Last Updated: 04/18/2025
Rapid Finance Merchant Cash Advance
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Last Updated: 04/18/2025
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Highlights
Factor Rate
1.09 - 1.31
Amount Range
$5,000 - $500,000
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Minimum Revenue
$5,000
APR (Fee-Based Product)
9% - 31%(Verified 06/21/2024)
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Rapid Finance Merchant Cash Advance Review
Rapid Finance Merchant Cash Advance is offered by Rapid Financial Services, a direct lender founded in 2005 and based in Bethesda, MD. Rapid Finance Merchant Cash Advance are available in 50 states and Washington, DC.
Rapid Finance Merchant Cash Advance FAQ
What APRs does Rapid Finance Merchant Cash Advance offer?
The cost of merchant cash advances is typically marketed as a factor rate, not an APR. Rapid Financial Services offers merchant cash advance with a factor rate starting from 1.09 to 1.31 . The higher the factor rate, the higher the fees. For example, an advance of $20,000 with a factor rate of 1.25 will have a total repayment of $25,000, which includes $5,000 in fees.
However, we ran the numbers and we estimate it has an equivalent APR that ranges from 9% APR up to 31% APR. Does Rapid Finance Merchant Cash Advance charge a late fee?
No, Rapid Finance Merchant Cash Advance will not charge you a late fee.
Does Rapid Finance Merchant Cash Advance charge prepayment fees?
No, Rapid Finance Merchant Cash Advance does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the Rapid Finance Merchant Cash Advance off early.
How much cash can you advance from Rapid Finance Merchant Cash Advance?
Cash advance amounts start at $5,000 and go up to $500,000.
What types of repayment method does Rapid Finance Merchant Cash Advance accept?
Rapid Finance Merchant Cash Advance accepts the following repayment method from the Merchant:
- Split withholding
- ACH withholding
How often does Rapid Finance Merchant Cash Advance process payments?
Rapid Finance Merchant Cash Advance processes payments daily based on your business's credit card transactions. This means that a percentage of your transactions will automatically be sent to Rapid Finance Merchant Cash Advance as payment for your cash advance until the full amount is paid.
Does Rapid Finance Merchant Cash Advance charge an origination fee?
Yes, Rapid Finance Merchant Cash Advance charges a origination fee of 0% to 2.5% of the total amount advanced . Rapid Finance Merchant Cash Advance deducts the fee directly from your merchant cash advance amount before disbursing merchant cash advance proceeds, so make sure you take this fee into account when deciding how much you need to borrow.
What is the minimum repayment amount required by Rapid Finance Merchant Cash Advance?
There is no minimum repayment amount.
What is the estimated funding time for a merchant cash advance via Rapid Finance Merchant Cash Advance?
Rapid Finance Merchant Cash Advance can fund your merchant cash advance within 1 business day of approval.
What are the business financing requirements for Rapid Finance Merchant Cash Advance?
To apply for Rapid Finance Merchant Cash Advance, you need to provide the following business documentation:
- Business license
- Business bank account
What do you need to qualify for Rapid Finance Merchant Cash Advance?
Applicants with a credit score of at least 500 and up to 850 may be eligible for Rapid Finance Merchant Cash Advance. The minimum age to be eligible is 18 or the state minimum, whichever is higher. Rapid Finance Merchant Cash Advance does not have or does not disclose a minimum annual income eligibility requirement.
U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Rapid Finance Merchant Cash Advance.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Bank account information
- Government issued photo ID
- Proof of identity
Rapid Finance Merchant Cash 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...
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.
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