QuickBridge Business Loans Review
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Pros and cons of QuickBridge
Pros
- No collateral or down payment requirement
- Possible early payoff discount
- Quick application and fast funding
- Applicants with all credit scores considered
Cons
- High annual revenue requirement
- Factor rates not publicly disclosed
- Short-term financing only, with repayment terms up to 18 months
- $500,000 maximum loan amount
QuickBridge small business loans review
- Borrowers with fair credit. If you have fair credit, you’re more likely to be approved by an alternative lender like QuickBridge than a traditional bank.
- Business owners who need quick funding. In some cases, you can get cash from QuickBridge as soon as the next business day after approval.
QuickBridge offers short-term working capital and business bridge loans with an easy application process and fast funding, making the lender a great option for emergency expenses or limited-time opportunities. The lender considers applicants with all credit scores and works with startups with as few as 6 months in business, but you’ll need to generate at least $250,000 in annual revenue to qualify for a loan.
QuickBridge offers flexible financing for a variety of business needs and is highly rated for customer service on Trustpilot. If you’re able to repay your debt early, you may qualify for a discount. But QuickBridge caps loan amounts at $500,000 and limits repayment terms to 18 months, so the lender isn’t ideal for businesses seeking to finance commercial real estate, heavy equipment or high-cost mergers or acquisitions that typically take a longer time to repay.
It’s also important to note that QuickBridge does not publicly disclose its fees or factor rates. When reviewing your loan offer, check:
- Factor rate
- Repayment frequency
- Total payback amount
QuickBridge small business financing at a glance
| Product | Loan amounts | Repayment term | Starting rate | Fees |
|---|---|---|---|---|
| Short-term loans | Up to $500,000 | 3 – 18 months | Not disclosed | Not disclosed |
Short-term loans
QuickBridge offers short-term business loans up to $500,000 with repayment terms ranging from 3 to 18 months. QuickBridge benefits include a fast application process with help from a dedicated loan specialist, funding in as little as 24 hours and no collateral or down payment requirement. The lender offers flexible repayment options, including daily automatic payments.
You can use QuickBridge short-term business loans for a variety of purposes, including:
- Working capital
- Payroll
- Bridge financing
- Retail inventory
- Equipment financing
- Emergency expenses
- Expansion and acquisition
- Renovation
QuickBridge may offer a discount if you settle the debt early and repay the full balance within the timeframe outlined in your loan contract. The lender doesn’t publicly disclose its rates or fees, but you can explore your potential loan options before applying with no impact to your credit score. If you decide to move forward with an application, read the terms carefully before signing.
QuickBridge borrower requirements
| Minimum annual revenue | $250,000 |
| Minimum time in business | 6 months |
| Minimum credit score | Generally, fair to excellent |
To qualify for a loan from QuickBridge, you’ll need:
- 6 months of business history
- $250,000 in annual gross sales
- A business bank account
QuickBridge recommends a fair to excellent credit score, but the lender considers applicants with all credit scores. Eligibility is based on multiple factors, including collateral and personal guarantees.
Required documents
QuickBridge requires minimal paperwork to apply. You’ll need to provide:
- Basic business information
- Driver’s license or approved form of identification
- Three months of financial statements
QuickBridge has relatively lean business loan requirements compared to traditional lenders.
Alternatives to QuickBridge
QuickBridge may not be the best option for:
- Businesses with good credit that can find better rates elsewhere
- Businesses seeking longer-term financing or larger loan limits
- Businesses that want a revolving credit line for variable or ongoing expenses
| QuickBridge | Fora Financial | American Express Business Line of Credit | |
|---|---|---|---|
| Minimum credit score | Generally, fair to excellent | 570 | 660 |
| Loan products offered |
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| Time to funding | As quickly as 24 hours | As quickly as 24 hours | Instant funding in most cases with Amex Business Checking |
| Starting rate | Not disclosed | 1.13 factor rate, with the exception of SBA loans | Total loan fees start at 0.95% for single-repayment loans and 3.00% for installment loans |
| Maximum loan size | $500,000 | $5,000,000 for SBA loans; $1,500,000 for small business loans | $250,000+ |
| Minimum annual revenue | $250,000 | $240,000 | $36,000 |
QuickBridge vs. Fora Financial
Fora Financial offers higher loan limits than QuickBridge and is upfront about its factor rates so you know what to expect. Like QuickBridge, Fora Financial offers early payoff discounts and considers applicants with low credit scores and as few as 6 months of business history.
Fora Financial offers a wider range of financing options, including longer-term options, like SBA loans with repayment terms up to 300 months and term loans for established businesses with repayment terms up to 144 months. You can also apply for a business line of credit. Fora Financial makes it easy to request additional funding, making the lender a great option for growing businesses.
QuickBridge vs. American Express Business Line of Credit
American Express offers a business line of credit that you can draw from repeatedly and repay in a single payment or in monthly installments over 6 to 24 months. The American Express Business Line of Credit features a unique flat loan fee calculated as a percentage of each draw rather than a variable interest rate, so you’ll know the financing cost upfront every time you borrow against your business credit line. For installment loan options, you can save by repaying the full balance early.
Like QuickBridge, American Express Business Line of Credit is a short-term financing solution, but instead of providing fixed terms, it allows you to borrow on an ongoing basis. American Express generally has lower borrowing limits than QuickBridge but may offer limits over $250,000 on a case-by-case basis. American Express also has stricter credit score and time in business requirements than QuickBridge, but a lower annual revenue requirement, and each draw requires collateral.
But established businesses with assets and good credit may prefer American Express to QuickBridge due to its pricing transparency, flexibility and low fees.
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