RapidAdvance business loans review February 2018 | finder.com

RapidAdvance business loans review

Short-term business loans of $5,000 to $1,000,000 with turnaround in days.

If you’re seeking capital to grow your business, a short-term business loan could help you reach your entrepreneurial goals.

But not all business loans are created equal. Here’s what to expect with one short-term lender, RapidAdvance, when taking your next step in business.

Product NameRapidAdvance Business Loans
Min Loan Amount$5,000
Max. Loan Amount$1,000,000
Min APR From
Maximum Loan Term1.5 years
  • US citizen
  • Personal credit score of 500+
  • Monthly revenue of $5,000+
  • Operational 24+ months
  • Business checking account
  • Business bank statements from previous 3 months

Do I qualify?

For approval, RapidAdvance requires that eligible businesses:

  • Be in business at least two years.
  • Generate monthly revenue of at least $5,000.

What is RapidAdvance?

RapidAdvance is a nontraditional lender specializing in small business loans, merchant cash advances and business lines of credit.

Founded in 2005 and based in Bethesda, Maryland, this loan provider has funded an impressive $1 billion plus in loans to tens of thousands of businesses.

What makes a RapidAdvance loan unique?

Unlike traditional financial institutions, Rapid Advance offers more flexibility in its application and funding. It looks at the overall health of your business — not just your credit score — to give you easier access to the funding you need.

It also speeds up the often prolonged in-person application process you’ll find at your local bank. With RapidAdvance, applying for funding takes place entirely online, and you could see your money in as little as two business days after approval.

What are the benefits of a RapidAdvance business loan?

  • Simple online application. Apply for a business loan in just a few minutes from the comfort of your home.
  • High approval rates. RapidAdvance looks at the overall health of your business — not just your credit score — opening up access to the funding you need.
  • Preferred rate loan. If you’re a business owner whose personal credit score is 660 or higher, you might be eligible for preferred interest rates.
  • Fast turnaround. You’ll hear whether you’re approved for a business loan in just a few hours.
  • Rapid funding. If you’re approved, you can access your funds in as little as one business day.

What to watch out for

RapidAdvance offers small-business owners a convenient loan application process and rapid access to funds. But it’s not without a few potential pitfalls that include:

  • No long-term loans. Loan terms top out at 18 months, which means you’ll need to seek funding elsewhere if you need longer to pay it off.
  • Daily repayments. Repayments are required daily, which could jeopardize your free cash flow.
  • Not for startups. Successful applicants must be in business at least 24 months. If your business is a startup, you’ll need to seek alternative funding.

Compare more business loans from top lenders

Rates last updated February 25th, 2018
Name Product Product Description Min Loan Amount Maximum Loan Amount Requirements
LendingTree Business Loans
Compare multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
Must have been in business for at least one year with annual revenue of $100K+. Must have a personal credit score of 500+.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
2+ years in business; $75,000+ in yearly sales; No bankruptcies or tax liens; At least 20% ownership of your business; Fair or better personal credit
LoanBuilder, A PayPal Service Business Loans
$5,000
$500,000
Annual business revenue of at least $100,000, at least 1 year in business, personal credit score of 600+.
National Business Capital Business Loans
Get a large business loan to cover your financing needs, no matter what the purpose is.
$10,000
$5,000,000
Your company must have been in business for at least 6 months and have an annual revenue of at least $180,000.
Kabbage Small Business Line of Credit
A simple, convenient online application could securely get the funds you need to grow your business.
$2,000
$250,000
Must have been in business for at least 1 year. Revenue minimum is $50,000 annually or $4,200 per month over the last 3 months.
SmartBiz SBA Loans
Get funding for your small business with a government-backed loan and extended repayment terms.
$30,000
$5,000,000
Personal credit score of 650+; US citizen or permanent resident; Business must be 2+ years old; Annual revenue of $50,000+; No outstanding tax liens; No bankruptcies or foreclosures in past 3 years.
Excel Capital Management Small Business Loans
Get personalized financing options that suit your unique business needs in just a few simple steps.
Varies by loan type
Varies by loan type
Your business must operate in the US, be at least 1 year old and have monthly revenue of $15,000+.

Compare up to 4 providers

Am I eligible?

To receive a free quote that includes personalized loan options, complete an online application with RapidAdvance.

RapidAdvance specifies a few eligibility requirements for qualified applications:

  • You must be a US citizen with a personal credit score of at least 500.
  • Your business must be at least two years old.
  • Your monthly revenue must be at least $5,000 or greater.

How do I apply?

Applying is a simple online process through RapidAdvance’s site.

What documents do I need to apply?

To establish your identity, RapidAdvance requires standard documents that include:

      • Your Social Security number.
      • Government-issued photo ID.
      • A voided check from your business checking account.
      • Business bank statements from the previous three months.

I got the RapidAdvance business loan. Now what?

  • Put your loan to good use. Financing the purchase of new equipment, hiring new employees or consolidating debt, grow your business the way you want.
  • Prepare for daily repayments. To avoid fees and penalties, make sure that your loan repayment amount is available for daily withdrawals.

Bottom line

RapidAdvance extends short-term business financing solutions to borrowers who need access to capital. Quick turnaround and funding is attractive, but this lender lacks the long-term financing solutions some borrowers may require.

Before making any decisions you may be able to find a better business loan provider by comparing your options.

Frequently asked questions about RapidAdvance

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