QuickBridge Business Loans Review: Is It A Scam Or Is It Legit?

Quickbridge provides short-term loans to both emerging and established businesses that have a steady stream of income. These online loans come with minimal charges and adaptable credit standards, allowing for a fast and efficient method of achieving your business aspirations. The company advertises its services at Quickbridge.com

QuickBridge Business Loans Summary

When deciding to take out a business loan, it is essential to thoroughly research your options. QuickBridge is one of the most popular lending companies, but is it the best for your individual needs? To make an informed decision, you need to understand the services offered by QuickBridge. This article provides a comprehensive review of the services they provide, so you can make a confident decision if QuickBridge is the right lender for your business loan.

We have now finished a thorough investigation of the organization’s website and regulations. Here are some noteworthy discoveries we discovered.

• If offers loan amounts up to $500,000.
• Interest on loans from QuickBridge is expressed as a factor rate rather than an annual percentage rate (APR). 
• It has Factor rates starting at 1.10.
• Loan terms are up to 24 months.
• It charges a loan origination fee.

What is QuickBridge?

QuickBridge, based in Irving, California, and founded in 2011, provides small business loans in all 50 states (including Washington, DC). They offer unsecured loans and working capital which can help with the expansion of a business, keeping cash flow steady, paying wages, and more.

Currently, QuickBridge has received an A+ rating from the Better Business Bureau and has maintained its accreditation since 2014. There have been approximately 16 customer reviews and 12 complaints resolved in the past 3 years. Unfortunately, these reviews from customers are not favorable and have resulted in an average 2-star rating out of 5-star ratings.

QuickBridge is a leading provider of small business loans that offers a streamlined process for obtaining funding. One of the key benefits of QuickBridge business loans is that there is no minimum credit score requirement for approval. This is great news for small business owners who may have a poor credit history, as they can still be considered for a loan. Instead, QuickBridge takes into account other factors, such as bank statements, to make their credit decision.

Another advantage of QuickBridge small business loans is the ability to receive early payment discounts. If you pay off your loan early, you may be eligible for a discount on the remaining balance. This can save you money in the long run and help you manage your loan cost-effectively. QuickBridge also offers unsecured loans, which means you don’t need to provide collateral to secure the loan funds.

How do QuickBridge business loans work?

To apply for a QuickBridge business loan, small business owners need to meet certain requirements, including a minimum annual revenue and the ability to provide bank statements. Once you apply, a funding specialist will help guide you through the loan details, including interest rates and monthly payments. QuickBridge also offers a soft credit pull, which means your credit score won’t be affected by the application process. However, it’s important to note that there may be prepayment fees and additional fees associated with the loan.

QuickBridge offers fast, unsecured loans for small businesses that can assist with things such as cash flow and payroll. If you meet the criteria, you could receive the money within a day. Repayment terms are flexible, with the option to pay daily or weekly. Additionally, if you decide to pay the loan off early, you may be eligible for a discount.

Rather than using an annual percentage rate (APR), QuickBridge uses a factor rate to express interest on loans. To calculate the cost of borrowing, simply multiply your loan amount by the factor rate. For instance, if you borrow $30,000 with a factor rate of 1.10, you will have to pay back a total of $33,000 in total with $3,000 in interest.

How to qualify for QuickBridge?

In the past, QuickBridge provided loans to those with poor credit ratings, but now they primarily deal with those who possess a fair credit history or better, as stated by a representative. Here are some of the minimum requirements for loans through QuickBridge, though simply meeting them does not guarantee approval.

Personal Credit Score

For a QuickBridge loan, business owners must have a credit score of at least 580 on the FICO scale, which is considered to be fair. Furthermore, the business owner must provide a personal guarantee, making them personally responsible for the loan repayment. Should the loan remain unpaid, the owner could be held accountable for the balance.

Time in Business

The length of time your business must be running to be eligible for a loan from QuickBridge varies according to the form of financing you are seeking. If you are applying for a small business loan, you must have been in business for a minimum of six months. For equipment financing, your company must have been operating for at least two years.

Annual Revenue Requirements

In order to be eligible for a small business loan from QuickBridge, a company must have a minimum of $250,000 in yearly income. No details have been revealed regarding revenue requirements for equipment financing.

Despite some negative reviews online, many small business owners have had positive experiences with QuickBridge funding. The company prides itself on providing smarter funding options that help customers manage working capital, purchase inventory, and manage receivables. With a quick online application and the ability to receive funds in just a few hours, QuickBridge is a great choice for small business owners in need of financing. However, it’s always important to carefully review the loan terms and any associated fees before making a decision.

QuickBridge BBB Reviews

QuickBridge has received an A+ rating from the Better Business Bureau and has maintained its accreditation since 2014. However, customer reviews of the company have been less than satisfactory, resulting in an average 2-star rating out of 5-star ratings. In the past 3 years, there have been 16 customer reviews and 12 complaints resolved, indicating that many customers have had a negative experience with the company. Despite the high rating from the Better Business Bureau, the customer reviews suggest that QuickBridge may still have some work to do in order to ensure customer satisfaction.

Here are some reviews:

QuickBridge FAQs

How much does QuickBridge charge?

If you satisfy the eligibility criteria, you can receive a QuickBridge loan within 24 hours. Repayment of these loans is done daily or weekly, and if you settle the loan early, you could be eligible for a reduction in payment. Instead of an Annual Percentage Rate (APR), interest on QuickBridge loans is given in factor rate. To calculate how much you will be borrowing, you need to multiply the loan amount by the factor rate. For example, if you borrow $30,000 with a factor rate of 1.10, you will be required to pay $33,000 with $3,000 being the interest.

How to apply for a QuickBridge?

If you’re looking for an easier way to apply for a loan than going to a traditional bank, consider QuickBridge. All you have to do is go to their website and click “apply now.” Then, you can look forward to the following steps:

• Disclose details about your company. QuickBridge requires your full name, email address, and estimated annual sales.
• Submit financial statements. You will be requested to furnish multiple months of financial statements for your business, plus your driver’s license.
• Receive a credit evaluation. QuickBridge will determine the loans you qualify for based on your credit score.
• Access funds. Once approved and you provide the requested documentation, your loan will be deposited into your checking account in as little as 24 hours for small business loans or up to 72 hours for equipment financing.

How does QuickBridge affect your credit?

QuickBridge is a financial services company that provides short-term business loans to small businesses. While these loans can be a great way to get access to capital quickly, it is important to note that taking out a loan from QuickBridge can affect your credit. When you take out a loan with QuickBridge, they will report the loan to the major credit bureaus, meaning that your credit score can be affected. If you make your payments on time and manage the loan responsibly, this could have a positive effect on your credit score.

However, if you are late on payments or default on the loan, this could have a negative effect on your credit score. It is important to be mindful of how QuickBridge may affect your credit when considering taking out a loan.

How to cancel QuickBridge?

Taking out a personal loan is not a decision to be taken lightly. Before any loan amount is disbursed, the loan can be canceled, so it is crucial to ensure that taking out a loan is the right decision for your situation. It is important to research loan options and fully understand the terms and conditions of the loan before applying. Once the loan amount is credited, it cannot be reversed and you are responsible to pay it back with interest, so it is essential to be sure that taking out a loan is the right decision before applying.

Are you struggling to make ends meet? Here are some helpful tips to get you back on track.

Are you feeling financially overwhelmed? If so, you’re not alone. With the current economic uncertainty, many people are struggling to make ends meet. But don’t worry! There are some simple steps you can take to get back on track.

The first step is to assess your current financial situation. Take a look at your income and expenses, and figure out where you can cut back. If you’re spending more money than you’re making, you’ll need to find ways to reduce your spending. This could include cutting back on non-essential items, such as eating out or entertainment. It’s also important to pay off any high-interest debt, like credit cards, as soon as possible.

The next step is to create a budget. This will help you track your spending and save for the future. Start by listing all of your income and expenses, then set goals for how much you want to save each month. You can also use an app like Mint to help you stay on track.

Finally, try to find ways to increase your income. This could mean getting a second job, taking on freelance work, or selling items online. You could also look into government assistance or tax breaks that could help reduce your financial burden.

It’s not easy to get back on track financially, but it’s not impossible either. By taking the time to assess your situation and make a plan, you can be back on solid ground in no time.

Is QuickBridge legit or a scam?

QuickBridge is an alternative loan platform that provides business owners with quick funding opportunities and equipment financing. It has been accredited by the Better Business Bureau with an A+ rating since 2014, however, customer reviews of the company have been less than satisfactory and currently have an average 2-star rating out of 5-star ratings. In the past three years, there have been 16 customer reviews and 12 complaints resolved, suggesting that QuickBridge may need to improve customer satisfaction. Despite the high rating from the Better Business Bureau, customers have reported negative experiences with the company.

Before settling on a personal loan provider, it is critical to investigate thoroughly to guarantee you pick the correct one. This includes looking into customer reviews, checking the lender’s experience and credentials, and confirming that the services and loan conditions are clear and dependable. Investing the effort to evaluate these elements will make sure you get the best loan provider and loan deal for you.

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