ROK Financial Review: Alternative Online Small Business Lending

ROK Financial Overview

ROK Financial, a new arrival to the alternative lending scene, does not originate its own loans and instead serves as an aggregation service for applicants by pairing them with lenders within its network.

With no explicit credit qualifications, ROK Financial looks like it could be a useful service for businesses that are struggling to find a lender or aren’t sure exactly what type of financing they need. You’ll want to approach this service with caution, however, because your fees and rates may vary greatly depending on the lender you’re paired with. Make sure you understand all of the fees and terms of your loan before you sign and compare our picks for the best small business loans to get a sense of whether you’re getting a fair deal.

Is ROK Financial Legit?

ROK Financial hasn’t been around that long but appears to be legitimate, with existing user reviews trending mostly positive.

ROK Financial was founded by a business partner of one of our more highly-rated alternative lenders, National Business Capital. Launched during the 2020 pandemic, ROK Financial bucked the trend at the time, hitting the market with a wide variety of small business lending products, most of which are relatively easy to qualify for.

As always, however, we advise approaching new alternative lenders with caution. Be sure to look at our list of the best small business loans to get a sense of what good terms for alternative loans look like.

Services Offered By ROK Financial

ROK Financial offers the following types of financial services through its partners:

• Our guide to installment (term) loans
• Our guide to short-term business loans
• A small business line of credit
• Equipment financing
• SBA loans explained
• Accounts receivable financing
• Merchant cash advances explained
• Best franchise financing loans
• Startup financing loan reviews

ROK Financial Borrower Qualifications

ROK Financial’s borrower qualifications vary by service.

ROK Financial Rates & Fees

ROK Financial’s rates and fees vary depending on the lender you’re paired with. Because of this, ROK Financial does not publicly divulge a range of rates. Still, the company does offer some high-level information about what you can expect.

Here are some of the elements to look out for when you get your offer:

• Interest: This is the basic cost of borrowing, typically expressed as a percentage of the loan principal. Make sure you know how often interest is applied to your loan.
• Fixed Fee: A fixed fee is used in lieu of interest for short-term loans and merchant cash advances. It’s also a percentage of the amount you borrow, but it’s only applied once.
• Origination Fee: An origination fee is common but not universal. The lender usually deducts it from the lump sum you receive.
• Prepayment Penalties: Because some lenders calculate a minimum return on their investment, they may charge a fee for paying off the loan early. Avoid this arrangement if you can.
• Downpayment: Though rare in the alternative lending space, some equipment loans may require a downpayment.
• Other Fees: The truth is that lenders may charge fees for any number of things, including draw fees on lines of credit, administrative fees, late fees, etc.

Check out our guide if you need small business loan fees explained in further depth.

Small Business Term Loans

Small business term loans encapsulate a wide variety of services with some common features. With term loans, you’ll get your money in one lump sum instead of a credit limit. In most cases, repayment will be expected immediately, with daily, weekly, or monthly payments.

Medium- and long-term loans charge interest over time, while short-term loans generally have a flat fee.

Business Lines Of Credit

Lines of credit allow businesses to borrow repeatedly against an established credit limit. Revolving lines of credit work similarly to credit cards; as you pay off your balance, that credit becomes available to use again. The rarer non-revolving lines of credit are most commonly used for equipment financing when it’s unclear how much the purchase will cost.

While lines of credit may have draw fees or maintenance costs, you typically only pay interest on the credit you’re using.

Equipment Financing

Equipment financing includes secured loans and equipment leases designed exclusively to acquire equipment. Conveniently, the equipment being acquired effectively serves as collateral for the loan.

Equipment loans otherwise function similarly to term loans. Equipment leases can be a little more complicated depending on whether they’re designed to foster permanent or temporary ownership of the equipment, but they generally have similar repayment schedules.

SBA Loans

SBA loans are term loans and similar services that the Small Business Administration partially guarantees. This grants small businesses access to better rates and terms than they might otherwise qualify for.

Want to know more about how they work? Read about SBA loan rates.

AR Financing

Accounts receivable financing allows you to receive financing relative to your business’s accounts receivable. For example, an AR financer might provide funding equal to 90% of your unpaid invoices. This may come in the form of a loan or line of credit.

AR Financing can be a good choice for businesses that have seasonal sales.

Merchant Cash Advance

If a significant amount of your sales come from credit card transactions, you may be a candidate for a merchant cash advance. In this arrangement, a funder will buy a percentage of your daily credit card transactions at a discount, effectively granting you a lump sum. The funder will then collect a percentage of your daily credit card transactions until it has collected the agreed-upon amount.

Because your sales volume may vary, merchant cash advances do not have a set term length.

For more MCA options, check out our merchant cash advance lender reviews.

Asset-Based Loans

Asset-based loans are essentially term loans that use an asset you own as security for the loan. Because of this, asset-based loans often have better rates than similar unsecured loans.

Franchise Financing

Franchise financing is used to pay for franchise fees and other startup expenses related to opening a franchise. Franchise financing may come from a loan, line of credit, or asset-based lending.

Fix N Flip Loans

Fix and flip loans are an informal name given to various financial services used to purchase short-term real estate investments, with the general assumption that the buyer will fix the property up and resell it in a short time.

Fix and flip loans can include traditional mortgages, home equity lines of credit (HELOCs), rollovers, personal loans, or hard money loans. In the case of ROK Financial, you’re looking at something similar to a hard money loan.

Startup Funding

Startup financing in this context refers to lending services aimed at businesses that are less than six months old and may not have a steady revenue stream. In lieu of that, startup funding is generally more concerned about your personal credit rating, although you can still find loans for startups with bad credit.

ROK Financial markets the following services to businesses classified as startups:

• Incorporation services
• Credit-building services
• Equipment financing
• Franchise loans
• Corporate credit cards
• Personal financing

Credit Card Processing With ROK Financial

ROK Financial can also help pair you with a credit card processor. Details about ROK’s partners and the types of merchant agreements they offer are scarce. Generally speaking, we wouldn’t advise going through a third party to find a payment processor unless you have a high-risk business or otherwise had difficulty finding a processor that meets your needs.

Application Process

ROK Financial boasts about its 15-second application, which consists of submitting your name, business info, credit score, time in business, and annual sales. If all goes well, ROK Financial will get back to you with matches within a few minutes. How long it takes may vary depending on the type of financing you’re applying for and how difficult your profile is to match.

Once you have your matches, you should be prepared to submit additional information to the lender you ultimately apply to. ROK Financial claims that it can get you into and out of the underwriting process in just a few hours (depending on the type of financing you’re seeking).

Sales & Advertising Transparency

As a matchmaking service, ROK Financial ends up having to divulge information in broad strokes. The company does a good job of outlining minimum qualifications and borrowing amounts but reveals little in the way of rates and fees. This can be forgiven considering the nature of the service, but it would still be nice to see some ballpark figures.

The sales staff appears to be helpful and knowledgeable for the most part, but you should expect some hard-selling from the independent contractors working for ROK Financial.

Customer Service & Technical Support

You can interface with ROK Financial’s customer service representatives in one of the following ways:

• Phone: ROK Financial can be reached by phone, 8 AM-6 PM ET.
• Email: You can send an email to the company’s address or submit one through ROK Financial’s ticketing system.
• Newsletter: You can subscribe to ROK Financial’s newsletter on its website.
• Resource Center: The resource center features a cash advance calculator, startup resources, and a blog that covers various small business topics.
• Social Media: ROK Financial has a presence on LinkedIn, Facebook, Twitter, and Instagram.

User Reviews, Complaints, & Testimonials

As a relatively new company, ROK Financial doesn’t have a long history, positive or negative. ROK Financial is accredited by the Better Business Bureau and has an A+ rating with no customer complaints currently on record. Nearly all of the 678 user reviews on Trustpilot are positive, with ROK Financial rating 4.9 out of 5 stars.

Negative ROK Financial Reviews & Complaints

Issues raised in ROK Financial reviews include:

• Information Security: One user complained that their application information reached destinations they weren’t comfortable with.
• Communication Issues: Another user complained that they were unable to reach a knowledgeable party concerning their funds.
• Transparency: More information about ROK Financial’s partners and rates would be welcome.

Positive ROK Financial Reviews & Testimonials

You can find positive user reviews on both the Better Business Bureau website and Trustpilot. You can also find testimonials under the Reviews & Case Studies section of ROK Financial’s website. Most of the positive reviews sing the praises of ROK Financial’s customer service.

ROK Financial Lending FAQs

Is ROK Financial The Right Online Lending Service For My Small Business?

It’s hard not to admire ROK Financial’s defiance of lending market trends, particularly at a time when small businesses are struggling to find financing. Launching during the height of the pandemic takes a certain kind of audacity. ROK Financial’s strong customer service and sheer variety of offerings appear able to accommodate a wide range of small businesses.

That said, it’s difficult to say how good a deal you’ll get from ROK Financial, which puts it at a disadvantage relative to well-established matchmaking services, such as Lendio and Fundera. Make sure to comparison shop to make sure you’re getting a good deal.

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