QuickBridge Small Business Loans Review

About QuickBridge

QuickBridge

Founded in 2011, QuickBridge is the brainchild of innovators in the business lending field who noticed that amazing companies, through no fault of their own, couldn’t access working capital through the usual sources. We set out to fix what was broken in the industry: no more mountains of paperwork, long delays, or bait-and-switch offers that weren’t in the best interest of the business. We have made the application process easier, which makes approvals faster—instead of waiting weeks to obtain much-needed financing, our customers can receive funding in just a few days. We have shaped a culture of fierce transparency, unrelenting professionalism and unwavering dedication to providing the highest levels of service. At QuickBridge, our goal is to be an extension of customers’ businesses—becoming an integral part of why they grow and thrive. As a result, more than 84 percent of our repeat customers see their business revenues improve.

review breakdown

Recommended
100%
Interest Rates
Fees & Closing Cost
Customer Service
Responsiveness

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What is QuickBridge?

Founded in 2011, QuickBridge is a privately-held financial services firm based in Irvine, Calif., and with a office in New York City. QuickBridge provides business loans and short-term, working capital loans for small and mid-sized businesses. QuickBridge’s basic tenets are speed, transparency, authenticity and service. The company has provided more than 20,000 loans totaling over $500 million. Its loan-processing platform won a 2016 BIG Innovation award from the Business Intelligence Group.


Lender highlights

Fast approval. QuickBridge has its own loan-processing platform that can process and fund a loan in as little as 24 hours. This is significantly quicker than traditional banks, which can take several weeks to several months to approve a loan.

Variety of loans. Compared with some lenders, QuickBridge offers more loan terms and repayment options, such as merchant cash advances and bad credit loans.

Poor credit is not an obstacle. A low credit score and poor credit history is a disqualifier for many traditional bank loans, but QuickBridge weighs other factors such as healthy cash flow and debt repayment history in approving a loan.

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What QuickBridge offers?

QuickBridge offers multiple short-term loans between four months and 24 months, with interest rates starting at 9%. The company offers daily, weekly, biweekly and monthly repayment options. Most loans come with an origination fee that covers the cost of processing the loan and accounts for 2% to 5% of the total amount of the loan. Some loans, such as the merchant cash advance, are paid off through a percentage of future revenue or sales.

QuickBridge: At a glance
Loan product Loan amount Loan term Fees Time to funding
Bridge loan Up to $500,000 4-24 months Origination fee, 2-5% of the total amount of the loan. As little as one day, but could take longer if more underwriting time is needed.
Bad credit Up to $500,000 4-24 months Origination fee, 2-5% of the total amount of the loan. As little as one day, but could take longer if more underwriting time is needed.
Merchant cash advance  Up to $500,00 4-24 months Origination fee, 2-5% of the total amount of the loan. As little as one day, but could take longer if more underwriting time is needed.
Short-term loan  Up to $500,000 4-24 months Origination fee, 2-5% of the total amount of the loan. As little as one day, but could take longer if more underwriting time is needed.
Working capital  Up to $500,000 Usually less than a year Origination fee, 2-5% of the total amount of the loan. As little as one day, but could take longer if more underwriting time is needed.
Unsecured business loans  Up to $500,000 4-24 months Origination fee, 2-5% of the total amount of the loan. As little as one day, but could take longer if more underwriting time is needed.

Loan information current as of 4/05/2019

Business owners with favorable credit and debt repayment histories would most likely qualify for the lowest interest rates.


Eligibility requirements

Loan product Annual revenue Min. business credit score or personal credit score Time in business
Bridge loan  $5,000 a month  Personal credit score of 500  6 months
Bad credit  $5,000 a month  Personal credit score of 500  6 months
Merchant cash advance  $5,000 a month  Personal credit score of 500  6 months
Short-term loan  $5,000 a month  Personal credit score of 500  6 months
Working capital  $5,000 a month  Personal credit score of 500  6 months
Unsecured business loans  $5,000 a month  Personal credit score of 500  6 months

 

Additional eligibility factors

QuickBridge serves the following industries: auto repair, business services (including management or technical consulting; financial, accounting or legal services; computer and web programming; advertising and marketing services), construction, general contractors, healthcare, insurance services, manufacturing, real estate agencies, restaurants, transportation, trucking and wholesale trade.

QuickBridge generally doesn’t require a specific asset pledge, when a borrower’s asset is transferred to the lender to secure the loan. But the lender does require a personal guarantee, an unsecured written promise from a business owner guaranteeing payment if the business fails to repay the loan. A personal guarantee allows the lender to pursue a business owner’s personal assets to repay the loan, but doesn’t place a lien on those assets.

In some cases, QuickBridge will file a Uniform Commercial Code 1 form (UCC-1). These forms are filed by the creditor to indicate that they may have an interest in the personal property of the business owner. This should be explained in the lending agreement.

Businesses that are not eligible for QuickBridge loans:

  • Check cashing
  • Collection agencies
  • Credit repair
  • Financial transaction processing
  • Gaming and gambling
  • Investments/MLM
  • Lawyers/attorneys
  • Lenders
  • Precious metal and coin sales
  • Security dealers
  • Nonprofits
  • Religious organizations
  • Bail bonds
  • Pawn shops
  • Adult related
  • Drug dispensaries
  • Auto dealers

Businesses in open bankruptcy, those operating for less than six months and those operated by owners with a personal credit score of less than 500 are also not eligible for loans.


How to apply for QuickBridge financing

The QuickBridge application can be completed online or by phone. The required documents to apply include:

  • Tax ID number (EIN)
  • Recent bank statements
  • Driver’s license

Pros/cons

Pros Cons
Fast approval and time to funding. Certain industries are not eligible.
Multiple short-term financing options. Higher interest rates than most traditional lenders.
Less stringent approval criteria. Requires a personal guarantee, which allows lenders to purse a business owner’s personal assets.

Who is the best fit?

QuickBridge is a good fit for business owners who need quick, easily accessible short-term funding. Business owners who may ordinarily not qualify for a traditional bank loan because of poor credit or being in business for a short time also could benefit from QuickBridge’s loan approval process.


Fine print

QuickBridge rates start at 9%, but depend on many factors, including personal credit scores, funding type and amount. QuickBridge also charges an origination fee to cover the cost of processing the loan. The fee typically is between 2% and 5% of the total loan amount. QuickBridge explains each of its business loans on its website, but individual rates and terms are not listed for its loans.

It’s important to remember that QuickBridge requires a personal guarantee of repayment from the business owner if the business does not pay. A lender can pursue a business owner’s personal assets if the business fails to repay the loan.


The bottom line: How QuickBridge stacks up

QuickBridge’s short-term loan options allow business owners quick funding with a streamlined application process. QuickBridge also offers a variety of loan types and repayment options that are not typically offered by traditional banks or other online lenders. QuickBridge can be a good option for newer businesses without much credit history, business owners with poor credit, or owners who don’t want to take on long-term debt.

As with any loan, make sure you understand how much you’re expected to repay, how often you’re required to make payments and what happens if you default on the loan your personal assets in case of default. Always call your lender first if you think you won’t be able to make a payment.

Before selecting, do your homework and get proposals from several lenders to make sure you’re getting the best rate and terms on your small business loan.

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