Rapid Finance Small Business Loan
in Business Loans from Rapid Financial ServicesClaimed
Rapid Finance Small Business LoanClaimed
in Business Loans from Rapid Financial Services
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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
- New Location
- 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:
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.
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Late Fee Amount||$0|
|No Prepayment Fee|
|Origination Fee (%)||0% - 10%|
|Credit Score Range||
500 - 850
|Immigration Status Considered||
|Minimum Months in Business||6|
|Verification Documents Required||
|Approval Speed||24 hours|
|Credit Bureau Reporting||
|Funding Time Range||Starting at 1 day|
|Loan Amount||$5,000 - $1,000,000|
|APR (Fee-Based Product)||15% - 80%|
|Loan Term||3 - 60 months|