RapidAdvance
RapidAdvance offers 3 types of loans (Standard, Select, or Preffered) based on your business's cash flow.
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RapidAdvance offers 3 types of loans (Standard, Select, or Preffered) based on your business's cash flow. After you’ve signed an application and sent in your last 4 months of business bank statements, RapidAdvance will send you over an initial offer. Your initial offer will tell you which of the RapidAdvance’s 3 short-term loans you qualify for. 

NO AFFECT TO YOUR CREDIT SCORE

What DOES Rapidadvance 

OFFER?

RapidAdvance offers 3 types of loans (Standard, Select, or Preffered) based on your business's cash flow.

What are the minimum requirments?

Standard Loan

  • Annual Revenue: above 120k

  • Credit Score: 580+

  • Business Age: 2 years+

  • Profitability: Yes, for amounts larger than $75,000

 

Select Loan

  • Annual Revenue: above $240k

  • Credit Score: 620+

  • Business Age: 3 years+

  • Profitability: Yes, for amounts larger than $75,000

Preffered Loan

  • Annual Revenue: above $240k

  • Credit Score: 660+

  • Business Age: 6 years+

  • Profitability: Yes, for amounts larger than $75,000

HOW DO I APPLY?

After you’ve signed an application and sent in your last 4 months of business bank statements, RapidAdvance will send you over an initial offer. Your initial offer will tell you which of the RapidAdvance’s 3 short-term loans you qualify for. RapidAdvance mostly bases this initial decision (Standard, Select, or Preferred Loan) based on your business’s cash flow.

After your initial offer you’ll be moved into the underwriting process. If you request more than $75,000 from RapidAdvance, you’ll need to submit all required financial documents, a copy of your driver’s license, and any landlord information.

Apply for RapidAdvance

RapidAdvance Financing at a Glance

RapidAdvance offers 3 types of loans (Standard, Select, or Preffered) based on your business's cash flow.

loan amount

Standard Loan:

$5,000 to $1000,000

Select Loan:

$15,000 to $1000,000

Preferred Loan:

$15,000 to $200,000

Loan Term

Standard Loan:

4 to 12 months

Select Loan:

6 to 15 months

Preferred Loan:

9 to 18 months

Loan rates

Standard Loan:

1.16 to 1.30 factor rate

Select Loan:

1.12 to 1.31 factor rate

Preferred Loan:

1.11 to 1.25 factor rate

speed

RapidAdvance can fund an application the same day or a maximum of 7 days. On average, they fund loans in 2 days.

RapidAdvance Does Not Offer Financing to the

Business types below:

  • In New Jersey, Rhode Island, Montana, and Nevada

  • That are structured as LLCs

  • That are structured as sole proprietorships in Pennsylvania or Oklahoma

Other Important Eligibility Factors for a RapidAdvance Standard and Select Loan

  • RapidAdvance requires that borrowers have an average minimum bank balance of $10,000 to qualify for either product.

  • RapidAdvance requires you have a business bank account (unless the business is structured as a sole proprietorship).

  • RapidAdvance cannot work with businesses that have a tax lien greater than $75,000. Businesses with tax liens smaller than $75,000 need to show RapidAdvance that they have a payment plan in place.

  • RapidAdvance requires that borrowers have at least 5 deposits from 5 different sources on a monthly basis.

  • RapidAdvance requires a personal guarantee from the business owner.

  • RapidAdvance will not fund your businesses that have more than 3 days of NSFs or more than 6 count NSFs.

Other Important Eligibility Factors for a RapidAdvance Preferred Loan:

  • RapidAdvance requires that borrowers have an average minimum bank balance of $10,000 to qualify for a Preferred Loan.

  • RapidAdvance requires you have a business bank account (unless the business is structured as a sole proprietorship).

  • RapidAdvance cannot give Preferred Loans to businesses with tax liens.

  • RapidAdvance requires that borrowers have at least 10 deposits from 5 different sources on a monthly basis.

  • RapidAdvance requires a personal guarantee from the business owner.

  • RapidAdvance will not fund your businesses that have more than 3 days of NSFs or more than 6 count NSFs.

You’ve Reviewed RapidAdvance.

Are You Ready to Apply?

RapidAdvance Financing Qualifications 

RapidAdvance can work with businesses that operate entirely out of a home address. In order to qualify, home-based business owners need to meet one of the 3 requirements: they own or lease a warehouse or storage space, they have 4 or more W2 employees, or they have invested their own money into the business (typically at least $100,000 or more).

Most Customers who qualified had 

Annual Revenue
$120,000 to $240,000
Time in Business
2 to 6 years
Credit Score
580 to 660

What your business will need to apply? 

  • 4 months business bank statements

  • Your most recent business tax return

  • Your most recent personal tax return

  • Your balance sheet

  • Certificate of good standing

  • Voided business check

  • Copy of a driver’s license

Find out if you Qualify for 

RapidAdvance 

What you should know about RapidAdvance

  • RapidAdvance does not charge an origination fee for the Standard Loan. They charge an origination fee of 2.5% for both the Select and Preferred Loan. RapidAdvance does not have any additional fees outside of the origination fee.

  • RapidAdvance offers loans that are paid back with daily repayments.

  • RapidAdvance typically requires borrowers to own 51% of their business to qualify, but there is no minimum if an owner at least signs on the loan agreement.

  • RapidAdvance offers a fee discount on your remaining balance if a prepayment addendum is added to the loan agreement at the time of funding.

  • RapidAdvance has a minimum employee requirement for businesses in the Property Management industry.

  • RapidAdvance will hard pull your credit when they are qualifying potential borrowers for offers. Learn more about credit pulls here.

  • RapidAdvance files a UCC-1 lien on borrowers after they have been funded.

  • RapidAdvance can take 2nd position to traditional financing sources (like banks). They will not take 2nd position to an alternative lender that is considered a direct RapidAdvance competitor.

  • RapidAdvance can fund an application the same day or a maximum of 7 days. On average, they fund loans in 2 days.

  • RapidAdvance can work with businesses that operate entirely out of a home address. In order to qualify, home-based business owners need to meet one of the 3 requirements: they own or lease a warehouse or storage space, they have 4 or more W2 employees, or they have invested their own money into the business (typically at least $100,000 or more).

  • RapidAdvance will not work with business owners in open bankruptcy.

  • RapidAdvance cannot work with business owners who have personal liens over $150,000.

  • RapidAdvance can work with unprofitable businesses if there’s a good reason for unprofitability—like rapid growth or high salaries.

  • RapidAdvance requires a minimum of 3 active trade lines open for more than 2 years.

  • RapidAdvance does not report to the business or personal credit bureaus.

  • RapidAdvance can refinance up to 60% of a business owner’s existing debt.

Want to know which RapidAdvance

Loan you Qualify for?

RapidAdvance Reviews: The Underwriting Process

After you’ve signed an application and sent in your last 4 months of business bank statements, RapidAdvance will send you over an initial offer. Your initial offer will tell you which of the RapidAdvance’s 3 short-term loans you qualify for. RapidAdvance mostly bases this initial decision (Standard, Select, or Preferred Loan) based on your business’s cash flow.

After your initial offer you’ll be moved into the underwriting process. If you request more than $75,000 from RapidAdvance, you’ll need to submit all required financial documents, a copy of your driver’s license, and any landlord information. (If you own the property, RapidAdvance requires your most recent mortgage payment as proof). During this time, RapidAdvance is trying to learn more about your company, its finances, and any outstanding debt your business has.

Once you’re in the underwriting process, RapidAdvance will require an interview with you before they make their decision. During the phone call, be prepared to answer questions about your business and why you’re looking for a loan from RapidAdvance.

With RapidAdvance, it isn’t just a numbers game. RapidAdvance does consider your business’s cash flow during the underwriting process, but they’re also trying to get to know your business. They’ll look at more than just your revenue and cash flow to determine if you’re eligible for financing.

And while RapidAdvance does have a relatively fast underwriting and approval process, they might need more time to consider more specific applications.
For instance, if you run your business from a home address, if you’re in a certain industry, or your business isn’t profitable, RapidAdvance might need to take more time to consider the circumstances of your application.

But if there are no unusual circumstances, and you’ve spoken to a RapidAdvance financing specialist and they have all the information they need, you can expect to receive an initial offer within 6 hours. And once you accept that offer, you’ll get the capital in your bank account in 48 hours, depending on how much funding you qualified for.

And if you apply for RapidAdvance financing and get denied because of your credit rating, you can reapply after 6 months. If you get denied for another reason, you can reapply within 30 days.

RapidAdvance Reviews: Post-Funding

If you decide to take a loan with RapidAdvance, you’ll be given access to a customer portal. You can log onto your portal to review the progress of your short-term loan. Your online portal is where you can find statements of your loan progress.

With a RapidAdvance loan, you will receive a schedule of your daily repayment amounts. It is important to know that their short-term loan does not amortize. Instead, you’ll receive a daily payment schedule. This gives you information about their prepayment discount—where they can only provide you a discount fee on the remaining amount instead of forgiving interest.

Your first loan payment is debited the same day that you’re funded with RapidAdvance. Your payments are daily from thereon out.

Certain borrowers might qualify for an “Add-On” to their RapidAdvance product if the business’s revenues remain strong or get stronger. You’ll only qualify for an Add-On after 45 days of using the initial loan. Borrowers can also be eligible for renewal when the balance on their current loan is 57% paid-off.

RapidAdvance Reviews: Why Work With Them?

RapidAdvance aims to serve business owners who don’t qualify for bank loans or don’t have the time to wait around for these kinds of business loans. Because of this, RapidAdvance has a higher approval rate than other direct lenders. So if you don’t qualify for other loan products or need quick financing, RapidAdvance could be a good fit for your business.

Also, because RapidAdvance has 3 variations on their short-term product, you might find that they have a solution that’s perfectly tailored to your business.

Finally, RapidAdvance doesn’t just consider your credit score and business financials in your application. They’ll also get to know your business and your unique financing needs to try to find the best solution for you. And if you choose to take an offer from RapidAdvance, you’ll find the same level of personal and devoted customer service throughout your partnership wit

RapidAdvance Reviews: When Are They Not a Fit?

RapidAdvance, like most short-term lenders, isn’t a fit if you can qualify for more affordable loan products, like a bank loan or a medium-term loan from an online lender. While RapidAdvance doesn’t have exorbitantly high factor rates, their most affordable short-term products are hard to qualify for.

For instance, you’ll need to have been in business for 6 years to get their most affordable product, the Preferred Loan, and 3 years to get their 2nd-best product, the Select Loan.

Also, if you know that you’ll pay your RapidAdvance short-term loan off early, it might make sense to work with a lender that offers an amortizing short-term loan, like QuarterSpot.

The information contained on this page was sourced from fundera.com. We are not in anyway affiliated with fundera.com.This page is for informational purposes only.

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