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  Rapid Finance Merchant Cash Advance

Rapid Finance Merchant Cash Advance

in Merchant Cash Advance from Rapid Financial Services

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Rapid Finance Merchant Cash Advance

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in Merchant Cash Advance from Rapid Financial Services

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Highlights
Factor Rate 1.09 - 1.31
Loan Amount $5,000 - $500,000
Minimum Revenue $5,000
APR  (Fee or Charge Based Product) 9% - 31%

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 is 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 1.5 will have a total repayment of $30,000, which includes $10,000 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 ammount.

What is the estimated funding time for a merchant cash advance via Rapid Finance Merchant Cash Advance?

Rapid Finance Merchant Cash Advance can approve (or deny) a merchant cash advance application within 24 hours and 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.

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 Merchant Cash Advance. 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 Merchant Cash Advance. Permanent resident / green card holders are also eligible to apply.

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

  • Proof of income
  • Recent bank statements
  • Government issued photo ID
  • Proof of identity

What limitations does Rapid Finance Merchant Cash Advance set on the purpose of the merchant cash advance?

Rapid Finance Merchant Cash Advance considers merchant cash advance applications for business purposes, such as:

  • Business debt refinance
  • Equipment purchase
  • Hiring
  • Inventory
  • New location
  • Payroll
  • Product or service expansion
  • Technology investment
  • Working capital
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.

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% - 2.5%
Business Financing Requirements
  • Business License
  • Business Bank Account
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 Age 18
Minimum Months in Business 6
Minimum Revenue $5,000
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Business Tax Return
  • Employer Identification Number
Approval Speed 24 hours
Credit Bureau Reporting
  • Experian
  • Equifax
Funding Time Range Starting at 1 day
Payment Frequency Daily
Payment Options
  • Automatic Payments
  • Bank Transfer
Repayment Methods
  • Split Withholding
  • ACH Withholding
APR (Fee or Charge Based Product) 9% - 31%
Factor Rate 1.09 - 1.31
Loan Amount $5,000 - $500,000
Loan Term 3 - 18 months

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