RapidAdvance is a leading financial services company that offers flexible funding solutions to small and medium-sized businesses. Having provided more than $800 million in funding to businesses nationwide, we help clients get working capital quickly and seamlessly. RapidAdvance serves a number of industries and offers a variety of funding options that can be customized to fit any business need. And, our team of dedicated business advisors helps guide you every step of the way with personalized attention and support. Let us help you do great things and grow your business today.
We worked contacted immediately by Billy. He made the whole process very easy. I highly recommend Rapid Advance and Billy!
YOU ARE DUMB IF YOU CHOOSE ANYONE ELSE OTHER THAN RAPID! THE ONLY BALANCE SHEET LENDER who will go the 'enth' degree to find you the RIGHT SOLUTION FOR YOUR BUSINESS!! SERIOUSLY! Rapid was the first lender to contact me. But, I decided to shop around and everyone and their mother called me! Thank god Rapid actually took the time help me. The other guys had nothing better to say about their own company so they chose to try and slander Rapid because they couldn't compete... That is no way to earn someone's business. If you want a company from the Midwest who cares about you as much as a company like Quicken Loans does. DO NOT GO ANYWHERE ELSE. My husband and I have multiple businesses and are hoping to leverage Rapid's 3 year loan again! RAPID IS THE BEST EVER. PLAIN AND SIMPLE.
Anna Enwia, Tyler, and the rest of the team did an outstanding job. They were caring, professional, diligent, and discreet. I wouldn't hesitate to partner with them again!
The whole experience was easy, very well coordinated and there was not any problem whatsoever. I'd highly recommend this service. Very very good overall.
Kisha Daniels is wonderful. She is a pleasure to work with. She cares about her customers and goes above and beyond trying to assist them and get approval. It's far and few between in our crazy world to meet staff over a phone and they take your word and provide the time and means to get them the money they need to better their life. This loan saved our business and our property and home. THANK YOU SO MUCH KISHA
RapidAdvance is a non-bank online lender providing fast financing to small business owners. Since 2005, RapidAdvance has provided more than $1 billion to more than 38,000 businesses, and more than 75% of clients have renewed their financing with the lender. RapidAdvance is based in Bethesda, Md. The company is a direct funding source, conducting its own underwriting and supplying funds through its own bank financing. Detroit-based Rockbridge Growth Equity, which also owns Quicken Loans, acquired RapidAdvance in 2013.
Large selection of products. RapidAdvance offers several loan products to meet your financing needs. Borrowers can find a small or large amount of funding to cover working capital expenses.
Established businesses are preferred. RapidAdvance requires at least one year in business and steady monthly revenue to be approved for financing. Startup businesses may not be able to meet these requirements.
Outstanding business loans are not a problem. RapidAdvance financing is designed to work alongside traditional financing without affecting existing obligations. Some online lenders won’t approve businesses with existing debt, but RapidAdvance does not deny businesses that are paying off other loans.
|RapidAdvance: At a glance|
|Loan product||Loan amount||Loan term||APR range/ factor rate||Fees||Time to funding|
|Preferred rate loan||$25,000 to $100,000||9 to 18 months||Not provided by the lender||Monthly fees starting at 1.25%||Approval in hours; funding arrives in 1 to 7 days|
|Merchant cash advance||Up to 250% of your monthly credit card sales||Not provided by the lender||Not provided by the lender||Not provided by the lender||Approval in hours; funding arrives in 1 to 7 days|
|Small business loans||$5,000 to $1,000,000||Up to 18 months||Not provided by the lender||Not provided by the lender||Approval in hours; funding arrives in 1 to 7 days|
Rates current as of 6/16/2018
RapidAdvance also offers a business line of credit and an SBA Bridge loan to qualifying borrowers. The details of these products were not provided by the lender.
|Loan product||Revenue||Min. business credit score or personal credit score||Time in business|
|Preferred rate loan||Not provided by the lender||Personal score of 660 or higher||4+ years|
|Merchant cash advance||$5,000 in monthly revenue||Not provided by the lender||1+ year|
|Small business loan||$5,000 in monthly revenue||Not provided by the lender||2+ years|
Merchant cash advances are offered at two levels. Businesses with as few as three months’ worth of credit card sales could qualify for the Starter Merchant Cash Advance, which provides up to 50% of your monthly average credit card sales volume in funding. You could qualify for more capital on better terms after you’ve paid off your initial advance. Businesses that have been around longer than three years could qualify for the Premium Merchant Cash Advance, which has lower costs.
Because RapidAdvance requires at least one year in business to qualify for its merchant cash advance and longer for its other loan products. New businesses are not eligible for financing. RapidAdvance also requires stable monthly sales. Startups that are not yet generating revenue would not qualify for financing.
After requesting a free quote, a RapidAdvance account executive would contact you to discuss your financing options. Once you’ve made your selection, you would then fill out an online application, which calls for a few documents.
Documents to apply:
|Multiple financing options.||Time in business determines merchant cash advance amount.|
|Fast approval.||Rates are difficult to find online.|
|Not reliant on credit score.||At least one year in business required.|
RapidAdvance provides funding for a range of businesses, from medical and dental practices to liquor stores and salons. The company offers financing to business owners with both strong credit and imperfect credit, aiming to serve those who don’t qualify for traditional bank loans or have time-sensitive financial needs. RapidAdvance takes cash flow history and past performance into consideration, in addition to credit score, to give owners a better chance of qualifying for funding. Financing from RapidAdvance can be used for any business expense, including equipment repair, inventory, renovations and emergency expenses.
You’ll be charged automatically. To collect debt, RapidAdvance sets up payments through the Automated Clearing House Network. The ACH Network transfers funds from one bank account to another. RapidAdvance automatically collects payments from your business checking account Monday through Friday, excluding bank holidays.
RapidAdvance may take care of existing loans. If you are approved for RapidAdvance financing but are receiving similar funding from another company, RapidAdvance may pay off your existing small business loan or cash advance if it’s in your best interest.
RapidAdvance provides speedy financing solutions to business owners who may have trouble securing funds from traditional bank lenders. By considering the overall health of a business rather than strictly looking at credit score, RapidAdvance helps more owners access the money they need. The simple online application process and quick turnaround time also ensures owners don’t have to wait for funding.