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  Rapid Finance Business Line of Credit

Rapid Finance Business Line of Credit

in Business Lines of Credit from Rapid Financial Services

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Rapid Finance Business Line of Credit

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in Business Lines of Credit from Rapid Financial Services

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Highlights
APR  (Fixed APR) 9% - 31%
Credit Score Range 500 - 850
Loan Amount $5,000 - $250,000

Rapid Finance Business Line of Credit Review

Rapid Finance Business Line of Credit is offered by Rapid Financial Services, a direct lender founded in 2005 and based in Bethesda, MD. Rapid Finance Business Line of Credit is available in 50 states (and Washington, DC).

Rapid Finance Business Line of Credit FAQ

What APRs does Rapid Finance Business Line of Credit offer?

Rapid Finance Business Line of Credit offers a fixed APR product that ranges from 9% APR up to 31% APR.

Does Rapid Finance Business Line of Credit charge an origination fee?

Yes, Rapid Finance Business Line of Credit charges an origination fee of 0% to 2.5% of the line of credit amount. Rapid Finance Business Line of Credit deducts the fee directly from your line of credit amount before disbursing the fund, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Rapid Finance Business Line of Credit set on the purpose of the line of credit?

Rapid Finance Business Line of Credit considers line of credit applications for business purposes, such as:

  • Business Debt Refinance
  • Equipment Purchase
  • Hiring
  • Inventory
  • New Location
  • Payroll
  • Product or Service Expansion
  • Technology Investment
  • Working capital

Does Rapid Finance Business Line of Credit charge a late fee?

No, Rapid Finance Business Line of Credit will not charge you a late fee.

Does Rapid Finance Business Line of Credit charge prepayment fees?

No, Rapid Finance Business Line of Credit does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the line of credit balance off early.

How much can you borrow from Rapid Finance Business Line of Credit?

Line of credit amounts start at $5,000 and go up to $250,000.

What is the maximum term you can get with Rapid Finance Business Line of Credit?

Rapid Finance Business Line of Credit offers business lines of credit with terms ranging from 3 to 18 months. Having the option of longer terms allows borrowers to take on larger line of credit amounts while keeping monthly payments more affordable. However, the longer the term of the amounts you borrow, the more interest you will pay.

What do you need to qualify for Rapid Finance Business Line of Credit?

Applicants with a credit score of at least 500 and up to 850 may be eligible for Rapid Finance Business Line of Credit. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

Rapid Finance Business Line of Credit does not have or does not disclose a minimum annual income eligibility requirement.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Rapid Finance Business Line of Credit. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Rapid Finance Business Line of Credit. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Recent bank statements
  • Business formation documents
  • Government issued photo ID
  • Proof of identity

What is the estimated funding time for the Rapid Finance Business Line of Credit?

Rapid Finance Business Line of Credit can approve (or deny) a line of credit application within 24 hours and fund business lines of credit within 1 business day of approval.

What are the business financing requirements for Rapid Finance Business Line of Credit?

To apply for Rapid Finance Business Line of Credit, the applicant needs to provide the following documentation:

  • Business license
  • Business bank account

Does Rapid Finance Business Line of Credit report your account activity to credit bureaus?

Yes, Rapid Finance Business Line of Credit reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian
  • Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.

Rapid Finance Business Line of Credit Disclosure: Depending on the product, RapidAdvance offers a range of terms. For term loans and merchant cash advances, the average time frame is 3-24 months. However, SBA loans have longer terms between 1-10 years and commercial real estate loans range from 15-30 years. RapidAdvance requires businesses to be in business for at least 12 months for its loan products and as little as 6 months for its merchant cash advance products. RapidAdvance charges a fixed fee for its financing regardless of the time it takes to pay-off the product. Because of this, there is no pre-payment fee; however, you will still be required to pay the entire amount owed, including the fixed fee, regardless if you pay off the financing sooner.
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Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Rapid Finance Business Line of Credit

Our line of credit gives your business access to the working capital it needs when it needs it the most. A line of credit is a flexible business financing option that allows quick access to a defined amount of working capital. The way it works is a business is approved for a set amount of credit and has access to that amount through a streamlined process which allows for quick and easy access to draw on the approved amount when needed. The full approved amount does not need to be drawn at one time, but rather you can choose to draw only the funds your business needs when needed up to the approved amount. Businesses are only responsible for repayment of the outstanding combined balance on the draws plus any interest or other fees that may be charged. Rapid Finance’s line of credit is extremely flexible and gives your business access to the working capital it needs whenever it needs it most. As mentioned in our financing solutions page, a business line of credit is ideal for repeat cash flows needs. This is a great option for obtaining working capital to pay for unexpected expenses or exciting new business opportunities. Rapid Finance facilitates access to line of credit financing from $5,000 up to $250,000*. Best of all is that the amortization terms can vary from three to eighteen months and may reset every time capital is drawn from the account*. Payments on the outstanding line of credit balance may be made by either fixed daily, weekly, or monthly payments that are automatically withdrawn from the business bank account on file.

Availability

  Available in 50 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Washington, DC
  • Florida
  • Georgia
  • Hawaii
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • New York
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Vermont
  • Virginia
  • Washington
  • West Virginia
  • Wisconsin
  • Wyoming

Feature Breakdown

Late Fee Amount $0
No Prepayment Fee
Origination Fee (%) 0% - 2.5%
Business Financing Requirements
  • Business License
  • Business Bank Account
Credit Score Range 500 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Minimum Months in Business 6
Minimum Revenue $60,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Business Formation Documents
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
  • TransUnion
Funding Time Range Starting at 1 day
Payment Frequency Weekly
Payment Options
  • Automatic Payments
  • Bank Transfer
APR (Fixed APR) 9% - 31%
Loan Amount $5,000 - $250,000
Loan Term 3 - 18 months

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