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 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.

Rank Chart
Interest Rates
Revenue Requirement
Review

#1

1.5-12%
$50k/year

#2

15-35%
$54k/year

#3

5.99-36%
$100k/year

#95
rapid-advance-logo

Undisclosed
Unknown

The Good

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. Other benefits include:

Resources

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.

Features

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)

Application

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.

Lending Partners

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.

The Bad

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. Other limitations include:

Customer Service

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.

Cash Advance

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.

Funding Restraints

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.

Compare to the top rated business loan companies

The Bottom Line

Overall, we can’t recommend Rapid Advance as a lending company for small businesses without knowing their terms or application requirements. The few things we do know about Rapid Advance are positive:

  • Choose from the widest array of financing products to help bolster their current financial reserves.
  • air with a lending partner for SBA-approved loans and SBA bridge loans.
  • Receive a loan contract that fits their financial situation.
  • Pay back the loan easily through daily (MCA) or ACH deductions (loan products).
  • Research strategies that can help bolster online marketing and sales strategies.
  • Approval within 24 hours and receive cash within three days.

Rapid Advance combines secured and unsecured loans under one roof. For some loan packages, businesses do not need to put up infrastructure as collateral. The loan products also simplify the application process. There is only a one-page loan application and businesses need to provide four months of their financial statements. Social footprints and marketing strategies are also a part of Rapid Advance’s unique lending platform.

Still, there are the following opportunities for Rapid Advance to improve their business:

  • Provide loan APR and term length information on the website
  • Decrease the risk for lines of credit and merchant cash advances
  • Bolster the online live chat experience and provide direct support over the phone
  • Provide some funding strategies for startups

View Top Rated Companies

*Star Rating is determined by evaluating APR range, minimum credit score requirement, revenue requirement, length in business requirement, and other related approval data.

More Information

Types of Loans Offered

Rates Offered

Start at 15% Compare to Top Companies

Term Lengths

Unknown See Typical Terms

Typical Borrowers

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.

Best Uses

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.

Minimum Qualifications

  1. Credit score of 550+
  2. In business at least 3 months
  3. Minimum funding amount: $10,000

 

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