Rapid Capital: Funding for Small Businesses
offers funding as soon as the same day to business owners in need of quick cash. It provides working capital loans, equipment loans and leases, franchise loans and Chapter 11 bankruptcy financing.
Like many alternative small business lenders, it doesn’t provide many details about how these loans work. To add an additional layer of confusion, there’s another similarly-named lender called Rapid Capital Funding — but it’s not related to . Nor should it be confused with small business lender .
Rapid Capital funding options
offers a range of different products, such as loans for working capital (startups included) and franchise loans, as well as financing for Chapter 11 bankruptcy, equipment and even vendors. We spoke with a company representative who declined to say how much these products cost and stated that the finance charges vary depending on your credit.
Here are the details of website and customer service representatives, but may not reflect all rates and terms the lender may offer you:
| Amount | Rate | Terms | |
|---|---|---|---|
| Equipment Financing | Varies, but may average at least . | Up to months | |
| Working Capital | Varies, but may average at least . | Up to months | |
| Franchise Financing | Varies, but may average at least . | Up to months |
Equipment financing
offers two different options for people who need more equipment for their business: equipment loans and equipment leases. You can get financing for up to 100% of the purchase price of the equipment, so you may not need to make a down payment. Keep in mind, however, that using a down payment is always a good idea so that you’re able to pay off the loan quicker and have equity from the start.
Working capital
Working capital loans are used to cover the day-to-day costs of running your business, such as payroll or supplies. also has two additional products related to this: Startup financing for new businesses, and bankruptcy financing for businesses that have filed for Chapter 11 bankruptcy.
Franchise funding
Opening up a new Domino’s or Taco Bell? Franchises aren’t cheap, but also offers funding for buying a franchise if you’re in need of cash. In particular, is also able to provide financing during especially challenging times, such as when you’re first getting started or expanding out to new locations. may also work with another associated lender if the company itself isn’t able to help you.
Rapid Capital funding: Pros and cons
Pros
- Same-day funding
- Personalized financing
- No minimum credit score needed
Cons
- Lender is not very transparent
- These types of lenders have a reputation for being very expensive
Should you apply for financing through Rapid Capital?
If you literally need money for your business today, is one option. Quick-turnaround lenders have a reputation for being elusive with the details, which often allows them to hide ultra-expensive rates. certainly fits that picture because it offers scant tangible information, but without any confirmation on rates, we can’t know for sure.
What we can say though is that they are worth contacting if you need short-term funding solutions. But they’re definitely not your only quick cash option so we’d recommend shopping around with multiple business lenders.
Rapid Capital funding requirements
- Minimum credit score required: None
- Time in business required: None
- Monthly revenue required: $5,000
- Collateral required: Can use collateral for loans
.
If you have a new business and you’re interested in its Startup Funding product, it’s important to know that there is no “time in business” requirement, though that might not be the case for all products. However, you will need to bringing in at least $5,000 per month in order to apply for funding.
How to apply for Rapid Capital
The easiest way to apply for funding or to check your options with is to call the company at 929-499-3429. You can also fill out a form on ’s website to request someone to get in touch with you, or apply through an online application form. You will need to provide your business details, tax ID number and banking details. Alternatively, there is a mail-in form that you can print off and send in.