Who are Rapid Finance business loans best for?
Rapid Finance is best for small-business owners needing fast funding and many loan options. You might receive your funds within hours, with most loans funded within a few days.
Rapid Finance offers various loans, including term loans, lines of credit, Small Business Administration (SBA) loans, merchant cash advances and invoice factoring.
It is an online lender, making it suitable if you prefer an online application. Rapid Finance might also be a good fit if you meet its minimum requirements of at least two years in business and a 620 credit score.
Who might Rapid Finance not be a fit for?
If you prefer to see estimated interest rates, fees and payments in advance, Rapid Finance is not the best fit. While it offers many lending products, its website doesn’t provide interest rate ranges or fee estimates.
Rapid Finance also doesn’t make sense if you want the lowest rates. It uses a factor rate for some loans, which can translate to higher borrowing costs. Origination, draw and other fees might apply.
Newer businesses and small-business owners with low credit scores might not qualify for Rapid Finance’s lending products. It requires at least $200,000 in annual revenue.
Types of business loans available
Rapid Finance offers a range of products, including business term loans, lines of credit, SBA loans and alternative financing options.
Small-business loans
Rapid Finance offers small-business loans ranging from $5,001 to $1 million with repayment terms of three to 60 months. Payments are fixed and can be daily, weekly or monthly. Rapid Finance uses a streamlined online application, and most loans are funded within a few business days.
Business lines of credit
If you need a flexible account for ongoing expenses, a business line of credit might be ideal. Rapid Finance offers credit lines of $5,001 to $250,000. Payments are daily, weekly or monthly and made over three to 18 months.
Merchant cash advances
Rapid Finance offers merchant cash advances of $5,000 to $500,000. Automatic payments are based on a percentage of sales or receivables. You must accept credit cards or have other receivables to qualify.
Bridge loans
Rapid Finance offers bridge loans ranging from $5,001 to $1 million with repayment terms of three to 60 months. These loans have fixed, automatic daily, weekly or monthly payments.
Invoice factoring
Invoice factoring through Rapid Finance lets small-business owners with unpaid invoices get an advance of $20,000 to $10 million. Invoices with payment terms of 30, 60 or 90 days might qualify for an advance.
Asset-based loans
These loans, ranging from $50,000 to $10 million, are backed by collateral and provide businesses with working capital. Fixed payments are daily, weekly or monthly.
SBA loans
Rapid Finance offers SBA loans of $500 to $5.5 million with terms ranging from one to 30 years. Qualifying for an SBA loan can be difficult, but interest rates are often lower, and extended repayment terms can make them easier to manage.
Commercial real estate loans
You can borrow $75,000 to $2 million with a Rapid Finance commercial real estate loan. Funds can be used to purchase, build or renovate a new property. They can also be used to refinance or improve an existing property. Repayment terms are five to 20 years.
Rapid Finance business loan details
Rapid Finance offers several financing options with varying borrowing limits and repayment terms. Its business term loans range from $5,001 to $1 million with repayment terms of three to 60 months. Some loans fund within hours, but others might take a few business days.
Rapid Finance says its products might charge fixed interest or fees, but it doesn’t provide details about these costs. If you apply for a loan and are approved, review the loan offer to understand rates, fees and repayment terms.
Pros and cons of Rapid Finance loans
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