Strongly not recommended
Would you recommend Rapid Advance to your friends?
Thanks for your vote!
You voted: May or may not recommend
Where does Rapid Advance do business?
Rapid Advance is a direct lender based in Bethesda, MD. It was founded in 2006 and offers access to business loans in 50 states (and Washington, DC).
What are Rapid Advance’s rates?
Rapid Advance offers business loans with APRs starting from 15% and up to 80%.
Does Rapid Advance charge an origination fee?
Yes, Rapid Advance charges a loan origination fee of 0% to 2.5% of the loan amount. Rapid Advance deducts the fee directly from your loan amount before depositing your money, so make sure you take this fee into account when deciding how much you need to borrow.
What limitations does Rapid Advance set on the purpose of the loan?
Some lenders only provide business loans for certain purposes. Rapid Advance offers considers loan applications for the following reasons:
- Equipment purchase
- New location
- Product or service expansion
- Working capital
What types of business loans does Rapid Advance offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Rapid Advance provides access to the following business loan types:
- Unsecured term loans
- Merchant cash advances
Does Rapid Advance charge a late fee?
No, Rapid Advance will not charge you a late fee. Yes, Rapid Advance charges borrowers with a late payment fee.
Does Rapid Advance charge prepayment fees?
Yes, Rapid Advance charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
How much can you borrow from Rapid Advance?
Loan amounts start at $5,000 and go up to $500,000.
What is the maximum loan term you can get with Rapid Advance?
Rapid Advance offers business loans with a maximum term of 18 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.
What do you need to qualify for a loan with Rapid Advance?
Applicants with a credit score of at least 300 can apply for a loan via Rapid Advance.
Rapid Advance requires businesses to be in business for at least 12 months in business. Active duty servicemembers and their covered dependents cannot apply for a loan via Rapid Advance. The Military Lending Act prohibits lenders from charging servicemembers more than a 36% APR.
SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia