QuarterSpot business loans review December 2018 | finder.com

QuarterSpot business loans review

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An online lender that claims to finance businesses in just 24 hours.

Banks and even specialty online lenders can take anywhere from three to eight weeks to get money in the hands of business owners looking to borrow. Opportunities don’t always have that kind of shelf life.

When you’re looking to move fast and need the funds to do it, it may be worth looking into a lender that boasts one-day turnaround times. QuarterSpot does just that, but its lack of transparency on APRs and its daily repayment schedule may raise some red flags.

Product NameQuarterSpot Business Loans
Min Loan Amount$5,000
Max. Loan Amount$200,000
Interest Rate TypeFixed
Minimum Loan Term.75 year
Maximum Loan Term1.5 years
Requirements550+ FICO, 12+ months in business, $16,000+ monthly revenue and $2,000+ in daily balance
  • Personal FICO score must be at least 550.
  • Be in business for more than one year.
  • An average monthly revenue of $16,000 or more.
  • An average of 10 sales or more per month.
  • An average daily balance of $2,000 or more per month.
  • Not a resident of North Dakota, Rhode Island, South Dakota or Vermont.

First, do I qualify?

You’ll need to meet the following criteria to qualify for a business loan from QuarterSpot:

  • FICO score of at least 550. Your personal credit score needs to be at least 550 to qualify.
  • Business is at least 12 months old. Make sure your business has either private or public record of being established at least one year prior to your application.
  • Average monthly revenue of at least $16,000. The three months leading up to your application should average to at least this minimum.
  • Average 10 or more sales a month. Similar to the above qualification, the three months prior to your application should average to 10 or more sales per month.
  • Average daily balance of at least $2,000. Your average daily balance is an average based on the three months leading up to your application.
  • Located in a state that QuarterSpot services. Residents of North Dakota, Rhode Island, South Dakota and Vermont currently don’t qualify for a business loan from QuarterSpot.

What is QuarterSpot?

QuarterSpot specializes in business loans of $5,000 up to $200,000 depending on your business’s qualifications. Terms are relatively short at 9, 12 and 18 months.

While QarterSpot doesn’t advertise a range of rates, its starting APR is equivalent to 12.5 cents on the dollar. This includes an origination fee between 0.48% and 6.48% on any loan you take out, which QuarterSpot deducts from your loan proceeds.

QuarterSpot has two benefits that set it apart from its competitors. The first is its fast funding time. Depending on when you submit your information, how complete it is and your business qualifications, you may be able to get funded in as little as 24 hours.

The second is early repayment. Unlike many other short-term lenders, you won’t get stuck with fees or the remaining interest if you pay your QuarterSpot business loan off early.

What are the benefits of QuarterSpot business loans?

  • No early repayment fees. You can end up saving a lot of money in interest payments when you pay off the entire amount of your business loan early. Many short-term lenders don’t allow for early repayment without you paying the remaining interest and penalties.
  • Applying doesn’t impact personal credit. While you do have to have a minimum FICO score of at least 550, an application with QuarterSpot won’t affect your credit score. Being able to get a sneak peek at your eligibility and potential rates can be a huge leg up when you’re still trying to get a feel for what options exist for your business.
  • Tight turnaround. A 24-hour turnaround is impressive for any lender, especially a business lender. Banks can take several weeks or even months to get funds to you.

What to watch out for

While the benefits of a business loan with QuarterSpot may make it seem like a shoo-in lender, there are other factors to consider. As with most short-term loans, a short funding time comes with a high cost.

  • No APR range listed. Despite what ranges you might see listed on other sites, QuarterSpot doesn’t actually have a solid minimum or maximum APR range. Your most recent bank statements are run through an algorithm, which determines your interest rate. While it’s a neat process, it doesn’t allow for easy comparison.
  • Maximum loan amount may not be enough. Depending on how ambitious of a budget you have, a loan of $200,000 may not cut it. Traditional lenders and even some online specialty lenders have much higher maximum loan amounts.
  • Loan origination fee. Depending on your creditworthiness, your fee can be as high as 6.48% and is deducted from the loan amount before your funds are disbursed.
  • Daily repayments. Your loan’s payments are deducted daily, which could make repaying your loan difficult if you have a seasonal business or have a bad day or week.

Compare more business loan providers

Rates last updated December 11th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.

Compare up to 4 providers

What do borrowers have to say about QuarterSpot?

QuarterSpot is accredited with the Better Business Bureau (BBB) and has an A+ rating, which is based on factors including customer complaints, transparency and any government action against the company. QuarterSpot has zero customer reviews and just one customer complaint as of this writing.

Over on Trustpilot, QuarterSpot holds a rating of “Great” and a TrustScore of 8.2 out of 10. The score and rating are based on 19 customer-submitted reviews, which highlight QuarterSpot agents’ responsiveness and how easy repeat borrowing is. Though specific times aren’t given, customer reviews also praise how quickly funding comes through.

How do I apply?

First, confirm you meet the eligibility criteria. To qualify for a loan with QuarterSpot, make sure you have at least three months of bank statements for your business and that you meet the following qualifications:

Required documents

Be sure to have the following ready:

  • Prior three months of business bank statements.
  • Your Employer Identification Number (EIN).
  • Tax return for the previous year.

Steps to apply for a QuarterSpot business loan

  1. Go to the QuarterSpot website.
  2. Select Apply Now in the upper right-hand corner of the page.
  3. Enter your name, phone number and email, and select Next.
  4. Enter your business name, address, EIN and whether you have any existing loans, and select Next.
  5. Enter your full name, ZIP code, Social Security number, mobile number, email address and your percent ownership, and select Next.
  6. Provide three months of business bank statements.
  7. Provide the amount you’re applying for and click Review Your Offer.
  8. Read and accept the legal terms if you want to continue with the loan offer.
  9. Provide your bank account information for funding purposes.

I got the QuarterSpot business loan. Now what?

You’ve got the funds to make a difference in your business, but you’ll also need to figure out the best way to repay that amount. You can wait until the amount becomes due, but you may want to pay the loan off faster. Paying off your loan ahead of time can save you interest payments and reduce the overall cost of your loan.

Payments are deducted daily, and typically the amount is debited by ACH transfer. Should you miss a payment, you’ll pay a $10 late fee. If after three days you’re unable to make a payment and haven’t worked out a plan with QuarterSpot, you’ll be deemed in default. Email or call QuarterSpot immediately if you think you won’t be able to make a payment.

To contact customer service, call 888-718-7768 Monday through Friday from 8 a.m. to 7 p.m. EST. You can also email support@quarterspot.com or use its website form and receive a response within 24 hours.

Bottom line

QuarterSpot claims to get business owners funds within 24 hours, which can be helpful if you’re in a rush. Speed isn’t everything though. Before you jump on board with any one lender, take the time necessary to compare your business financing options. Making an informed decision can save your business a lot of money in the long run.

Frequently asked questions

Rhys Subitch

Rhys Subitch is a content creator and editor for finder.com. They specialize in updating information on various pages to keep everything accurate for the readers, and enjoy the time they get to spend researching various topics because of it. Rhys lives with their cat and partner in Seattle. When not working they enjoy working on sewing and other craft projects.

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