services
  • Direct/multi-level marketing 
  • Firearms
  • Flea markets
  • Home-base door/no-lease space
  • Kiosks
  • Law firms
  • Marijuana (dispensaries, producers, distributors)
  • Payday loan companies and other lending companies
  • Travel agencies
  • Car services
  • Car dealerships

Getting Started With Rapid Finance

To start your application, you will need to fill out a free application on the website. The homepage has a handy loan calculator that lets you know immediately how much you qualify to borrow by selecting your credit type (fair, good, great, or excellent) and your business’ gross monthly sales.

The next step is to complete the short and streamlined application process. You will need to provide the following info:

  • Business name
  • How long you’ve been in business
  • Business zip code
  • Estimated monthly sales revenue
  • Phone number
  • Email address

Once you’ve completed the initial application and sent through the required documentation, you will then get your loan results and see how much you qualify to borrow. Rapid Finance will send through an initial offer based on your business’s cash flow that will tell you which of their products you qualify for. The platform uses an algorithm-driven credit scoring model for this step and they will perform a soft credit pull on your personal credit to check your creditworthiness.

If you accept the initial offer, you will then move on to the underwriting process. This is where Rapid Finance tries to learn more about you, your company, its annual revenue, and any outstanding debt it might have. The underwriting process will see them also do a hard pull which might affect your credit score.

If there are no irregularities and a Rapid Finance business advisor has all your information then a final offer will be sent. Once approved, you can expect the funds to be deposited into your account in as little as 24 hours. Because the platform uses an automated system for smaller loan amounts, they can produce offers in minutes. Borrowers can even sign the loan agreement electronically through the self-service portal.

Terms & Requirements

Borrowers in the United States can take out a minimum loan amount of $5,000 and a maximum loan amount of $1 million although asset-based loan options can go as high as $10 million. The loan repayment term is between three months and 60 months because the repayments are automatic borrowers never have to worry about missing a payment.

There are few business loan requirements to qualify for a Rapid Advance loan:

  • Be a US citizen
  • Have a minimum credit score of at least 500
  • The business must be at least two years old
  • Your monthly revenue must be at least $5,000

You’ll be required to provide some additional documents during the application process.

  • The last three statements from a business checking account (or credit card statement if you’re applying for a merchant cash advance)
  • void check or bank letter
  • Personal identification (driver’s license copy)
  • Most recent tax returns (for loans above $150,000)
  • Profit and loss statement (for loans above $150,000)
  • Business balance sheet (for loans above $150,000)
  • Proof of income

You may also be required to produce business ownership verification documents. All these documents can be submitted through the self-service portal, you will also be able to link your business bank account to the portal to automatically import your business or credit card statements.

User Reviews

The platform has an A+ rating with the Better Business Bureau and they have been accredited with BBB since 2010. There have been four customer complaints over the last three years, of those one has been resolved in the last 12 months. Some of the older Rapid Finance reviews mentioned billing issues and the company’s collection practices.

There are more than Rapid Finance reviews on Trustpilot and the platform currently holds a 4.9 rating. The great majority of those are 5-star rated and users praised the customer service and the quick loan process. There are only few bad reviews, most of those are older Rapid Finance complaints that seem to be isolated incidents about their bad lending experience applying for Rapid Finance business loans. One older Rapid Finance review further complained about the customer service.

The platform has an overall score of 9.3 on bestcompany.com — there are over 250 Rapid Advance reviews that give them an overall customer rating of 4.5. Most of the newer five-star Rapid Finance reviews from 2020 give high praise to the speed and efficiency of the process and outstanding customer service.


Now, let’s check out some Rapid Finance features.

Rates & Fees

Rapid Finance’s funding isn’t interest-based; instead, you’ll be paying off the amount you borrowed with a fixed fee called a “factor rate”. Rapid Finance has a fixed fee of between 9% and 31% on the borrowing amount.

For some of its other products, the platform may quote borrowers a monthly interest fee. The rate offered will depend on the assessment of your business, including your personal credit score.

There is also an origination fee of between 0% and 2.5% depending on the loan product you choose. The Estimated Annual Percentage rate of the loan isn’t specified, this is because cash advance loans and short-term loans don’t use interest rates so you might need to do a little homework to figure out how much you’ll be repaying. Short-term loans tend to have an effective APR, that means instead of telling you the cost of borrowing it tells you the rate of borrowing.

Privacy & Security

The privacy policy discloses the platform’s privacy practices and lets users know what information is collected, how it is used, and with whom it may be shared. Users will also be able to discern what choices are available regarding the use of their information, the security procedures in place to protect the misuse of user information, and how users can correct any inaccuracies in the information.

Rapid Finance takes every precaution to protect user data and information submitted through the website, both online and offline. The computers/servers that store user data and personally identifiable information are kept in a safe and secure environment. Other security precautions include only granting employees who need to perform a specific task (billing, customer services, etc.) access to personally identifiable information.

If you feel like Rapid Finance is not abiding by their privacy and security policy, you can contact them over the phone or email.

Customer Support

Customers can get in touch with the company for a free quote on the website or via phone, Monday to Friday between 9:00 am and 6:00 pm EST.

If borrowers have any Customer Service queries and questions or need the Sales Support, they can contact Rapid Finance over the phone or email.

If old-school snail mail is more of your jam then you can send a letter to the Rapid Finance office.

Rapid Finance Alternatives

How does this platform compare to other alternative lenders in the market? Let’s find out.

Rapid Finance vs Reliant Funding

Reliant Funding also offers merchant business cash advance options, short-term loans, and loans for equipment financing. The repayment terms benefit businesses with a turnover that fluctuates and borrowers may pay back their loans based on a fixed amount or a percentage of their actual turnover. The biggest difference is that Reliant Funding has a maximum loan amount of $250,000.

Rapid Finance vs BlueVine

The biggest difference between the two platforms is that BlueVine offers paycheck protection program loan options of up to $2 million and invoice factoring that lets borrowers turn unpaid invoices into cash with a credit line of up to $5million.

BlueVine will provide funding against invoices due in one to 13 weeks and borrowers will receive an advance of between 85% and 90% of the invoice amount. You will get the remainder once the client pays it off while BlueVine will deduct their professional service fee.

Rapid Finance vs OnDeck 

OnDeck offers business term loans and business lines of credit of up to $250,000 with a loan term of up to 18 months. Unlike Rapid Finance, OnDeck has an APR as low as 11.89%. It will vary depending on your personal credit score.

OnDeck also provides long-term funding solutions and it takes the performance of your business into account when considering loan eligibility and not just your credit score when reaching a lending decision.

Final Verdict

We recommend that small businesses take up a loan with Rapid Finance, they offer rapid financial services and are always looking for ways to help small businesses grow. Perhaps most important, each of their clients is assigned a personal business advisor that can help them determine what loans are right for them and what they should do once they are funded. That kind of guidance and expertise is invaluable.

The Bottom Line

If you’re a business seeking fast financing, Rapid Finance offers attractive short-term loans that usually are not accessible through more traditional means. The only downside is that it’s a short-term solution and if businesses are struggling for cash over a longer period of time then they might need to look at some alternatives.

Alternative lenders are the best way to borrow money for small businesses strapped for cash and, overall, Rapid Finance is a great option for businesses looking for alternative lending. Their relatively fair rates, positive reputation, and extensive loan options make them one of the best available lenders in their niche.


  • Variety of funding solutions
  • High maximum loan amount
  • Top-quality resources
  • Exceptional customer support
  • No prepayment penalties


  • Doesn’t have startup business loan options
  • A long list of excluded businesses
  • No long-term financing options
  • Loans may require daily or weekly repayments
Rapid Finance logo

Editorial Rating


Is Rapid Finance (formerly Rapid Advance) a good idea?

Rapid Finance, formerly rapid Rapid Advance, is an ideal lender thanks to their varied loan options, large loan amounts, and flexible rates and terms.

Is it hard to get a loan from Rapid Finance?

The platform’s loan requirements are pretty lenient, all you need to qualify is be a US citizen with a business that’s been operational for at least two years with a minimum monthly revenue of $5,000.

How does Rapid Finance affect your credit?

The platform does a hard credit pull during the application process to check your creditworthiness and that might affect your credit score and might remain on your credit record for at least two years.

Is Rapid Finance legit?

The firm has an A+ rating with the Better Business Bureau and is ranked in the top 10 best business loan companies on bestcompany.com.

Is Rapid Finance a good choice for startups?

The platform requires companies to have been in business for at least two years and have a minimum monthly revenue of $5,000 so it would not be ideal for startups.

What is the interest rate on a Rapid Finance loan?

Rapid Finance interest rates are a little complex because of the type of loans they offer. The loans they provide aren’t interest-based — instead, you’ll be paying off the amount you borrowed with a fixed fee called a “factor rate”. They have a fixed fee of between 9% and 31% on the borrowing amount.

How fast are Rapid Finance loans approved?

They are paid out in as little as 24 hours.

How much can Rapid Finance lend?

The platform offers merchant cash loans, bridge loans and lines of credit of up to $500,000, small business loans of up to $1 million, commercial real estate loans of up to $2 million, SBA loans of up to $5.5 million and asset-based loans of up to $10 million.

What types of loans does the lender offer?

Small business loans Merchant cash advances Healthcare cash loans Bridge loans Business lines of credit SBA loans Invoice factoring Asset-based loans Commercial real estate loans

How does Rapid Finance work?

Rapid Finance provides funding to small businesses and they have a streamlined application process that can get money into the hands of small business owners in as little as 24 hours.

Can you get a Rapid Finance debt settlement?

Rapid Finance, unfortunately, does not provide debt settlement.

Can I get a loan from Rapid Finance if I have a bad credit score?

The platform requires applicants to have a minimum credit score of 500.

Does Rapid Finance offer a credit card?

No, the service does not offer a credit card.

Does Rapid Finance check credit?

Yes, they do. Rapid Finance does a hard credit pull on applicant’s credit records to determine whether they meet their criteria.

How does a Rapid Finance loan work?

Once you’ve successfully applied you will be able to view the options you qualify for online. Once submitted, the underwriting team will review your application and upon approval, you will get the funds within 24 hours. The repayment is automatic so you never need to worry about missing a payment.

What do Rapid Finance’s customers say about them?

We looked up a few old Rapid Advance reviews and some new Rapid Finance reviews following the platform’s name change and most of them are positive.