Rapid Finance Review
This review of Rapid Finance will highlight the company’s credibility and position within the industry, as well as outline the loan product features and eligibility criteria. It’s also important to explore the customer reviews too.
Rapid Finance Review in Numbers: 2020 Updated
💰 Loan Amount
|$5,000 to $1,000,000|
💸 Loan Term
|3 to 60 months|
|Unsecured and secured|
⭐ Client Reviews
🌝 Easy to Apply:
💳 Minimal Interest Rates
💌 Online Feedback:
|4.9 / 5 Trust Score on TrustPilot|
🏆 Awards and Recognition:
Rapid Finance Review Summary
Credibility - 100%
Client Reviews - 98%
Website - 97%
Compatibility - 90%
Rapid Finance is a great company. They’re extremely credible and have fantastic customer reviews. Likewise, the website is great for user experience, and the company is very transparent. The two negatives are: high starting interest rates and being unsuitable for bad credit and very young startups.
Credibility & Company Story
How Rapid Finance Started
Rapid Finance was first founded in 2005 under the name of Rapid Advance. Although the company worked under its original name for almost a decade, it was later rebranded by its founder Jeremy Brown, with hopes that the new name will better communicate the essence of the business.
Jeremy Brown holds a B.A. degree in Economics from Duke University and has years of experience in the role of President at various companies. After successfully leading Rapid Finance for 8 years Jeremy sold the company and currently holds the position of a Chairman. Rapid Finance was acquired by Dan Gilbert’s Rockbridge Growth Equity, LLC in 2013.
Currently, Rapid Finance has over 250 employees and a few locations, with the headquarters being situated in Bethesda, Maryland US. The company’s main values are entrepreneurialism, energetic atmosphere, and their team, with the core belief that developing as people and working together in harmony is just as important as their produced products.
How did Rapid Finance Grow its Presence in the Market?
As stated above, Rapid Finance has been acquired and backed by a huge Rock Family of Companies. This undoubtedly set them up with not only financial security but a wealth of partnerships and networking. Furthermore, the company has shown to adapt commercially too, as they rebranded away from the Rapid Advance name because they realized it was outdated, and didn’t encompass their services.
The company has earned an A + rating from BB and has continued to get excellent customer feedback through consistent service. Even though they haven’t expanded their location, they’ve expanded their workforce to a significant 250.
Leading Private Investors in Rapid Finance
Since 2005 when Rapid Finance was founded, the company had received 8 funding rounds. In 2013, Rapid Finance was acquired by Rockbridge Growth Equity LLC. The Rock Family of Companies includes many financial companies, but also some others, such as Genius, Cleveland Cavaliers, Fathead, and Quicken Loans. Rapid Finance is actually the new name, having been rebranded in 2019.
The Rock Family of Companies boasts over 50 companies, from gaming and hotels to real estate services. Rapid Finance is thus very strongly backed by a huge parent company and remains private.
In Detail: What Rapid Finance Does
Automatic payments are made either daily, weekly, or monthly. Again, this is impressively versatile and does accommodate different cash flow needs of different businesses. The lump-sum capital is paid back in regular installments, with a fixed fee.
Application and funding are fast, as you would expect (within a few days). A helpful feature of using Rapid Finance is that they offer a dedicated business advisor. This means that an in-house person will speak with you to help figure out what your goals are, to then find a solution that matches.
Eligibility is somewhat opaque for a Rapid Finance loan. They suggest you must be an established, revenue-generating business with a good credit history. This is up for interpretation somewhat, but it seems although they’re purposely not ruling out small, new entities who are performing well.
You’ll need a government-issued ID, a void check for the business checking account, and the last three statements from your business bank.
This loan is for temporary cash flow problems or one-off purchases. It may even be to fund a marketing campaign. There is however a bunch of different loan products on offer from Rapid Finance, such as:
- Merchant Cash Advance
- Healthcare Cash Advance
- Bridge Loan
- Line of Credit
- SBA Loan
- Invoice Factoring
- Asset-Based Loan
- Commercial Real Estate
Rapid Finance Business Loans Client Reviews
TrustPilot: 1,295 reviews, 94% ‘Excellent’, 4% ‘Great’ and only 1% ‘Bad’ — 4.9 / 5.
Rapid Finance has very impressive reviews on Trustpilot, as there is barely anything negative about the company:
“Anthony has been a great help from the start.. Thank you for helping us secure our financing!”
“I would like to commend Cameron on the high level of efficiency, professionalism and thoroughness I receive with initial interaction with your personnel. It is because of Cameron that I will look to your company as my first option when applying for a new loan in the very near future”
“Hands Down – the fastest service in lending!”
Analysis of Client Reviews:
With an amazing 98% of positive feedback and a high number of reviews – 1,295 – it is safe to say that Rapid Finance has a spotless reputation. Their clients seem to be extremely happy with how helpful and professional the team is as well as how easy and quick it is to secure financing from this company. Based on the client reviews solely, this is a no-brainer.
Rapid Finance Website Review
The Rapid Finance website is as compelling as it is unique. The home page doesn’t the only state how much you can receive in loans, but it has an interactive slider to help you get started with a quote. As you scroll down, the financial products are very smoothly laid out in a huge menu slider, where you can scroll through (plus they contain a brief description each).
The website also has great resources for small businesses, such as guides, Covid-19 guidance, and a blog. Overall, this vibrant and colorful site has just about everything — apart from an FAQ page.
Rapid Finance Loan Compatibility
StartUp: N/A. A company must be established and generating revenue, but they don’t declare how long for
Bad Credit: Not suitable, as a “good credit history” is required
Sole Trader: Accepted
Established Business: Funds of up to $1,000,000 are available, which makes it suitable to established businesses
Rapid Finance Short Review
Rapid Finance is a very reputable and credible company with excellent customer experiences. Already, that should earn your trust. The website is great, the loan size is versatile, along with their transparency and delivering on the service. The downside to Rapid Finance is that they may not be suitable for very young startups and those with poor credit. Also, the starting interest rates are higher than the competitors.
Submit an Expedited Application to Rapid Finance the link below.