Last Updated: 06/21/2025
Rapid Finance Small Business Loan
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Last Updated: 06/21/2025
SuperMoney User Recommendation Score +33
Mostly recommended6 total votes
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Highlights
Community Rating
Mostly recommended
Amount Range
$5,000 - $1,000,000
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APR (Fee-Based Product)
15% - 80%(Verified 06/21/2024)
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Loan Term (Months)
3 - 60
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Number of Reviews
Rapid Finance Small Business Loan Review
Rapid finance is a business financing offering by Rapid Financial Services, based in Bethesda, MD. Founded in 2005, Rapid Financial Services offers access to small business loans in 50 states (and Washington, DC).
Rapid finance FAQ
What are Rapid finance rates?
This is a fee-based business loan. This means borrowers pay a percentage of the business loan balance as a fixed-fee instead of an ongoing APR. Rapid finance offers small business loans with a finance charge ranging from % to % of the business loan's amount.
The equivalent APR will vary depending on the terms. SuperMoney tried to run the numbers and a typical APR for this product ranges from 15% APR up to 80% APR.
Does Rapid finance charge an origination fee?
Yes, Rapid finance charges a loan origination fee of 0% to 10% of the business loan amount . Rapid finance deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
Does Rapid finance charge a late fee?
No, Rapid finance will not charge you a late fee.
Does Rapid finance charge prepayment fees?
No, Rapid finance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.
How much can you borrow from Rapid finance?
Business loan amounts start at $5,000 and go up to $1,000,000.
What is the maximum business loan term you can get with Rapid finance?
Rapid finance offers small business loans with terms ranging from 3 to 60 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for Rapid Finance Small Business Loan?
Rapid Finance Small Business Loan requires companies to be in business for at least 6 months. Businesses must have a minimum annual revenue of $5,000 to be considered.
Applicants with a credit score of at least 500 and up to 850 may be eligible for Rapid Finance Small Business Loan. U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Rapid Finance Small Business Loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Government issued photo ID
- Proof of identity
What is the estimated funding time for a business loan via Rapid finance?
Rapid finance can fund small business loans as soon as 1 business day.
Does Rapid Finance Small Business Loan report your account activity to credit bureaus?
Yes, Rapid Finance Small Business Loan reports to the following credit bureaus:
- Equifax
- Experian
Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help build your credit.
Does Rapid Financial Services perform a hard credit pull?
Yes, Rapid finance performs a hard credit pull when you apply for a loan. Additionally, it doesn't provide the option to check your rates using a soft credit pull, a feature that many lenders offer.
Click here to get prequalified rates from multiple leading lenders without a hard credit pull. However, if you accept a loan offer, a hard credit pull will likely be performed.
Rapid Finance Small Business Loan Disclosure: Depending on the product, RapidAdvance offers a range of terms. For term loans and merchant cash advances, the average time frame is 3-24 months. However, SBA loans have longer terms between 1-10 years and commercial real estate loans range from 15-30 years.
RapidAdvance requires businesses to be in business for at least 12 months for its loan products and as little as 6 months for its merchant cash advance products.
RapidAdvance charges a fixed fee for its financing regardless of the time it takes to pay-off the product. Because of this, there is no pre-payment fee; however, you will still be required to pay the entire amount owed, including the fixed fee, regardless if you pay off the financing sooner.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Message from our editor
What we love about Rapid Advance Business Loans
If you need a loan to help our small business cover a shortfall, Rapid Advance Business Loans can help you get the money that you need quickly. The loans take just a few days to apply for and receive compared to the weeks that many other business loans take.
The company offers loans with incredibly high maximum amounts, meaning you can work with it to finance even a significant budget shortfall.
What could Rapid Advance Business Loans do better?
One of the major drawbacks of working with Rapid Advance Business Loans is the cost. The company charges incredibly high interest rates on some of its loans. In many cases, you’d pay less even if you used a credit card to borrow money.
Rapid Advance Business Loans also doesn’t give you very long to repay your debt. There is no option to choose the term of your loan and the company’s loan terms are much shorter than the terms offered by most lenders.
The company also has stringent requirements you must meet to be eligible, including credit score and business revenue requirements.
Rapid Advance Business Loans’s backstory
Rapid Advance Business Loans is based in Bethesda, Maryland, and was founded in 2005. The company has offered more than $1 billion in financing to over 30,000 businesses across the country.
The Verdict
If your business needs money quickly, Rapid Advance Business Loans is an option. If you have the luxury of time to find a source of funding, you should consider finding an alternative lender. Rapid Advance Business Loans charges high interest rates and has inflexible terms, making it suitable only for emergency borrowing.
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