Rapid Advance No credit check? According to TV ad. Not True. Internet, 7316 Wisconsin Ave, Suite 350 | Bethesda Internet,MD

In a nutshell, these people, who say they are a sister company of Quicken Loan, are simply, hard money lenders. Not really any different than a venture capitalist, except that they don't take a controlling piece of your small business as VC's do.... But they make one heck of a ROI off of you. In my case they would have made approx. 30% ROI in just the 10  month loan term...

My advice is, work with your debt and income carefully, and use these folks ONLY as a last resort; but then again, make sure of everything going forward.  I saw the TV adds relentlessly and on radio so called them a week ago. From the start, I was passed between a couple younger sounding call center types and after finally getting someone to deal directly with me, I gave my permission for credit pull and private bank information they requested. A lot of back and forth went on for a couple more days and I had to pin point ask and demand things of the Rep I was dealing to as they were very vague, and kind of scattered even, and I was trying to run my business and could not be on the phone any time of day as they needed to get my "deal" done. I gave them two amounts of capital I could use and my reasoning to do so. They acted positive and moved forward.

In the end, they came back with two options for me; a 8 month and 10month scenario. But their ads with 1.25% interest and such is misleading because that is a daily accumulating rate and they withdraw funds every day Monday thru Friday every week for the term of your "loan". And 1.25% in a month's time adds up to approx 40% !!!They also stated to me they had programs to lend with credit scores of 600-640 range, and mine was far higher than that. Also they were going to charge me like 1.33% interest. Also after a couple days passed and they reviewed my private income and bank records I gave them, they decided as my first time dealing with them, I was approved for $6,00.00. This was NOT even close to the amount I needed to consolidate and pay off high % vendor accounts at hand. It was far too small for my purposes. But what they didn't disclose up front was had I taken either of two programs (8 month or 10 month) that they would deduct a processing fee from the stated loan amount PLUS a 2.5% charge as well (approx 600.00 up front from lon amount), so you end up with only those NET funds in your account. But in my scenario, had I taken their loan offer for 10 months (8 months was a lesser loan amount), I would in essence pay them back with approx $2,300.00 interest for that loan! Now in 10 month's time, that is $230.00/month interest, and in my case, the reason I called them in the first place made no sense for me to take such loan and pay such interest, so I just decided NOT to go through with it, and managed my own monthly debt a little tighter- as I was NOT that desperate to take such hard money at such high % rate once I found all the terms out.... And people used to joke about mobsters making high interest loans to people... LOL 

This might be good for others,but not for me. The Rep even tried to press me after I revealed the real costs against me and gave him some fatherly advice, and finally had to tell him hashly on phone "I DO NOT WANT YOUR LOAN" after I realized just how costly this would be.  And after he went on saying they would save my information and contact me in future to see my needs, I got upset and ordered them to destroy all my private banking & personal data I gave them, as I was an identity theft victim before, and did not want to even deal with them after this.

MY advice: DO NOT be desperate, as folks like this deal with desperate businesses to make  "their money"...