QuickBridge is an online loan marketplace that provides small businesses with swift and flexible financial solutions, loans, and equipment financing. Founded in 2011, the company is currently based out of Irvine, California. Its primary focus is on providing small businesses with short-term funding, with loan amounts available up to an incredible $500,000.
QuickBridge offers its customers two types of business loans; small business loans and equipment financing loans. Small business loans can be used for many purposes, including working capital, emergency funding, business debt refinancing, or business expansion. These loans are offered at a factor rate, not an APR, and are for terms of up to 24 months. Equipment financing loans are provided at APRs starting from 4.99% and are for between 2 and 5 years.
The Company offers a simple application process that is attractive compared to the typical red tape you’d need to go through to get a bank loan for your business. They operate nationwide and is known for its flexibility, with loans available for multiple purposes.
|Business Loan Types||Small Business loans
|Time in Business||At least 6 months|
|Annual Revenue||Greater than $250,000|
|Loan Amount||$10,000 to $500,000|
|Loan Repayment Term||Up to 24 months for Small Business Loans
24-60 months for Equipment Financing
|Factor Rate||1.1 upwards for Small Business Loans
4.99% upwards for Equipment Financing
|Origination Fee||1% – 3%|
|Prepayment Fee||No, but an early repayment discount of up to 5% is available|
|Other Fees||Late fees|
|Min. Credit Score||580|
|Soft Credit Pull||No|
|Funding Type||Within 48 hours|
QuickBridge business loans are ideal for businesses with average (or above-average) credit ratings looking for quick financing options from various lenders. QuickBridge should also be considered by small businesses looking for equipment financing loans.
Pros & Cons
- Quick funding available
- Easy application process
- Early repayment discounts
- Limited restrictions on the use of funds
- No website visibility on fees or loan terms until after the hard credit pull
- Origination fee charged
- The $250,000 annual revenue requirement will exclude many small businesses
Business Loans Terms & Requirements
QuickBridge offers two distinct types of loan funding; Small Business Loans and Equipment Financing.
Small Business Loans
QuickBridge offers unsecured small business loans of up to $500,000, which businesses can use for working capital management, emergency business loans, business expansion, and more. QuickBridge offers small business loans at a factor rate – not your standard APR. Factor rates start at 1.1 and can be simpler to understand than APR, as you simply multiply the factor rate by the borrowed amount. This differs from APR, as APR is always an annualized amount.
The company does not disclose its factor rates until you undergo a hard credit check. Therefore, it is hard to recommend the QuickBridge Small Business Loan. Yet, we know that rates start from 1.1. While this is a reasonable rate, it will likely only be available to businesses with excellent credit ratings.
Terms for small business loans are available for up to 24 months, so you should only consider this as a short to medium-term solution to your financing needs. Payments for Small Business Loans from QuickBridge are made daily or weekly.
If your business is growing in size or has key equipment that needs replacing, you should consider an Equipment Financing loan. These loans are from 24-60 months and have an APR from 4.99% upwards. As with small business loans, there is no indication of the APR range, but again to attract the 4.99% rate, your business will need an excellent credit rating.
You can borrow up to $500,000 for equipment funding, and QuickBridge will charge an origination fee of 1-3%. Payback for Equipment Financing is made monthly. Yet, it is hard to assess how competitive the loan terms are in the marketplace as there is no information available until after the hard credit check.
How to Apply
The application process for a Small Business Loan from QuickBridge was as easy as advertised. There were multiple areas to start the process on its well-laid-out homepage.
After selecting “Get Funding”, we were welcomed with a simple form requiring basic information, including our estimated annual gross sales.
We were then directed to a two-step funding request form. The first stage asked for our business name and address. We also provided our contact details for our funding advisor, including name, email address, and phone number. The second step asked for personal information, including home address and date of birth.
This generated a prequalifying loan form that required signing, stating that all facts given in the application were correct. After signing this, we were invited to share bank statement details and connect the bank account into which we wanted to receive funds.
This process was very straightforward, and QuickBridge used this information to verify our identity. We then requested our loan amount and ticked to approve a hard credit check. After this, we were then able to review loan terms, including the factor rates charged.
Overall, we found the application process very straightforward and easy to use. However, we would have liked to have seen the range of factor rates offered before approving a hard credit check.
To be considered for funding from QuickBridge, your business will need to meet the following requirements:
- Be operating for more than 6 months
- Have over $250,000 in annual revenue
- Have no open or dismissed bankruptcies in the past year
- Have a credit score of 600 or higher
QuickBridge requires the following when considering your funding application:
- Proof of applicant’s ID
- Proof of business ownership
- Three months’ recent bank statements
- Up-to-date financial statements
- Most recent tax returns
Application Steps and Time Frames
The Small Business Loan funding application took us less than ten minutes, including syncing up our bank statement for the credit check process. It is one of the easier application processes available. If your application is approved, you can expect funds in your bank account within 24-48 hours, making it a rapid funding turnaround.
Privacy & Security
QuickBridge has an A rating with the Better Business Bureau, which requires excellent privacy and security practices to achieve such a high rating. The company also boasts a very high score on Trustpilot of 4.7/5 stars. Ultimately, this is a good indication that QuickBridge takes the privacy and security needs of its customers seriously. Otherwise, this score would be much lower.
While QuickBridge offers limited customer support channels, the options we tried did have very responsive customer service agents. You can reach the friendly yet professional QuickBridge customer service staff via email and phone.
During our QuickBridge review, we decided to give the team a call. QuickBridge answered this immediately, meaning we didn’t have to wait around to be connected to the right departments. When we asked about lending rates, the agent couldn’t give us a direct answer since these depend on business circumstances. Still, they were polite and helpful in explaining how we could get to this stage. Full details of QuickBridge’s customer support are shown below.
|Phone Support||Yes. (888) 233-9085|
|Email Support||Yes. email@example.com|
|Social Media||Facebook, Twitter, LinkedIn|
|Headquarters||410 Exchange, Suite 150, Irvine, CA 92602|
QuickBridge is available to customers in all 50 states.
If your small business needs a loan at short notice, then QuickBridge is worth considering. While we would like more information on its website about rates and borrowing terms, the positive reviews online indicate that the company is safe and secure. The loans offered are flexible, and customer service is good, further suggesting that it is worthy of consideration.Get my rate