ROK Financial is a lending marketplace that connects business owners with small business loans. The company has helped clients obtain hundreds of millions of dollars in financing since James Webster founded the company in 2020. Business owners can obtain same-day funding, with most people receiving their capital within five days.
What is ROK Financial?
ROK Financial works with lenders to provide small business owners with several financing options. ROK Financial has generous requirements that make business loans more accessible. For example, most of their loans do not require more than six months of business experience. You also need $60,000 in annual gross sales to qualify for a loan, and you can get financing even if you have bad credit. In addition, ROK Financial uses fintech solutions to pair you with funding quicker than other lenders. As a result, if you have urgent financing needs, ROK Financial may be a better solution than other lenders or marketplaces.
ROK Financial’s leadership has helped business owners obtain hundreds of millions of dollars in capital. The team at ROK Financial has more than two decades of experience within the alternative lending space. The ROK family has maintained a flawless reputation due to the company’s experience and commitment to customer service.
How Does ROK Financial Work?
ROK Financial has an online application process that takes roughly 15 seconds. A dedicated business financing advisor on ROK Financial’s team will reach out and share several options from lenders. Business owners can then review their choices, determine the right loan for their financial needs, and get funded. ROK Financial uses revolutionary technology to speed up the loan application process. You can have the loan proceeds in your bank account within a few hours of submitting the 15-second application.
What Makes ROK Financial Stand Out?
Same-day funding and generous requirements help ROK Financial stand out among other lenders. Some business owners need cash urgently and cannot wait too long before getting a loan. Traditional banks and credit unions may have you wait over a week before receiving funds. However, not every business owner has that long to wait for a decision.
Business owners with poor credit also face an uphill battle with the traditional model. These small business owners will get turned away by many lenders and may find it difficult to obtain essential financing. ROK Financial removes the hurdles so that low-credit borrowers can obtain loans. If you have a high credit score, ROK Financial is still a great option, and you may be able to obtain a lower interest rate for having good credit. You also won’t have to pay any extra for the dedicated business financing advisor ROK Financial provides for you.
Another advantage ROK Financial offers is its vast number of loan products and offers from private lenders. You can provide your information on ROK Financial and get several loan offers. In addition, business owners don’t have to apply to one lender at a time since ROK Financial has a marketplace that streamlines the application process.
What Products and Services Does ROK Financial Offer?
ROK Financial offers several small business loans that can provide you with the necessary capital. Here is the list of financing options you can obtain with the lender.
Small Business Term Loans
Small business term loans help companies acquire capital at a fixed interest rate. ROK Financial has 6-month to 10-year terms on their loans, and business owners can borrow any amount between $10,000 and $5 million. These loans have no minimum FICO score requirement. Furthermore, these loans have same-day funding available since underwriting only takes a few hours. Your company must have been in business for at least three months while generating at least $5,000 in monthly gross sales to qualify.
You can get a fixed-rate loan to make the monthly payments predictable. Business owners who believe interest rates will decrease over time may want to consider a variable-rate loan. However, these monthly loan payments are less predictable and can increase if interest rates go up.
Business Lines of Credit
Lines of credit give your business extra reserves that you can tap into for short-term expenses. Lines of credit have variable interest rates, but you only pay when you borrow against the principal. Some business owners rarely use their line of credit, but it’s a useful backup.
ROK Financial offers business lines of credit with up to 10-year terms and funding between $10,000 and $5 million. You can get same-day funding and don’t need a good credit score to qualify. Companies must have been in business for at least six months and generate at least $5,000 in sales on a monthly basis to obtain a business line of credit from ROK Financial.
Equipment Financing
You can borrow between $10,000 and $5 million for equipment financing. ROK Financial can provide the proceeds in 2-5 days, and you can select loan terms ranging from 1-5 years. Equipment financing tends to have lower interest rates since the equipment gets used as collateral, and there is no minimum time in business requirement. Private lenders provide collateral equal to a percentage of the equipment’s face value. As a result, some small business owners can get equipment loans without putting any money down.
You must have a FICO score of 580 or higher to obtain financing. However, this type of financing does not have any minimum requirements for monthly revenue or business experience.
SBA Loans
ROK Financial pairs business owners with expedited SBA loans at competitive rates. Borrowers can get 10–25-year terms and borrow up to $5 million. The minimum loan amount is $50,000. These loans have higher credit score requirements than other loans, and it can also take a while to get funding.
You can get funding from an SBA loan in as little as 45 days. Many of ROK Financial’s products have the potential for same-day funding, but if you apply for an SBA loan, you can end up with the most competitive interest rate and terms. Small business owners still need $60,000 in annual revenue and at least three months of being in business.
AR Financing
AR Financing lets you turn your accounts receivable into additional cash. ROK Financial will give you a loan based on the face value of a percentage of your invoices. So you can still serve your customers instead of giving the invoice to another company. This perk helps business owners maintain relationships with customers instead of risking an invoice factoring company souring up the relationship with aggressive marketing tactics.
ROK Financial provides funding within 2-5 days, and you can borrow up to $5 million against your accounts receivable. The minimum amount is $10,000. Similar to many of ROK Financial’s other offerings, AR Financing does not have a minimum FICO score requirement. However, you must generate at least $500,000 in annual sales to qualify for this type of financing. Small business owners must also provide an aging AR report as a part of the application process.
Merchant Cash Advance
A merchant cash advance lets you use monthly gross sales to repay the loan. Businesses can borrow up to $5 million on a 6-month to 10-year term. The minimum amount is $10,000. Merchant cash advances are flexible loans that do not require any collateral. The repayment for merchant cash advances takes place via a percentage of every credit and debit card transaction. Small business owners who receive a merchant cash advance from ROK Financial can receive funding in 1-3 days.
Your company must be at least three months old and generate $5,000 in monthly sales. ROK Financial does not have a minimum FICO score requirement for this loan. While merchant cash advances can give you immediate cash flow even if you have bad credit, they tend to be among the most expensive financial products for business owners.
Asset-Based Loans
Asset-based loans help you acquire assets at competitive rates. The asset becomes collateral for the loan, similar to how a house becomes collateral for a mortgage.
ROK Financial has a 600 minimum FICO score requirement for this financial product. You also need at least two years of experience and more than $5,000 in monthly gross sales. The minimum loan amount is $500,000, and you can borrow up to $5 million with this option. Asset-based loans have terms that range from 1-5 years.
Franchise Financing
ROK Financial has franchise financing that can help franchise owners start their enterprises or fund expansion. ROK Financial’s requirement for three months of business experience makes them a friendly lending solution for franchisees getting started. 6-month to 10-year loan terms are available, and you can borrow up to $5 million. The minimum loan amount is $10,000. Approved applicants can receive capital in 2-7 days through express funding.
Residential Investment Property Loans
If you want to flip real estate but don’t want to contend with high monthly loan payments, this financial product is for you. These loans cater to individuals who want to fix and flip properties, but they are also viable for rental properties. ROK Financial provides clients with 80% to 100% purchase funding with rates starting at 8.99%. ROK Financial requires a 650 minimum FICO score for this financial product. The loan process can take as little as 14 days.
Startup Funding
You don’t have to be an established business to receive capital from ROK Financial. Startup funding offers same-day funds with terms ranging from 1-5 years. You can borrow up to $5 million with startup funding, but you must borrow at least $10,000 for this option.
Since this financial product caters to startups, you do not need to fulfill any minimum requirements for business experience or gross monthly sales. However, you must have a personal FICO score of 650 or higher.
Commercial Real Estate
Not every business operates entirely online. Some companies need brick-and-mortar locations to serve customers and bring employees together. That’s where a commercial real estate loan comes in, and with ROK Financial, you can borrow up to $100 million.
The fintech company offers flexibility with term lengths, with loans lasting as long as 30 years. Opting for a lengthier loan duration will result in lower monthly payments. You can get this loan even if you don’t have the best credit score, but ROK Financial has more requirements for this financial product.
You must have at least two years of business experience and minimum gross annual sales above $200,000. ROK Financial mentions additional considerations that can impact approval, such as lease agreements, contingencies, and legal representation.
ROK Financial lets business owners use commercial real estate loans for various property types. Office buildings, retail locations, warehouses, industrial facilities, and raw land for development are all eligible assets for this loan.
What ROK Financial Customer Reviews Say
ROK Financial has served thousands of clients since 2020. As a result, the company has received thousands of reviews, including the following:
- “I was looking for funding for my business when a friend of mine referred me to ROK Financial. I worked with Paul, he was very informative, answered all my questions and walked me through the process. I told him I was looking to get this done immediately, he managed to get everything done for me, and I was able to close on time. I had an excellent experience working with Paul and his team, and I have already recommended their services to others.” — Penny Casey (Google Review)
- “Thank you, Rok Financial, especially Mike Gullo. Mike made sure he answered all my questions thoroughly ( I had plenty, this was my first experience). Can’t thank him enough.” — Diana Hill (TrustPilot Review)
- “I’ve worked with Rok Financial for several years now, and all of my experiences with them have been outstanding. Turnaround time is only a day or two with funding right afterward. Awesome!! I highly recommend to anyone looking for funding to contact them and experience their expertise and great customer service!!” — Jeanette Grace (TrustPilot Review)
- “Buddy Gainey was a great financial advisor from the start of the process to the completion. He helped me by preparing me for each step of the way.” — Leah Seymour (TrustPilot Review)
- “I wanted to share my incredible experience. I really love working with ROK Financial, my team Ryan Baumann and Nicholas Cantatore. Their service is beyond amazing. Being in the industry for over 30 years I just know when I send them a deal they will take the best care of me and my clients. They were able to get a deal closed in a week which really helped the client with the inventory the needed. I would highly recommend them.” — Esta Crompton (TrustPilot Review)
How to Get Business Funding from ROK Financial
ROK Financial has several business loans available that can provide you with enough capital for your next project. You can apply for a small business loan on ROK Financial’s website. After completing their 15-second application, you will receive an email containing more details. One of ROK Financial’s advisors will provide additional guidance.
