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With a simple online application form, you could get funding in as little as one business day.
A growing business means an increasing need for working capital to cover costs. QuickBooks offers a business loan option that can help get your business the cash it needs to succeed. However, the weekly repayment schedule may make it harder to pay back your loan.
Rhys Subitch is a writer and editor at finder.com who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
What makes a QuickBooks Capital business loan unique?
In contrast to most commercial banks, QuickBooks Capital prides itself on quickly making a decision and funding qualified applicants. You can use your QuickBooks information to compare offers with competitive partnered lenders and make applying a breeze.
What is a QuickBooks Capital business loan?
QuickBooks Capital is a financing solutionby Intuit specialized for small businesses. While it offers financing directly from Intuit, it also has special rates with partnered lenders for its borrowers. It offers loan amounts ranging from $1,000 to $35,000. APR generally sits between 3.13% to 8.49%, and you’ll repay your loan within three to six months. But because of this quick repayment period, you’ll need to make weekly payments toward your loan rather than monthly like most business loans.
QuickBooks requires a FICO score of 580 or higher, your previous year’s revenue of at least $50,000 and no personal or business bankruptcies in the past two years. You must also be operating a business that’s part of an industry covered by QuickBooks.
What are the benefits of getting a QuickBooks Capital business loan?
Funding in as little as one business day. Some opportunities move fast. Luckily, QuickBooks Capital does, too. The application only takes a few minutes to fill out, and you may be able to receive funding into your account in as little as one business day upon approval.
Automatic repayments. Get the amount due automatically deducted from your account, see it tracked in QuickBooks and never have to worry about a late fee so long as you have funds available. Focus on more important things and let your repayment run on autopilot.
No prepayment penalties. If you can make early payments, or even pay off the entire account early, you won’t be slammed with prepayment fees. Making early payments can cut down on interest charges and the overall cost of the loan, especially when you won’t be charged extra to pay it off.
What to watch out for
QuickBooks Capital stresses its quick turnaround and easy repayments. While you may get your funds quickly, it could be at a cost. You might find that the repayment window is more difficult to manage or that you can’t meet the qualification standards.
Weekly repayments. Rather than making monthly payments, you’ll need to make them weekly — which could potentially cut into your bottom line. You’ll pay less, but you’ll need to be sure funds are in your account and ready for automatic deduction.
Minimum revenue for the previous year. Newer businesses may not meet the minimum revenue requirement of $50,000 and will need to seek out other lenders offering startup loans.
Minimum personal credit score. Even if your business credit is great, QuickBooks Capital bases its eligibility requirement from your personal finances as well. Other lenders may focus solely on your business credit history and revenue.
Personal bankruptcies can impact your eligibility. Even if you run a thriving business, a personal bankruptcy within two years of your application will disqualify you.
Compare business loans from top providers
Updated December 5th, 2019
What do customers say about QuickBooks Capital business loans?
Intuit, the company that owns QuickBooks Capital, is not accredited by the Better Business Bureau (BBB), but it has been assigned an A+ rating and holds a 3.7 out of 5 stars for its customer rating. Despite these scores, there are many customer complaints and negative reviews. Most of these reviews have to do with the QuickBooks payroll system or customer service around website bugs, and not Capital, it’s lending brand.
Intuit has been around for more than 30 years, and as such there are many reviews lamenting changes around QuickBooks, be it in pricing, billing style or the software itself. It’s important to note that none of the negative reviews on Intuit’s BBB listing include QuickBooks Capital.
Am I eligible?
Make sure you at least meet the following requirements before you apply:
FICO credit score of 580 or higher. Check out our guide on ways to potentially improve your credit score if yours currently falls short.
Have a revenue of at least $50,000 from the previous year. Newer businesses may have a harder time meeting this requirement. There are alternative lenders that don’t have as stringent earning minimums.
No personal or business bankruptcies within the past two years. Personal financial history is also evaluated in order to assess creditworthiness.
Have a business that is in an approved industry. QuickBooks Capital has a prohibited industry list that you’ll want to consult before applying.
How do I apply?
This will include details about your business, revenue, personal finance and personal information.
Approval generally takes two to three business days, and funding upon approval can take . If you don’t hear back within three business days, follow up with QuickBooks online via email, live chat or phone.
What documents do I need to apply?
Be sure to have the following on hand when you apply:
Business Employer Identification number or your Social Security number.
Business location, phone number and email.
Business revenue information, such as the previous year’s taxes.
Personal information and identifying documents, such as a state-issued ID.
I got a QuickBooks Capital business loan. Now what?
The hard part is over, now it’s time to make your selections and put things on autopilot. Select the loan amount you want, up to the max amount that you’re approved for. From there you’ll be directed to set up automatic repayments. Because you’ll be making weekly repayments, make sure you have enough money available in your account to avoid any potential processing issues.
Remember that QuickBooks Capital doesn’t have prepayment penalties. If you’re able to repay your loan early, doing so may cut down the overall cost, saving your business some cash.
More about the company
QuickBooks originally started as a company providing accounting software. It’s expanded its product offers to include payroll software, invoicing software and other related business solutions. The company launched is business loan offer, QuickBooks Capital, in November 2017.
Qualified applicants who can make timely, weekly repayments and need funding in a hurry could benefit from a QuickBooks Capital business loan. Remember to evaluate your need for funding to determine if a loan is the right type of financing before you commit. Compare your options, know your business and make your next big step.
Frequently asked questions
While most applications are processed in two to three business days, there are extenuating circumstances that may hold it up. Incomplete or incorrect paperwork can cause a delay, so make sure to review the information before you submit your application.
You can use your QuickBooks Capital business loan to make any legitimate business purchases.
QuickBooks Capital doesn’t charge any hidden fees. All costs for your loan will be given upfront when you receive the loan agreement.
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