Published By Janet Gershen-Siegel at August 11th, 2020
Are you looking for funding from Rapid Advance? They’ve changed their name – so welcome to our Rapid Finance review. Check out how to get Rapid Finance small business loans.
Rapid Finance is one of several lending companies online. They offer short term loans (MCAs, also known as merchant cash advances) and more. We look at the specifics and drill down into the details.
Note: due to the COVID-19 health crisis, Rapid Finance is not offering loans at this time. Hence you can no longer get Rapid Finance PPP right now, either. But at least this lender does not appear to be going out of business.
Rapid Finance is located online here: https://www.rapidfinance.com/. Their physical address is:
4500 East West Highway
Bethesda, MD 20814.
You can call them at: (800) 664-0173. Their contact page is here: https://www.rapidfinance.com/contact-us/. They have been in business since 2005.
Small Business Term Loans
Up to $1 million is available in funding. The terms are 3 to 60 months. Your business needs to be generating revenue.
You will need to supply a government-issued ID (like a driver’s license), a void check from your business banking account, and the last three statements from your business bank account.
So, these aren’t business starting loans.
Merchant Cash Advances
Up to $500,000 is available in funding.
You will need to supply a government-issued ID (like a driver’s license), a void check from your business banking account, your last three credit card processing statements, and the last three statements from your business bank account.
Bad credit is no problem. You can get business loans for bad credit.
Rapid Finance SBA Loans
$30,000 up to millions of dollars is available in funding. The terms go up to 30 years.
You will need to supply a government-issued ID (like a driver’s license), a void check from your business banking account, the last three statements from your business bank account, two years of business tax returns, and your schedule of debts.
Rapid Finance also offers bridge loans, lines of credit, asset-based financing, and invoice factoring.
Rapid Finance rates were not readily available.
Advantages are a few choices for loan types. The maximum amounts available are high. This lender has also been in the online lending space for longer than most of the players in this industry.
Disadvantages are that the documentation requirements can be a bit extensive.
The companies which will do the best with this lender will tend to have entrepreneurs with decent personal credit scores and a considerable time in business. These companies will also have fairly high annual revenues.
The businesses which might not do so well will have been in business for too short an amount of time, or won’t have sufficient annual revenues. Companies not needing a lot in funding would probably do better going elsewhere.
And finally, as with every other lending program, whether online or offline, remember to read the fine print and do the math.
Go over the details carefully. And decide whether Rapid Finance will be good for you and your company. In addition, consider alternative financing options that go beyond lending, including building business credit, in order to best decide how to get the money you need to help your business grow.