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Rapid Advance

in Business Loans

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Rapid Advance

Claimed

in Business Loans

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Overview

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:

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

  • Equifax
  • Experian
RAPID ADVANCE 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.
SUPERMONEY Disclosure: 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...

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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

No Prepayment Fee
Late Fee Amount
$0
Origination Fee
0% - 10%
Credit Score Range
500 - 850
850 300 500
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Months in Business
6
Minimum Revenue
$5,000
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
Loan Amount
$5K - $1M
$25 $1M+
Loan Term (Months)
3 - 360
1 360
APR
15% - 80%
0% 100%+

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