Would you like to have access to Lightning Fast Funding within hours of approval and even same-day funding up to $1,000,000?
How about the best flexible payments put on automatic unlike anywhere else in the small business loan industry?
Welcome into this Rapid Funding Review where I “Michael Granados” a small business owner like yourself and a business loan broker will be pulling back the curtains to show you an Unreal look inside this platform, along with the pros and cons, alternatives, and so much more you need to know so you can finally continue to build, grow, expand and even get out of a tight pinch...as fast as possible!
Listen, growing your business is NOT an easy task, just thinking about the pain of getting denied by the big banks, reaching deeper into your savings account (when you longer can), and turning to your friends and family for help (again) is enough to derail your progress and even worse - close your doors for good. Fortunately, you don’t have to continue to live through that…
As you’re going to see multiple financing solutions with Rapid Finance to help you get ahead of the game and start swinging and putting the ball in the game. Alright, let’s get started.
What Is Rapid Finance?
Rapid Finance (formerly known as Rapid Advance), is an alternative lending service with multiple financing solutions that offers short-term loans to small businesses. When the big banks can’t help, Rapid Finance is here to help you with alternative and fast options. Founded in 2005, and headquartered in Bethesda, Maryland, the company was taken over by Dan Gilbert’s Rockbridge Growth Equity, LLC in 2013.
This company’s model is a combination of direct lending and matchmaking, meaning, apart from offering their own loan products such as small business loan terms and merchant cash advances, they also market other lender's services.
Now let’s get into the juice details you came here for.
Going Inside Rapid Finance
Wondering what EXACT loans Rapid Finance offers for you?
Here they are:
- Small Business Loans - Short term and Long Term
- Merchant Cash Advances.
- Line Of Credit
- Bridge Loan
- SBA Loan
- Invoice Factoring
- Asset-Based Loan
- Commercial Real Estate
Related: Merchant Cash Advances with same day funding
Let’s break down each of these starting with Small Business Loan Financing
Short-Term Standard Loan:
- $5,000-$1,000,000 maximum loan amount
- 4 months - 1-year loan term
- 1.16-1.30 factor rate interest rate
- Automatic daily or weekly payments
Short-Term Standard Loan Qualifications:
- $120,000 in annual revenue
- 500 Personal Credit Score (FICO)
- 2 Years in Business
Short-Term Select Loan:
- $15,000-1,0000 maximum loan amount
- 6-15 month terms
- 1.12-1.31 factor rate interest rate
- Automatic daily or weekly payments
Short-Term Select Loan Qualifications:
- $120,000 in annual revenue
- 500 personal credit score (FICO)
- 2 years time in business
Short-Term Preferred Loan:
- $15,000-$500,000 maximum loan amount
- 9-18 loan terms
- 1.11-1.25 factor rate
- Automatic daily or weekly payments
Short-Term Preferred Loan Qualifications:
- $120,000 annual revenue
- 550 personal credit score (FICO)
- 4 years time in business
Merchant Cash Advance:
- $5,000-$500,000 maximum loan amount
- 3-12 month terms
- Starting at 1.22 interest rate
Merchant Cash Advance Qualifications:
- $5,000 annual revenue
- 550 personal credit score (FICO)
- 3 months time in business
- Flexible payments based on your receivables
Related: Best Merchant Cash Advance Company
Line Of Credit:
- $5,000-$250,000 maximum loan amount
- 18-month terms maximum
- Approved amount accessed at anytime
- Weekly Payments
Bridge Loan:
- $5,000-$1,0000 maximum loan amount
- Up to 60-month terms
- Automatic payments
- Fast and easy application process
SBA Loan:
- $500-$5.5 million maximum loan amount
- Up to 30-year terms
- Automatic monthly payments
- Partially backed by the government for business purposes
Invoice Factoring:
- $20,000-$10 Million advanced
- Up to 18-month terms
- Easy online application
- Turn pending invoices into immediate funds
Asset-Based Loan:
- Amount is based on your company’s assets
- $50,000-$10 Million terms
- 6 months to 36-month terms
- Fixed daily, weekly or monthly payments
Commercial Real Estate:
- $75,000-$2 Million maximum loan amount
- 5 years up to 20-year terms
- Easy online application
- Automatic Monthly Payments
What You Need To Apply…
- Business Tax ID (EIN)
- Your last 3 months of business bank statements (or credit card statements if you’re applying for a merchant cash advance) for loans under $150,000
- A voided business check or bank letter
- A copy of your driver's license
- Your business most recent tax return (for loans over $150,000)
- Your profit and loss statement for loans over $150,000
- Your balance sheet for loans over $150,000
- Ownership verification
- Your business bank account number and routing number for depositing (for merchant cash advance)
- Your last 3 credit card processing statements (for merchant cash advance)
Rapid Finance Reviews
Here are some review on Trustpilot that have a 4.9 excellent rating:
Here are some Rapid Finance Success Stories:
Rapid Finance Complaints
Now here are what you can call "Rapid Finance bad reviews" according to the BBB:
How Much Does Rapid Finance Cost?
Nothing. There are no fees to start an application. The only cost would be your time and energy, meaning if you know you can meet the financing requirements, then go for it, otherwise you'd be wasting your time and energy.
Who Is Rapid Finance For?
Rapid Finance is created for non-startup small businesses who are interested in very quick funding through a merchant cash advance or other more expanded term options like Asset-based financing, commercial real estate and others.
Here's more:
- Non-startups who want lower interest rates then what's given in the small business loan industry
- Small businesses suffering from COVID and economic downfalls
- Small business owners who need funding ASAP.
- People who want access to multiple funding options.
- You want an easy breezy application process.
- You'd like to have a support team to help you every step of the way
Who’s It Not For?
- Startups
- You want different financing options
- You don't meet the qualifications
Pros And Cons
Pros:
- Super Quick funding within hours of approval so you can get back on track quickly building, growing, expanding, and even getting out of a tight pinch which means your business will be thriving right away.
- Flexible payments so you can keep your costs stable and balanced which means you'll be able to pay back your loan without difficulty!
- Multiple financing solutions so you can have many different ways to get a loan which means you'll always have funding no matter your situation.
- Get on going capital in the future so you can keep your business healthy which means you'll have a great relationship with your lender that can give you more money.
Cons:
- Not for startups
- Not completely same day funding
Alternatives
There are definitely other small business funding platforms and ones that are similar so let me first start with the similar merchant cash advance lenders:
By far, my favorite is the first option above because you can get up to $25,000 in same-day instant approval revenue-based funding. They are partnered with a Merchant Cash Advance company called “Bitty Advance” where they made this hybrid program that is based on funding you based on your monthly income and not deducting a future percentage of your credit card receivable like a traditional Merchant Cash Advance does.
PLUS: Through the revenue-based funding model, it’s 50% less cheaper than an MCA, there are no interest rates involved (calculated on total payback of your advance instead), and offers more rewards and benefits - and if you’d like to learn more about This program, I see here:
Other Small Business Funding Platforms include:
What I Liked Most About Rapid Finance
I’d have to say I really liked their multiple approaches to financial solutions. You not only get Amazing Business Loan Term solutions (in different segmented service) or some of the lowest Merchant Cash Advance requirements in the industry but the fact that they are in with the SBA as well offer “less” working capital solutions…
Like their asset-based funding, bridge funding, invoice factoring just to name a few. PLUS, they are very easy to work with, their application fast is super quick and the support team can help you in times of trouble very well.
What I Liked Least
I mean there really isn’t “anything” I disliked but If I did had to put my finger on one thing it would be that they are not for startups. Or also the fact that you can’t get more than $1,000,000 which is still a heck of a lot but for an “A-Level” service, I’d like to see higher fundings…
Especially when there are other “A-Level” service companies who do offer more maximums. However, it’s not a knock down.
Final Thoughts
What appealed to you most about Rapid Finance? Did you see something you didn’t really like?
Times are changing for small business owners who want “traditional” funding options, the banks have become more protective and are not giving out as much funding because of what’s happened with COVID and for other purposes, so what should you do?
Do you continue to reach deeper into your savings account, or ask your friends and family for money (again)? No, you can finally let the worry of all these things go and start on a greater and more mentally (and physically)healthy path with alternative funding options…
One of these companies being Rapid Finance where you can get fast and superior funding within hours of approval, get access to some of the most flexible payments structures online, and the business funds to meet your needs no matter how hard you find it to be right now.
If that’s something you’re interested in pursuing, then I invite you to click right here to get your funding with Rapid Finance, otherwise, I highly encourage you to check out my #1 recommended program for getting up to $2,000,000 in fast funding (no interest rates) and even up to $25,000 in same day instant approval funding.
