QuickBridge is an online alternative business lender that provides financing for small and midsize businesses.
In 2011, QuickBridge, which is based in Irvine, Calif., began issuing loans to small business owners who could not secure traditional financing. It has since issued more than $600 million in working capital to more than 12,000 businesses. National Funding, a San Diego-based online business lender, acquired QuickBridge in October 2018.
QuickBridge, which advertises fast funding, accepts applications online. It highlights its security measures to keep borrowers’ financial information safe. It also has an “excellent” rating and many positive reviews on Trustpilot, a consumer review platform.
If you’re considering QuickBridge to finance your business expenses, we want to help you make an informed decision.
QuickBridge loan details
QuickBridge offers small business loans to qualifying business owners. You could receive up to $500,000 to spend on any business expense, such as seasonal inventory or equipment upgrades.
QuickBridge markets its small business loans using various labels, including:
- Bad credit financing
- Bridge loans
- Short-term financing
- Working capital
- Unsecured business loans
Loan terms range from 4 to 15 months, with APRs between 10.00% and 35.00% for qualified borrowers. Those ranges include an origination fee between 2.00% - 5.00% of the total loan amount. You could repay your debt on a daily, weekly or monthly schedule. If you can pay down your debt quickly, QuickBridge offers early payoff discounts.
What businesses are eligible for financing?
QuickBridge issues loans to businesses in a wide range of industries. Regardless of business capital or credit score, QuickBridge can tailor its offering to your specific situation.
Businesses in the following industries are among those eligible for QuickBridge loans:
- Automotive repair
- General contracting
- Health care services
- HVAC services
- Insurance services
- Real estate
Although QuickBridge encourages business owners with poor credit to apply, the lender will not approve anyone with a personal credit score below 500. Businesses that have been open less than six months, or those in open bankruptcy, are also ineligible.
Additionally, QuickBridge will not lend to certain businesses or industries, including auto dealers, collection agencies, credit repair firms, pawnshops and religious organizations.
The pros and cons
- Advertises fast time to funding
- Wide range of industries served
- Positive reviews on Trustpilot
- APR could be as high as 35.00%
- Maximum loan term available is 15 months
- Won’t lend to certain industries or business, including nonprofits and drug dispensaries
Application process and requirements
The application process can be completed online in a few minutes. You would need to submit your business name, address and tax identification number. You would also need to disclose personal information like your name, address, date of birth and other information that may be needed to identify you, such as your driver’s license.
Application approval would be based on factors such as your business type, time in business, annual sales, average business bank account balance and personal credit profile. Your loan amount, APR and repayment term would depend on the information in your application.
Loans for less than $200,000 could be processed and deposited in your business checking account within 24 hours. Larger loans could take more underwriting and processing time.
The fine print
Be prepared to sign a personal guarantee. After you’re approved for financing, your loan agreement may include a personal guarantee. Signing a personal guarantee gives QuickBridge the right to pursue your personal assets if your business fails to repay the loan, although a lien would not be placed on those assets. Personal guarantees are fairly common requirements for business loans, so no need to panic. Just be aware that you would be personally responsible to repay the debt if your business defaults.
The bottom line
QuickBridge provides working capital to small business owners who may not be eligible for financing from a traditional bank or a business lender with strict requirements. QuickBridge accepts applications online, and you could get funding in as little as 24 hours.
You could receive up to $500,000, which may be enough to meet your financing needs. Other online business lenders typically advertise the same maximum loan amount.
QuickBridge does not advertise interest rates or repayment terms on its website, which may make it difficult to compare QuickBridge to other lenders without submitting an application. The company also uses labels such as “working capital,” “short-term financing” and “bad credit loans” to describe its small business loan, which could be confusing for business owners browsing the website.
Overall, QuickBridge provides a substantial amount of capital to qualifying business owners in a cash crunch. If you need a speedy funding solution, this may be a suitable option for your business. Be sure to shop around to find a lender that offers the best rate and terms on your small business loan.
To compare additional business lenders to QuickBridge, LendingTree — which owns MagnifyMoney — may be another useful place to start.
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