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Where does Rapid Advance do business?
Rapid Advance is a direct lender based in Bethesda, MD. It was founded in 2005 and offers access to business loans in 50 states (and Washington, DC).
What are Rapid Advance’s rates?
Rapid Advance offers business loans with fixed APRs starting from 15% to 80%.
Does Rapid Advance charge an origination fee?
Yes, Rapid Advance charges a loan origination fee of 0% to 10% of the loan amount. Rapid Advance deducts the fee directly from your loan amount before disbursing loan proceeds, 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?
Rapid Advance considers loan applications for business purposes, such as:
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
- Secured Term Loans
- Lines of Credit
- SBA Loans
- Invoice Financing
- Merchant Cash Advances
- Commercial Real Estate
- Bridge Loans
Does Rapid Advance charge a late fee?
No, Rapid Advance will not charge you a late fee.
Does Rapid Advance charge prepayment fees?
No, Rapid Advance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.
How much can you borrow from Rapid Advance?Loan amounts start at $5,000 and go up to $1,000,000.
What is the maximum loan term you can get with Rapid Advance?
Rapid Advance offers business loans with terms ranging from 3 to 360 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 500 can apply for a loan via Rapid Advance. Rapid Advance requires companies to be in business for at least 6 months. Businesses must have a minimum annual revenue of $5,000.
Only U.S. citizens and permanent residents can apply for a loan. To qualify, applicants may need to provide the following documentation:
- Government Issued Photo ID
- Proof of Identity
- Proof of Income
What is the estimated funding time for a business loan via Rapid Advance?
Rapid Advance can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.
Does Rapid Advance report loan payments to credit bureaus?Rapid Advance may report credit data to the following credit reporting agencies:
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|No Prepayment Fee|
|Late Fee Amount||$0|
|Origination Fee||0% - 10%|
|Credit Score Range||
500 - 850
850 300 500
|Immigration Status Considered||
|Minimum Months in Business||6|
|Verification Documents Required||
|Loan Amount||$5K - $1M|
|Loan Term (Months)||3 - 360|
|APR||15% - 80%|