Of the companies reviewed, Rapid Advance has the most solutions virtually something for every business’s cash flow needs. Founded in 2005. Customers also get fast access to their money, approval within 24 hours and access to cash within three business days. Rapid Advance partners with local representatives, helping small businesses find a loan package that is right for their revenue needs and payback capabilities. However, they do lack the transparency and credibility of other top business loan companies, like Kabbage or CAN Capital.
- Great resources
- Simple application
- Lending partners
Small Business Loan
There are several positive aspects about Rapid Advance. We liked the number of lending products available to small businesses. The small business loan is perfect for a small business that does not meet the criteria for an SBA loan. There is also a merchant cash advance and line of credit option available; great fits for short-term cash needs. Small businesses can purchase new equipment, bolster their payroll, or pay off tax liens with the MCA or line of credit products. Through its lending partners, Rapid Advance lets customers participate in SBA-approved bridge and long-term loans.
The number of resources available on the website is astounding. We found an eBook for how to run a small business. This book contained everything necessary for marketing online, using good social media and search engine optimization practices. There is also a white paper for businesses to maximize their sales processes. These resources help the small biz compete with the big guys.
While we were unable to find many of the criteria points we use to compare business loans, all the information we did find was positive:
- Funding is available in three days
- Max loan amount is $500k
Customers can quickly fill out a one-page application, submit their financial history, and receive approval for a loan within 24 hours (funds in three days). After the initial approval, customers can receive their money within three business days.
Finally, the robustness of Rapid Advance’s lending platform hinges heavily upon its lending partners. If a borrower needs an SBA or SBA bridge loan, Rapid Advance refers the borrower to one of its lending partners. During our phone-in, we were assured that the Rapid Advance lending partners are matched with the customer for the ideal loan product.
- Customer service
- Cash advance
- Funding restraints
The live chat experience with Rapid Advance was less than ideal. The live chat feature is slow, and a representative is not readily available. After waiting for a few minutes, we were greeted by a representative, who referred us to a phone-in. The live chat feature and toll-free number are essentially a lead generation tool for Rapid Advance’s lending engine.
Merchant Cash Advance’s from Rapid Advance are essentially a factoring platform for a small business’s daily credit card receipts. It’s a high-risk lending product, also, if the customer borrows up to 250 percent of their monthly future invoices. We would recommend using a smaller cash advance amount if depending upon short-term MCA financing.
Finally, there is a lack of funding for startups. For all the lending tools at Rapid Advance’s disposal, we hoped that startups would not have to navigate the murky world of alternative lending or hope to find an angel investor.