QuickBridge: Fast Funding With Flexible Qualification Requirements, But at a Cost
QuickBridge offers short-term loans that can be used for working capital, among a variety of other purposes. Funding is fast, but may be expensive.
The bottom line:
QuickBridge stands out as a fast financing option for borrowers who may not qualify for more traditional business loans. QuickBridge generally has flexible eligibility requirements, although you’ll need strong revenue to get funded.
Loan details
Min. Loan Amount
$6,000
Min. Term Length
4 months
Max Loan Amount
$500,000
Max Term Length
18 months
Qualifications
Min. credit score
600
Min. Time in Business
6 months
Min. Annual Revenue
$250,000
Pros & Cons
Pros
Funding in as little as 24 hours.
Startups and borrowers with bad credit may qualify.
Prepayment discounts available.
No collateral required.
Cons
Requires higher annual revenue than other online lenders.
Charges a factor rate that makes it more difficult to compare costs with other lenders.
Can’t build business credit.
Charges an origination fee.
QuickBridge is an online lender offering small-business loans that can be used for working capital, inventory purchases, business expansion and more. These short-term loans are available up to $500,000.
QuickBridge has flexible qualification requirements and a fast funding timeline. Borrower reviews also highlight the professionalism and attentiveness of QuickBridge’s loan officers.
Is QuickBridge right for you?
| Consider QuickBridge if you: | Skip QuickBridge if you: |
|---|---|
| Need fast access to capital. | Have modest annual revenue. |
| Have been in operation less than two years. | Are looking to build business credit. |
| Plan to pay your loan off ahead of schedule. | Have a high personal credit score and at least a couple of years in business (try for a bank loan instead). |
How much do you need?
We’ll start with a brief questionnaire to better understand the unique needs of your business.
Once we uncover your personalized matches, our team will consult you on the process moving forward.
QuickBridge loan details
Here’s what you can expect from QuickBridge’s short-term business loan:
| Loan amount | $6,000 to $500,000. |
| Estimated interest rate | QuickBridge quotes interest as a factor rate — which starts at 1.11. |
| Fees |
|
| Terms | 4 to 18 months. |
| Repayment schedule | Daily or weekly. |
| Funding speed | Approval as fast as the same day. Funding available in as little as 24 hours after approval. |
Where QuickBridge stands out
Fast funding process
QuickBridge has a simple application process that you can complete in minutes. Once you’ve submitted your information, you’ll connect with a dedicated funding specialist. They’ll discuss your financing options and collect any more information the lender needs.
You may be able to receive an approval decision as fast as the same day. After you’re approved, you can get funding in as little as 24 hours.
» Is speed a priority? Compare the best fast business loans
Low credit score and time in business requirements
To qualify for a bank or SBA loan, you’ll likely need at least two years in business and a personal credit score of 690 or higher. QuickBridge, however, has more flexible requirements. You’ll only need a minimum credit score of 600 and at least 6 months in business. As a result, QuickBridge can be a good option for startups and/or borrowers with bad credit.
» Is your credit score on the lower end? Explore our list of the best business loans for bad credit.
Early repayment discount
Instead of charging prepayment penalties, QuickBridge offers prepayment discounts. Before you accept your loan agreement, QuickBridge will provide you with the early payment discount amounts and details of the offer.
To receive the prepayment discount, you must pay off your balance in full, be current and be in good standing within the given time parameters.
Where QuickBridge falls short
Charges interest as a factor rate
QuickBridge charges interest on its business loans as a factor rate. A factor rate is multiplied by your loan amount to calculate the total amount you’ll need to pay back to the lender.
For example, say you have a $50,000 loan with a factor rate of 1.11. You’ll multiply $50,000 by 1.11 to get $55,500 — the total amount you’ll be paying to your lender. Based on the way factor rates work, the cost of your loan can quickly grow with a slight change in rate. If you have the same $50,000 loan with a factor rate of 1.3, you’ll end up paying back $65,000 — $9,500 more than you were paying with a factor rate of 1.11.
Compared with more traditional business loan rates, factor rates can be hard to understand. They also make it more difficult to compare loan costs with other lenders. Converting your factor rate into an annual percentage rate (APR) can give you a better understanding of how much your loan costs.
High annual revenue requirement
QuickBridge requires you to have $250,000 in annual revenue to qualify for one of its loans. This requirement is higher than many online competitors and even some bank lenders.
OnDeck and iBusiness Funding, for example, both of which offer online term loans, only require $100,000 and $50,000 per year, respectively. Similarly, Bank of America’s unsecured term loan requires $100,000 in annual revenue.
If you’re still building your business’s revenue, you might look into the best low-revenue business loans.
Limited information available online
QuickBridge provides limited details about its business loans on its website. This means borrowers have to reach out to a company representative or submit an application for more information. For instance, QuickBridge doesn’t publicly disclose its minimum credit score requirement, repayment terms, factor rates or origination fees. NerdWallet gathered that information directly from the lender.
What borrowers say about QuickBridge
NerdWallet checked online forums like Reddit and review sites like Trustpilot to gauge borrowers' experience with QuickBridge. We used an AI tool to help analyze this feedback. Here are the major trends we spotted.
👍 Fast funding process
Borrowers like QuickBridge’s speedy loan approval process. Some borrowers even highlight that they were able to receive funds within 24 hours.
👍 Customer service
Many borrowers appreciate QuickBridge’s responsive customer service team. Reviewers mention that loan representatives are professional, communicative and do a good job of guiding them throughout the process.
👎 Cost
Some borrowers express concern over the high cost of financing, especially compared with more traditional lenders. Reviewers highlight the importance of thoroughly reading over the loan terms and rates before signing an agreement.
👎 Direct mail marketing
Certain borrowers report receiving unsolicited mail from QuickBridge — some of which include pre-approved loan offers or credit cards. Reviewers tend to find this marketing tactic confusing, aggressive and potentially misleading. QuickBridge responds to many of these borrowers, explaining that mailers are sent to businesses based on information it receives from external list providers. You can reach out to the lender to be removed from these mailing lists.
Alternatives to QuickBridge
Altbanq
altbanq
altbanq - Online term loan
NerdWallet Rating
4.8
Max Loan Amount
$10,000,000
Apply now with Fundera by NerdWallet
Consider Altbanq over QuickBridge if you:
- Want a less intense repayment schedule.
- Need a large loan amount.
- Have higher qualifications but still can’t qualify for a bank loan.
Like QuickBridge, Altbanq is an online lender that issues business term loans. Altbanq, however, offers larger loan amounts (up to $10 million) and slightly longer repayment terms (up to 24 months). Plus, Altbanq offers weekly, bi-weekly or monthly repayments.
To qualify for a loan from Altbanq, you’ll need a minimum credit score of 650, at least $800,000 in annual revenue (much higher than QuickBridge’s minimum) and at least 12 months in business.
OnDeck
OnDeck
OnDeck - Online term loan
NerdWallet Rating
4.8
Max Loan Amount
$400,000
with Fundera by NerdWallet
Consider OnDeck over QuickBridge if you:
- Don’t meet QuickBridge’s annual revenue requirement.
- Want to build business credit.
OnDeck offers online, short-term business loans of up to $400,000. This lender has a lower minimum annual revenue requirement — $100,000 — compared with QuickBridge’s $250,000. You will, however, need at least 12 months in business and a minimum credit score of 625 to qualify for OnDeck.
OnDeck can be a good option if you want slightly longer repayment terms, up to 24 months. OnDeck also reports to the commercial credit bureaus, allowing you to build business credit, which you can’t do with QuickBridge.
Plus, if you’d like the flexibility of a business line of credit instead of a term loan, OnDeck also offers credit lines of up to $200,000.
» Want to consider additional alternatives? Check out our list of the best online business loans.
Frequently asked questions
Yes. QuickBridge is a legitimate online lender that has been in business for 13 years. According to its website, QuickBridge has funded over 25,000 small-business owners. QuickBridge is also a Better Business Bureau-accredited company with an A+ rating. The lender has a 4.6-star rating on Trustpilot, based on over 550 customer reviews posted on that site.
To qualify for a business loan from QuickBridge, you’ll need a minimum personal credit score of at least 600.
No. QuickBridge only checks your personal credit using a soft pull, which does not impact your credit score. If you apply for a loan with QuickBridge and don’t qualify, however, the lender may try to match you with one of its partners to get financing. In this case, QuickBridge’s lending partners may perform a hard credit pull to determine your eligibility.