If your business needs funding quickly, it is understandable that you would seek out options other than a traditional bank. Banks require copious amounts of documentation and their underwriting process can be incredibly long.
Thankfully, many online lenders are offering small business loans with quick application processes, fast access to funds, and flexible payment terms – and QuarterSpot is one worth looking into.
You can qualify online for a QuarterSpot small business loan from $5,000 to $250,000 and receive funds in a little as one day – no personal guarantee required.
QuarterSpot offers terms of 9 to 12 months, with a fixed daily repayment schedule.
- Very transparent minimum qualifications
- Applying does not affect your credit score
- Not personally guaranteed
- May make multiple loan requests at one time
- Automatic, daily payments
- Prepayment in full without penalty
- Amortized interest rates reduce borrowing costs up to 85%
- Unavailable in ND, RI, SD, VT
- Minimum personal credit score of at least 550
- Terms of 9 to 12 months
- Partial prepayment is not allowed
- APR varies from 20.00% to 50.00%
- Origination fee varies from 2.00% - 3.50%
What Types of Businesses Will Benefit The Most
QuarterSpot small business loans are best for businesses that need access to funding very quickly. But, because of QuarterSpot’s high APRs, it is ideal for businesses that can pay off the loan before the term is up.
The difference between QuarterSpot and other lenders is how it amortizes interest: each day your loan is outstanding, rather than on the first day of your loan. Claims QuarterSpot claims this can reduce your interest cost by up to 85%.
How To Apply
In order to qualify for a QuarterSpot small business loan, you must meet its minimum qualifications:
- 550 or higher personal credit score
- Have been in business for 1 year or more
- Have $16,000 in monthly revenue or more
- Have at least 10 sales per month
- Maintain a $2,000 average daily balance
- Must not live in ND, RI, SD, VT
If your business meets these qualifications, then you can complete the application online. QuarterSpot will assign you a loan specialist to make the process as quick and painless as possible.
Applying for a QuarterSpot small business loan uses a “soft” credit check, which will not affect your credit score. There is no application fee, but if you accept your loan offer an origination fee ranging from 2.00% - 3.50% will be deducted from the amount of the loan when the money is transferred to your bank account.
Once your application is complete, upload your last 3 bank statements for review, and you could receive your funding offer within as little as 24 to 72 hours. Loan terms vary by risk, but your loan offer will contain all of the terms and conditions of your loan offer.
Once you receive your loan offer, you are under no obligation to accept it. If you do accept the loan offer you could receive the cash in your bank account in as little as one day. ACH transfer of funds to your account is free, but a wire transfer will cost you $30.
Fine Print Alerts
While there is no application fee, if you accept your loan offer an origination fee will be deducted from the amount of the loan when the money is transferred to your bank account. This fee ranges from 2.00% - 3.50%, and is based on the risk associated with your loan. Keep this in mind when determining the amount of money you wish to borrow.
Although QuarterSpot offers terms similar to a cash advance, the way it calculates interest is different. Instead of calculating interest on the 1st day of your loan, QuarterSpot calculates interest each day your loan is outstanding, taking into account the daily payment that you make. This translates into about 50% less interest over the life of your loan.
QuarterSpot charges no fees for prepayment. However, it does not accept partial prepayments. Any partial prepayments made will be held and applied to your loan as payment becomes due under your loan’s schedule.
QuarterSpot assesses a late fee for $10 anytime an automatic daily payment is missed. If, after 3 days, QuarterSpot is still unable to collect the missed payment, and it has been unable to work a payment plan with the loan holder, your loan will be placed in default, and the balance will become due immediately.
How It Stacks Up
For fast, flexible financing with daily payment, an excellent alternative is OnDeck. OnDeck offers fixed daily payments on loans from $5,000 to $500,000, with terms of 3 to 36 months. It charges an origination fee of 2.50% - 4.00% and your business must have annual revenue of $100,000 or more to qualify.
For lower interest rates, FundingCircle is an excellent option. It offers loans from $25,000 to $500,000 with terms of 6 to 60 months. APRs range from 4.99% to 27.79%, and its origination fee ranges from 3.49% - 7.99%. In order to qualify, you must have a credit score of at least 620, you must have been in business for at least 2 years and have more than $150,000 in annual revenue.
While the QuarterSpot small business loan is quick and transparent, it is still wise to shop around for better rates and terms. QuarterSpot’s APRs are very high, so it’s best to do your due diligence and shop around before committing to QuarterSpot.