QuickBridge small business loans review
Nontraditional unsecured financing based on your business's cash flow.
- Best for high-risk industries or business owners with bad credit.
- Pick something else if you can qualify for a traditional business loan.
How much will this loan cost me?
QuickBridge business loans come with a fixed fee instead of interest. This fee typically ranges from between 10 and 20 cents for every dollar borrowed — though we weren’t able to confirm these numbers when we reached out in June 2020. You can borrow up to $500,000, with terms as long as 10 years.
Based on the lowest fee and longest term, these loans come with a starting cost equivalent to an APR that starts around 2%.
How it works
Loans that come with a flat fee instead of interest typically wrap the cost into your balance, rather than charging the fee upfront. Since there is no interest, going for a longer term can lower your repayments without making your loan more expensive. QuickBridge also offers a discount on the fee for repaying the loan early.
With QuickBridge, your loan amount, rates and terms are generally based on your business’s cash flow rather than other traditional factors like industry or time in business. The more money your business brings in each month, the lower the fee and higher the loan amount your business can qualify for.
What do I need to qualify?
To qualify for a QuickBridge business loan, you generally must meet the following requirements:
- At least $5,000 in deposits to your business bank account over three months
- A credit score of 500 or higher
However, we were unable to confirm if these requirements still apply when we reached out in June 2020.
What information do I need to apply?
Have the following information on hand before you start the application.
- Business and personal contact information
- Gross annual revenue
- Time in business
- Social Security number
Most businesses only need to submit a state-issued ID and three months of its most recent bank statements along with the completed application.
What industries does QuickBridge work with?
QuickBridge works with a wide range of industries — even some that traditional lenders might consider high risk. It has special lending programs for the following industries, which might struggle to find funding elsewhere:
- Construction and contracting
- Food services
- Health and wellness
- Food services
- Business services
- Transportation and auto repair services
Pros and cons
QuickBridge could be a good choice if your business has struggled to get funding. Here are the benefits and drawbacks to consider.
- Low cost for an alternative lender
- Accepts credit scores starting at 500
- High-risk industries accepted
- Prepayment discount
- May be more expensive than a traditional loan
- Potential daily or weekly repayments
- Not transparent about costs online
See more business loan providers
Is QuickBridge legit?
But it lacks transparency, which can be a red flag. QuickBridge doesn’t give many specifics about its loans on its site. And its customer service team is generally hesitant to reveal basic information to make an informed comparison — like general ranges for loan amounts, terms and costs.Does QuickBridge get good customer reviews?
QuickBridge reviews and complaints
|BBB customer reviews||1.5 out of 5 stars, based on 11 customer reviews|
|BBB customer complaints||4 customer complaints|
|Trustpilot Score||4.2 out of 5 stars, based on 257 customer reviews|
|Customer reviews verified as of||12 October 2020|
QuickBridge has relatively positive online reviews. Customers are particularly happy with the quality of customer service, with many mentioning representatives by name. Some are also pleased with how quick and painless the application process was.
However, a few customers had a bumpier road getting approved and several mention that the cost was higher than they expected. Be sure to review the terms of your loan agreement before you sign to confirm your business can afford the total cost.
How do I apply?
You can start your application online or over the phone by calling 888-233-9085. Make sure you have basic information about your business and its financials before you begin. Here’s how to apply online:
- Go to the QuickBridge site and click Apply now.
- Fill out a quick form with your name and hit Next.
- Fill in your business’s address, time in business and annual gross sales. Click Next again.
- At this point, you should be directed to the business loan application. You should see the name and contact information for a funding advisor that you can reach out to if you have any questions.
- Fill in your home address and any other incomplete fields.
- Review the application. Then sign it and submit your email address. Hit Click to sign.
What happens after I apply?
After you submit the application, wait for a funding adviser to get in touch with you — typically within an hour, or sometimes up to 24 hours later. You’ll discuss your options and pick a loan amount, term and payment plan based on the program you qualify for.
Follow the funding adviser’s directions to submit your business’s documentation before you review and sign your loan documents. After you submit the completed application, the funds will be deposited into your business’s bank account. This usually takes one to two business days.
How do repayments work?
How you repay your loan depends on what type of plan your business qualifies for. Some businesses might qualify for monthly repayments, while others might have to make weekly or even daily repayments.
Consider signing up for automatic repayments if possible. This way you won’t have to take time out of your work schedule to make manual repayments when they’re due.
Watch your business’s bank account and your loan balance to make sure there are no errors. If you see something that doesn’t make sense or have any other questions about your loan, reach out to customer service as soon as you can.
Frequently asked questions
Imgage source: quickbridge.com
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
QuickBridge is an alternative lender that works with a wide range of industries, from trucking to real estate. It opened its doors in 2011 with the purpose of providing funding to business owners that typically can’t qualify for financing from traditional sources due to their industry or creditworthiness. It offers a wide range of financing, though it specializes in unsecured business term loans, especially short-term business financing.
QuickBridge small business loans don’t come with interest, so how long you take to pay it off doesn’t affect your loan’s cost. Its emphasis on your business’s cash flow also means that your loan amount is tailored to what you can afford to borrow and repay. While it can be pricier than other types of financing, it’s competitive compared to other short-term unsecured business loans that charge on-the-dollar fees.