Intuit QuickBooks Capital offers short-term loans in amounts up to $100,000. These loans carry expected APRs ranging from 12% to 32% and repayment terms up to 12 months. If you use QuickBooks Online, have a credit score of at least 620, and annual revenues of $50,000 or greater, you may be eligible.
Small business owners that are not QuickBooks Online users, and are looking for flexible working capital financing, may want to consider financing through BlueVine. Offering both short-term loans and lines of credit of up to $250,000, BlueVine has an easy online application process, and can provide funding as soon as the next business day.
Intuit QuickBooks Capital Term Loan vs Other Alternatives
| Maximum Loan Amount | APR | Repayment Period | Alternative Products | |
|---|---|---|---|---|
| QuickBooks Capital | $100,000 | 12% to 32% | 3 to 12 months | None |
| LoanBuilder | $500,000 | 24% to 49% | 13 to 52 weeks | None |
| SmartBiz (SBA 7a loan) | $350,000 | 8% to 13% | Up to 10 years | None |
| OnDeck | $500,000 | 17% to 99% | 3 to 36 months | Line of credit |
| BlueVine | $250,000 | 18% to 86% | 6 or 12 months | Line of credit and invoice factoring |
In addition to QuickBooks Capital, some additional small business financing options for working capital are:
QuickBooks Capital
Intuit QuickBooks Capital is a fast funding solution for QuickBooks Online users, offering small business loans in amounts up to $100,000. QuickBooks financing has APRs ranging from 12% to 32% with repayment terms up to 12 months. If you have a personal credit score of at least 620, annual revenues of at least $50,000, and use QuickBooks Online, you may qualify. You can apply online in minutes right from your QuickBooks account.
LoanBuilder
LoanBuilder offers short-term business loans of up to $500,000 for a customizable loan term that ranges from 13 to 52 weeks. Expected APRs for these loans can range from 12% to 136%. You will need to have at least nine months of business operations, business owners with a personal credit score of at least 550, and annual revenues of $42,000 or more to qualify. You can apply online in 10 minutes and receive funding the next day.
SmartBiz
SmartBiz offers SBA 7(a) loans in amounts up to $350,000. If you have a credit score above 680, have been in business for two or more years, and are profitable, you can apply online for a streamlined SBA 7(a) loan with SmartBiz. You can pre-qualify online in minutes and get funded in as quickly as 30 days.
OnDeck
OnDeck offers unsecured business loans. Prime borrowers (700 or greater personal credit score) can potentially qualify for special interest rates as low as 9% for a short-term loan up to $500,000. An OnDeck business loan requires a credit score of at least 600, one year of business operations, and at least $100,000 in annual revenue to qualify. You can apply online in minutes and receive funding within one to two days. Additionally, OnDeck also has a line of credit options available.
BlueVine
BlueVine offers both short-term loans and small business lines of credit up to $250,000, and only requires six months of business operations to qualify. APR’s on both the loan and line of credit product range from 18% to 82%, and both offer repayment terms of six or 12 months. To qualify you need a credit score of at least 600, and $100,000 or greater in annual revenues. Applying is simple and can be completed online in minutes.
How Intuit QuickBooks Capital Financing Works
QuickBooks Capital offers a short-term business loan, which is funded in one lump sum and repaid with weekly or monthly automatic payments over 12 months. QuickBooks uses financial information from your QuickBooks Online account to determine the company’s creditworthiness, determine if qualifications are met, and set the loan amount.
Eligible QuickBooks Online users will have the opportunity to apply for financing directly through their QuickBooks Online account. The application is linked to your QuickBooks Online account, which provides your business’s financial information to QuickBooks Capital for consideration. If approved, the loan funds will be directly deposited into your business bank account.
Small business loans from QuickBooks Capital can have repayment terms of up to 12 months with weekly or monthly payments. QuickBooks will auto-debit your business bank account weekly for these payments until the loan has been repaid in full.
QuickBooks Capital Loan Eligibility and Qualifications
To be eligible for a short-term loan from QuickBooks Capital, you need to manage your accounting using QuickBooks Online. QuickBooks will analyze the financial information from your QBO account to determine the amount of loan you can afford. You also need to have a personal credit score of at least 620 with $50,000 or greater in annual revenues and no recent bankruptcies. Unfortunately, QuickBooks financing is not available in Alaska or Nevada at this time.
The basic eligibility and qualification requirements for a QuickBooks Capital loan are:
- QuickBooks Online user: You need to have a QuickBooks Online account
- Credit score: At least 620
- Annual business revenue: At least $50,000
- Time in business: No minimum requirement, but you must have six months of accounting and banking transactions in your QuickBooks account
- Credit history: No personal or business bankruptcies in the past two years
QuickBooks Capital will perform a soft pull of your personal credit, which will not affect your personal credit rating or score. However, applying for a loan may affect your business credit profile as QuickBooks will do a hard credit pull. Additionally, QuickBooks reports your business’s payment performance and loan status to credit reporting agencies. Making your payments on time can help you build your business credit history.
QuickBooks Capital Rates & Fees
Loans from Intuit QuickBooks Capital have interest rates that range from 3.13% to 8.49%, with expected APRs ranging from 12% to 32%. There are no origination fees, or prepayment penalties. You can expect complete pricing transparency when you apply for QuickBooks financing, the company is very forthcoming with its pricing.
The rates and fees you can expect with financing through Intuit QuickBooks Capital are:
- Interest rate: 3.13% to 8.49%
- Expected APR: 12% to 32%
- Origination fee: None
- Prepayment penalty: None
The transparent pricing and lack of additional fees associated with QuickBooks financing will allow you to be able to predict the total cost of capital when you pre-qualify for a loan. Additionally, the fact that QuickBooks Capital offers the option of weekly or monthly payments may be appealing to some borrowers.
QuickBooks Capital Loan Requirements & Repayment Terms
Intuit QuickBooks Capital offers short-term loans in amounts ranging from $6,000 to $100,000. These loans can have repayment periods of up to 12 months. QuickBooks loans are unsecured, meaning that no collateral is required. However, you will likely be required to supply a personal guarantee, which means in the event your business is unable to repay the loan, you are personally liable.
The loan requirements and repayment terms you can expect with a QuickBooks loan are:
- Loan amount: $6,000 to $100,000
- Repayment term: Up to 12 months
- Personal guarantee: Required
- Collateral: No additional collateral required
- Funding speed: Two to three days
Applying for financing with QuickBooks Capital takes place entirely online, and can be completed in under five minutes. With funding occurring within two to three days, QuickBooks Capital can get your business the funds it needs quickly.
Intuit QuickBooks Capital Reviews
Intuit, Inc. has an A+ rating with the Better Business Bureau. While there are many reviews about Intuit QuickBooks, there are very few regarding QuickBooks Capital. Overall Intuit QuickBooks customers are happy with the level of customer service they are offered, and the majority of negative reviews are based on the amount of fees charged in association with the TurboTax program.
How to Apply for a QuickBooks Capital Loan
To get a short-term loan with QuickBooks Capital you need to use QuickBooks Online as your accounting software. You complete a short application directly through the QuickBooks Online site, and easily link to your QuickBooks Online account. The application process takes less than five minutes. If approved, you will receive funding within three days as a direct deposit into your bank account.
As a QuickBooks Online user, if QuickBooks Capital is available to you, you will see a link in your navigation bar that says “Capital.” This button will open the QuickBooks Capital screen:
QuickBooks Capital offer
Image Source: QuickBooks Capital
Once you select the loan options you want, you will continue through the online application process by verifying the information in your QuickBooks Online account, and complete the application process.
QuickBooks Capital application
Image Source: QuickBooks Capital
Additionally, QuickBooks has a marketplace of other lending partners. These partners offer various financing options, such as term loans, lines of credit, invoice financing, and SBA loans. Some of the QuickBooks Capital Marketplace partners include OnDeck, BlueVine, Fundbox, and LoanBuilder.
Pros & Cons of QuickBooks Capital
QuickBooks Capital offers some benefits to small business owners. It’s easy to apply for QuickBooks financing, there are no additional fees, and you will have access to the QuickBooks Capital Marketplace that allows you to apply through other lenders. However, a loan from you must be a QuickBooks Online user, the amount of funds you can receive is limited, and you can only have one loan at a time.
Pros of QuickBooks Capital
Some advantages of QuickBooks financing include:
- Applying is easy: Applying for a loan through QuickBooks is easy, and can be completed online in under five minutes. Because QuickBooks utilizes the information in your QuickBooks account, loan approval is fast, and you can receive funds within one to two days.
- No additional fees: QuickBooks has very transparent pricing, and readily shares the interest rates and APRs that you can expect to receive. Since there are no additional fees associated with QuickBooks financing, you will easily be able to calculate the total cost of capital for your loan.
- Other financing options available via QuickBooks Capital Marketplace: If you aren’t able to get a loan offer directly from QuickBooks that meets your financing needs, you can apply for financing through the QuickBooks Capital Marketplace. The marketplace gives you access to other financing options from QuickBooks partners.
Cons of the QuickBooks Capital
Some disadvantages associated with a QuickBooks loan are:
- You have to use QuickBooks Online as your accounting software: At this time, QuickBooks capital is only available to QuickBooks Online users. Small businesses that use a different accounting software will need to seek alternative sources of working capital financing.
- Limited funding amount: The maximum loan amount offered by QuickBooks is $100,000. Small businesses seeking larger funding amounts may be better served by another small business loan option, like those offered by OnDeck or BlueVine.
- You can only have one QuickBooks Capital loan at a time: QuickBooks can be an efficient means of accessing financing, but you can only have one loan through QuickBooks at a time. If you need additional funding, you will have to apply with another lender, or wait until your QuickBooks loan has been fully repaid.
QuickBooks Capital can be a fast and easy way to get a short-term loan if you already have a QuickBooks Online account. However, if you don’t qualify for QuickBooks financing, the options you will have through the QuickBooks Marketplace will be limited, in which case you will likely need to seek an alternative lender.
QuickBooks Capital Frequently Asked Questions (FAQs)
A lot of information has been covered in this article about QuickBooks financing, what it is, how it works, and how to apply for a loan. If you have any questions about any of the information presented here, you can post them in the Fit Small Business forum.
Some frequently asked questions regarding QuickBooks financing are:
What is QuickBooks Capital?
QuickBooks Capital provides funding for eligible QuickBooks Online small business customers. By utilizing the accounting data in your QuickBooks Online account, QuickBooks determines when a small business may be eligible for a loan. Because your financial information is quickly provided to the lender through your QBO account, an eligibility determination can easily be made.
How does QuickBooks Capital determine eligibility?
QuickBooks Capital utilizes your business history and bank account transactions within QuickBooks, along with your personal and business credit to make a credit determination. Additionally, QuickBooks requires you to have a credit score of at least 620, annual revenues of at least $50,000, and no record of bankruptcies within the last two years.
Is QuickBooks Capital available in all states?
Intuit QuickBooks Capital is currently available in 48 states. The company does not presently offer loans in Nevada or Alaska. Businesses in either Nevada or Alaska that are seeking small business financing will need to look into other small business loans to meet their financing needs.
Bottom Line
Intuit QuickBooks Capital can be a fast source of financing for small business owners that use QuickBooks Online. QuickBooks loans up to $100,000 with APRs ranging from 12% to 32%, and repayment terms of up to 12 months. If you have a credit score of 620 or greater, and annual revenues exceeding $50,000 you may qualify. You can apply online in less than five minutes, and receive funding in two to three days.
Applying for a loan from QuickBooks Capital is simple. Because all of your business financials are already stored in QuickBooks, by linking your account to your application, QuickBooks has instant access to the financial data needed to assess the financial health of your small business. You can apply online in less than 10 minutes, and if approved receive funding within two days.
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