Of the companies reviewed, Rapid Advance has the most solutions virtually something for every business’s cash flow needs. Founded in 2005, Rapid Advance already has an A+ and an accreditation with the BBB. Customers also get fast access to their money, approval within 24 hours and access to cash within 3 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.
There are several positive things 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:
- Businesses only need to use their business as collateral (no mention of personal collateral or guarantee)
- Funding is available in 3 days
- Max loan amount is $500k (higher than many alternative lenders)
Customers can quickly fill out a one-page application, submit their financial history, and receive approval for a loan within 24 hours (funds in 3 days). After the initial approval, customers can receive their money within three business days.
Rapid Advance has a strong reputation with the BBB in the industry. In the past three years, customers have only complained twice. Rapid Advance has an A+ and an accreditation with the BBB for their low number of customer complaints and time in business.
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.
Rapid Advance doesn’t provide rate information, term length, or other vital information for customers. Borrowers need to see how the loan rate is calculated before they apply or sign up for a free quote.
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% 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.
Types of Loans Offered
Start at 15% Compare to Top Companies
Unknown See Typical Terms
Typical borrowers from RapidAdvance are companies that are in a good financial situation with a high sales volume. Additionally, companies usually have a pretty clean credit record.
RapidAdvance provides small businesses with flexible and easy-to-implement working capital to move forward.
The Borrowing Process
After answering the initial basic application questions, RapidAdvance will preliminary funding amount, which is just an estimate to help you decide whether or not to proceed with the application. The time to approval is generally under 24 hours, and funds will be available within three days.
- Credit score of 550+
- In business at least 3 months
- Minimum funding amount: $10,000