Getting financing for your small business can be a bit challenging, especially if you have less-than-perfect credit or a limited operating history. QuickBridge is here to tackle such challenges. They offer an alternative solution, providing loans and working capital to businesses that may not qualify through traditional lenders.
In this article, we’ll explore QuickBridge loan requirements, how to apply, loan details, and whether it’s the right financing option for your business. With the right information, you can determine if a QuickBridge loan is a good fit to help grow your business.
Overview of QuickBridge Loans
QuickBridge is an online small business lender that makes funding provisions ranging from $10,000 up to $500,000. They market themselves as a fast and flexible financing option for businesses that need money quickly. Instead of traditional interest rates, they charge a fixed “factor rate,” which is a percentage of the total loan amount.
QuickBridge states that they can fund loans as fast as one business day after approval. The application process is streamlined and conducted completely online. They usually work with newer businesses and those with less-than-perfect credit.
The loans have short repayment terms of 4-18 months. The funds can be used for a variety of business purposes like working capital, equipment, renovations, payroll, and more. QuickBridge loans are essentially short-term, unsecured financing with relatively quick funding.
What Type of Loan Do They Offer?
QuickBridge offers just one loan product – an unsecured term loan. The loans have short repayment terms of 4 to 18 months.
Within this loan, you have flexibility on the loan amount and specific repayment schedule. Loan amounts range from $10,000 up to $500,000. You can choose between daily, weekly, and monthly repayment frequencies.
The funds can be used for different business purposes such as:
- Working capital
- Operating expenses
- Emergency costs
- Renovations
- Business expansion
- Debt refinancing
- Inventory
- Marketing
- Payroll
- Taxes
The loans are essentially unsecured lines of credit that provide fast access to short-term financing. One key restriction is that QuickBridge loans cannot be used for equipment purchases.
Is QuickBridge Loan the Right Choice for Me?
While QuickBridge loans provide fast access to capital, they may not be the right fit for every business. Before applying, consider whether QuickBridge aligns with your specific needs and qualifications.
Here are key factors to weigh
Loan Amount: Do they offer the amount you need? QuickBridge provides up to $500,000 in loans.
Eligibility: Does your business revenue and credit profile meet their requirements? More on this below.
Loan Term: Can you comfortably repay the loan within 4-18 months? QuickBridge is a short-term financing.
Purpose: Is the loan for an acceptable use like working capital? Note they don’t finance equipment.
Cost: Their factor rates and origination fees result in higher costs than traditional bank loans.
Urgency: Is access to very fast financing essential right now for your business? QuickBridge can fund within 1 day. If you need a larger or longer-term loan, have excellent credit.
QuickBridge Loan Requirements
To qualify for a QuickBridge small business loan, applicants must meet these eligibility standards:
Time in Business: Minimum of 6 months in operation.
Annual Revenue: At least $250,000 in gross annual sales.
Credit Score: Personal minimum credit score of 600.
Location: Based in the United States.
Documentation: Bank statements, government ID, business financials.
Use of Funds: The loan cannot be used for equipment purchases.
Having higher annual revenue and a strong credit score above 600 will improve your chances of loan approval and may result in a lower factor rate. But businesses that recently opened or have credit challenges can still potentially qualify.
How Can I Apply for a QuickBridge Loan?
The whole application process for a QuickBridge loan is straightforward and conducted entirely online. Follow these steps to successfully apply for a loan on QuickBridge:
- Go to QuickBridge.com and click “Apply Now.”
- Describe your company and yourself in full.
- Input your business’s address, time in business, bank statements, and annual revenue.
- Submit your application and await an approval decision.
- If approved, review loan terms and provide any requested documentation.
- Accept loan terms and provide banking information for funding.
The funds will be deposited as soon as the next business day. The pre-qualification portion only requires a driver’s license and recent bank statements. QuickBridge states that businesses can receive loan funds deposited in their account as fast as 24 hours after final approval.
How to Qualify for a QuickBridge Loan
These tips can help improve your chances of qualifying for a QuickBridge small business loan:
- Your operation history should be at least 6 months. QuickBridge requires this minimum.
- Demonstrate substantial annual revenue. Aim for revenue of $350K or more if possible.
- Maintain a personal credit score above 650.
- Provide required documents quickly. Bank statements, tax returns, etc.
- Only apply for what you need. Don’t request the maximum amount unless essential.
- Highlight a strong revenue trajectory. Showing growth can help your application.
- Explain clearly how funds will be used and repaid.
- Be prepared to offer a personal guarantee. This provides assurance to QuickBridge.
Meeting the stated requirements is a good start but going above the minimum qualifications will improve your chances of getting approved and receiving better loan repayment terms.
QuickBridge Loan Details
Here are some key details about QuickBridge small business loans:
Factor Rate: Their “interest rate” is called a factor rate, such as 1.10 or 1.20. This means that for every $1 you borrow, you repay $1.10 or $1.20.
Origination Fee: QuickBridge charges an origination fee of 1-5% of the total loan amount.
Loan Amounts: Loans range from $10,000 up to $500,000.
Loan Term: Repayment terms are between 4 and 18 months.
Payments: Auto-pay is required.
Prepayment: Discounts may be offered for early payoff.
Time to Funding: If approved, loans can be funded as soon as 1-2 days.
Credit Checks: QuickBridge conducts a “soft inquiry” that doesn’t impact credit scores.
Security: The loans are unsecured, so collateral is not required.
Use of Funds: Cannot be used for equipment financing.
Final Thoughts
QuickBridge provides fast business financing, even for those with credit challenges or a limited operating history. But it comes at a cost. Before applying, carefully weigh their factor rates and origination fees compared to alternatives.
Make sure the repayment timeline fits your needs. While QuickBridge has easy applications and quick funding, compare options to ensure it aligns with your business goals and qualifications.
