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Rapid Advance Small Business Loans Review

Rating: 8.9 / 10 (Excellent)
Disclosure: We receive advertising revenue from this partner. Learn more.
Rapid Advance is a Maryland-based company founded in 2005 to provide web-enabled financial services for small and medium-sized businesses in the United States. They offer small business loans, merchant cash advances, lines of credit, and SBA bridge loans. Approval can be obtained in 24 hours, with funds available after three days. Rapid Advance has an A+ BBB rating and a 5-star TrustPilot score.

How is Rapid Advance rated?

Breakdown

9/10
Loan Options
9/10
Application Process
8/10
Rates & Fees
10/10
Reputation

Overall Rating: 8.9 / 10 (Excellent)

Rapid Advance offers impressive loan limits for term and equipment loans. They also have an extremely fast approval process and a lot of flexibility in loan offerings. But above all, the company has a particularly good reputation for customer service. Former clients mainly cite their excellent communication with Rapid Advance staff and the personalized service they provide. Since the company offers several different types of small business loans, this is a great quality, as prospective customers may not be 100% familiar with the best options for their situation.

Loan Options

Available Loan Types

SBA Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Term Loans

Min Loan Amount
$5,000
Max Loan Amount
$1,000,000
Max Term Length
18 months
Repayment Terms
Fixed daily payments

Merchant Cash Advance

Repayment Terms
Rapid Advance will disperse up to 250% of monthly credit card sales volume in a lump sum. Payments are automatically extracted from your daily credit card profits and vary depending on the sales. There is no set time frame for repayment.

Equipment Loans

Min Loan Amount
$5,000
Max Loan Amount
$1,000,000
Max Term Length
18 months
Repayment Terms
Daily scheduled repayments.

Loan Options - 9 / 10

Rapid Advance is a lender that provides multiple options for small business loans. The company offers more choices than most online lenders, featuring term loans, lines of credit, merchant cash advances, and equipment loans. With a $1 million maximum, Rapid Advance offers the most money for term loans of all the lenders we feature, but a rather short repayment term at 18 months. They also feature a strong equipment loan maximum when compared to other providers at $1 million as well.

Rapid Advance Rates & Fees

Rates & Fees - 7.9 / 10

Rapid Advance does not provide information on APRs or related loan fees for its small business loan products. The company does mention that its "preferred rate" loan, for those who meet the credit requirements and other qualifications, has a rate of 1.25%. However, this is not an interest rate but a loan fee charged to the entire amount. In order to accurately calculate APRs you would have to have full information on all related fees and know the chosen term.

Application & Qualifications

Online Application
Approval Time
Get a decision in hours
Funding Time
As fast as 24 hours.
Min. Years In Business
2 year(s)
Min. Annual Revenue
$60,000
Min. Credit Score
600

Application Process - 9 / 10

Rapid Advance particularly excels in getting customers approved and funded fast. Small business borrowers can receive their money as quickly as the same day they've applied. The company is also rather lenient with their annual revenue stipulation, at just $60,000. The 2-years in operation requirement, however, is on the long side when compared to the other companies we evaluated.

Rapid Advance Reputation

Customer Feedback

TrustPilot Score
9.6 out of 10
BBB Rating
A+
BBB Positive Reviews
85
BBB Negative Reviews
3
Date Collected
2017-08-23

Reputation - 10 / 10

Rapid Advance has one of the best reputations for customer service in the small business loan industry. The company has an excellent Trustpilot score of 9.6 out of 10 and 89% positive customer reviews. What's more, Rapid Advance has an A+ with the BBB, and 97% positive reviews. Customers routinely praise loan officers by name and call attention to their careful and attentive customer service, saying they will return for all their small business loan needs.

Contact & Additional Information

Homepage URL
Company Phone
(877) 467-2743
Headquarters Address
4500 East West Highway 6th Floor, Bethesda, MD, 20814
Year Founded
2005

Our Partner
8.9 / 10
  • RapidAdvance offers very low rates to qualified businesses
  • Over $1 Billion in Loans to Small Businesses
  • Rated A+ by the BBB
  • Business-financing ranging from $5,000 to $1,000,000
  • Get approval as quick as 24 hours
  • Best suited for well-qualified applicants: 600+ Fico, 60k/year in revenue, 2+ years in business

Latest Rapid Advance Reviews

Loading Reviews ...
B
Bill
Greensburg, Pennsylvania

7/5/2016
I spoke with a representative about a business loan. I was told that my Experian credit score was 682. I felt that this was wrong and immediately ordered a new score from Experian. The new score was 705. I called Experian and they said that their score was accurate although if all of the vendors on my report would update their reports the score would be even higher than the 705. Go figure.


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Rapid Advance Small Business Loans