Franchise FAQs

How do payday loans work?

Today more people than ever are living paycheck to paycheck and these people are often only one unexpected expense away from financial difficulties. A car repair, a medical expense or an unusually high utility bill are all examples of unexpected expenses that bring customers to Rapid Cash Advance to solve their unexpected short term cash needs.

Customers are able to take out a payday loan with no credit check and easy qualification allowing them to have their cash in less than twenty minutes. Borrowers exchange a postdated check that usually coincides with the date of their next payday, in exchange for the loan. This valuable service allows our customers to bridge the gap in their short term financial needs.

How do you make money with a Rapid Cash franchise?

In the past, banks were available to help people with their financial needs. In today's economy banks are more a source of the problem than the solution. Bank late fees, NSF charges and overdraft charges hang perilously over the head of many consumers who are on a tight budget.

Rapid Cash Advance franchisees provide valuable services for these underserved borrowers with payday loans, personal loans and title loans. As an alternative lender for borrowers with blemished credit, Rapid Cash Advance franchisees provide short term solutions that provide very high rates of return on an annualized basis. The allowable rates are determined by each state but in Florida our typical loan carries a 10% rate every two weeks plus a $5 fee (or an annualized rate of 390% on a $100 loan).

Many payday loan customers become regular customers, while others will become new customers as their financial needs change. Rapid Cash Advance also offers additional loan products such as personal loans and title loans for customers who have already taken out a payday loan but who need additional finances.

What training do you provide?

Whether this is the first business you have owned or you are adding this franchise to a portfolio of other businesses, Rapid Cash Advance's training program will get you up and running and keep you focused on the activities that will make your business successful. The financial services industry is tightly regulated by the federal and state governments. Rapid Cash Advance training program takes you through all of the details of the business and our software helps you to manage the business while also ensuring that you remain compliant with the regulations.

The first step in our training is working with our franchisees to select the right market and location for your store. Once your store is under lease and construction has begun, we will schedule you for your one week of training at our corporate locations in Orlando, Florida. This training for you general manager and key staff teaches them everything they need to

run your financial services facility. In addition, we will provide you with a trainer on site at your store during your opening and during the first week to ensure that your staff is adequately training and that you marketing is attracting customers. Once your store is open, you will continue to receive support from a Franchise Business Advisor who assists you in running and growing your business.

How much money can I make?

There are a number of factors that go into determining how much money you can make with a Rapid Cash Advance franchise. The types and amount of loans issued (or "cash on the street") will be the biggest factor in determining what your revenue will be.

The federal government and the FTC regulate franchising and what information we are allow to disclose to potential franchisees. Once you complete our Request for Consideration Form we will provide you with a Franchise Disclosure Document (FDD) that outlines more of the details related to your franchise.

What are the costs to open a location?

The total investment to open a Rapid Cash Advance franchise is between $111,950 to $236,617. This includes a franchise fee of $28,500 as well as the store furnishings and equipment, location build out, point of sale system, grand opening marketing, six month's rent, licenses, capital for loans and working capital to open your business.

How do I get more information?

The next step is to tell us a little about yourself by completing theRequest for Consideration Form. Once we receive the form we will contact you. You can also contact our franchise department at Franchising@RapidCashAdvance.com.