Update: Read This Entire Review Before Applying for a Loan
Our Review of Rapital Capital
As a short term installment loan provider, Rapital Capital works to fund consumers that have past credit issues. With interest rates often exceeding 780% APR, our advice is to shop around before committing to a loan. This is a very expensive form of borrowing and you should only consider it if you have a true financial emergency.
What is Rapital Capital?
As more people search for Rapital Capital reviews, we felt it important to leave our own review. While there isn’t much regarding the company itself, they do offer a FAQ’s page, contact information and the application button. They do have a couple of what appear to be reviews, but they are unnamed and paired with generic photos. Warning: Beware of scam artists and loan sharks when evaluating installment loan lenders or bad credit loans in general. Near the bottom of the page, you will find all the fine print associated with the product, but we’ll go over that here in a moment. Otherwise, the webpage seems fairly straight forward with nothing too out of the ordinary.
Rapital Capital also states that they are unable to do business in every state and the list changes frequently. They state to check back and see if they are doing business in your state, but there is no where on the site that shows which states are currently eligible to apply.
How Much Will it Cost?
As stated, the product offered by Rapital Capital is an unsecured installment loan that typically is $1,000 or under. For first time borrowers, the maximum amount you may apply for is $700, but repeat customers are eligible for loans up to $1,000. Interest rates range from 550% up to 780% APR. There’s not much beyond that information related to the product. One thing you will notice is this website and company is very limited in what information they provide. Given that most of their competition has a plethora of information, you will likely find this a disadvantage.
How to Apply for a Loan
In the first portion of the application process, you will enter your name, date of birth, phone number, social security number, email and address. From there, you will enter your employment information, including income source and when you are paid. Rapital Capital does not perform traditional credit inquiries and underwrites their products in house. This means you can apply for a loan, even with a bankruptcy and not perfect credit.
In the next two sections, you will input your banking information for the account you will receive the loan proceeds. The next section is reference information and while they will not contact any of your personal contacts to qualify your loan, they do not tell you what they will be used for. The final section is regarding military service and how it may apply to your application. Once you complete those steps, you will submit your application and await approval.
How Fast Can I Get Money?
While this goes for any loan application, if you want to increase your success, the company states to only apply to one website and payoff any outstanding loan balances. As most Rapital Capital reviews state, loan proceeds deposit directly into your bank account upon approval, and you can generally expect to receive these funds within 24-hours, according to their website.
The Bottom Line
Beyond the information provided there is not much else on the website for you to explore. While others in the industry have in-depth FAQ pages and provide value to their clients, Rapital Capital seems to lack in this area. If you want to receive more information regarding their product, you will likely need to reach out via their contact information. Overall, the company seems legitimate but the lack of information on their website, it truly puts them at a disadvantage to their competition. This is the main concern with most Rapital Capital reviews. There are several businesses in this industry and while this one would likely do the trick; you might be better off looking elsewhere.
Information lacking include the ability to repay your loan early or cancellation of the loan application. Certainly this will be in your legal documents but it’s something many clients want to know upfront. Rapital Capital appears to provide all the important information but noting more. Take that for what it is and ensure you are completing your own due diligence before applying for a loan.