RAPID FINANCE: Solutions, Loan reviews & requirements

Your top priority should be finding a small company lender that can quickly and easily fund your loan, preferably within 24 hours. Is it fast finance if there isn’t a simple online application and minimal paperwork involved? Hence, with this, you can apply for a loan from the comfort of your own home or on the go with their convenient mobile app. For these and other reasons, we have decided that Rapid Finance is the best alternative lender from which to obtain quick cash. Read on to learn about the rapid finance business loans, their loan requirements, reviews, and solutions.

What Is Rapid Finance?

Rapid Finance is a well-liked non-bank lender that offers a variety of services, such as bank loans, credit lines, and folding, to small businesses. Hence, for some of its offerings, it acts as a direct lender; for others, it works with a network of 50 to 60 additional lenders. Little or no specific information is provided about any of its sources of finance until you apply. This is because it works with so many lenders and the terms are often fluctuating.

Who Owns Rapid Finance?

Since the company was founded in 2005, its headquarters have been in Bethesda, Maryland. Dan Gilbert led Rockbridge Growth Equity, LLC, which bought the business and took control of it in 2013. It is a member of the Rock Family of Businesses, which also includes Fathead, Rocket Mortgage, and Genius. The Cleveland Cavaliers are also members of this family.

How Does Rapid Finance Work?

The proprietors of businesses that Rapid Finance works with can get a company credit line. This provides them with constant access to funds. You just have to pay interest on the amount of money that you borrow when you use a line of credit. This is because it gives you access to funds whenever you require them.

Rapid Finance Business Loans

When your business has a stable cash flow and would prefer to make regular payments, a business loan rate may be an option to consider. Loans from Rapid Finance include both unsecured business term loans and fixed options.

How to Qualify for Rapid Finance Business Loans

When deciding whether to give a Rapid business loans application for a business loan, more than just the applicant’s credit score is taken into account. Lenders’ lending criteria vary, but income or other proof of the business’s willingness to repay loans is a common one. Whilst it won’t guarantee your loan, ensuring to meet the criteria below will help you determine if you’re a good candidate for rapid business loans.

#1. Estimated Credit Scores

The minimal credit score required by Rapid Finance for business loans is unknown. Although some Rapid Finance reviews state that a 560 credit score is all that’s needed to qualify. However, we advise keeping a solid personal rating (at least 770) to increase your chances of getting the best terms possible.

#2. Business Time

There is no information on how long a business must be in operation before Rapid Finance will approve it. Most business lenders want a business to have been open for at least one or two years. However, some will consider businesses that have been running for as little as six months.

Rapid Finance makes it clear that you’ll need bank records from the last 3 months. This means that your business will have to have been open for at least that long.

#3. Budgetary Needs Annually

There is no stated annual revenue floor for applying to Rapid Financing. The typical yearly revenue requirement for a business loan is between $60,000 and $350,000.

Application Procedure for Rapid Finance Business Loans

Rapid Finance’s online quote process is made to be quick and simple to fill out. Depending on the sort of loan you’re looking for, you may have to meet different conditions. However, in most cases, you’ll require:

Organizational bank account information and account numbers
Documentation of your identity, such as a passport or driving licence
A minimum of the last 3 months of bank statements

Generally, Rapid Finance will examine the details of your application. If more information is needed, a representative will get in touch with you. If you get a loan from Rapid Finance, the money will be sent to the business bank account you listed on your application. Also, Rapid Finance could give you the money for your loan in as little as a few seconds or as long as a few hours after approval.

Rapid Finance Loan Requirements

When you want to apply for a loan with Rapid Finance, one of the first requirements is to fill out a straightforward online form. Rapid Finance will assess you on a variety of topics, including the number of years you’ve been in business, your net turnover, the proportion of your income that comes from credit cards, and your credit rating. After that, it will give you the maximum amount for which you may prequalify. Rapid Finance will process your loan application once you have chosen how much you want to borrow, given more information, and give your Social Security card number.

In addition, business owners who are constantly on the move can simply submit a loan application without having to be physically present in the workplace by using the Rapid Finance mobile app. However, that wasn’t the case with every lender that we looked into. For instance, Crest Capital, another company that offers same-day lending, does not provide an iOS or Android application alternative on its website. This is a great option for customers with less-than-perfect credit, as the lender is flexible and doesn’t demand a lot of paperwork.

Rapid Finance doesn’t state on its website what the specific requirements are for a business to get a loan. However, to be eligible for a loan from this service, you will need to meet the following requirements:

Tax identification number for your firm
Bank statements for the most recent three months.
A form that has been filled out completely.

In essence, take notice that the following list of applicant requirements is not exhaustive for any of the consumer loan that Rapid Finance offers. SBA loans and loans for commercial real estate in particular will have to follow stricter rules.

Loan Terms and Its Types

Rapid Finance offers commercial loans between $5,000 and $10,000,000 for companies of all sizes. From four to seventy months can be used to pay off debts.

This lender offers lending, credit lines, bridge loans, SBA loans, supplier bills, retail money transfers, investment loans, commercial property loans, and medical personal loans. The money could be used to buy things or hire people.

It also offers loans to small businesses at a set interest rate and with payment terms of daily, biweekly, or monthly. Automatically, the amount is taken out of your bank account. This prevents you from missing any payments, which could have a negative impact on your credit rating.

Split percentages or depreciation amounts are what Rapid Finance will take from each month’s credit card transactions in exchange for a commercial payday loan. Borrow up to $200,000 with terms of 3, 6, or 18 months. The flexibility to pay back your loan on a regular, biweekly, or monthly schedule is another perk of using Rapid Financing.

Rapid Finance Reviews

The general tenor of the customer reviews for Rapid Finance has been quite favorable. The FTC has given the company an A+ grade, and the watchdog website has a lot of good reviews. In the past three years, only four customer complaints have been filed. While critical acclaim from experts is more nuanced, most agree that Rapid has a solid reputation.

The Positive Reviews of Rapid Finance

Here is a compiled list of the positive reviews of Rapid Finance:

#1. Fast Funds

Several customers say they got their money after just a day or two of applying. However, a few say they got it on the exact day they registered.

#2. Excellent Discounts in Relation to the Competition

Several clients have discovered that Rapid’s rates are more competitive than those of other business financiers.

#3. Fast and Simple Application

The majority of applicants liked how simple and fast the procedure was.

#4. Great Customer Service

Many people liked how well the service worked for the users. Lastly, it has a large number of loyal consumers who have been using its services for many years.

The Negative Reviews of Rapid Finance

Below is a list of the various negative reviews of Rapid Finance:

#1. Experiencing Trouble Obtaining Approval

Some customers have stated that the clearance procedure took significantly longer than they had anticipated. Also, some clients stated that it eventually did not result in approval, notwithstanding the crew’s claims.

#2. Quite Costly

There is a possibility that you will wind up paying quite a substantial amount of money monthly for the short-term loan. This could be in the form of income, fixed costs, or, in some cases, costs that the consumer did not expect and are called “hidden.” The loan ended up costing the reviewers significantly more money than they had previously anticipated.

#3. There Is No Automatic Discount Applied for Making Early Payments

Rapid Finance, in contrast to several other providers of short-term loans, does not automatically provide a discount of any kind to customers who repay their loans ahead of schedule. However on demand, they will give you a 30% discount on the costs of the loan if you pay it back in full within 120 days.

#4. Customer Service

Several consumers stated that they were unable to get in touch with their representatives when they required assistance.

Rapid Finance Solutions

Tyler Technologies, the world’s preeminent supplier of integrated software and technology solutions to the public sector, has welcomed Rapid Finance as a new employee.

So, if your company uses Rapid Finance as a service, it will have a full set of solutions for fintech, payments, and engagement. It also provides customers with more options and solutions they require. Thus, Rapid Finance offers solutions like:

#1. Financial Technology Solutions( Fintech)

This is one of the solutions of Rapid Finance. The administration of electronic payments, processing and settlements, e-wallets, and other services are all becoming increasingly common.

#2. Payment Processing

It can fulfill all of your requirements for merchant services since it acts as a payments facilitator, often known as a PayFac.

#3. Card Issuing

Single-transaction pre-paid card loads, in addition to a restricted number of reloadable use cases

Lastly, is the mobile participation for one-time, occasional, and ongoing events

Is Rapid Finance legit?

Yes, it is. This is because the Better Business Bureau has awarded Fast Finance an A+ rating, while Trustpilot users have given the company an outstanding rating of 4.9 out of 5 stars, giving it an excellent overall score.

What Is the Minimum Credit Score for Rapid Finance?

Some reviews suggested that a minimum credit score of 550 is necessary. However, we encourage keeping an excellent personal credit score of at least 670. This is done so that they can get better terms, like low interest rates.

Does Rapid Finance Do a Hard Pull?

It is likely that it will perform a hard credit pull as part of its application assessment process.

Over and Out

Rapid Finance provides a great range of services for small business owners, such as retail cash payments, asset loans, and other loans for small businesses. The organization provides several different financing options, has a straightforward application procedure, works with borrowers with bad credit, has fast turnaround times for approval and money, and has decent customer service. A Rapid Finance loan could be an ideal option for consumers in need of a reliable online lender. This is also perfect for managers who own businesses with a monthly income of $4,000 or more and a minimum of seven months in business.

References

businessnewsdaily.com
forbes.com
rpdfin.com
merchantmaverick.com