Rapid Finance Review: Financing For High-Risk Businesses
Rapid Finance has low credit score requirements and offers financing including merchant cash advances and short-term loans for high-risk businesses.
Rapid Finance

Total Rating | 4.0 |
---|---|
Interest Rates & Fees | Good |
Application Process | Good |
Sales & Advertising Transparency | Good |
Customer Service | Good |
User Reviews | Good |
Rapid Finance At A Glance
- Rapid Finance works with numerous lending partners to provide a wide variety of funding, from SBA loans to merchant cash advances.
- Rapid Finance may be a viable source of financing for applicants with credit challenges, low revenues, or a short time in business.
- In addition to connecting applicants with numerous sources of funding, Rapid Finance reviews are largely positive and user feedback indicates solid customer support.
Pros
- Financing is suited for high-risk businesses
- Multiple types of financing are available
- Low credit score requirements
- High borrowing amounts
- Funds are disbursed quickly
Cons
- Rates can be expensive
- Repayments are required frequently
Table of Contents
What Is Rapid Finance?
Rapid Finance (formerly Rapid Advance) offers various alternative business financing products, such as merchant cash advances and short-term loans. Unlike many of its competitors, Rapid Finance provides a number of variations on the typical MCA, leading to a slightly longer application process but better rates in many cases.
In addition to short-term financing, Rapid Finance has expanded its offering to include lines of credit, invoice factoring, and long-term financing solutions, such as SBA loans and commercial real estate loans.
Rapid Finance could be a viable source of funding for any business that wants fast funding, including businesses with bad credit. The online application is simple and streamlined, and you might even be able to apply with just your smartphone. The main downside of using the service is that Rapid Finance interest rates and fees can be high.
Services Offered
Rapid Finance offers the following types of funding to small businesses:
- Merchant cash advances (MCA)
- Short-term loans (STL)
- Lines of credit (LOC)
- Invoice factoring (IF)
- Commercial bridge loans
- SBA loans
- Asset-based loans
- Commercial real estate loan
Most of the financing products Rapid Finance offers are intended for short-term business financing needs, except for SBA loans and commercial real estate loans. Rapid Finance’s asset-based and bridge loans are also short-term loans, though the exact terms might be slightly different than Rapid Finance’s standard short-term loan. Invoice factoring and merchant cash advances are not short-term loans per se, but they are short-term advances you’ll have to repay quickly.
In some cases, Rapid Finance itself will not originate the loan but will arrange your loan through one of the lenders in its lending network.
Borrower Qualifications
Rapid Finance does not list specific requirements for funding products on its website. However, you will be required to provide your business tax ID, the last three months of bank statements, and your completed application to qualify for funding.
Take note that this is not a complete list of borrower requirements for all of Rapid Finance’s lending products. SBA loans and commercial real estate loans, in particular, will have more stringent requirements.
Rapid Finance Interest Rates & Fees
Here are the terms for Rapid Finance’s products:
Borrowing Amount |
|
Term Length |
|
Other Fees | 0%-2.5% origination fee |
Effective APR | Learn more |
Collateral |
|
Rapid Finance’s rates, terms, and fee structures vary since there are so many different lending products offered. Depending on the type of loan/financing product, you may be charged interest or a flat/fixed fee, as well as other fees, including an origination fee. Automatic payments are deducted daily, weekly, or monthly, depending on the product.
With a fixed fee, instead of paying interest, you’ll pay off the amount you borrowed times a multiplier referred to as a “fixed fee” or “factor rate.” So if you’re borrowing $10,000 at Rapid’s lowest factor rate, you’ll be paying back $10,900. You can expect to pay back between $1.09 and $1.20 for each dollar you borrow (not including other fees, such as origination fees).
For some of its products, Rapid Finance may instead quote a monthly interest rate (1.25%, for example). To find out how much you’ll owe, take the amount you’re borrowing, multiply it by your monthly interest rate, then multiply the result by the length of your term in months. For example: $10,000 x 0.0125 x 12 = $1,500.
Like short-term loans, MCAs have fixed fees. Each business day, Rapid will hold back a percentage of your daily credit and debit card sales until you’ve “paid back” the terms of your advance. Since your sales will likely vary day by day, there’s no hard and fast term length for MCAs, only an estimated completion date. If your business is booming, you’ll pay them off quickly. If it’s not, it’ll take longer. In most cases, you’ll repay the advance within three to 18 months.
Though Rapid Finance’s fees are mostly comparable to those of other short-term business financing providers, it is possible to find competing short-term loan providers that do not charge an origination fee — LoanBuilder, for example.
Application Process
As a short-term lender, Rapid Finance prides itself on quickly getting you through the application and approval process.
To begin the process, you can either call Rapid or fill out a short application form online. You’ll need to provide documents confirming your identity and business revenue, including:
- Form of identity validation
- Business bank routing and account numbers
- Last three months of business bank statements
Depending on which product you’re applying for, you may not even need all of these things. For example, for invoice financing, you might only need proof of identity and unpaid invoices from a reputable creditor. You might also be asked for additional documents, depending on the product.
Rapid Finance will do a soft pull on your credit during the pre-approval state. If you qualify, a hard pull will be performed later in the underwriting process.
Approval can come within a few hours, with funding available in as little as one to three days. Same-day funding may also be available for some products. Certain loans, such as SBA loans, will have longer application and approval timelines.
Sales & Advertising Transparency
A lot of the information on Rapid Finance’s website isn’t especially useful. Still, it can give you a decent, zoomed-out view of what the company offers. You won’t find much info about rates anywhere convenient, unfortunately.
To get more details, you can contact Rapid Finance directly for a quote. Note that this is only a quote, and actual products, rates, and terms that you qualify to receive may vary.
Customer Service & Technical Support
Rapid Finance Support | Availability |
---|---|
Phone Support | |
Email Support | |
Support Tickets | |
Live Chat | |
Dedicated Support Representative | |
Knowledge Base or Help Center | |
Videos & Tutorials | |
Company Blog | |
Social Media |
Unlike many similar funders, Rapid actually has a large customer review footprint. Customers generally reported positive experiences dealing with Rapid’s staff.
Customer service can be reached by phone Monday-Friday, 9 AM to 6 PM EST, or via email. Rapid Finance also has a blog, small business guides, and social media profiles on Facebook, Instagram, Twitter, and LinkedIn.
User Reviews
Rapid Finance reviews from users of the service are positive overall. The company has an A+ rating with the BBB and an unusually high number of positive reviews on the watchdog site. There are a total of four customer complaints on record for the past three years.
Rapid Finance reviews on Trustpilot are also overwhelmingly positive, boasting a rating of 4.9 out of 5 based on 1,800+ reviews.
Professional reviews are a little more measured, but on the whole, Rapid’s reputation is pretty good.
Negative Reviews & Complaints
- Difficulty Getting Approval: Some customers reported that the approval process dragged out longer than expected and ultimately didn’t end in approval despite reassurances from staff.
- Costly: As is common with short-term lenders as a whole, you can end up paying quite a bit of money each month, both in interest or fixed fees and, in some cases, so-called “hidden” fees the customer didn’t expect. Several reviewers said the loan cost them a lot more than they initially believed it would.
- No Automatic Discount For Repaying Early: Unlike some other short-term lenders, Rapid Finance does not offer an automatic discount to customers who pay back their loans early. (However, upon request, they do offer a 20% discount on the loan fees if it’s paid within 120 days.)
- Customer Service: Some customers reported not being able to reach their representatives.
Positive Reviews & Testimonials
- Fast Funding: Several users report receiving their funds the same day they applied, and many others say they received their money within one or two days.
- Comparatively Good Rates: A lot of customers found that Rapid’s rates were lower than those of similar business funders.
- Easy Application Process: Most users appreciated the application process being easy, quick, and painless.
- Good Customer Service: Many users were happy with the customer service they received.
- Repeat Customers: Many customers say they have worked with Rapid Finance for years and are highly satisfied with the service.
Final Verdict
Rapid Finance (formerly Rapid Advance) offers fast money to high-risk businesses. While that does mean higher rates and shorter terms, Rapid Finance is among the better lenders in its niche. With a positive reputation and at least the potential for relatively low rates, it’s a good option for businesses with poor credit or that otherwise struggle to get the financing they need, whether you want a same-day business loan or a larger, longer-term business loan.
With that said, well-established businesses with strong credit will likely be able to obtain a better loan elsewhere.
Are you looking for the best rates? Check out our alternative suggestions for other merchant cash vendors to ensure you’re making an informed decision.
The Merchant Maverick Seal of Approval 🏆
Rapid Finance ![]() |
---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Rapid Finance for yourself.
The Merchant Maverick Seal of Approval 🏆
Rapid Finance ![]() |
---|
After hours of in-depth research and evaluation, we can confidently recommend this brand to our readers. Get started today and see Rapid Finance for yourself.
Organization Name: Pool and patio inc
I have been using rapid advance for the past 3 years yonika is a true professional and application is easy and rapid approval same day I would highly recommend this company
This comment refers to an earlier version of this review and may be outdated.
Organization Name: Hamilton Investment Properties
You did not point out one of the obvious “Cons” with Rapid Advance, and that is the resolution of disputes. I.e. my company that I lost controlling interest in after dealing with Rapid Advance. Even with the strain of paying $135 per day on a Loan or over $2,700 per month on a $13,000 Loan, I would get double payments days deducted from my Bank without Notice causing hundreds of dollars of NSF Charges as well as missed payments on other obligations. My complaint was answered simple with the claim Rapid did not do this in the Face of Documented evidence from my Bank that had no choice but to Block the automatic Bank Deductions. This company refuses any payment arrangements outside of complete control by auto deductions from Business Banking. They will file false UCC negative statements claiming you refused to pay them, and not admit they refused payment without control of you Bank Account..
If you have any kind of credit rating you should tell people tom stay away from these type Lenders.
This comment refers to an earlier version of this review and may be outdated.
Thank you Chris Matola for sharing your research on Rapid Advice. It was very detailed information as were the links.
This comment refers to an earlier version of this review and may be outdated.