QuickBridge is an online lending marketplace where a variety of small business loans are available to borrowers with low credit scores. However, its lack of transparency means it’s impossible to see rates, terms and fees before applying for a loan. QuickBridge reviews from business owners are largely positive, though some borrowers have said it’s difficult to alter terms if you struggle with repayment.
Details about QuickBridge’s funding options are sparse. You’ll find out most of the details about your loan after submitting an application and speaking with a funding advisor.
|QuickBridge: Amounts, Terms and More|
|Amount||Terms||Rate||Fees||Minimum Credit Score|
|Working capital, bridge loans||$5,000–$500,000||4–24 months||1.10 factor rate||Origination fee, amount not disclosed||500|
|Equipment financing||$5,000–$500,000||36–60 months||4.99% interest||Doc fee, 1% of equipment cost||575|
QuickBridge provides small business loans for a variety of situations. The California-based company is owned by National Funding, another online small business lender that specializes in equipment financing and leasing.
You may qualify with QuickBridge even if you have poor credit — scores of 500 or higher are accepted. However, bad credit business loans often come with high rates, potentially as high as 100%. QuickBridge doesn’t make its interest rates public, so it’s hard to say what your rate will be until you apply. It might use factor rates to express the cost of your advance, which you could convert to an annual percentage rate (APR). You’re likely to get a lower APR if you have good credit scores, in some cases.
Another potential downside to these loans is that QuickBridge charges an origination fee, which is typically based on a percentage of your loan amount. The company doesn’t specify its origination fee, though some competitors will charge up to 6.99%. When reviewing your loan offer, ask QuickBridge if the origination fee is charged upfront and taken out of your loan amount, or if the fee is rolled into your APR.
Without knowing QuickBridge’s exact rates, terms and fees, it’s hard to say if the company’s loans are worth it. That being said, QuickBridge does consider business owners with poor credit and the fact that you can get an early repayment discount could be a great perk. So if you feel comfortable with the rates, terms and fees QuickBridge presents you and you have the revenue to pay your loan off early, it may be worth it.
To overcome the lack of transparency about rates, terms and fees, you’ll need to submit an application and speak with a QuickBridge loan advisor. If you don’t mind going through the process, which includes a hard credit pull, it may be worth it to see the rates, terms and fees you may get. You could also use a business loan calculator to estimate your monthly payments based on your credit score, time in business and loan amount.
QuickBridge considers variables like your business type, how long you’ve been in business, annual sales and balances and personal credit when evaluating your application.
Businesses in the following industries are eligible for QuickBridge loans:
The lender also provides loans for women– and minority-owned businesses.
The QuickBridge funding approval process is stripped down. Some business owners may be able to apply through a Smarter Funding card received in the mail, which is an offer to apply for a working capital loan. You may only have to provide a driver’s license and three months of business bank statements to get funding in as soon as 24 hours. However, in some credit situations, you may have to provide business and personal tax returns, too. If you request more than $200,000, funding could take longer, as QuickBridge may implement a longer underwriting process to approve the loan.
First, you provide basic information online: Your name, email and phone number, along with your business’s annual gross sales. From there, QuickBridge assigns you a funding advisor you’ll work with to get your loan details and asks you to fill out a prequalification form that includes:
QuickBridge will ask you to electronically sign your prequalification application. At that point, the lender analyzes your business and your credit score and generates a loan quote. As we mentioned earlier, your advisor may ask for more information, particularly if you’re asking for a loan of more than $200,000.
You’ll receive your funds within one to three days, depending on which loan and lending partner QuickBridge offers you.