QuarterSpot offers short-term business loans up to $250,000 with repayment terms up to 18 months. The starting rates are higher than most alternatives, with a low annual percentage rate (APR) of 20%. This direct lender is best for business owners in high-risk industries that need same-day funding and the option of a full prepayment discount.
QuarterSpot Loans vs Top Alternatives
Prepayment with a full interest refund on a business loan
Selecting specific repayment terms on a short-term loan
Low time in business requirement for a business loan
Low starting rates on a short-term loan
Monthly payments on a revolving business line of credit
Low minimum qualifications on a business lines of credit
Financing credit card receivables with a merchant cash advance
What QuarterSpot Offers
QuarterSpot offers a fully amortized short-term business loan with daily or weekly payments and terms up to 18 months. Loans are available up to $250,000 based on a business’s three most recent bank statements and a personal credit score higher than 550. QuarterSpot distinguishes itself by offering a 100% refund on remaining interest for early repayment.
Who QuarterSpot Loans Are Right For
QuarterSpot loans have average qualification criteria, including a 550 minimum credit score an annual revenue of more than $200,000. Unlike most online lenders, QuarterSpot will accept the second position lien and will work with businesses in high-risk industries, including restaurants and construction. It doesn’t have any branches so borrowers must be comfortable working with an online-only lender.
Borrowers that can benefit from QuarterSpot loans include:
- Applicants with a fair personal credit: Although QuarterSpot checks the personal credit score of applicants, it only requires a minimum score of 550. QuarterSpot checks if the credit score exceeds the minimum and bases approval on cash flow.
- Borrowers needing a prepayment option: As one of the few online lenders that offer a full prepayment refund on the outstanding interest, QuarterSpot is perfect for borrowers that expect to need the option.
- Applicants needing a lender that can take a second position lien: Unlike most traditional lenders, QuarterSpot will accept a second position lien to another lender if the option to pay off the loan and assume the first position is not available.
- Businesses in high-risk industries: The underwriting model used by QuarterSpot has specific criteria for low-, medium-, and high-risk industries. This means businesses in high-risk industries like construction and restaurants can qualify for funding.
There are many other reasons to work with QuarterSpot, including its simple application process and its ability to approve loans the same day. The fair repayment terms and prepayment benefits offered by the lender also stand out as great reasons for business owners to consider a QuarterSpot loan.
QuarterSpot Pros and Cons
100% prepayment discount
High annual revenue requirement
Low personal credit score requirement
Low maximum loan amounts
Long repayment terms
High overall cost of funding
QuarterSpot Rates and Fees
QuarterSpot rates and fees include:
- Factor rate: 1.2x to 1.3x on average
- Estimated APR: 20% to 70%
- Origination fee: 2%
- Prepayment penalty: None, the loan is fully amortized, and all remaining interest is forgiven upon repayment
QuarterSpot charges a factor rate, which business owners can multiply by the principal of the loan to produce the full repayment amount. This means that a $100,000 loan with the 1.2-factor rate will result in a total repayment of $120,000. However, because the loan is fully amortized business owners that repay the loan early will receive a 100% refund on the remaining interest.
QuarterSpot terms include:
- Loan amount: $5,000 to $250,000
- Repayment term: Nine, 12, 15, or 18 months
- Repayment schedule: Automatic daily or weekly payments
- Collateral: Blanket Uniform Commercial Code (UCC) filing on business assets (second position available)
- Personal guarantee: Required
- Funding speed: As soon as the same day
The loan amounts offered by QuarterSpot are lower than some competitors, but it offers borrowers four distinct repayment terms. This provides business owners with the flexibility of both selecting the term and an opportunity to repay the loan early if needed. QuarterSpot also offers to refinance loans as long as it has been at least 90 days since the last funding event.
QuarterSpot qualifications include:
- Personal credit score: At least 550 and 660 for sole-proprietors (check your score for free)
- Time in business: At least one year
- Annual revenue: At least $200,000
The minimum personal credit score requirement that QuarterSpot set is more of a checkbox than it is a cornerstone criterion that it evaluates. The credit score requirement is higher for sole-proprietors, a recent change from QuarterSpot. When evaluating bank statements, QuarterSpot is looking for 10 revenue-generating deposits in the last three months and an average daily bank balance of $2,000.
What QuarterSpot Is Missing
QuarterSpot offers a unique repayment benefit and only requires a 550 minimum credit score to qualify, but businesses must also have substantial annual revenue. LoanBuilder the top alternative to QuarterSpot and has the same minimum personal credit score requirement but only requires $42,000 in annual revenue from borrowers.
Business owners leave positive QuarterSpot reviews noting a positive long-term relationship with the lender. Borrowers that left critical QuarterSpot reviews noted that it had poor customer service and charged high overall rates. In our experience contacting the lender, the customer service team was helpful, but individual experiences may vary.
How to Apply With QuarterSpot
Businesses wanting to borrow up to $250,000 at a starting factor rate of 1.2 times the loan amount with a full prepayment discount can apply with QuarterSpot in minutes. Applicants need to provide personal and business information in addition to three months of bank statements to apply and can receive funding as soon as the same day.
LoanBuilder: Best Alternative for Selecting Repayment Terms
LoanBuilder is a terrific alternative to QuarterSpot because it offers twice as much funding with a lower annual revenue requirement. It also allows business owners to select their repayment terms up to 52 weeks, adding to the flexibility of this financing offer. The online application is also quick, taking less than 10 minutes to complete, with funding available as soon as the next business day.
LoanBuilder Pros and Cons
High maximum loan amounts
No repayment options over one year
Flexible repayment terms
High potential cost of funding
Low annual revenue requirement
No prepayment discount
LoanBuilder Rates and Fees
LoanBuilder provides businesses with funding at rates from 2.9% to 18.72% and does not charge a prepayment penalty. However, borrowers that pay off their loans early don’t receive a discount on the outstanding interest and must pay the loan in full. LoanBuilder offers lower overall starting rates than QuarterSpot, making it a better solution for business owners that are well qualified.
LoanBuilder offers twice as much funding as QuarterSpot does making it a great option for businesses looking for an alternative lender that can offer a larger lump sum advance. Although its repayment terms only last up to 52 weeks, borrowers have the flexibility of selecting a repayment term after approval.
The minimum annual revenue and time in business requirement that LoanBuilder sets compared to QuarterSpot make it a much more accessible lender for small businesses. LoanBuilder does not disclose what weight it gives the personal credit score of applicants in the approval process, making it less transparent overall than QuarterSpot.
What LoanBuilder Is Missing
LoanBuilder offers a compelling alternative QuarterSpot for small business owners with fair credit needing funding. This is because of the lower overall qualification requirements and higher potential funding amounts. However, LoanBuilder falls short in prepayment discounts requiring borrowers to pay the full interest on a loan, even if it’s repaid early.
Responsive customer service, quick funding speeds, fair rates, and a simple application process are some positive LoanBuilder reviews left by borrowers. The negative reviews were left by borrowers who received higher-than-expected rates or less-than-expected funding, but these reviews were rare and promptly addressed by LoanBuilder.
How to Apply With LoanBuilder
The best alternative to QuarterSpot loans is available online with a 10-minute application with LoanBuilder. Businesses can qualify for funding up to $500,000 and customizable repayment terms up to one year. Business owners that submit an application won’t have to wait long. The average approval takes a few hours, and LoanBuilder can make a deposit the next business day.
BlueVine: Best Alternative for Newer Businesses
BlueVine is the best alternative to QuarterSpot for new businesses because it has a low time in business requirement of six months. Its term loan offers borrowers up to $250,000 in funding at a starting APR of 18.2% with repayment terms up to one year. The online application takes minutes, and funding is available as soon as the next business day.
BlueVine Pros and Cons
Low time in business requirement
Low maximum loan size
No origination fee
No prepayment discount
Additional financing options available
High annual revenue requirement
BlueVine Rates and Fees
BlueVine business loans offer borrowers a higher starting APR but a smaller overall APR range than LoanBuilder does, which makes it less expensive for most borrowers. BlueVine also doesn’t charge origination fees or prepayment penalties. However, it also doesn’t offer a prepayment discount to borrowers, unlike QuarterSpot, which forgives 100% of the remaining interest on the loan is repaid early.
BlueVine and QuarterSpot offer the same amount of funding on business loans, but borrowers can also qualify for lines of credit and invoice factoring with BlueVine. BlueVine representative shared that business owners can receive up to 70% more funding with a term loan than they can with its line of credit (LOC), making it a suitable option for business owners seeking to maximize their initial offer.
Business owners with a credit score above 600 and at least six months in business can qualify for a BlueVine short-term loan. The low time in business requirement is one reason that BlueVine made the list of top QuarterSpot alternatives, providing new businesses with an opportunity to get funding.
What BlueVine Is Missing
BlueVine offers a fair business loan with comparable rates, terms, and qualifications to other lenders in addition to two other financing products. However, it falls short because of its above-average credit score requirements and overall costs. Business owners with stellar credit wanting the lowest rates and larger loan amounts should apply with OnDeck instead.
Customers appreciated the service the BlueVine’s team offered before, during, and after the application process and noted its funding speeds and transparency in BlueVine reviews. We found some negative reviews left by borrowers who didn’t expect BlueVine to turn them down for funding.
How to Apply With BlueVine
Applying for a BlueVine loan takes 10 minutes and rarely requires business owners to upload documents. Instead, BlueVine offers funding up to $250,000 with repayment terms up to a year based on a connection to a business checking account. The total approval time is less than two hours, and funding is available as soon as the next business day.
OnDeck: Best Alternative for Low Starting Rates
OnDeck offers prime borrowers the lowest starting rates on our list of QuarterSpot loan alternatives. Besides 9% starting rates, it also offers funding up to $500,000 and repayment terms as long as 36 months. Business owners will find the minimum qualifications are higher, but funding is available the next day, and the application takes minutes to complete.
OnDeck Pros and Cons
Low starting rates
High origination fees
Long repayment terms
No prepayment discount
Large loan amounts
High minimum qualifications
OnDeck Rates and Fees
OnDeck has low starting interest rates and offers them to prime borrowers, but it charges an origination fee up to 5%. So, the overall lower APR of the loan is offset by a smaller funding amount when the origination fee is deducted from the loan. Similar to most QuarterSpot alternatives, business owners that repay loans early will owe full interest on their loans.
Borrowers looking for a larger funding amount than the one offered by QuarterSpot will find the OnDeck can provide up to $500,000 in funding. OnDeck also offers the longest repayment terms we evaluated for a short-term business loan, extending up to 36 months. This makes it a great lender for long-term, capital-intensive projects, even when compared to top OnDeck competitors like Kabbage.
Qualifying with OnDeck is difficult because it has the highest overall minimum requirements on our list. This is largely because, besides a minimum 600 credit score, OnDeck also looks for at least one year in business and $100,000 in annual revenue. This means the prime borrowers would get approved, but businesses that barely make it over the minimum qualifications are less likely to get funding.
What OnDeck Is Missing
OnDeck is a great alternative to QuarterSpot as it offers a larger loan amount and repayment terms up to 36 months. However, it has high overall minimum requirements and charges an origination fee up to 5% putting the loan out of reach for some borrowers.
OnDeck reviews come from customers that received funding, quick responses to questions, and appreciated being able to focus on their business because of the online application. Some negative reviews came from customers who received less-than-expected funding or didn’t take the time to read and understand the terms of their financing offer.
How to Apply With OnDeck
Business owners will find that an OnDeck online application takes 15 minutes to complete and that the process is seamless. Funding is available up to $500,000 with repayment terms as long as three years and starting rates for prime borrowers as low as 9%. On top of all that OnDeck makes an offer and provides funding as soon as the next day.
Kabbage: Best Alternative for Monthly Payments
A Kabbage LOC is a superb QuarterSpot loan alternative for businesses seeking monthly payments and flexible repayment terms. Kabbage offers a full prepayment discount on the loan and funding up to $250,000 with terms up to 18 months. Rates start at 24% APR and funding is available in as quick as one business day.
Kabbage Pros and Cons
Revolving credit line
Small loan amounts
Long time in business requirement
Low annual revenue requirement
High overall costs
Kabbage Rates and Fees
The starting APR for a Kabbage business LOC is higher than most of the other providers on our list. However, an LOC enables business owners to borrow only what they need, potentially saving them money by reducing the cost of unused funds. There are also no fees on unused funds, and Kabbage offers the same 100% interest forgiveness on early repayment like QuarterSpot loans.
An LOC up to $250,000 appears to be the same amount of funding as a business loan up to $250,000. However, business owners can potentially borrow the entire credit limit, repay it over the term, and reaccess the funds. Kabbage is also unique because it’s the only lender on this list that offers monthly payments and ranks as one of the best business lines of credit for this reason.
Business owners need the same minimum credit score to qualify for Kabbage as they would for a loan with LoanBuilder. However, the low annual revenue requirement of $50,000 makes a Kabbage business LOC more accessible than other funding options on the list for small businesses.
What Kabbage Is Missing
Kabbage sets the industry standard with its flexible business LOC that offers monthly payments and has a prepayment benefit. However, it doesn’t offer a term loan, and business owners will typically receive less overall funding than they would with a lump sum advance.
Kabbage gets solid reviews across the board from customers noting the monthly payment option, long repayment terms, and mobile application as some standout features Kabbage offers. The negative reviews we found were from business owners that didn’t receive funding and those that hoped to get approval for more funding.
How to Apply With Kabbage
The online application for Kabbage can be completed online or on its mobile app. It’s one of the few alternative lenders that offers a mobile application and next-day funding for a credit line up to $250,000. Applying takes minutes, and business owners can get the funds they need quickly.
Fundbox: Best Alternative for Low Minimum Qualifications
Fundbox is the best LOC alternative to QuarterSpot loans for business owners needing a quick approval decision with minimal qualification requirements. It offers up to $100,000 in funding on a revolving LOC with a starting APR of 10% and weekly payments over 12 or 24 weeks. Approval decisions take three minutes, and funding is available as soon as the next business day.
Fundbox Pros and Cons
No minimum personal credit score
Small funding amounts
Low starting interest rate
Short repayment terms
100% prepayment discount
Fundbox Rates and Fees
Fundbox offers a short-term LOC based on business revenue that’s repayable over 12 or 24 weeks. Business owners can repay a draw early and save money on interest, similar to QuarterSpot loans. Fundbox also has relatively low starting rates compared to other lenders and can be a good option for small businesses wanting the flexibility of an LOC.
Fundbox doesn’t offer as much funding as other lenders, and it has shorter overall repayment terms. However, for a small amount of funding, it’s the fastest business loan applicants can get with a 10-minute application and a median approval time of three minutes. Business owners needing a quick decision and immediate funding to address an emergency will find Fundbox to be a great fit.
The largest appeal of Fundbox is its low minimum credit score and annual revenue requirement. This makes it the most accessible funding option on our list, especially considering that businesses with only three months of operations can qualify for funding.
What Fundbox Is Missing
Fundbox is the quickest and easiest alternative to QuarterSpot for business owners to consider. However, it offers a smaller LOC amount than lenders like Kabbage and shorter repayment terms than most online lenders. While it’s a great solution in a pinch, fast-growing businesses may find that their financing needs exceed Fundbox’s limit in the long run.
On the web, Fundbox reviews are positive, celebrating the company’s quick funding speeds, flexible repayment terms, and low overall cost. The negative reviews we found came from users that wanted to change their repayment terms after making a draw, but Fundbox discloses that borrowers are locked into a repayment schedule once a draw is made.
How to Apply With Fundbox
Fundbox has the fastest application available online, taking minutes to analyze popular accounting software like QuickBooks or Xero to determine if it can approve an applicant for funding. Business owners can get a decision in as quick as three minutes and receive a credit line up to $100,000 with starting rates of 0.5% per week and have money available the next day.
National Funding: Best Alternative for Financing Credit Card Receivables
National Funding merchant cash advances are a potential alternative to QuarterSpot loans for business owners needing funding based on credit card receivables with low minimum qualifications. Loans are available the next day up to $250,000 with repayment terms up to 18 months. However, the funding is expensive, with APR ranges from 30% to 150%, making this option a last resort.
National Funding Pros and Cons
No credit score requirement
High overall costs
Low revenue requirement
Frequent automatic payments
Long repayment terms
Small loan amounts
National Funding Rates and Fees
A National Funding merchant cash advance will typically be more expensive than a loan from QuarterSpot. The loan is based on credit card receivables, and the total repayment of the loan is calculated by multiplying the loan amount by the factor rate. A major drawback for a National Funding merchant cash advance is the lack of prepayment benefit compared to QuarterSpot loans.
National Funding Terms
Borrowers can receive the same amount of funding with National Funding as they can with QuarterSpot. Although National Funding offers repayment terms up to 18 months, its daily payment requirement leaves owners with little control over their repayment schedule. Business owners need to keep in mind that payments are calculated without excluding taxes and other expenses, which may lead to compounding cash flow issues.
National Funding Qualifications
The overall draw of a National Funding merchant cash advance is the lack of a required credit score and the low annual revenue requirement. Applicants must provide four months of credit card statements when applying. However, the accessibility of the best merchant cash advances makes it a great option for business owners with bad credit.
What National Funding Is Missing
National Funding offers businesses a financing option with low minimum qualifications. However, the factor rates can be high with potential APRs up to 150%. Business owners needing access to funding with little to no minimum requirements can consider other bad credit business loans besides National Funding.
National Funding Reviews
National Funding reviews indicate that many business owners refinance their merchant cash advance with a business loan and continue the relationship with the company. Some negative reviews indicated that costs were high, but these costs are typical for a merchant cash advance with such low qualification requirements.
How to Apply With National Funding
Applicants can complete an online application for a National Funding merchant cash advance online, in under 30 minutes. Businesses can borrow up to $250,000 with repayment terms up to 18 months and a starting factor rate of 1.1 times the loan amount. Business owners having trouble qualifying for other options can receive funding as soon as the next day.
QuarterSpot is one of only a few online lenders that offers a full prepayment discount on loans that borrowers repay early. Business owners can qualify to receive up to $250,000 in funding with a starting factor rate of 1.2 times the loan amount, and repayment terms up to 18 months. The online application takes minutes, and funding is available as soon as the same day.