You might assume one of the pioneers of online lending offers business loans. But you’d be wrong.
True, Quicken offers other business products like tax software, and its sister company Rocket Loans provides personal loans. But you can’t get a loan in your business’s name with this provider. Luckily, there are alternatives.
Why doesn’t Quicken Loans offer small business loans?
It’s unclear why Quicken Loans has never entered the business loans space. But currently its main focus is on mortgages.
One reason could be that business loans come with a higher risk for the lender. They typically come in higher amounts, and there’s always the chance your business won’t make enough to pay it back. Another reason could be that mortgages and business loans are simply too different.
3 alternatives to Quicken business loans
There’s no one right type of financing for all businesses — it varies based on your company’s specific needs and goals. Here are three online providers that may be able to help.
1. Best for fast, short-term funding: LoanBuilder, A PayPal Service
This online provider specializes in short-term loans for midsize businesses that need money quickly. Businesses owners can apply online and get funds as soon as the next business day. While its time-in-business and revenue requirements are on the high side compared to similar products, business owners don’t need good personal credit to qualify.
$5,000 – $500,000
6.49% to 19.31%
3.25 to 12 months
Annual business revenue of $42,000+, 9+ months in business, 620+ personal credit score
This unsecured business loan provider specializes in cashflow financing for new businesses that are trying to stay afloat. You can typically borrow up to 150% of your average monthly deposits. And instead of interest, it charges a fixed fee that requires daily or weekly repayments. While it can be expensive, it has relatively minimal requirements compared to traditional business loan providers. Looking to fund a long-term project? Credibly also offers business expansion loans with more selective requirements to qualify.
$5,000 – $400,000
6 to 18 months
6+ months in business, $15K+ in monthly deposits, 500+ credit score
This top online lender offers traditional term loans and lines of credit to established small businesses that need funds to expand or cover daily expenses. It’s also partnered with Quicken’s parent company, Intuit, to offer a line of credit to QuickBooks users. OnDeck’s term loans could be a good choice if you’re looking for a lender to build a relationship with: Repeat borrowers can qualify for lower fees and extra services. But it charges daily or weekly repayments, so this might not be the best choice if your business is struggling with cash flow.
$5,000 – $250,000
As low as 35%
Min. Credit Score
3 to 18 months
600+ personal credit score, 1 year in business, $100,000+ annual revenue
You can borrow up to $45,000 at rates running from 7.16% to 29.99%. However, rates and terms depend on your personal finances, so it might not be the best choice if you have weak credit. And if you’re looking for funds to start a business, you might want to apply before you quit your day job — you’ll need to show proof of personal income to qualify.
Business owners might also want to look into Quicken’s tax and accounting software. It can track both your personal and business transactions and store them in one place — particularly helpful for sole proprietors.
Quicken Loans might not currently provide business financing. But there are many other business lenders out there that offer the kinds of services Quicken helped establish, such as easy-to-follow online applications and fast turnaround.
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.
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