We, too are victims of Rapid Advance's preditory lending. Everyone needs to check out the Better Business Bureau in Washington DC area/Maryland. There are 5 complaints (now 6 as I filed ours) for this alleged advance pay loan company—which they aren't.
Every small business owner, especially in these challenging economic times, needs to stay clear of these loan sharks. They will only waste your time and will not end up loaning you any money.
We were solicited by Rapid Advance. Told we could have money wired into our business checking account within a matter of "days". We completed the application, sent a voided check, sent proper identification, sent 3 months bank statements, sent 4 months of our merchant credit card statements (a tool Rapid uses to determine how much money they will lend you) and after 10 days we were giving approval for a loan against our future credit card sales of $7,500 which would be paid back over several months at 34% of our credit card sales. These are sales we make to customers of our store who use their credit cards to pay for their purchases.
The final step, we were told by Rapid Advance's employee Tim Luculano was we needed to switch our ATM terminal to their processor and bank, so that Rapid could collect their "split". Once the change over was completed, we were assured verbally and in writing, via email, our loan would be funded, the money was to be wired into our bank account.
We promptly switched to Rapid's credit card processing company. Rapid Advance immediately began taking their split from our credit card sales, but never funded our loan. Rapid Advances employees, Jeremy Brown, Quinn (last name unknown) Umaru Mansaray, Tim Luculano all told us a different story about our transaction. One said we would receive money by the next day, one told us "nothing has been approved" yet could not tell us why Rapid was collecting a payment when they never loaned us any money.
These people are the worst of the worst. Do Not fall for their lying, deceptive promises. They do not lend money. They are sales reps trying to get small business to switch credit card processing companies so they can receive a commission. They also collect all your personal information to re-sell it to God knows who. Low life scum bags is all they are!
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