Rapid Advance, also known as Rapid Financial Services, is a direct lender to small businesses. It provides small business loans, merchant cash advances, lines of credit and SBA bridge loans. The Company is part of the Rock Ventures Corporation, the umbrella entity that owns Quicken Loans, Fathead, the Cleveland Cavaliers and more than 100 other companies. Since it was launched in 2005, Rapid Advance has funded over $700 million in loans to over 30,000 businesses nationwide. Rapid Advance is based in Bethesda, Maryland and has an A+ rating with the BBB.
Rapid Advance provides a variety of financing options to small business that either cant qualify or dont want to apply for traditional lending solutions. Its interest rates are high when compared to prime business lenders but they have less stringent requirements and higher approval rate than most Banks. Applying is fast and easy. Business owners just need to request a free quote and provide the necessary financial information and documents. Borrowers get a decision within 24 hours.
Rapid Advance does not provide a range of interest rates for its business loans. Its small business loans start at 1.25% per month or 15% a year, but this rate is reserved for the customers with the best credit and financial backing. Most businesses will only qualify for much higher rates.
The Preferred Rate Loan is available for loans of $25,000 to $100,000, which are to be repaid within nine to 18 months. Larger loans of up to $500,000 are available through Rapids Advance's other lending products, such as merchant cash advances and SBA bridge loans. Merchant cash advances provide loans of 85 to 250 percent of the business's monthly credit card sales volume. Starter companies with as little as three months of credit card processing history can still qualify, but loans are limited to 50% of their monthly average volume.
Rapid Advance operates in all 50 states and Canada. However, small business loans are available in 47 states.
Borrowers must first complete an online application. An account executive will then call to complete the request. Approval can be as quick as 24 hours and funding can be available within three days. Although credit history is a factor, it's not the only think Rapid Advance looks at when assessing a loan application. They are more interested in a business's historical cash flow and will consider all types of credit profiles.
Rapid Advance provides a quick and simple source of working capital for small business that may not meet the eligibility requirements of traditional lenders. Interest rates are higher than prime lenders and Rapid Advance does not provide a range of rates but it has a much higher approval rate than most banks and prime lenders and it offers affordable repayment plans. Once a borrower is approved for a loan, getting approval for additional capital is even easier.
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