Rapid Finance Business Line of Credit

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 are 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?

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 and permanent resident / green card holders are eligible to apply for the services offered by Rapid Finance Business Line of Credit.

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.