When it comes to obtaining a business loan, thorough research, and careful consideration are essential. QuickBridge is a well-known lending company that offers short-term loans to both emerging and established businesses with a steady stream of income. But is QuickBridge Business Loans the right lender for your specific needs? In this comprehensive review, we will delve into the services offered by QuickBridge, allowing you to make an informed decision about whether they are a legitimate option for your business loan requirements.
- BBB A+ Rating & Accredited
- $500 Million Debt Resolved
- $7,500 Minimum Debt
Understanding QuickBridge Business Loans
QuickBridge, founded in 2011 and headquartered in Irving, California, provides small business loans in all 50 states, including Washington, DC. They specialize in unsecured loans and working capital, which can be used for various purposes such as business expansion, maintaining cash flow, and paying employee wages.
One notable advantage of QuickBridge business loans is that they do not have a minimum credit score requirement for approval. This is particularly beneficial for small business owners with a poor credit history, as they can still be considered for a loan. QuickBridge takes into account factors other than credit score, such as bank statements, to evaluate creditworthiness.
Additionally, QuickBridge Business Loans offers early payment discounts, allowing borrowers to save money if they pay off their loans ahead of schedule. The company also provides unsecured loans, eliminating the need for collateral to secure the loan funds.
The QuickBridge Business Loan Process
To apply for a QuickBridge business loan, you need to meet certain requirements, including a minimum annual revenue and the ability to provide bank statements. The application process involves working with a funding specialist who will guide you through the loan details, including interest rates and monthly payments. QuickBridge offers a soft credit pull, ensuring that your credit score won’t be negatively affected during the application process. However, it’s important to note that there may be prepayment fees and additional charges associated with the loan.
QuickBridge prides itself on providing fast and flexible unsecured loans for small businesses. If you meet the eligibility criteria, you can receive the loan amount within a day. Repayment terms are adaptable, with the option to pay daily or weekly. Furthermore, early repayment of the loan may make you eligible for a discount on the remaining balance.
Loan Terms and Interest Calculation
QuickBridge expresses interest in its loans using a factor rate instead of an annual percentage rate (APR). The factor rate determines the cost of borrowing by multiplying it by the loan amount. For example, if you borrow $30,000 with a factor rate of 1.10, you will need to repay a total of $33,000, with $3,000 representing the interest.
Qualifying for a QuickBridge Loan
QuickBridge previously provided loans to individuals with poor credit ratings, but they now primarily focus on those with a fair credit history or better. To qualify for a QuickBridge loan, you need to meet specific requirements, including:
Personal Credit Score
QuickBridge requires a minimum credit score of 580 on the FICO scale, which is considered fair. Additionally, the business owner must provide a personal guarantee, making them personally responsible for loan repayment. If the loan remains unpaid, the owner could be held accountable for the remaining balance.
Time in Business
The length of time your business must be operating varies depending on the type of financing you seek. For a small business loan, you need to have been in business for at least six months. For equipment financing, your company must have a minimum of two years of operation.
Annual Revenue Requirements
To be eligible for a small business loan from QuickBridge, your company needs to have a minimum annual income of $250,000. The revenue requirements for equipment financing are not explicitly stated.
Despite some negative online reviews, many small business owners have had positive experiences with QuickBridge funding. The company aims to provide smarter funding options that assist customers in managing working capital, purchasing inventory, and handling receivables. With a quick online application process and the possibility of receiving funds within hours, QuickBridge can be an attractive choice for small business owners seeking financing. However, it is crucial to review the loan terms and associated fees carefully before making a decision.
QuickBridge’s Reputation and Customer Reviews
QuickBridge has received an A+ rating from the Better Business Bureau (BBB) since 2014, indicating its commitment to customer service and satisfaction. However, customer reviews of the company have been less than satisfactory, resulting in an average 2-star rating out of 5-star ratings. Over the past three years, there have been 16 customer reviews and 12 resolved complaints, suggesting that QuickBridge may need to improve its customer experience to ensure greater satisfaction.
Before finalizing a personal loan provider, it is crucial to conduct thorough research. This includes examining customer reviews, verifying the lender’s credentials and experience, and ensuring that the services and loan conditions are transparent and reliable. Investing time in evaluating these factors will help you choose the best loan provider and loan deal for your business.
FAQs
1. How quickly can I expect to receive funds from QuickBridge?
QuickBridge prides itself on providing fast funding solutions. If you meet the eligibility criteria and provide the necessary documentation, you can receive the loan amount within as little as 24 hours for small business loans or up to 72 hours for equipment financing.
2. Is there a minimum credit score required to qualify for a QuickBridge loan?
No, QuickBridge does not have a minimum credit score requirement for loan approval. They take into account factors beyond credit scores, such as bank statements and business performance, to evaluate creditworthiness and determine eligibility.
3. Can I repay the QuickBridge loan ahead of schedule?
Yes, QuickBridge offers the flexibility to repay the loan early. In fact, if you choose to pay off the loan ahead of schedule, you may be eligible for an early payment discount, which can help you save money on interest.
4. Are QuickBridge loans secured or unsecured?
QuickBridge offers unsecured loans, which means you don’t need to provide collateral to secure the loan funds. This can be advantageous for small business owners who may not have valuable assets to offer as collateral.
5. What factors determine the cost of borrowing with QuickBridge?
Instead of using an annual percentage rate (APR), QuickBridge expresses interest in their loans using a factor rate. To calculate the cost of borrowing, you simply multiply the loan amount by the factor rate. This provides a clear and straightforward understanding of the total repayment amount.
6. What documents are required to apply for a QuickBridge loan?
To apply for a QuickBridge loan, you will need to provide personal and business information, including your full name, email address, and estimated annual sales. You will also be required to submit financial statements for your business, along with a copy of your driver’s license.
7. How does QuickBridge evaluate loan eligibility?
QuickBridge considers various factors when evaluating loan eligibility. While credit score is not the sole determining factor, it plays a role. They also assess other factors such as business performance, bank statements, and the length of time your business has been operating.
8. Are there any hidden fees associated with QuickBridge loans?
It’s important to carefully review the loan terms and conditions, as there may be additional fees associated with QuickBridge business loans. While they strive to provide transparent services, it’s always wise to ensure that you fully understand any potential fees, such as origination fees or prepayment penalties, before committing to a loan.
9. Can I use QuickBridge funds for any business-related expenses?
Yes, QuickBridge loans can be used for various business-related expenses, including maintaining cash flow, purchasing inventory, hiring employees, and covering operational costs. The flexibility in how you utilize the funds allows you to address the specific needs of your business.
10. What happens if I default on a QuickBridge loan?
Defaulting on a QuickBridge loan can have serious consequences. As a borrower, you are personally responsible for the loan repayment, and QuickBridge may take legal action to recover the outstanding balance. It’s crucial to carefully assess your financial situation and ensure that you have a repayment plan in place before taking on a loan.
Remember, while QuickBridge Business Loans provides convenient funding options for small businesses, it’s important to thoroughly understand the terms, fees, and your own financial capabilities before making a decision.
Conclusion: Making an Informed Decision
QuickBridge offers small business loans with flexible terms and a streamlined application process. While they do not have a minimum credit score requirement, they do consider other factors such as bank statements to evaluate eligibility. The ability to receive early payment discounts and the option for unsecured loans are additional advantages.
However, it’s important to note that QuickBridge Business Loans has received mixed reviews from customers, indicating a need for improvement in customer satisfaction. Before making a decision, carefully review the loan terms, associated fees, and customer feedback.
In conclusion, QuickBridge Business Loans can be a legitimate option for small business owners in need of quick funding. However, due diligence and thorough research are crucial to ensure that their services align with your specific business requirements.
QuickBridge Business Loans
QuickBridge Business Loans Review
QuickBridge offers small business loans with flexible terms and a streamlined application process. While they do not have a minimum credit score requirement, they do consider other factors such as bank statements to evaluate eligibility. The ability to receive early payment discounts and the option for unsecured loans are additional advantages.
However, it’s important to note that QuickBridge has received mixed reviews from customers, indicating a need for improvement in customer satisfaction. Before making a decision, carefully review the loan terms, associated fees, and customer feedback.
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