Rapid Finance Small Business Loan

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’s 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.

What limitations does Rapid finance set on the purpose of the business loan?

Rapid finance considers business loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Hiring
• Inventory
• New Location
• Payroll
• Product or Service Expansion
• Technology Investment
• Working capital

What types of small business loans does Rapid finance offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Rapid finance provides access to the following business loan types:

• Unsecured Term Business Loans
• Secured Term Business Loans
• Lines of Credit
• SBA Loans
• Invoice Financing
• Merchant Cash Advances
• Commercial Real Estate Loans
• Bridge Loans

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.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Rapid Finance Small Business Loan. Their rates fall within the limits of The Military Lending Act.

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 approve (or deny) a business loan application within 24 hours and fund small business loans within 1 business day of approval.

Does Rapid Finance Small Business Loan report your account activity to credit bureaus?

Yes, Rapid Finance Small Business Loan reports your account activity to the following credit reporting agencies:

• 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 improve your credit.