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Quickbridge is an online funder that delivers fast funding and an easy online application process for small business loans. Plus, Quickbridge reviews from third-party websites confirm a solid reputation with satisfied customers. However, if you’re looking for a large sum of money to borrow for a large capital expense or expansion, you may feel limited by the lender’s below-average loan amount range. The good news is that newer businesses are welcome to apply, thanks to a relatively short time-in-business requirement of just six months.
Quickbridge offers revenue-based financing for small businesses that meet their minimum application requirements. Take a look at what threshold successful applicants must meet in terms of revenue, credit score, and time in business. It’s also smart to look at some Quickbridge reviews to get an idea of the customer experience.
Quickbridge offers smaller loan ranges to newer and established businesses with consistent revenue. With low fees and flexible credit requirements, this online funder offers fast funding so you can get moving with your company’s financial goals. Plus, reviews from Quickbridge customers confirm an easy application experience. Here’s everything you can expect when applying for a small business loan with Quickbridge, so you can make the best decision for your small business.
One of the most notable components of Quickbridge Funding reviews is that this online funder provides eligible borrowers with fast financing. Once your application is approved, it could take as little as one business day for the funds to be transferred to your account. Quickbridge loan reviews also indicate timely communication with a dedicated loan advisor.
Quickbridge’s funding timeline is extremely fast compared to those for traditional bank loans. This offers a stark difference to traditional banks—which can often take a week or more to deliver funds after approving an application—and SBA loans—which can take as long as several weeks to fund after getting an application approved.
Quickbridge small business cash advances aren’t designed to finance larger companies with major working capital needs. Instead, the loan amount range is more modest, starting at a $5,000 minimum and going up to a maximum of just $200,000. Compared to lenders offering up to $2 million for a single small business, this is definitely a more limited loan range.
Consequently, Quickbridge cash advances are better designed for smaller financing needs, rather than a huge expansion or major capital purchase. That’s good news for companies that just need a relatively small working capital injection that isn’t available with large funders. But the lower loan amount can be limiting for companies with large financing needs ahead of them.
Our Quickbridge funding review reveals one of the lowest funder fees out there. The company charges just 2% of the loan amount. Most funder fees range from 3% to 5%. Alternatively, many business funders opt to charge a flat fee of a few hundred dollars. When you’re working with a smaller loan amount, paying a flat fee can actually end up eating up a much larger percentage of your loan amount. That’s because any funder fee is typically deducted from your loan amount before it’s deposited into your business bank account. You’ll have less working capital to use, even though your loan balance is the same.
Take a look at how Quickbridge’s fee stacks up to a higher funder fee. Say your business borrows $25,000. Quickbridge’s 2% fee would cost just $500. A funder with a 5% fee would charge a whopping $1,250. That’s a huge difference in the cost of capital for a small business of any size.
Quickbridge has fairly flexible standards for businesses to successfully apply. The minimum credit score is just 500, which means you’re judged more on the performance of your business than on your personal credit report.
The funder is also ideal for newer businesses because you need just a six-month minimum of operating time. The downside is that borrowers need at least $20,000 in minimum 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 for Quickbridge term loans.
Borrowers with a Quickbridge loan will have either a daily or weekly repayment term. Daily terms may make it easier to qualify, but can stifle your cash flow. Weekly payments typically make it easier to budget, as do monthly payments—but that option isn’t available with Quickbridge.
Also, 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.
Quickbridge has quality third-party reviews from real-life customers, confirming its status as one of the best business loans. On TrustPilot, the funder has earned an average 4.5 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.
Ready to compare different funding options from multiple lenders? Apply through Lendio and check out your eligibility with Quickbridge as well as other quality business lenders.
*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page. While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.
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