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Advertiser & Editorial Disclosure

Business Cash Advance by Rapid Finance

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Rapid Finance is one of the largest merchant cash advance providers. Like all MCA providers, instead of charging an interest rate, you sell a portion of your future card sales in exchange of an upfront lump sum. Your total payment will be capped, typically 125% – 150% of the borrowed amount, which is expected to be paid back within a year. Unlike other MCA providers, Rapid Finance doesn’t charge a monthly minimum. The payment would be solely based on your monthly card sales. They also don’t require your business asset as collateral, which other MCA providers typically request.

Nav's Verdict

Cost

LowHigh

Effort to Apply

EasyDifficult

Funding Speed

MonthsMinutes

Repayment Terms

MonthsYears

5/10

Bottom Line

A viable option for businesses looking for growth capital up to $600,000. Costs will vary based on your risk profile.

Pros

Application is quick and easy and you are able to receive funds within hours. Daily or weekly payment options. No business lien placed. No application fee.

Cons

Not all digital.

Qualification requirements

Annual Revenue

At least $75,000

Other Requirements

You must have a 550+ credit score and no bankruptcies in the past year.

Time in Business

At least one year in business

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Cost

1.20 Average Factor Rate

Repayment Terms

3 - 12 months

Funding Amount

$5,000-$600,000

Funding Speed

1-3 days

Application

Not digital

Reviews

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Personal FICO credit scores and other credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit or financing type you are eligible for. Nav uses the Vantage 3.0 credit score to determine which credit offers are recommended which may differ from the credit score used by lenders and service providers. However, credit score alone does not guarantee or imply approval for any credit card, financing, or service offer.

Editorial Disclosure

Any personal views and opinions expressed are author’s alone, and do not necessarily reflect the viewpoint of Nav. Editorial content is not those of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities.

Reviews are not provided or commissioned by the credit card, financing and service companies that appear in this site. Reviews have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.