Article Title: How Does This Lender Stack Up?
Short Description: They are a lender that provides short term installment loans to people with bad credit. The interest rates vary from 550% to 780%, depending on your credit. But is a loan from Rapital Capital worth it in the end? We investigate...
Cost of Loan
As a short term installment loan provider, they work 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.
User Review( votes)
- Access to fast cash within 24 hours
- Decent option if you have bad credit
- Application process is quick and smooth
- Decent option if an emergency comes up and you need cash
- Not a good option for large purchases
- Very high interest rates that vary from 550% to 780%
- Not a good option if you have average, good or excellent credit
- Website is very outdated
While the name seems unique, the product offering should not be a surprise. Installment loans are smaller loans designed to help individuals facing emergencies or short-term cash constraints.
While not a long-term financial solution, you might find this product useful in the interim.
Rapital Capital specializes in short-term lending and can provide you with a small loan by filling out a simple application, pending approval. Many businesses in this niche market make the application process easy and are typically more efficient then payday lenders.
Overview of Rapital Capital
Right away, you will notice the clean and organized landing page. Here you are able to find the necessary information to begin your research or start the application process with Rapital Capital.
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.
Loan Rates and Terms: 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.
The Application Process
Once you’ve decided that you are ready to apply for the loan, you can click the apply now button and start completing the application.
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.
What Happens After I Submit My Application?
Once you have sent your application, the approval process is quick. Rapital Capital states you will be notified instantly if you are approved, pending verification with customer service.
While this goes for any loan application, if you want to increase your success Rapital Capital states to only apply to one website and payoff any outstanding Raptial Capital loans. 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. 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.