In a Nutshell
- Multiple financing options
- Quick application and approval
- Must request a quote to obtain applicable terms and rates
- Some loan types require a minimum credit score
- Entrepreneurs looking for diverse funding options
- Small businesses in need of fast cash
- Businesses with less-than-perfect credit
The Bottom Line
RapidAdvance provides funding tailored to the needs of businesses and can offer guidance on how to get the most out of a loan.
Why Go With RapidAdvance
RapidAdvance offers multiple funding options to businesses seeking an alternative to traditional loans. Using its own proprietary model to assess eligibility, the RapidAdvance team works to provide as much funding as possible to every client.
You first obtain a free quote along with expected rates and fees, and then you'll complete the quick application process. Approval goes through in 24 to 48 hours, and most applicants receive funding within days. There are no fees to apply for a loan, and you’re under no obligation to complete an application or accept funding once you’ve looked over the initial quote.
Should you decide to take out a loan, you'll be assigned an adviser to your case who can help you manage the money and move toward success regardless of current or past financial conditions. With flexible loan options and personalized repayment terms, RapidAdvance loans can benefit just about any small business.
- 4 small business financing options
- A free quote to determine the amount for which you qualify
- Approval in as little as 24 hours
- Funding in as little as 1 day
- High approval rates
- A dedicated advisor for each account
- Customized terms and repayment
More Reasons to Choose RapidAdvance
As a member of the Better Business Bureau since 2006, RapidAdvance maintains an A+ rating and reports that over 75% of clients return to them for future loans. These factors indicate a high level of customer satisfaction and have helped establish RapidAdvance as a fixture in the alternative lending community.
They work with businesses of all kinds and addresses many different financial needs. Their global reach means their team has experience in a diverse range of industries and cultures. The company has likely worked with a business similar to yours in the past, granting them insight into the specific challenges you face every day.
By providing a streamlined application process and requiring only basic information, RapidAdvance make it easy for companies to gain access to loan amounts up to $1 million. Companies with credit scores preventing them from obtaining bank loans may be able to secure necessary funding through one of the four options available.
The requirements for a RapidAdvance loan are kept simple so that businesses in a variety of financial situations have a good chance of qualifying. For small business loans, your company must:
- Have been in business for over 2 years
- Make at least $5,000 in revenue each month
To obtain a merchant cash advance, you also need:
- 3 months of credit card transactions for a starter loan
- 3 years of transactions and excellent credit for a premium loan
Applying for a loan from RapidAdvance is a quick process, requiring only a few pieces of information:
- Business name and address
- Years in business
- Monthly sales estimate
- First and last name
- Email address and phone number
Specific loan types may have additional requirements, such as a photo ID, a voided business check, or business bank account statements. Overall, RapidAdvance asks for much less than traditional lenders, making the process quicker and allowing for faster delivery of funds. You spend less time gathering paperwork and can expect to receive funding in days instead of wading through a long and complex loan process with no clear idea of when you’ll get the money you need.
Here’s What’s Unique
Applying for a RapidAdvance loan starts with requesting a quote on the lender’s website. You provide basic business and personal information and are given the loan amount for which you qualify along with information about the terms and the rates you can expect to pay. No fee is charged to get a quote, and your request puts you in touch with a business advisor who can explain which funding options are available and help you decide on the right one for your company.
A full loan application requires additional information to provide RapidAdvance with as much data as possible so that they can work with you to maximize available funding. Having a credit score above 600 for a small business loan and above 500 for a merchant cash advance may grant access to better terms and rates. However, they consider a full range of factors when determining eligibility and funding amounts, meaning credit score is only part of the equation. This makes RapidAdvance useful if:
- Your total financial picture is stronger than your credit score suggests
- Your credit rating has taken a hit due to missed payments on other debts
- Your business can’t provide the security a bank requires for loan approval
RapidAdvance advertises approval “in a few hours” with the longest wait time being two days. This is comparable to other alternative lenders but much faster than banks. Upon approval, funding is deposited into your business account in as little as 1 day, but some transactions may take up to 7 days.
You don’t have to run a specific type of business to get funding from RapidAdvance. It prides itself on working with many different companies across myriad industries, including restaurants, beauty salons, grocery stores, and medical practices. To support this diversity, it offers 4 different forms of business funding:
- Small business loan – Terms up to 18 months with funding ranging from $5,000 to $1 million
- Merchant cash advance – Starter and premium loans based on credit card sales with amounts as high as 250 percent of monthly credit transactions
- Line of credit – A fixed borrowing limit with flexibility in how much you draw and no monthly payments if the balance is zero
- SBA bridge loan – Short-term funding to “bridge the gap” while you wait for an SBA loan to be approved
By providing a choice of funding, RapidAdvance allows you to pick the type of loan best suited to your business. The reason terms and rates aren’t given until after you request a quote is because the lender works to create payment structures specific to the needs of each applicant.
One unique feature is the commitment to working with businesses in the long term. Every loan has a dedicated “business advisor” to help answer questions, address concerns, and provide guidance. Unlike other lenders who deliver funds and only contact you when a payment is due, RapidAdvance stays in touch to ensure you get the most out of the services.
Term lengths and repayment structures vary depending on the type of funding you receive from RapidAdvance. Terms on small business loans may be as long as 18 months, and the borrowed amount is paid back through an automated clearing house (ACH). Payments are pulled daily from your business checking account Monday through Friday, excluding holidays. Merchant cash advance payments are made each time you process a credit card transaction. A percentage of every sale goes toward paying off the loan until the balance is cleared.
Multiple factors—including the size of your business and the industry in which you operate—impact the terms and rates you receive on your loan. As with most lenders, a high credit score and solid financial history can mean lower fees and more favorable payback terms. The expected costs are provided when you request a quote on the loan type for which you wish to apply.
You can always check your loan account online through the RapidAdvance site to see recent payments and check the remaining balance. The predictable payment schedule makes it easier to track your payment history and budget to ensure payments continue to go through on time.
How Your Info is Kept Secure
Help & Support Availability
If you have questions or concerns about any part of the RapidAdvance loan process, you can contact the company via the customer service phone number or email address. Additional live help is available through a chat service on the website, so you can get the answers you need right away. Common questions are answered on two separate FAQ pages: one for general questions and another specifically addressing business loans.
Visit RapidResources to access a variety of business articles on the company blog or view informative SlideShare presentations. RapidAdvance also provides an e-book for small business owners and a white paper to guide companies in defining and honing their sales processes. These resources provide additional information you can use to aid in your decision on what type of loan to choose and whether or not RapidAdvance is the right lender for your business.
RapidAdvance Review In Short
With small business loans, lines of credit, merchant cash advances, and SBA bridge loans available, RapidAdvance offers personalized and flexible lending options for businesses of all types and sizes. Their focus on entrepreneurs makes the company an attractive option for small business owners who can’t obtain funding through traditional lenders.
They can provide an emergency backup for slow seasons or help you get cash to continue operating while waiting for other funding to be approved. No matter what your credit history or current financial standing, RapidAdvance works with you to find the best solution.
Founded in 2005, RapidAdvance advertises its dedication to “entrepreneurialism” and has extended over $1 billion in funding to companies around the world. Operating as an alternative to banks and other traditional lending institutions gives it the flexibility to work with businesses of all sizes across a broad range of industries. With an A+ rating from the BBB, it's considered to be an established and reliable member of the growing community of alternative lenders. The goal is to not only provide funding to businesses in need but also help entrepreneurs succeed using the money they receive.
4500 East West Highway
Bethesda, MD 20814