Line of Credit by Rapid Finance
The Rapid Finance Line of Credit involves minimal paperwork, with draw amounts starting at just $1,000. The full approved amount does not need to be drawn at one time, but rather you can choose to draw only the funds your business needs when needed up to the approved amount. Payments on the outstanding line of credit balance may be made by either fixed daily, weekly, or monthly payments that are automatically withdrawn from the business bank account on file*. *This balance fee is charged on the total outstanding account balance on a weekly basis. See the Rapid Finance Line of Credit Agreement for additional details about the balance fee.
Nav's Verdict
6/10
Bottom Line
*This balance fee is charged on the total outstanding account balance on a weekly basis. See the Rapid Finance Line of Credit Agreement for additional details about the balance fee.
Pros
No competitor payoffs required. Minimum draw amount is just $1,000. Easy renewal process. Use as much as you need, only pay interest on what you use.
Cons
4% fee for every draw.
Qualification requirements
Time In Business
Minimum of 3 years
Annual Revenue
$150,000
Required Documentation
Completed application, last 3 months of business bank statements, government issued ID, and voided business check.
Personal Credit Scores
Minimum of 620
Reviews
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