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)
Rapid Advance offers business loans with APRs ranging from 15% and up to 80%.
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.
Some lenders only provide business loans for certain purposes. Rapid Advance offers considers loan applications for the following reasons:
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:
Yes, Rapid Advance charges borrowers with a late payment fee.
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.
Loan amounts start at $5,000 and go up to $500,000.
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.
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 1 year 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.