Rapid Finance Small-Business Loans Review
Rapid Finance is an online lender that provides multiple financing options for established small-business owners who can’t qualify for bank loans.
Overview
The bottom line:
Rapid Finance offers funding starting at $5,000 for small-business owners with two to three years of operating history. Its streamlined application process can provide funds quickly to approved borrowers, but if you have questions before applying, you may find it hard to get in touch with customer support.
Loan details
Min. Loan Amount
$5,001
Min. Term Length
3 months
Max Loan Amount
$1,000,000
Max Term Length
5 years
Qualifications
Min. credit score
650
Min. Time in Business
3 years
Min. Annual Revenue
$120,000
Pros & Cons
Pros
Wide variety of business financing options available.
Potential to receive funding within 24 hours.
Simple application process.
No prepayment penalties.
No collateral required.
Cons
Website provides limited information on eligibility and loan terms.
Customer service can be difficult to reach, in our experience.
Automatic payments may impact cash flow.
Long time-in-business requirements.
Small business loan comparison
Compare to other loans
Min. credit score
600
Min. credit score
625
Min. credit score
570
Min. Time in Business
3 months
Min. Time in Business
12 months
Min. Time in Business
6 months
Need more options? Check our picks for best small business loans of 2025
Editor's note: While Rapid Finance offers other types of business loans, this review focuses on its business term loan, line of credit and merchant cash advance (MCA).
Rapid Finance is a Maryland-based online lender offering small-business loans
Rapid Finance is best for borrowers who:
- Need fast funding. You can apply online and, if approved, receive funds in just a few hours.
- Prefer to build a relationship with a single lender. With multiple financing options available, Rapid Finance is a convenient choice for business owners who want to work with a single lender for current and future financing needs.
- Have an established businesses, but can’t qualify for bank financing. You’ll need a minimum of 24 to 36 months of operating history to qualify for funding from Rapid Finance, which is similar to the time in business requirement from many banks. However, if your credit score is keeping you from receiving bank funding, then Rapid may make sense for you as it accepts borrowers with fair or bad credit (depending on the loan product).
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
Rapid Finance loan features and requirements
Here’s what you can expect from Rapid Finance’s term loan, line of credit and merchant cash advance.
Rapid Finance term loan
| Loan amount | $5001 to $1 million. |
| Estimated APR | Not disclosed. |
| Fees | No prepayment penalty. |
| Terms | 3 to 60 months. |
| Repayment schedule | Daily, weekly or monthly. |
| Funding speed | As fast as 24 hours. |
| Minimum requirements | |
| Credit score | 650. |
| Time in business | 36 months. |
| Annual revenue | 120000. |
Rapid Finance line of credit
| Loan amount | $5001 to $250000. |
| Estimated APR | Not disclosed. |
| Fees |
|
| Terms | 3 to 18 months. |
| Repayment schedule | Daily, weekly or monthly. |
| Funding speed | As fast as 24 hours. |
| Minimum requirements | |
| Credit score | 620. |
| Time in business | 24 months. |
| Annual revenue | 150000. |
Rapid Finance merchant cash advance
| Advance amount | $5000 to $500000. |
| Estimated factor rate | 1.12 to 1.50. |
| Fees | No prepayment penalty. |
| Terms | On average, borrowers repay their advances in 3 to 18 months. |
| Repayment schedule | Daily or weekly. |
| Funding speed | As fast as 24 hours. |
| Minimum requirements | |
| Credit score | 600. |
| Time in business | 36 months. |
| Annual revenue | 120000. |
» Learn more about different types of business loans
Rapid Finance application process
Rapid Finance offers an online application. In addition to basic information about your business, like your legal structure and how long you’ve been in operation, you’ll be asked to provide the following:
- A valid form of identification such as a driver’s license or passport.
- Business bank account and routing numbers.
- Last three months of business bank statements.
- Last three months of credit card statements (for MCA).
Rapid Finance will then review your application and reach out for additional information (if needed). If approved, funds will be sent to the business bank account you provided. This could happen in as little as a few minutes or in a few hours after approval.
Where Rapid Finance stands out
Streamlined application process
Rapid Finance requires minimum information to complete its online application. While you may have to provide additional information during underwriting, applicants typically receive a response within 24 hours of submission. This simplified application process can be particularly beneficial for small-business owners who need fast funding to manage an emergency or invest in a new growth opportunity.
» MORE: Best fast business loans
Variety of funding options
Rapid Finance offers a variety of small-business financing products — something not every lender does — including lines of credit, term loans, MCAs, commercial real estate loans, bridge loans, and asset-based loans
Where Rapid Finance falls short
Customer support may be spotty
While Rapid Finance provides several phone numbers and email contacts on its website, actual support may be unreliable. Despite more than a dozen outreach attempts over two months, NerdWallet was unable to reach customer support. Emails received no response, and phone calls were directed to voicemail without follow-up. This may serve as a red flag for prospective borrowers considering Rapid Finance.
Won’t finance startups or newer businesses
Rapid Finance has stricter time-in-business requirements than many other online lenders. Its term loan and MCA require at least 36 months in business, while its line of credit requires a minimum of 24 months. In contrast, lenders like National Funding OnDeck
» MORE: Best startup business loans
Automatic payments from business accounts
Rapid Finance’s term loan, line of credit and MCA all require automatic repayments, which means the payment amount will automatically be withdrawn from your business bank account. While this may be convenient for some borrowers, other borrowers may prefer to have control over when payments are made, especially if they have inconsistent cash flow. If there’s not enough cash in the account when the payment is taken, a borrower might have to pay overdraft fees, which can add up quickly.
Website lacks transparency
Although the website includes dedicated pages for each financing option, Rapid Finance provides minimal information about borrowing costs and eligibility requirements. This lack of detail can make it tricky for small-business owners to compare offers or determine whether they’re likely to qualify before applying.
Alternatives to Rapid Finance
Fora Financial
Alternative to Rapid Finance’s term loan.
Fora Financial offers a more accessible term loan option for newer businesses and bad-credit borrowers. Applicants may qualify with a credit score as low as 570 and just 6 months in business. In contrast, Rapid Finance requires a credit score of at least 650 and 36 months in business. However, Fora Financial’s minimum annual revenue of $240000 is twice as high as Rapid’s, and Fora offers much shorter maximum loan terms (18 months versus 60 months).
Headway Capital
Alternative to Rapid Finance’s line of credit.
Headway Capital’s line of credit is a flexible alternative for newer businesses with modest funding needs. It requires only 6 months in business and $50000 in annual revenue — less than Rapid Finance’s 24-month and $150000 line of credit minimums. However, Headway Capital’s maximum credit limit caps at only $100000, compared to Rapid Finance’s higher limit of $250000.
Giggle Finance
Alternative to Rapid Finance’s merchant cash advance.
Giggle Finance’s MCA may be a good fit for independent contractors or gig workers in need of quick access to $10000 or less. Its MCA requires only 3 months in business. However, it charges a high origination fee and doesn’t accept businesses based in New York, California or Oregon.
» Want more options? Check out our list of best online business loans
Frequently asked questions
Frequently asked questions
Rapid Finance says it has issued over $3 billion in business financing. Since 2010, the lender has been accredited by the Better Business Bureau, where it has an A+ rating.
Rapid Finance requires businesses to be operational for at least three years to qualify for its term loan, which does not make it a startup business loan option