QuickBridge Business Loans Review

Things to consider.

Competitive funding times.

One of the standout features of QuickBridge is its competitive funding times. Businesses often find themselves in need of immediate funding to seize growth opportunities or manage unforeseen expenses. Traditional lenders may take weeks or even months to process a loan application, but with QuickBridge, you could see funds deposited into your account in as little as 24 hours post approval. 

Smaller loan amount range.

While QuickBridge’s financing amounts—ranging from $10,000 to $500,000—accommodate a broad spectrum of funding needs, some businesses may find the upper limit a bit restrictive, especially if they’re looking to finance larger projects or expansions. This ceiling might be particularly challenging for businesses in industries where operating costs or the price of equipment and inventory are high.

Low funding fees.

Another advantage of partnering with QuickBridge for your business financing needs lies in its low funding fees. Unlike many lenders who charge hefty origination fees or prepayment penalties, QuickBridge maintains a transparent and fair fee structure. This means businesses can access the funds they need without worrying about hidden costs eating into their budget. 

Flexible loan approval requirements.

QuickBridge has fairly flexible standards for businesses to successfully apply. The minimum credit score is just 600 and you need just a six-month minimum time in business. The downside is that borrowers need at least $250,000 in minimum annual income. That’s great for newer businesses that have scaled quickly and already have a proof of concept, but it does mean that lower-grossing companies won’t qualify.

Two repayment options.

Borrowers with QuickBridge financing will have either a daily or weekly repayment option. Payments are withdrawn automatically from the business bank account. While this can be convenient, it can also strain a business’s cash flow if they aren’t prepared or face sudden cash shortfalls.

Personal guarantee

Expect to sign a personal guarantee for your cash advance. That means even though the funds are solely for the business, the owner (or owners) is personally responsible for the funds. 

For loans that are $100,000 or more, QuickBridge also requires a UCC filing. This is a type of lien on the business that pledges company assets as collateral. It’s not uncommon, particularly for loans of larger amounts. In fact, QuickBridge has one of the higher thresholds for UCC filings among business funders.

Excellent third-party reviews.

QuickBridge has an A rating with the Better Business Bureau. On Trustpilot, the lender has earned an average 4.6 star rating. Borrowers cite fast application times and low rates. Newer business owners also mention qualifying for smaller loan amounts in order to establish their business credit. 

Evaluation

QuickBridge is best for:

• Fast-growing businesses. QuickBridge is particularly beneficial for rapidly expanding companies that need quick access to funds. 
• Businesses with short-term financing needs. With terms ranging from 4 to 18 months, QuickBridge is ideal for businesses seeking short-term financial solutions to manage cash flow, cover unexpected expenses, or finance inventory purchases.
• Entrepreneurs with less than perfect credit. Thanks to the relatively low minimum credit score requirement (600), QuickBridge opens doors for business owners who might not qualify for traditional loans due to credit challenges.
• Newer businesses proving their concept. For businesses operational for as little as 6 months but showing strong financials, QuickBridge offers a chance to secure funding. 

Where QuickBridge might fall short:

• Requirement for a personal guarantee and UCC filing. For larger loan amounts, QuickBridge requires both a personal guarantee and a UCC filing, putting personal assets and business assets at risk should the business fail to make repayments. 
• High minimum annual revenue requirement. With a relatively high minimum annual revenue requirement, smaller businesses or those just beyond the startup phase may find it difficult to qualify for a loan.
• Frequent payments. A daily or weekly payment plan can be difficult to maintain for some businesses.

How to apply for financing from QuickBridge through Lendio.

Applying for financing through QuickBridge via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If QuickBridge is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
4. Finalize the deal: If you decide to proceed with QuickBridge, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

QuickBridge stands out as a solid option for small to mid-sized businesses seeking flexible, fast financing solutions. Its competitive edge lies in its rapid approval and funding process, allowing businesses to respond quickly to opportunities and challenges. For businesses that align with QuickBridge’s loan offerings and can meet its revenue and credit requirements, this lender could be a valuable partner in achieving growth objectives.

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