We recommendRapidAdvance as the best alternative lender for merchant cash advances. We chose RapidAdvance from dozens of alternative lenders. To understand how we selected our best picks, you can find our methodology and a comprehensive list of alternative lenders on our best picks page.

Why RapidAdvance?

RapidAdvance combines an easy application process and quick funding with excellent customer service. Here is a breakdown of why its our best pick.

Application and Approval Process

RapidAdvance has a fairly simple and short application and approval process. You start by filling out an online application or calling the company to provide your information directly to an account executive.

When using the online form, you are first asked some basic questions to help you get an idea of how much of an advance you might be eligible for. The initial questions are:

  • Business name.
  • Business ZIP code.
  • Years in business.
  • Estimated total monthly sales.

RapidAdvance has a simple online application than be completed in just minutes. Loan approvals can be granted in as quick as 24 hours, with funds available in three days.

After providing that information, you are provided a preliminary funding amount. This isnt the amount you may ultimately be approved for, but it gives you an idea of how much of an advance you might receive. We like that RapidAdvance gives you this early estimate. Most of the other lenders we examined wouldnt provide you with an estimate without completing the entire application.

Editors Note: Looking for information on business loans? Fill in the questionnaire below and you will be contacted by alternative lenders ready to discuss your loan needs.

Digital Federal Credit Union Visa Platinum Secured: Good News if You Have Bad …

by Shelton on October 26th, 2015

filed under Cash Advances

Bonus Offer

None

Annual Fee

$0

Intro APR Promotions

None

APR

  • Purchase: 11.50%, Variable
  • Penalty APR: Up to 18.00%, Variable
  • Cash Advance APR: 11.50%, Variable

Card Details

  • No rewards offered


The Digital Federal Credit Union Visa Platinum Secured Credit Card excels where many secured credit cards fall short. Let’s examine some of the features that make the Digital Federal Credit Union Visa Platinum Secured Credit Card stand out:

No balance transfer or cash advance fee

If you’re struggling with high-interest credit card debt, consolidating your balances with a balance transfer onto a lower-interest card can save you money in the long run. Most cards charge an average of 3% of the transferred balance, which makes the Digital Federal Credit Union Visa Platinum Secured Credit Card’s offer a great alternative.

Cash advances can be another pain point for cardholders because they usually come with extra fees and a higher interest rate than regular purchases. The Digital Federal Credit Union Visa Platinum Secured Credit Card, however, not only doesn’t charge a cash advance fee, but the interest rate is the same for cash advances as it is for regular purchases.

No limit to your credit line

Like most secured credit cards, the Digital Federal Credit Union Visa Platinum Secured Credit Card requires a collateral deposit equal to your credit line. But unlike most secured credit cards, the Digital Federal Credit Union Visa Platinum Secured Credit Card doesn’t put a cap on how high that credit line can be. As long as you have enough cash held with the credit union to cover it in case you default, you can have all the spending flexibility you need.

Reports to all three credit bureaus

The purpose of a secured credit card is to help you rebuild your credit. That can’t happen if the credit card issuer doesn’t report your card activity to the three major credit reporting bureaus. Some small, local banks may report to only one or two of the bureaus, or none at all. The Nerds have confirmed, however, that the Digital Federal Credit Union Visa Platinum Secured Credit Card does report to all three credit bureaus, making it easier for you to get back on track to building your credit.

The Digital Federal Credit Union Visa Platinum Secured Credit Card: Pitfalls and possibilities

Although the Digital Federal Credit Union Visa Platinum Secured Credit Card is a Nerd favorite, it’s not without drawbacks:

You must be a Digital Federal Credit Union member

With most secured credit cards, you don’t need to have an account with the issuer’s retail bank. Not so with the Digital Federal Credit Union Visa Platinum Secured Credit Card. You may become a member if:

  • Someone you are related to is a current member
  • The company you work for or retired from is a participating employer
  • You belong to a participating organization
  • You live, work, worship or attend school in a community which has been designated as underserved and the credit union has a branch in it

Because membership requirements are relaxed, this may not be a big deal. However, it is another hoop you need to jump through to apply.

No rewards

The best and worst student accounts

by Shelton on October 25th, 2015

filed under Student Credit Cards

Banks often target students during Freshers week – but the perks being offered to lure students over are only worth a fraction of the interest theyll be hit with should they go for an expensive bank.

So forget about free flights and free vouchers when choosing your student bank account. Instead concentrate on how cheaply you can get money out of your bank – because with college bills running into the tens of thousands, chances are you will need to borrow money at some stage.

With this in mind, the Sunday Independent examined what the various banks have on offer for students. We found that AIB is the best bank to do your student banking with – followed closely by BoI. KBC Bank and Permanent TSB should be avoided, however.

CHEAPEST STUDENT LOAN

AIB: Borrow EUR10,000 for free

AIB offers the cheapest student loan – if youre the vet or dentist of the future.

You can borrow up to EUR10,000 interest-free from AIB over five years if youre studying medicine, dentistry, veterinary science, pharmacy, psychology, physiotherapy, radiography, law, science, mathematics, architecture or computing. As well as being tied to certain courses, these loans are only available to students in certain colleges – University College Dublin, University College Cork, NUI Galway, NUI Maynooth, University of Limerick, Trinity College Dublin, Dublin City University, Dublin Institute of Technology and the Royal College of Surgeons. As long as the loan is fully repaid within five years, you wont be charged any interest.

BoI has two interest-free student loans. The larger loan – of up to EUR7,500 – is offered to students in their last three years of college who are studying medicine, dentistry, veterinary science, pharmacy, accountancy, IT, telecoms or engineering (non-civil). These students can borrow up to EUR2,500 a year interest-free for three years. As long as the loan is repaid within three years, no interest is charged – otherwise, the interest rate is 9.7pc.

BoIs smaller interest-free loan – of up to EUR1,500 a year – is available to all students, regardless of discipline. It is, however, a fraction of the loans offered to the students in AIBs and BoIs preferred courses. You must repay the loan in full within a year.

KBC, Permanent TSB and Ulster Bank dont offer interest-free loans.

MOST EXPENSIVE STUDENT LOAN

KBC: Costs almost EUR2,000 to borrow EUR5,000

KBC Bank is the most expensive bank to borrow money from if you are a student. It doesnt offer any interest-free loans or overdrafts – and as it doesnt offer special student loans, students get hit with the same interest rate as anyone else who takes out a personal loan with the bank. You could pay as much as 15pc interest if getting a personal loan of less than EUR5,000 from KBC; 12pc if borrowing more than EUR20,000. Borrow EUR5,000 and youll pay EUR1,853 in interest over five years. KBC charges less interest on its personal loans if you have a current account with the bank – but at 12.8pc on personal loans of less than EUR5,000 and 9.8pc on loans above EUR20,000, that discounted rate is still expensive.

Permanent TSB and Ulster Bank fare poorly here too. Permo doesnt offer personal loans to students – though it does offer personal loans to parents to help them fund a childs college education. Permos parental loans, however, are still the most expensive on the market.

Ulster Bank charges 10.3pc interest on its personal loans, which makes it the second most expensive lender for students.

Personal loans on which you dont get a good student discount are best avoided as they are expensive – regardless of the bank. A student who wants to borrow EUR10,000 from AIB for example will be hit with a 10.33pc interest rate – if hes not studying one of the courses which makes him eligible for an interest-free loan. So in this case, AIB is as expensive as Ulster Bank is for student loans – and not far behind KBC.

CHEAPEST PARENTAL LOAN

BoI: Costs EUR119 a year to borrow EUR3,000

As the student contribution charge is now EUR3,000 a year, many parents have to borrow that money to get their children through college. Most banks now offer loans to parents to help them cover the cost of these fees – and other college bills. BoI offers the cheapest such loan. It charges 7.5pc interest on its college finance loan where parents can borrow up to EUR3,000 each year – over four years. That adds up to EUR119 in interest a year – or EUR476 for the four years.

AIBs parent student finance loan, which charges 8.73pc interest, is the second-cheapest parental loan on the market. Under this loan, parents can borrow up to EUR25,000 over 12 years. Best to repay this loan early though. You would pay almost EUR15,000 in interest if you repaid EUR25,000 over 12 years – but less than EUR6,000 in interest if you repaid it over five years.

AIB also offers a loan to students to cover the student contribution charge. That loan – of up to EUR3,000 a year for four years – has an interest rate of 8.76pc. This is much cheaper than borrowing that money through a standard personal loan – but it is still more expensive than BoIs college finance loan. Students who take out an AIB loan to cover the contribution charge can ease the blow that the repayments make to their pocket while in college by repaying the interest only on the loan. However, if you can, repay the loan in full each month rather than the interest only – otherwise, that loan will be more expensive in the long run and you will also have a large loan left to clear when you leave college.

MOST EXPENSIVE PARENTAL LOAN

PTSB: Costs EUR223 a year to borrow EUR3,000

Permanent TSB offers personal loans to parents who wish to fund their childs third-level education. However, at 14.3pc interest for loans of between EUR1,500 and EUR6,999, Permo offers the most expensive loan. At this rate, it would cost EUR223 to borrow EUR3,000 over a year – thats almost twice as expensive as BoIs college finance loan. Permo charges less interest the more you borrow.

Ulster Bank is the second most expensive for parental loans. KBC doesnt offer parental loans.

CHEAPEST STUDENT OVERDRAFT

Ulster Bank: Costs nothing to borrow EUR2,500

Ulster Bank offers the cheapest overdraft – but only if youre studying the right course. You can get an interest-free overdraft of up to EUR2,500 from Ulster Bank if youre studying medicine, dentistry, law, accountancy, pharmacy, physiotherapy, veterinary science and optometry. Otherwise, you can get an interest-free overdraft of up to EUR1,500 from the bank. You must repay the overdraft within one year of finishing college.

AIB also offers interest-free overdrafts. Students in third- and fourth-year can go into the red by up to EUR1,500 without getting hit for interest, while students in first and second year can get interest-free overdrafts of up to EUR1,000.

BoI, KBC and Permanent TSB dont offer interest-free overdrafts so avoid going into the red if youre with one of these banks as the interest charged on overdrafts is high. Permanent TSB, for example, charges 17.7pc interest on overdrafts.

Be careful too not to exceed the limit on an interest-free overdraft as you will be hit for interest should you do so.

CHEAPEST CREDIT CARDS

BoI: Costs nothing to borrow EUR850 – for the first six months

The cheapest student credit cards are offered by BoI and AIB – but only if youre quick repaying your bill.

BoIs student card offers six months interest-free credit on purchases – which means you can buy things with your credit card for the first six months without clocking up any interest. Youll be hit for 18.1pc interest after that so be sure to clear your bill and to stop using your credit card once the six months are up. Run up a EUR1,500 credit card bill and once interest kicks in, that bill will climb to EUR1,669 after one year. So the interest will be more than a 10th of what you borrowed. The interest charged when you use your card to withdraw cash is even steeper, at 26pc.

AIBs student credit card is cheaper to use for the first year than a normal credit card is. Youre charged 3.83pc interest on purchases for the first year – but after that 20.3pc interest is charged.

The credit limits (that is, the most you can borrow) on student credit cards are low. With Bank of Irelands credit card, the credit limit is EUR400 for first- or second-year students; and up to EUR850 if youre in your third year. AIBs student credit card has a credit limit of EUR600.

MOST EXPENSIVE CREDIT CARD

Ulster Bank: Double digit interest from Day One

Ulster Banks student credit card doesnt offer any interest-free or discounted credit for an introductory period. You pay 17.1pc interest on purchases and 21.1pc interest on cash withdrawals once you start using your card. So avoid using this card as the interest will build up very quickly. The credit limit on Ulsters card is EUR450.

Low credit limits work in your favour because it is best to avoid credit card borrowing as a student. A low credit limit should discourage you from borrowing too much – though you should watch out for any penalties that youre hit with should you go over that limit. These penalties can be as high as EUR8.50 a pop, depending on your bank.

KBC and Permanent TSB dont offer student credit cards though a spokeswoman for KBC said the bank plans to launch one shortly.

CREDIT UNIONS

Dont overlook credit unions when borrowing money for college as they may offer much cheaper loans than your bank. A typical credit union student loan charges about 6pc interest, while the average education loan has an interest rate of 6.55pc. Interest rates vary by credit union, however.

PERKS

Perks shouldnt come into your decision when choosing your bank. However, its a bonus to have one – if your bank of choice happens to offer one. AIB offers a student Leap card voucher worth EUR12 – and the chance to win prizes worth EUR150. Those who take out a student credit card with AIB get the chance to win a trip for two to the Rugby World Cup next month.

Bank of Ireland offers rewards worth EUR100 for using its student account, including ice-skating passes, surf lessons, free pizza and cinema passes. KBC offers the choice of EUR100 in cash or two free return flights from Dublin to Berlin, Liverpool, London, Amsterdam, Madrid, Paris, Milan, Frankfurt or Brussels. Permanent TSB and Ulster Bank dont offer student perks.

As the maintenance fees on current accounts can be as high as EUR48 a year, free banking is one of the big perks of student accounts. All of the banks offer free banking to students – so students arent charged account maintenance fees. Free banking also covers standard transaction charges, such as withdrawals, lodgements and standing orders. However, there are still a lot of transactions which students are charged for – including charges for not having enough money in your account to clear a direct debit or standing order. Such charges can be as high as EUR10 a pop.

You will also be hit for transaction fees if you use your debit or ATM card outside the eurozone. These fees can be as high as 3.5pc of the value of the transaction, depending on whether you use your card to buy something or to withdraw cash.

MANAGING YOUR MONEY

For many students, college is the first time they live away from home. That presents many financial challenges – not least, the rent. The average rent for a one-bed apartment in Dublin 2 is EUR1,360; the typical rent for a four-bed home in Dublin 2 is EUR2,260, according to daft.ie.

This isnt just a Dublin problem – rents are climbing in most counties, including Kildare, Cork, Galway and Louth.

Take a realistic approach to renting. It is usually cheaper to rent in a less-sought-after location and to either house share or rent a room in a house.

Dont live too far out from college, however, as you will face higher commuter costs should you do so.

Learn to budget whatever income you get. Be sure you can cover the cost of rent, bills, food, clothes, travel and social life – these expenses could clock up to EUR1,300 a month. You may need to take up part-time work to generate income. Grab any discounts you can – it is worth having a USIT card and student Leap card for this.

Learn to cook because unless youre loaded, you cant afford to eat out all the time.

Steer clear of expensive debt, such as credit cards or moneylender loans, as these will come back to haunt you.

Sunday Indo Business

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