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Small Business

QuickBridge Business Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

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.

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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
  • Construction
  • Dentistry
  • General contracting
  • Health care services
  • HVAC services
  • Insurance services
  • Manufacturing
  • Real estate
  • Restaurants
  • Transportation
  • Trucking

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

Pros:

  • Advertises fast time to funding
  • Wide range of industries served
  • Positive reviews on Trustpilot

Cons:

  • 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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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Melissa Wylie
Melissa Wylie |

Melissa Wylie is a writer at MagnifyMoney. You can email Melissa at [email protected]

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Small Business

Newtek Business Loan Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

Newtek Business Solutions is a business development company (BDC) that provides financing solutions to business owners. The New York-based company offers financial products such as term loans and lines of credit.Newtek, founded in 1998, has been a publicly-traded company for nearly two decades. As a BDC, Newtek has several portfolio companies that provide payroll processing solutions, IT services, health insurance and benefits. BDCs were created by Congress to invest in small- and mid-sized companies. Though they share some things in common with venture capital funds, BDCs are typically regulated investment companies.

Newtek has approved more than $2 billion in financing to business owners. Keep reading to find out more about what funding solutions Newtek could offer your small business.

Newtek financing details

Newtek provides standard business financing options like term loans and revolving lines of credit, as well as commercial real estate loans for large transactions. Check out the details on what Newtek offers:

Term loans

Newtek’s business loans range as high as $10,000,000 with repayment terms between 84 and 300 months. Business owners can use term loans to expand their operations or acquire a new one, increase their working capital, purchase equipment and inventory, or refinance existing business debt. Refinancing a business loan entails getting a new loan to pay off an existing loan, and receiving better terms, lower interest and fewer fees in the process.

Lines of Credit

Newtek offers revolving lines of credit that you must secure either with your accounts receivable or inventory. An accounts receivable-backed line of credit is available from $10,000 to $1,500,000, while an inventory-backed credit line could range between $50,000 and $500,000. You could be approved for an 80% advance on your accounts receivable, and 50% on your inventory. You could have access to a line of credit in two weeks or less. Business owners can draw from a line of credit to cover working capital, payroll, taxes or other operational costs.

Commercial real estate loans

Newtek provides loans from $125,000 to $10,000,000 to buy or refinance commercial real estate. Newtek requires as little as 10% equity from borrowers. If approved, you could use the loan to purchase or expand an existing building, refinance existing real estate loans, acquire land or fund ground-up construction.

Many of Newtek’s term and real estate loans are backed by the U.S. Small Business Administration. SBA loans typically offer low interest rates and long repayment terms but have rigorous requirements. A Newtek specialist would be able to walk you through the lengthy SBA application process.

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What businesses are eligible for Newtek financing?

For-profit businesses based in the U.S. are eligible for Newtek financing. To qualify for a term loan or commercial real estate loan, you must provide two to three years of tax returns. You should also be able to demonstrate your ability to repay debt through your previous and projected cash flow statements.

Additionally, a line of credit requires a business owner to provide non-perishable inventory or invoices that are due in 30, 60 or 90 days.

Newtek finances businesses in a range of industries, including manufacturing, wholesaling, retailing, general and heavy construction, as well as special trade construction. Businesses involved in gambling or casino operations would not be eligible for Newtek financing. Otherwise, the lender can generally work with any business. Keep reading for more about Newtek’s eligibility requirements.

The pros and cons of Newtek

Pros

  • Customer support. An account manager is assigned to each client to serve as a point of contact for questions and issues.
  • Additional services provided. In addition to providing financing, Newtek could offer your business payroll, HR and benefits solutions, as well as security and compliance services.
  • Large loan and credit amounts available. Newtek’s business financing products offer large amounts of funding, which could cover major projects and purchases.

Cons

  • Slow time to funding. It could take four to six weeks to receive a term loan and up to two weeks to access a line of credit.
  • Long repayment terms. To repay a term loan, you would be making payments for 84 to 300 months.
  • No online application. To apply for financing, you would need to contact Newtek. A lending specialist would complete all documents on your behalf.

Application process and requirements

Most alternative business lenders have an online application process for prospective borrowers. However, Newtek requires applicants to contact the company to apply.

You can call or email Newtek to connect with a lending specialist who will fill out your application documents. The lending specialist works with you throughout the entire process and you could be pre-qualified for financing in 48 hours. Newtek also offers a live chat feature and allows you to request that a loan specialist call you. You could fill out a pre-qualification form online to have a specialist contact you as soon as possible.

Newtek does not require applicants to meet certain revenue or credit score thresholds, although Newtek defines small and midsize businesses as those with revenue between $1 million and $100 million. You would need at least two years in business to be eligible for financing.

Newtek tends to work with seasoned companies, and you may be more likely to qualify if your business:

– Has three to 10 years of operational history.

– Has significant managerial expertise.

– Provides a personal guarantee.

– Shows creditworthiness and a strong balance sheet and cash flow.

The fine print

Interest rates not available online. Newtek’s website is sparse when it comes to details about the cost of financing. You would need to start the application process with a loan specialist to find out how much interest you might owe on a term loan or line of credit. The lack of transparency could make it difficult to compare Newtek with other lenders when shopping for a business loan or line of credit. But as an approved SBA lender, rates offered by Newtek may be relatively low, assuming your business qualifies. The average interest rate for a loan through Newtek Small Business Finance, the largest non-bank SBA 7(a) lender in the U.S., was 7.9% at the end of 2018.

Must be able to demonstrate profitability. Because Newtek does not ask for a minimum revenue figure or personal credit score, the lender bases its decisions on a business’ ability to repay debt. You would need to prove your company is profitable enough to cover regular payments.

The bottom line

Newtek offers a range of financing products to business owners in need of funding, but it may be a best fit for those with a significant track record. Term loans and lines of credit are available in large amounts compared with other alternative business lenders, making Newtek an attractive option if you have big expenses. Newtek also provides commercial real estate financing if you need help paying for your physical business space. If you’re seeking an SBA loan, compare Newtek’s terms with those of other SBA lenders.

Newtek does not disclose interest rates online, which may make it challenging to get a clear picture of what the lender offers. You would need to complete an application to find out what interest rate you qualify for.

Potential borrowers must work with a loan specialist to apply for financing. Other alternative business lenders typically allow business owners to submit an online application. Newtek’s process might not seem as easy, but you may find it helpful to have a specialist walk you through the application. A loan specialist would make sure you apply for the right product to fit your business’ needs, and they may collaborate with you on a plan for spending your funds efficiently.

Newtek’s time to funding may be slower than other alternative lenders, and repayment terms may be longer than you’ve seen elsewhere. But if you’re not in need of immediate financing, Newtek may be worth the wait. You might be able to borrow a substantial amount of money, and longer repayment terms could be easier to handle than a fast repayment schedule that would impact your daily cash flow.

When searching for business financing, be sure to compare lenders and gather as much information as possible before settling on an offer. If Newtek offers rates and terms you’re comfortable with, you would be able to access financing to meet various needs within your business.

If you are just starting your business financing journey, consider comparison shopping with LendingTree, MagnifyMoney’s parent company. You simply fill out a short online form and can be matched with up to five business loan offers from lenders, based on your creditworthiness.

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Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Melissa Wylie
Melissa Wylie |

Melissa Wylie is a writer at MagnifyMoney. You can email Melissa at [email protected]

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Small Business

BB&T Business Loans Review

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Disclosure : By clicking “See Offers” you’ll be directed to our parent company, LendingTree. Based on your creditworthiness you may be matched with up to five different lenders.

BB&T is one of the largest financial services holding companies in the U.S., offering a variety of services like commercial banking, wealth management and specialized lending. The company is based in Winston-Salem, N.C., and operates 1,800 financial centers across 15 states and Washington, D.C.

The company recently announced it will merge with Atlanta-based SunTrust Banks, and the combined entity will be headquartered in Charlotte, N.C. The newly formed company will be the sixth-largest bank in the U.S. based on assets and deposits.

BB&T’s small business loans could help owners who need an influx of capital. BB&T is also a Small Business Administration (SBA) preferred lender, issuing SBA-backed loans.

If you’re considering a BB&T business loan or other financing, we’ll break down what you can expect from the financial institution.

BB&T business loan details

BB&T offers a few financing options for business owners. However, limited information about loan amounts, rates and terms is available online. We contacted a bank representative for further details so this review can help you make comparisons when shopping for financing.

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Loans

Business owners can get a secured or unsecured loan for up to $5,000,000, according to a representative. Repayment terms are generally between 36 and 120 months, depending on collateral, per the representative. BB&T didn’t disclose the average APR range but said your credit quality, repayment term, loan amount and whether the loan is backed by collateral affect your rate, which can be fixed or variable.

Lines of credit

BB&T’s revolving line of credit — available for up to $2,000,000 with repayment terms typically between 12 and 60 months, according to a representative — allows business owners to access funding whenever they need it. You could draw from your maximum credit amount to cover day-to-day operating expenses, supplement your cash flow or pay for unexpected business costs. As you pay down your balance, you would have access to the full credit line again. BB&T said its line of credit interest rates are based on the same factors as with loans, including credit quality and loan amount, but it didn’t specify an average range.

SBA loans

SBA loans can be used to start a new business or buy an existing one, pay for working capital expenses, purchase land or equipment, make renovations or refinance debt. The maximum SBA loan amount available from BB&T is $5,000,000, according to a representative, though they didn’t detail average interest rates. For loans covering real estate costs, repayment terms are up to 300 months. For loans for equipment, machinery or working capital, terms can extend to 10 years. Because BB&T is an SBA-preferred lender, the bank could process your application quickly to help you get your funds faster.

Equipment financing

Business owners can finance equipment purchases or leases through BB&T for up to $2,000,000 with terms typically from 36 to 84 months, according to a representative. BB&T financing covers industrial equipment like manufacturing and construction tools, as well as office equipment and transportation assets. Fixed interest rates are dependent on credit quality, repayment terms and financing amount, though the bank didn’t reveal its average interest rates.

What businesses are eligible for BB&T financing?

BB&T doesn’t disclose eligibility requirements on its website, which makes it hard when you’re trying to compare options. Like most traditional banks, BB&T likely prefers small businesses owners who have good credit histories. BB&T does ask for a minimum of two years in business, according to a representative.

Borrowers have to apply on the phone or in person, so you may not be eligible for BB&T financing if you’re not near a branch. The 15 states where BB&T operates are Alabama, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia and West Virginia. It also operates in Washington, D.C.

Your eligibility for an SBA loan would depend on how your business earns income, where the business operates and your personal character. Borrowers must own a for-profit business based in the U.S. You must have invested your own money and time in the business, and you must be unable to find funding from any other lender.

The pros and cons of BB&T

Pros

  • Expedited SBA loan processing
  • Several financing options from which to choose
  • Large loan amounts and long repayment terms available

Cons

  • Few loan details listed online
  • Must apply in person or by phone
  • BB&T operates in just 15 states and D.C.

Application process and requirements

Business owners can apply at one of BB&T’s branch locations or by phone. You could also submit an online request for a BB&T representative to give you a call or send you an email with more information.

When applying for financing, BB&T would likely ask for the following documents:

  • Business tax returns
  • Personal financial statements
  • Personal tax returns

If you want to obtain an SBA loan, you may be required to submit additional items:

  • A completed SBA loan application
  • 3 years of business and personal tax returns
  • Current financial statements
  • Description of how the business will profit from the loan
  • Business plan
  • Copy of land sales or construction contracts for commercial real estate loans

The fine print

Few details available online. BB&T’s website does not show average loan amounts, interest rates or repayment terms. You would have to call or visit a BB&T location to find out how much you could be qualified to borrow. We reached out to a company representative for further details, but it could be difficult to compare BB&T with other lenders when shopping for business financing.

Applicants must be near a branch. If you’re not in one of the 15 states (or Washington, D.C.) where BB&T does business, you’re out of luck. Potential borrowers need to be near a BB&T branch to obtain financing, though you don’t have to apply in person. You can apply by phone in states where BB&T operates. BB&T is primarily located along the East Coast.

Bottom line

BB&T is one of the largest financial institutions in the U.S., and it will only gain prominence through the merger with SunTrust. BB&T’s financial history makes it a reputable business lender and a solid option for financing. However, BB&T doesn’t disclose details about its financing options online. We got more information from a representative, but you will need to apply or contact the bank for more specifics.

Also, BB&T does business in just 15 states. If you live far away, you may not be eligible for a loan or line of credit.

Like many traditional banks, BB&T could have strict eligibility requirements for business financing. You may be required to have a strong personal credit history, as well as substantial experience as a business owner, to receive favorable rates and terms.

Online business lenders typically have more lenient requirements, but you could pay a price for easier approval. Financing from online lenders can be expensive, while bank financing could have more favorable rates and terms. Consider starting your online business loan search with LendingTree, MagnifyMoney’s parent company. This way you can compare several loan options at once. You simply fill out a short form online and can get matched with up to five business loan offers from lenders, based on your creditworthiness.

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SBA loans, which BB&T offers, are often the most desirable lending products, as they come with competitive rates and terms. BB&T is an SBA-preferred lender and could be able to expedite your SBA loan application.

When searching for business financing, be sure to shop around to find the best offer. If you live near a BB&T branch, you may want to consider applying to see what kind of financing you could receive from the bank. You may be able to qualify for a BB&T business loan or line of credit that can give your business a boost.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Melissa Wylie
Melissa Wylie |

Melissa Wylie is a writer at MagnifyMoney. You can email Melissa at [email protected]

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