Rapid Finance Merchant Cash Advance Review 2023
Loan Amount
Factor Rate
Terms
Min Credit
Time to Fund
Company Profile
Rapid Finance is a company committed to empowering small businesses with fast, transparent, and tech-enabled financing solutions. The company prides itself on its company culture that thrives on open communication, where everyone's voice is heard across all levels of the company, from team members to executives. They are a high-energy team working together to help small businesses grow and positively impact the communities they serve. Rapid Finance has a strong commitment to small businesses, providing custom financing that enables long-term growth and success for their unique business needs.
Products & Services
Rapid Finance offers a variety of financing solutions tailored to the needs of small businesses. These include Small Business Loans, Merchant Cash Advances, Lines of Credit, Bridge Loans, SBA Loans, Invoice Factoring, Asset-Based Loans, and Commercial Real Estate Loans. Each of these products has its own unique features and benefits, designed to meet the diverse needs of small businesses. For example, their Small Business Loans start at $5,001 and go up to $1 million, with terms ranging from 3 months to 60 months. On the other hand, their Merchant Cash Advances start at $5,000 and go up to $500,000, with flexible payments based on a percentage of the business' credit card sales or other receivables.
Pros and Cons
Pros:
1. Variety of financing options to meet diverse business needs.
2. Fast funding process, with funds received within hours of approval.
3. Customized financing solutions tailored to the specific needs of small businesses.
4. Flexible payment options, including automatic withdrawal from the business bank account.
5. Strong commitment to empowering small businesses and supporting their growth.
Cons:
1. Information about rates and fees is not readily available on the website.
2. Some financing options may require collateral.
3. The application process may be complex for some users.
4. Certain financing products may require a high credit score.
5. The company's services may not be available in all states.
Ideal Customer
The right type of customer for Rapid Finance is a small business owner who needs fast, flexible, and transparent financing solutions. This could include businesses that need to bridge a gap in cash flow, capitalize on a new opportunity, or complete a big job. It's also suitable for businesses that have high credit card sales or other receivables, as they can benefit from the company's Merchant Cash Advance product.
Required Documentation
The specific documentation required for funding is not explicitly stated on the website. However, it is typical for lenders to require business and financial documents such as bank statements, tax returns, and financial statements. It's recommended to contact Rapid Finance directly for specific information on the required documentation for their various financing solutions.
Industries and Restrictions
Rapid Finance serves a wide range of industries, but the specific industries are not listed on the website. It's recommended to contact Rapid Finance directly for information on the industries they work with and any potential industry restrictions.
State of Operations
The specific states in which Rapid Finance operates and any potential state restrictions are not listed on the website. It's recommended to contact Rapid Finance directly for information on their states of operation and any potential state restrictions.
Basic Qualifications
The basic qualifications for funding are not explicitly stated on the website. However, it is typical for lenders to consider factors such as the business's financial performance, credit score, and length of time in business. It's recommended to contact Rapid Finance directly for specific information on the qualifications for their various financing solutions.
Collateral or Guarantees
The specific collateral or guarantees required for Rapid Finance's products are not explicitly stated on the website. However, it's common for some types of business financing to require collateral. It's recommended to contact Rapid Finance directly for specific information on the collateral or guarantees required for their various financing solutions.
Alternatives
While Rapid Finance offers a variety of financing solutions, there are other options available for small businesses. These could include traditional bank loans, credit cards, crowdfunding, personal loans, or grants. The best alternative will depend on the specific needs and circumstances of the business.