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QuarterSpot Business Loan Review

Best For: Short-Term Financing, Poor Credit

Sometimes as a business owner, you find yourself in a tight situation that requires a large amount of fast cash. That’s where QuarterSpot can help you. If you have low credit, are struggling to get approved with other lenders and can’t afford to wait more than a few days, you might want to consider this lender.

With amounts of up to $250,000 and funding times as short as 24 hours, QuarterSpot offers loans to fit a wide range of needs, from unexpected expenses to major repairs and large purchases. However, make sure that if you’re looking at this lender, that you’re also considering a number of other financing options because QuarterSpot’s interest rates and origination fees are some of the highest in the industry.

QuarterSpot Business Loan Rates & Terms

Loan Amounts$5,000 to $250,000
APR Range30.00% to 70.00%
Repayment TermsUp to 18 months
Time to FundingAs fast as 1 day

Click “Check Rates” to apply to QuarterSpot

  • APR Range: QuarterSpot’s annual percentage rates range between 30% and 70%.
  • Available Loan Terms: This lender’s repayment terms are offered in increments of six, nine, 12, 15 or 18 months.
  • Loan amounts: QuarterSpot’s loans range between $5,000 and $250,000.
  • Time to fund: Funds can become available in as little as 24 hours.
  • Origination fee: QuarterSpot’s origination fees can higher than many of its competitors’, with fees ranging between 1% and 4%.
  • Credit needed: To be considered for a QuarterSpot loan, you should have a credit score above 550.
  • Income needed: Your business should be making at least $200,000 a year.
  • Soft Credit Check? This lender only conducts a soft credit check when you apply, so your credit won’t be affected.
  • Best for: QuarterSpot’s loans are best for business owners who have low personal credit scores and are having trouble getting approved with other lenders, due to its high average interest rates. This could be a good lender to consider if you need fast cash and have repairs, renovation projects, or other moderately large expenses to fund.

What Is QuarterSpot?

QuarterSpot is an alternative business lender offering short-term loans with high annual percentage rates to borrowers with poor to average credit.

How Does QuarterSpot Work?

QuarterSpot works by offering prospective borrowers a simple and quick online application process and loans of up to $250,000. When business owners apply for a QuarterSpot loan, the lender primarily considers their bank transaction history. Additionally, there are no prepayment penalties so borrowers are able to repay their loans before the repayment period is up.

Benefits of QuarterSpot

  • Wide range of loan amounts, with a maximum amount of $250,000
  • Easier for borrowers with low credit to get approved, due to unique application evaluation process and focus on bank transaction history
  • No prepayment fees
  • Quick time to disbursement, with funds usually becoming available within just 24 hours

Drawbacks of QuarterSpot

  • High APRs, rates ranging between 30% and 70%.
  • Potentially high origination fees of up to 4%
  • Short repayment terms for large amounts
  • Personal guarantee required, putting the borrower’s personal assets at risk in case of default

How To Apply for a QuarterSpot Business Loan

QuarterSpot’s application process is simple, quick and easy. To start, you’ll need to enter the amount of the loan that you’re seeking, as well as your business’ monthly revenue, industry, contact information, address and bank account information. Also make sure to be prepared with a good reason as to why you want the loan, because this can help you secure approval or even a lower rate.

What You Need To Apply:

You’ll need to have at least three months of business bank statements on hand, as well as a tax return, voided check and driver’s license for the funding process. Once you’re approved, your funds will usually be available within just one day.

Before applying, you should make sure that you have a credit score above 550 as well as a minimum monthly revenue of $16,000 (or annual of $200,000), at least 10 sales per month and an average daily bank account balance of at least $1,000 over the past 90 days.

You also shouldn’t have any outstanding tax liens or bankruptcies in the last two years.

Is QuarterSpot Legit?

QuarterSpot has an A+ rating with the Better Business Bureau (BBB) but has no reviews on their site, other than one complaint. They also offer customer support through telephone, email, their website or Twitter. Although accreditation with the BBB and extensive customer support don’t always indicate that a business is legitimate, most signs point to QuarterSpot being a safe and reliable lender.

How Does QuarterSpot Compare? Vs Kabbage & OnDeck Business Loans

vs Kabbage

Like QuarterSpot, Kabbage offers quick-to-fund business loans of up to $250,000. Kabbage has a slightly lower starting APR, at 24%, but a much higher maximum at 99%. If you’re a borrower with bad credit and are considering a loan from QuarterSpot, checking out Kabbage might be a good idea as well, as an application with this lender won’t hurt your credit score.

vs OnDeck

OnDeck offers term loans ranging between $5,000 and $500,000 and lines of credit of up to $100,000. Their annual percentage rates typically range between 9% and 99% for term loans and reach a maximum of 63% for lines of credit, keeping this lender in the same high APR bracket as QuarterSpot.

However, if you need more than $500,000, or just want to see if you can qualify for a loan with an APR lower than QuarterSpot’s minimum of 30%, this lender could be worth looking into.

Compare All Business Loans

If you’re weighing your business financing options and want more information, PrimeRates offers comprehensive reviews of several other business loan types, lenders and platforms. Even if you have a low credit score or own a brand new business, you may still be able to find a loan with low rates and flexible repayment terms. It’s important to take the time to understand all of your financing options before deciding on the loan that’s right for you.

Compare Business Loans

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