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Rapid Finace Review

Matt D'Angelo
, writer
Apr 17, 2019
Image Credit: Dutko / Getty Images
> Finance

Rapid Finance provides small businesses with merchant cash advances between $5,000 and $500,000.  It also offers term loans, lines of credit, bridge loans, SBA loans, invoice factoring, asset-based loans, commercial real estate loans and healthcare cash advances. Rapid Finance has one of the most diverse loan product offerings of any company we reviewed. Rapid Finance, formerly Rapid Advance, is an ideal alternative lender because of its flexible rates and terms. Rapid Finance earns our pick for best alternative lender for merchant cash advances because of the loan amounts available, relaxed requirements and its positive reputation.

Rapid Finance

Rapid Finance

The Best Business Loan and Financing Options of 2020

The Verdict

Rapid Finance lets business owners receive up to 250% of their monthly credit card sales. This volume, combined with the company's customer service and multiple-plan offering, makes Rapid Finance our pick for best merchant cash advance lender.

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To view all our recommendations for small business financing, visit our best picks page.

Merchant Cash Advance Services

Merchant cash advances are ideal for small businesses with high monthly credit card sales. It allows businesses to get a cash advance loan on sales and then repay the loan as a percentage of credit card sales.

Rapid Finance was one of the few companies we evaluated that provided merchant cash advances between $5,000 and $500,000. Other companies advance set amounts or smaller percentages of credit card sales.

Rapid Finance provides two merchant cash advance plans, which is also a unique feature. The starter merchant cash advance has more relaxed requirements, but results in a lower advance. When we talked to Rapid Finance posing as a small business owner, they suggested the starter package is best for new businesses. Once a business borrows and completes this type of loan, they can bump up to the next plan, Premium Merchant Cash Advance. This cash advance is for businesses that are more established and features more advanced funding options.

Rates and Terms

Rapid Finance told us that the company partners with both you and your credit card processing company to work out a payment plan consisting of a percentage on your monthly credit card sales. This is known as a split percentage or holdback amount.

Rapid Finance's loan terms are relatively short. When we spoke with the company, a representative informed us that its terms can be flexible and negotiable depending on your business's situation and the loan amount. Depending on the agreement that's established, businesses that partner with Rapid Finance will have to pay back their loan within 18 months. Other types of loans and alternative lenders support prepayment options, but because merchant cash advances are linked with credit card sales each month, the company is looking to collect on those sales each month instead of a lump sum.

Rapid Finance doesn't have any additional fees, such as an origination or documentation fee. Working with Rapid Finance means you'll only be paying off principal and the set interest amount. The money loaned through Rapid Finance can be used for nearly any business-related expense, like inventory purchases, equipment needs, marketing or advertising opportunities and other short-term capital needs.  

Company Features

In addition to favorable loan terms and a good reputation, Rapid Finances' online application process is quick, and the overall qualifications make for a compelling offering.

Loan Process

When applying with Rapid Finance, you'll need to provide personal and business information, like the name of your business, the ZIP code, number of years in business, total monthly sales and information on how you plan to use the money.

If you don't want to fill out an application online, you can apply in person with a Rapid Finance salesperson. With this information, you can be prequalified. Prequalification doesn't adversely affect your credit score, and it gives you an idea of how much money you qualify for.


Rapid Finance's terms – up to 18 months – are in keeping with other lenders that provide merchant cash advances. By comparison, Balboa Capital's merchant cash advance loan product has a term that ranges from three to 18 months.


Businesses need to provide a government-issued photo ID, a voided check, three business bank statements and three credit card processing statements to qualify. Rapid Finance does not specify how much monthly credit card revenue you need to qualify; in the past, it has required $5,000 per month in revenue. This number is relatively low compared to other companies: Fora Financial, for instance, requires a monthly income of at least $12,000.  

The two specific plans break this down further. Businesses interested in starter merchant cash advances need to only be in business for three months to be considered. The premium merchant cash advance plan likely requires businesses to be in operation for at least a full year.

Rapid Finance sales representatives told us they weighted monthly income and credit score the highest when considering a loan applicant. They didn't provide a minimum requirement for credit score, instead saying all scores would be considered regardless of how high or low they were.


Rapid Finance's loans are unsecured, which means you don't have to put up collateral on the loan. The company doesn't require a UCC-1 filing, which acts as collateral on your business assets.

Time Until Deposit

Rapid Finance doesn't have a long approval time. Merchant cash advances generally have a pretty quick turnaround time. If you're looking for quick cash, this type of loan is an ideal option. 

Special Documentation

Rapid Finance requires more documentation to apply for funding compared to other lenders we reviewed. Business owners need to present photo ID, three months' worth of bank and credit processing statements, and a voided check. The company will also run a credit check on you and verify that you are an owner of the business. This documentation, while more than some other companies we reviewed, is still reasonable compared to what traditional banks or other lenders may require. To speed up your loan reviewal and approval process, it's recommended that you have this documentation ready at the time you apply for financing. 


When to Use This Type of Loan

Merchant cash advances are great for small businesses that need fast cash and have a high volume of credit card sales. Because the payment plan is tethered as a percentage of your credit card sales, you won't feel the pressure of high monthly payments during tough months.

Depending on what you need capital for, Rapid Finance has several options that make it an ideal option for small businesses looking for alternative lenders. Lines of credit can be a great option for small businesses looking to access funds whenever they need it. Its small business loan offering provides companies with access to funds ranging from $5,000 to $1,000,000, depending on the financial stability of your business. The loan term ranges from 3 to 60 months.

Reputation and Customer Service

Rapid Finance has stellar reviews on the Better Business Bureau (BBB), with more than 150 positive reviews logged on the site. As of March 2019, it's an accredited business, has five out of five stars on customer reviews and has an A+ rating from the BBB. Other companies we reviewed had significantly fewer individual reviews on BBB and a five out of five score is practically unheard of.

This lender also addressed complaints and negative reviews filed against the company, which is a great practice for any business, but not one we saw from many other lenders we reviewed. In addition to BBB reviews, Rapid Finance has solid review scores on varying review sites. We couldn't find any Google reviews, however.

To evaluate Rapid Finance's customer service, we contacted the company's sales team posing as a small business owner to learn more about its service offering. We asked about their rates and terms as well as questions about general business and loan topics. Rapid Finance representatives gave us clear, succinct answers. Even when it came to reviewing terminology and general business topics surrounding the loan, they helped us understand the various aspects of the agreement we would be entering. They didn't push for a sale or make us feel pressured to work with the company. They lived up to their claim for providing free information and offering service-related topics.


Editor's Note: Looking for a small business loan? Click the Compare Quotes button below to have our sister site Buyer Zone connect you with vendors that can help.

Rapid Finance

Rapid Finance

The Best Business Loan and Financing Options of 2020

The Verdict

Rapid Finance lets business owners receive up to 250% of their monthly credit card sales. This volume, combined with the company's customer service and multiple-plan offering, makes Rapid Finance our pick for best merchant cash advance lender.

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Matt D'Angelo
Matt D'Angelo
Matt D'Angelo is a contributor covering small business for and Business News Daily. After graduating from James Madison University with a degree in journalism, Matt gained experience as a copy editor and writer for newspapers and various online publications.