QuickBridge Business Loans Review
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Pros and cons of QuickBridge
| Pros | Cons |
|---|---|
Quick, flexible funding Available to businesses with as little as six months of business history You can qualify with a credit score as low as 600 | Cannot be used for equipment financing Minimum annual revenue requirement of $250,000 isn’t unheard of, but it’s not the lowest around, either Other lenders will consider you with an even lower credit score |
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QuickBridge small business loans review
QuickBridge is an alternative online lender that has provided more than 18,000 businesses with small business loans over its 12-year history. Its only product — a working capital loan — can be used for an array of purposes, though it can’t be used for equipment financing. Rather than APR, QuickBridge charges interest as factor rates, which are a comparatively expensive way to borrow — but QuickBridge’s factor rates are competitive for this sector of the market. You can secure financing from QuickBridge as soon as the day after you submit your application.
Who is QuickBridge for?
- Those who want flexible funding quickly. You can use QuickBridge’s working capital loans for a number of funding needs and, if you qualify, funds can be available as soon as the next day.
- Business owners who aren’t seeking equipment financing. One of the few things you can’t use a QuickBridge loan for is equipment financing.
- Those who can repay their loan quickly. QuickBridge offers loan amounts of $10,000 to $500,000, but you have to repay the money over the course of 4 to 18 months depending on your loan terms. If you need a longer-loan term, this is not the lender for you.
QuickBridge small business financing at a glance
| Product | Loan amounts | Repayment term | Starting rate | Fees |
|---|---|---|---|---|
| Working capital loans | $10,000 to $500,000 | 4 to 18 months | 1.11 factor rate | 1.00% - 5.00% origination fee |
Working capital loan
QuickBridge’s working capital loans are flexible. You may see them marketed as short-term business loans, small business term loans or emergency business loans. You could also use these loans as a bridge loan or payroll loan, though no matter how you see it marketed, it is all one lending product.
Instead of an APR or interest rate, QuickBridge charges a factor rate on its working capital loans. Factor rates start at 1.11, which means that on a loan of $10,000 — if you qualified for the lowest factor rate of 1.11 — your total repayment would be $11,100.
Repayment terms can be anywhere from 4 months to 18 months, with loan amounts of $10,000 to $500,000. In addition to the factor rate, you will also be charged an origination fee that can range from 1.00% - 5.00% of the total loan amount.
QuickBridge loans are generally funded quickly. If your application is approved, you could see your money in as little as one day.
QuickBridge borrower requirements
| Minimum annual revenue | $250,000 |
| Minimum time in business | 6 months |
| Minimum credit score | 600 |
To qualify for a small business loan from QuickBridge, your business must be at least 6 months old with a minimum annual revenue of $250,000. You will need a credit score of at least 600 to qualify, but bear in mind that if your credit score is on the lower end, you’re not likely to qualify for the lowest factor rates. Your loan is likely to end up being more expensive.
Required documents
When you apply for a loan with QuickBridge you will be asked for the following information:
- Name
- Date of birth
- Phone
- Business address
- Home address
- EIN (not mandatory)
- Social Security number (mandatory)
Other business loan requirements you may be asked to provide to prove your business’s financials before qualifying for a loan are:
- Tax returns
- Bank statements
- Proof of business ownership
- Documentation of your debts
- Proof of collateral if your loan requires collateral
Alternatives to QuickBridge
| QuickBridge | National Funding | Fora Financial | |
|---|---|---|---|
| Minimum credit score | 600 | 600 | 500 |
| Loan products offered |
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| Time to funding | As soon as next day | As soon as 24 hours after application | Usually within 24 to 48 hours |
| Starting factor rate | 1.11 | 1.11 | 1.10 |
| Maximum loan size | $500,000 | $500,000 | $1,500,000 |
| Minimum annual revenue | $250,000 | $250,000 | $180,000 |
QuickBridge vs. National Funding
In 2018, fintech lender National Funding acquired QuickBridge, so the two lenders are owned by the same parent company. However, there are slight differences in their lending products. The biggest difference is that National Funding offers equipment financing, while QuickBridge does not. Loan qualifications and factor rates are the same at each lender, though.
QuickBridge vs. Fora Financial
Fora Financial offers small business loans that are similar to QuickBridge’s working capital loans, as well as merchant cash advances. The factor rates for these products can range from 1.15 to 1.40, which are higher than the starting rates offered by QuickBridge, though you can bring your factor rate as low as 1.10 if you enroll in early payback programming.
Fora Financial does allow you to borrow significantly more money — up to $1,500,000. However, qualification will depend on your annual revenue and other details about your business. Usually, you can qualify for an amount that’s equal to 75% to 125% of your monthly gross sales.