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  Rapid Finance Small Business Loan

Rapid Finance Small Business Loan

in Business Loans from Rapid Financial Services

Claimed

Rapid Finance Small Business Loan

Claimed

in Business Loans from Rapid Financial Services

SuperMoney Net Recommendation Score +14

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +14, equating to 3.3 on a 5 point rating scale.

+14

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

Mostly recommended

4 users recommend
0 users are unsure
3 users don't recommend
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Highlights
Community Rating Mostly recommended
Loan Amount $5,000 - $1,000,000
APR  (Fee or Charge Based Product) 15% - 80%
Loan Term (Months) 3 - 60 months
Number of Reviews 7

Rapid Finance Small Business Loan Review

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).

Rapid Finance Small Business Loan FAQ

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 may be 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?

Yes, 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 may help improve your credit.

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...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author’s alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Message From Our Editor

What we love about Rapid Advance Business Loans

If you need a loan to help our small business cover a shortfall, Rapid Advance Business Loans can help you get the money that you need quickly. The loans take just a few days to apply for and receive compared to the weeks that many other business loans take.

The company offers loans with incredibly high maximum amounts, meaning you can work with it to finance even a significant budget shortfall.

What could Rapid Advance Business Loans do better?

One of the major drawbacks of working with Rapid Advance Business Loans is the cost. The company charges incredibly high interest rates on some of its loans. In many cases, you’d pay less even if you used a credit card to borrow money.

Rapid Advance Business Loans also doesn’t give you very long to repay your debt. There is no option to choose the term of your loan and the company’s loan terms are much shorter than the terms offered by most lenders.

The company also has stringent requirements you must meet to be eligible, including credit score and business revenue requirements.

Rapid Advance Business Loans’s backstory

Rapid Advance Business Loans is based in Bethesda, Maryland, and was founded in 2005. The company has offered more than $1 billion in financing to over 30,000 businesses across the country.

The Verdict

If your business needs money quickly, Rapid Advance Business Loans is an option. If you have the luxury of time to find a source of funding, you should consider finding an alternative lender. Rapid Advance Business Loans charges high interest rates and has inflexible terms, making it suitable only for emergency borrowing.

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

Late Fee Amount $0
No Prepayment Fee
Origination Fee (%) 0% - 10%
Credit Score Range 500 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Months in Business 6
Minimum Revenue $5,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
Funding Time Range Starting at 1 day
Loan Amount $5,000 - $1,000,000
APR (Fee or Charge Based Product) 15% - 80%
Loan Term 3 - 60 months

Rapid Finance Small Business Loan Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +14, equating to 3.3 on a 5 point rating scale.

+14

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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