Rapid Finance has a variety of loan products that can provide business owners with fast funds. Its application process is straightforward and can be completed in just a few hours. In addition, the company offers same-day funding for specific products.
Many of the lender’s loan products require a personal guarantee and a UCC blanket lien on business assets. It also has a client portal that lets customers track repayment schedules.
Easy application process
There are many reasons why you may need to get fast access to cash, including unforeseen expenses and unexpected emergencies. These situations can be stressful and challenging to manage without the right resources. Fortunately, there are loan companies that can help you through these moments. These lenders offer a simple application process that can be completed online. They also provide fast funding and a low competitive rate. These loans are typically unsecured, meaning that you don’t have to put up collateral like real estate or company vehicles.
Rapid Finance has a quick application process and is one of the only business loan providers that offer same-day funding for some of its products. However, the rates and terms vary by product and borrower qualification. In addition, a borrower must provide two years of business tax returns and three months of bank statements to qualify for some products. Other requirements, such as a minimum time in business, may apply to specific loans.
The application process is simple and can be completed online or by phone. The lender does a soft pull on your credit in the pre-approval state to ensure that you are eligible for the loan. If you qualify, a hard pull will occur later in the underwriting process. Once the loan is approved, funds will be disbursed immediately. Some products require a down payment of up to 10%. Depending on the type of loan, you may be charged interest and a flat/fixed fee, which will be automatically deducted from your account each month.
Rapid Finance has an easy application process and excellent customer service, according to user reviews. Its staff is available by phone Monday through Friday from 9 a.m. to 6 p.m. ET and through live chat on its website. The lender also maintains a blog and small business funding guides that can be helpful for entrepreneurs. However, it doesn’t disclose whether it reports loan activity to credit bureaus. This information is essential for borrowers to understand, as it can impact their future credit with other lenders and personal credit scores.
Fast funding
Rapid business loans are an excellent option for small businesses that need to respond quickly to financial challenges or opportunities. These loans allow borrowers to bypass weeks- or months-long application processes at banks and can be accessed in as little as 24 hours. Once the borrower has completed the online application and agrees to the terms, funds can be wired directly into their business’s bank account within minutes of approval. The loans are unsecured, which means that there is no collateral required.
To qualify for a Rapid Finance loan, businesses must meet specific minimum requirements. These include a valid form of identification, business bank account information, and three months of business financial statements. The company also looks at more than just a borrower’s credit score, which makes it easier for businesses with less-than-perfect credit to get approved. Generally, Rapid Finance offers loans in amounts of $5,001 to $250,000 with repayment periods of up to 18 months.
The application process for a rapid finance loan can be completed online in just five minutes. Applicants will need to supply basic information such as business revenue, number of employees, and how long the company has been in business. The lender will then run a soft credit pull to determine eligibility. A hard pull will occur later in the underwriting process.
Once a borrower is approved, they can receive the funds they need to purchase equipment or cover payroll. The loans are typically repaid in installments, which can be deducted from future credit card sales or other business receivables. In addition to offering fast funding, Rapid Finance has a convenient self-service portal that allows customers to manage their accounts at any time.
Rapid Finance’s website is user-friendly and offers a clear overview of its products. It also provides a handy table that displays the different loan rates and fees for each type of product. However, there isn’t much detail on the website that helps users rate-shop, which could be a problem for some borrowers. In addition, the company’s minimum loan amount is $5,000, which could be a challenge for smaller businesses.
Asset-based loans
Unlike traditional loans, asset-based loans focus on the value of the collateral. This makes them a more flexible financing option for companies with valuable assets to offer. In addition, they usually have fewer financial covenants, which are conditions that must be met throughout the term of the loan. This can make them easier to qualify for, even for those with unstable cash flow or a rocky credit history. In addition to this, these types of loans typically have lower interest rates than unsecured business loans.
The most important qualification for getting an asset-based loan is having high-value assets, such as machinery or accounts receivables. These assets have a lower depreciation rate and can be easily converted to cash. In addition, the borrower must be able to demonstrate a robust business model and sound financial performance. The lender will also analyze the company’s financial statements, looking for stable cash flow and a healthy debt service coverage ratio.
However, these loans can still be difficult for many businesses. In many cases, the lending process is slow and arduous, while in others, it is entirely impossible. In either case, it is essential to understand the terms and conditions of these loans before applying.
One of the biggest challenges is figuring out which assets to pledge as collateral for an ABL. This can be incredibly challenging for small and medium-sized businesses. Fortunately, there are a few ways to determine the most suitable assets for your ABL. One way is to evaluate your business’s underlying receivables and inventory.
Another method is to look at your business’s historical cash flow. This is an excellent indicator of your ability to pay back the loan. In addition, it is essential to note that the loan-to-value ratio will vary depending on your credit quality and the type of collateral you use.
Finally, you should also take into account your future cash flow projections. This will help you predict whether your company is in a position to repay the loan. If not, it may be a good idea to consider alternative financing options.
Customer service
Many Rapid Finance reviews laud their customer service, citing that the company is responsive and able to guide customers through the loan application process. They are also able to provide same-day funding. In addition, the company offers a wide range of financing products to fit the needs of small business owners. For example, it offers an array of merchant cash advances, which can be paid back on a daily, weekly, or monthly basis.
The company doesn’t publish set qualifications for its different loan products on its website, but it does state that it takes more than just credit scores into account when determining eligibility. The company will perform a soft credit pull to see which of its lending options you may qualify for, and it will then give you an initial offer. Typically, this initial offer will take into account the amount you’re requesting and the terms of your loan.
For some of its products, Rapid Finance will require that you sign a personal guarantee. In addition, it will retain a UCC blanket lien on your business assets in the event of a default. However, in most cases, the lender will try to negotiate an alternative solution before taking such drastic measures.
The minimum requirements for a Rapid Finance business loan vary by product. For instance, a term loan will typically require legal identification and the business’s bank statements for the past three months. Other lending products, such as invoice factoring, will only require basic information and the receipt of eligible business invoices.
In addition to offering a variety of loan products, Rapid Finance also provides a convenient client portal. Its portal enables users to monitor their loans, make payments, and access customer support. The portal is available 24/7, and customers can contact a customer service representative via phone or email.
While most Rapid Finance reviews praise the company’s customer service, some criticize it for its high-interest rates and slow processing time. Additionally, some reviewers have complained about being denied a loan due to low credit scores or insufficient business revenue.
