Broker
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

RapidFunds

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About Company

RapidFunds.ca, a Canadian brokerage services company dedicated to finding short-term personal loans for their clients, offers efficient solutions for emergency cash needs. With a swift approval process, often responding to loan applications within an hour, the company prioritizes rapid access to funds. Once approved, funds are typically deposited into the borrower's account within 24 hours, assisting individuals and families in managing unexpected expenses or bridging financial gaps. 

Notably, RapidFunds.ca stands out for its accessibility, as the application process does not require a credit check; instead, the company verifies employment and banking information, catering to individuals with diverse credit backgrounds. The repayment terms offered by RapidFunds.ca are straightforward, ranging from 12 weekly payments to 6 semi-monthly payments, providing flexibility to borrowers. However, it's essential to consider the associated costs, as RapidFunds.ca's loans carry a maximum APR of 32%.

RapidFunds

Key Features

  1. Rapid Approval Process. RapidFunds.ca boasts an expedited approval process, with most loan applications receiving a response within the hour. This quick turnaround time helps individuals access funds swiftly during urgent financial situations.

  2. No Credit Check. Unlike traditional lenders, RapidFunds.ca does not require a credit check for loan approval. Instead, the company verifies employment and banking information, making its short-term loans accessible to individuals with varying credit histories.

  3. Fast Funding. Once approved, funds are typically deposited into the borrower's account within 24 hours, providing immediate access to much-needed cash. Some loans may even qualify for same-day funding, offering additional convenience during emergencies.

  4. Flexible Repayment Options. RapidFunds.ca offers flexible repayment terms to accommodate different financial situations. Borrowers can choose from options such as 12 weekly payments, 6 bi-weekly payments, or 6 semi-monthly payments, allowing for personalized repayment schedules.

  5. Security and Confidentiality. With a focus on customer privacy, RapidFunds.ca ensures a secure and confidential loan application process. Borrowers can trust that their personal and financial information is handled with discretion, providing peace of mind during the borrowing experience.

Pros and Cons

Pros

Financial Accessibility. RapidFunds.ca's service bridges the gap for individuals facing financial emergencies or unforeseen expenses, offering a lifeline to those who may not have access to traditional lending options due to credit constraints or time-sensitive situations.

Stress-Free Application. By eliminating the need for a credit check and simplifying the application process, RapidFunds.ca minimizes the stress associated with seeking financial assistance. This user-friendly approach ensures that borrowers can navigate the lending process with ease and confidence.

Peace of Mind. With the assurance of swift funding and flexible repayment plans, RapidFunds.ca provides peace of mind to borrowers, allowing them to address immediate financial needs without the worry of lengthy approval times or rigid payment schedules.

Confidential Support. RapidFunds.ca prioritizes customer privacy, offering a discreet and confidential platform for obtaining short-term loans. This commitment to confidentiality fosters a sense of trust and security, encouraging individuals to seek assistance without fear of judgment or privacy breaches.

Cons

Potential for Higher Costs. While RapidFunds.ca provides quick access to funds, borrowers should be aware of the associated costs, including interest rates and fees. Depending on the repayment terms and amount borrowed, the total cost of credit may be higher compared to other financing options.

Limited Loan Amounts. RapidFunds.ca imposes maximum and minimum loan amounts, which may not meet the financial needs of all borrowers. Individuals requiring larger sums may find the company's lending limits restrictive, necessitating alternative sources of funding.

Risk of Debt Cycle. Short-term loans can become a financial burden if not managed responsibly. Borrowers should exercise caution to avoid falling into a cycle of debt, especially given the relatively high APR and strict repayment schedules associated with RapidFunds.ca's loans.

Dependency on Borrowing. While RapidFunds.ca offers a convenient solution for immediate cash needs, frequent reliance on short-term loans can indicate underlying financial instability. Borrowers should assess their financial situation carefully and explore sustainable alternatives to avoid long-term dependency on borrowing.

Reliability

While there is limited external feedback available, the company provides a user-friendly online application process and emphasizes swift approval times, typically responding to loan applications within the hour. With a focus on accessibility, RapidFunds caters to individuals with diverse credit backgrounds, offering loans without the need for a credit check. While testimonials on their website indicate positive customer experiences, additional information regarding certifications or external reviews is not readily available. 

How to Apply for a RapidFunds Loan?

  1. Online Application. Visit the RapidFunds website and fill out the online loan application form. Provide accurate personal, employment, and banking information as required.

  2. Phone Application. Alternatively, you can call RapidFunds at 1-888-539-6916 to speak with a representative and complete your loan application over the phone. Be prepared to provide the necessary information during the call.

  3. Email Application. If preferred, you can email your loan application to [email protected]. Include all required information and documents as attachments to expedite the process.

  4. Provide Required Documents. To speed up the loan process, have your required documents ready. These may include proof of identification, proof of income, and bank statements. Submit these documents promptly upon request.

  5. Await Response. After submitting your application, await a response from RapidFunds. The company typically responds to applications within the hour, informing you of the status of your loan application.

  6. Follow Guidance. If your loan application is approved, RapidFunds will guide you through the next steps of the process. This may include verifying information and confirming your preferred repayment plan.

  7. Receive Fund. Upon approval and verification, funds will be deposited into your bank account within 24 hours in most cases, providing you with the financial assistance you need in a timely manner.

Conditions and Requirements

Conditions

  1. Loan Purpose. Applicants may need to specify the purpose of the loan, such as debt consolidation, home improvement, or emergency expenses.

  2. Loan Amount. There may be minimum and maximum loan amounts that applicants can qualify for.

  3. Repayment Terms. Applicants should be aware of the repayment terms, including the duration of the loan and the frequency of payments.

  4. Interest Rates and Fees. Applicants should understand the interest rates and any associated fees, such as origination fees or late payment penalties.

  5. Financial History. RapidFunds may consider the applicant's financial history, including past loans and repayment behavior.

  6. Legal Requirements. Applicants must meet all legal requirements and regulations governing personal loans in Canada.

  7. Documentation. Applicants may need to provide documentation, such as proof of identity, proof of income, and proof of address, to complete the loan application process.

  8. Approval Process. Loan approval is subject to meeting all eligibility criteria and may vary based on individual circumstances.

  9. Communication. Applicants should be reachable via phone and email in case RapidFunds requires additional information or clarification during the application process.

Requirements

  1. Age. You must be 18 years of age or older.

  2. Minimum Income. You should have an after-tax (net) salary of at least $1200.00 per month.

  3. Employment History. You must have been employed with the same employer for the last 2 months.

  4. Proof of Identity. Present proof of identity with a photo ID such as a Driver's License, Medicare Card, or Passport to verify your identity.

  5. Proof of Address. Provide proof of your home address using documents such as a Cell Phone bill, Cable bill, Hydro bill, or similar official documents.

  6. Residency. You must be a resident of Canada.

  7. Bank Account. You must have a Canadian bank account.

  8. Payment Method. Your salary should be paid by direct deposit into your bank account.

  9. Financial Status. You must not be currently in bankruptcy or a consumer proposal.

  10. Future Financial Plans. You must not be planning to declare bankruptcy or a consumer proposal in the near future.

Ways to Receive the Money

  1. Direct Deposit. The most common method is via direct deposit into the applicant's Canadian bank account. Once the loan is approved, the funds are transferred electronically and typically become available within 24 hours.

  2. Interac e-Transfer. Alternatively, RapidFunds may offer the option of receiving the loan funds through Interac e-Transfer. This allows for quick and convenient transfer of funds directly to the applicant's email address, which can then be deposited into their bank account.

  3. Cash Pickup. RapidFunds may also offer the option for applicants to pick up the loan funds in cash from a designated location. This method is suitable for individuals who prefer immediate access to the funds and do not have a bank account for electronic transfers.

  4. Prepaid Debit Card. Another possibility is receiving the loan funds loaded onto a prepaid debit card. This option allows for easy access to the funds and can be used for purchases or withdrawals at ATMs.

Products

RapidFunds as a Canadian brokerage services company offers a range of short-term loan products designed to provide fast and convenient financial solutions to individuals facing unexpected expenses or cash flow challenges. With quick approval processes and flexible repayment options, their loans can help borrowers bridge the gap between paychecks or cover emergency expenses with ease. Whether it's for unexpected medical bills, car repairs, or utility payments, RapidFunds' products are accessible to a wide range of applicants, including those with varying credit backgrounds. 

Reasons for Getting Rejected for a RapidFunds Loan

  1. Bankruptcy or Consumer Proposal. Applicants currently in a bankruptcy or consumer proposal may be rejected due to their unstable financial situation.

  2. Unstable Employment. Lack of stable employment or unemployment can result in rejection as it indicates a higher risk of defaulting on the loan.

  3. Incomplete or Incorrect Documentation. If the required documents are incomplete or the information provided is inaccurate, the application may be rejected due to inability to verify key details.

  4. Multiple Outstanding Loans. Having several outstanding short-term loans suggests financial strain and may lead to rejection as it increases the risk of overextension and default.

  5. Returned Payments (NSF). Multiple returned payments (NSF) in the applicant's bank account signal financial instability and may result in rejection.

  6. Inadequate Salary to Cover Expenses. If, after the approval process, it's determined that the applicant's salary is insufficient to cover the loan expenses, the application may be rejected to prevent further financial strain.

  7. Unable to Confirm Employment. Inability to confirm employment may lead to rejection as it prevents verification of the applicant's income and stability.

How to Repay a RapidFunds Loan?

  1. Review Loan Terms. Familiarize yourself with the terms of your loan, including the repayment schedule, payment amounts, and due dates. This information will help you plan and budget accordingly.

  2. Automatic Withdrawal. RapidFunds offers the option for automatic withdrawals from your bank account on the scheduled payment dates. Ensure that you have sufficient funds available in your account to cover the payments.

  3. Online Payment. Alternatively, you can make payments online through RapidFunds' website or customer portal. Log in to your account and follow the prompts to initiate a payment using your preferred payment method.

  4. Phone Payment. If preferred, you can make payments over the phone by calling RapidFunds' customer service line. A representative will assist you in processing the payment securely.

  5. Mail Payment. Some borrowers may choose to mail in their payments using a check or money order. Be sure to include your loan account number and payment stub to ensure proper processing.

  6. Early Repayment. If you wish to pay off your loan early, contact RapidFunds to inquire about early repayment options. Depending on the terms of your loan, you may be able to save on interest by paying off the loan ahead of schedule.

  7. Keep Record. Maintain records of your loan payments, including payment confirmations and receipts, for your records. This will help you track your progress and ensure that all payments are accounted for.

Alternatives

Eastern Loans

Eastern Loans presents itself as a viable choice for individuals seeking smaller, short-term loans, offering a clear 23% APR and no penalties for prepayment. Its appeal lies in its accessibility, as it does not mandate a credit history check and provides same-day funding. While it offers advantages such as transparent APR and round-the-clock customer support, potential limitations include restricted loan amounts and the lack of a dedicated mobile application. Nonetheless, Eastern Loans' dedication to inclusivity and expedited borrowing procedures effectively meets the urgent financial requirements of individuals, as evidenced by its provision of same-day funding.

DMO Credit

DMO Credit provides efficient financial solutions through a simplified application process that omits credit checks, guaranteeing swift access to funds, frequently with same-day funding. Catering to eight Canadian provinces, DMO Credit offers extra benefits and discounts, though it may have downsides such as a comparatively higher APR range and the lack of round-the-clock customer support. Nonetheless, due to its rapid processing and availability of same-day funding, DMO Credit remains a pragmatic option for individuals encountering pressing financial requirements.

GoDay

GoDay distinguishes itself by offering inclusive personal loan options, extending approval to individuals with credit scores below 620 and providing access to loans of up to $15,000. With round-the-clock customer support and favorable TrustPilot ratings, it serves as a versatile solution for various financial needs. Additional perks and the option for same-day funding further enhance its appeal. However, it's important to note the lack of disclosed Annual Percentage Rate (APR) details, the absence of a mobile app, and the potential for late payment fees. Eligibility extends across eight provinces, and co-signer applications are also accepted. Despite these considerations, GoDay effectively caters to diverse personal needs and offers the potential for same-day funding to address urgent financial requirements.

Vancity

Vancity, a credit union dedicated to serving residents of British Columbia, provides the Fair & Fast Loan with competitive features. Setting itself apart from traditional lenders, Vancity does not require a credit check, widening access to a diverse range of borrowers. With a lower APR of 19.00%, loan amounts ranging from $100 to $2,500, and flexible terms spanning from 2 weeks to 24 months, Vancity ensures rapid approval and funding, often on the same day. However, individuals with riskier financial profiles may encounter challenges in approval, and the services are limited to BC residents, not extending across Canada. Nevertheless, Vancity upholds a reputation as a reputable lender, placing emphasis on fairness, efficiency, and accessibility in its loan offerings.

Editorial Opinion

RapidFunds, a Canadian brokerage services company, appears to fill an important niche in providing swift financial assistance to individuals facing urgent cash needs. While the scarcity of external reviews raises questions about its overall reputation and customer satisfaction, the company's emphasis on accessibility, quick approval processes, and flexible repayment options suggests a commitment to meeting the diverse needs of its clientele. However, the absence of information regarding certifications or external accreditation leaves room for transparency improvement. Despite this, RapidFunds' focus on security and confidentiality underscores its dedication to maintaining trust and privacy throughout the lending process. As with any financial service, potential borrowers should exercise caution, thoroughly review terms, and seek additional information as needed before engaging with the company.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

Does RapidFunds approve everyone?

RapidFunds does not guarantee approval for all applicants. While the company aims to provide accessible financial solutions, approval is subject to meeting certain eligibility criteria, including minimum income requirements, stable employment history, and other factors. Additionally, RapidFunds conducts assessments to ensure responsible lending practices and may decline applications that do not meet their lending criteria.

Is RapidFunds a legitimate company?

Yes, RapidFunds is a legitimate Canadian brokerage services company offering short-term loan services. The company provides financial assistance to individuals facing urgent cash needs, with a focus on accessibility, quick approval processes, and flexible repayment options. While external reviews and certifications may be limited, RapidFunds prioritizes security and confidentiality throughout the loan process, demonstrating a commitment to maintaining trust and privacy. As with any financial service, potential borrowers should conduct due diligence, review terms carefully, and seek additional information if needed before engaging with the company.

What credit score do I need to get a RapidFunds loan?

RapidFunds does not require a specific credit score for loan approval. Unlike traditional lenders, RapidFunds evaluates loan applications based on various factors beyond credit history, such as income, employment stability, and overall financial health. While a poor credit score may not necessarily disqualify applicants, meeting minimum income requirements and demonstrating the ability to repay the loan are essential for approval. RapidFunds aims to provide accessible financial solutions to individuals with diverse credit backgrounds, making it possible for those with less-than-perfect credit to qualify for a loan.

Company documents

Privacy Policy
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Our goal is to find you a personal loan no matter what your credit report looks like.

© RapidFunds.ca
Financial products
RapidFunds
Installment Loan
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
$500 - $1,000
Rate
i

Effective interest rate on the product

up to 32% APR
Term
i

Loan term for the financial product

84 to 90 days
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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1000
up to $10.000
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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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300
650
1000
$500-$15,000
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Effective interest rate on the product

up to 46.96%
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Loan term for the financial product

up to 60 months
Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

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Rating by Finanso®
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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
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650
1000
500.00 – 1500.00 C$
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Effective interest rate on the product

to 18.99 %
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