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  Rapid Finance Small Business Loan

Rapid Finance Small Business Loan

in Business Loans from Rapid Financial Services

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Rapid Finance Small Business Loan

Claimed

in Business Loans from Rapid Financial Services

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Highlights
Highlights
Community Rating

Rating not yet determined

In our efforts to provide the community with the most accurate information, recommendation rating is not determined until a sufficient number of SuperMoney users cast their vote
Loan Amount $5,000 - $1,000,000
APR  (Fee-Based Product) 15% - 80%
Loan Term 3 - 60 months

Rapid Finance Small Business Loan Review

Where does Rapid Finance Small Business Loan do business?

Rapid Finance Small Business Loan is a business financing offering by Rapid Financial Services, based in Bethesda, MD. Founded in 2005, Rapid Financial Services offers access to business loans in 50 states (and Washington, DC).

What are Rapid Finance Small Business Loan’s rates?

This is a fee-based loan. This means borrowers pay a percentage of the loan balance as a fixed-fee instead of an ongoing APR. Rapid Finance Small Business Loan offers business loans with a finance charge ranging from % to % of the loan's amount.

The equivalent APR will vary depending on the terms. SuperMoney tried to run the numbers and a typical APR for this product ranges from 15% APR up to 80% APR.

Does Rapid Finance Small Business Loan charge an origination fee?

Yes, Rapid Finance Small Business Loan charges a loan origination fee of 0% to 10% of the loan amount. Rapid Finance Small Business Loan 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 Finance Small Business Loan set on the purpose of the loan?

Rapid Finance Small Business Loan 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 Finance Small Business Loan 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 Finance Small Business Loan 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 Finance Small Business Loan charge a late fee?

No, Rapid Finance Small Business Loan will not charge you a late fee.

Does Rapid Finance Small Business Loan charge prepayment fees?

No, Rapid Finance Small Business Loan 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 Finance Small Business Loan?

Loan amounts start at $5,000 and go up to $1,000,000.

What is the maximum loan term you can get with Rapid Finance Small Business Loan?

Rapid Finance Small Business Loan offers business loans with terms ranging from 3 to 60 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 Rapid Finance Small Business Loan?

Rapid Finance Small Business Loan requires companies to be in business for at least 6 months. Businesses must have a minimum annual revenue of $5,000 to be considered.

Applicants with a credit score of at least 500 and up to 850 are eligible for Rapid Finance Small Business Loan.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via Rapid Finance Small Business Loan. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Rapid Finance Small Business Loan. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

  • Proof of income
  • Government issued photo ID
  • Proof of identity

What is the estimated funding time for a business loan via Rapid Finance Small Business Loan?

Rapid Finance Small Business Loan can approve (or deny) a loan application within 24 hours and fund business loans within 1 business day of approval.

Does Rapid Finance Small Business Loan report your account activity to credit bureaus?

Rapid Finance Small Business Loan reports your account activity to the following credit reporting agencies:

  • Equifax
  • Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and can help improve your credit score.

RAPID FINANCE SMALL BUSINESS LOAN 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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About Rapid Finance Small Business Loan

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  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

Late Fee Amount $0
No Prepayment Fee  
Origination Fee (%) 0% - 10%
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
Funding Time Range (in days) Starting at 1
Approval Speed (Hours) 24
Credit Bureau Reporting
  • Equifax
  • Experian
Loan Amount $5K - $1M
APR (Fee-Based Product) 15% - 80%
Loan Term 3 - 60 months

Rapid Finance Small Business Loan Community Reviews

 

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