Rapid Finance
Rapid Finance
Founded in 2005, Rapid Finance is a non-bank online lender based in Bethesda, Maryland. The company offers finance options to small business owners, in which the funding process is kept direct. Underwriting is conducted by the company itself, and they supply the funds by own-bank financing. The ownership of Rapid Finance was transferred in 2013 to Rockbridge Growth Equity, which is based in Detroit. Medicine, dental, manufacturing, etc are some of the business areas they encourage clients to invest in. Business owners with either strong or imperfect credit are financed by Rapid Finance.
This company claims it is not bothered if borrowers are likely to pay off their loans. In order to get approved for financing, a borrower needs to have proof of steady monthly revenue, and at least one year in business. SBA Bridge loan and business line of credit are offered to eligible borrowers. Merchant cash advances are not given to new businesses, and this is the same as for startups which have not started generating any revenue. There is a possibility of upgrading to acquire Premium Merchant Cash Advance, once you complete three years of business. The main criteria for their financing include a reasonable credit score, better cash flow history, and decent past performance.
