Based on your QuickBooks information, QuickBooks Capital offers Intuit financing to QuickBooks Online and QuickBooks Desktop users. Find out if you qualify for QuickBooks Capital loans.
An overview of QuickBooks Capital
- QuickBooks Online and QuickBooks Desktop can get short-term business loans from QuickBooks Capital of up to $150,000 to the user.
- Also, QuickBooks Capital has added its Get Paid Upfront service, which gives users of QuickBooks who have unpaid invoices lines of credit up to $50,000.
- Although rates for QuickBooks Capital loans can be as high as 34%, there are not any hidden fees for closing or prepayment. Rates for QuickBooks Capital loans can go as high as 34%, no fees are hidden, closing costs, or prepayment fees.
- Customers that look for additional options or don’t qualify for QuickBooks Capital may be able to get funding with a partner through the QuickBooks Capital Marketplace.
- QuickBooks Capital loans have up to 18 month repayment terms, so they are not the best option for businesses looking for long-term funding.
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What Is QuickBooks Capital?
QuickBooks Capital operates similarly to PayPal Working Capital or Shopify Capital, using your QuickBooks data to assess whether you’re eligible for a loan. Users of QuickBooks Online and QuickBooks Desktop may use QuickBooks Capital, a lending service. In fact, it speeds up the application process by automatically filling in your current information.
Installment loans, usually referred to as term loans, are provided by QuickBooks Capital, along with the invoice finance service Get Paid Upfront. Although QuickBooks Capital’s rates are comparable to those of other online lenders, there is no origination or closing costs, giving it a distinct advantage over its rivals. However, the financing is not inexpensive, and you will have a short repayment period. QuickBooks Capital may be a great source of quick cash, especially if you run a seasonal or newly established firm that would not be accepted elsewhere.
Existing QuickBooks users might think about QuickBooks Capital loans if they desire a straightforward application procedure and timely funding. If a company has a fair credit rating and has enough income to cover loan payments, it may be eligible for funding. Loans from QuickBooks Capital are the best option for working capital and buying merchandise, but they might not be the best option for long-term requirements like business growth.
QuickBooks Capital Provides the Following Services
You have a number of alternatives with QuickBooks Capital to be funded. This comprises:
- Installment Loans: Installment loans, sometimes referred to as term loans, provide the borrower with a lump sum of money. In return, the borrower is required to pay back the borrowed funds-known as the principle and interest-within the predetermined timeframe. The regular payment plan is referred to as “installments”.
- Invoice Finance: QuickBooks Capital provides an invoice finance option if outstanding invoices are impacting your cash flow. Get Paid Upfront offers you a credit line that is secured by the outstanding bills on your QuickBooks accounts.
- Marketplace for Lending: QuickBooks Capital Marketplace showcases the company’s financial associates. To establish your eligibility for partner offers, QuickBooks will utilize data from your QuickBooks account.
Depending on the financial product you choose, QuickBooks funding has different borrower qualifications.
Eligibility for QuickBooks Capital Loan
Depending on the financial instrument you choose, there are different borrower requirements for QuickBooks finance. You must fulfill the following requirements in order to be qualified for a QuickBooks Capital loan:
|Time in Business||6 month of activity on a QuickBooks account|
- Additionally, you need to use QuickBooks regularly.
- Link your key company banking accounts to QuickBooks Online
- Possess not filed for bankruptcy in the last two years.
- A list of forbidden industries is also enforced by QuickBooks Capital. You can check if your industry is blacklisted by contacting customer service directly as this list is not accessible online.
- Application for QuickBooks Capital is open to residents of 48 states. Alaskan and Nevadan residents are ineligible to apply, presumably for regulatory purposes.
- QuickBooks Capital notifies Dun & Bradstreet and Experian’s Small Business Credit Share (SBCS) of your loan repayment activities and status. Your business’s credit score might rise if you maintain good repayments on your QuickBooks Capital Loan.
QuickBooks Capital Marketplace
You can submit an application for finance via the QuickBooks Capital Marketplace if you don’t qualify for QuickBooks Capital or Get Paid Upfront or if you just want to research your choices. Your alternatives will only be revealed after a mild credit pull. Each partner has different borrowing criteria, which may take into account things like:
- Time in business
- Annual income
- The capacity to pay
- Individual credit history & score
- Personal and business bankruptcy, liens, and late payments
Advance Payment for QuickBooks Capital
Borrowers with outstanding bills can choose the Get Paid Upfront invoice finance program from QuickBooks. To establish eligibility, QuickBooks takes into account a variety of parameters, including:
- Active QuickBooks Payments subscription
- Accounting data in the QuickBooks software
- Your business’s bank accounts’ transactions
- Billing history
- Profiles of consumer and commercial credit
- There is no time in business, income, or credit score limitations with QuickBooks. For this line of credit, borrowers must have overdue bills.
QuickBooks Capital Rates and Fees
Let’s examine the conditions and charges for funding items from QuickBooks Capital. The conditions and costs for installment loans from QuickBooks Capital are as follows:
|Term Length||6-18 months|
|APR||9.99% – 34%|
With maturities of six, nine, twelve, and eighteen months, QuickBooks Capital offers installment loans. The term of the loan, your credit history, and the loan amount all affect the interest rate. The amount your company may borrow varies depending on its financial standing, but it might be anywhere from $1,500 to $150,000. QuickBooks Capital does not demand security, but it does want a personal guarantee-a declaration that, in the event your company files for bankruptcy, you personally will repay the loan.
Since QuickBooks Capital provides installment loans, you may reduce your interest expenses by repaying your loan before the agreed-upon deadline. There is no penalty for early payments. Every week or month, payments made through ACH transactions are deducted from your company’s bank account. To estimate your potential payments, utilize the loan calculator provided by QuickBooks Capital. While it doesn’t appear that repeat borrowers receive any reductions, QuickBooks Capital claims that the majority of firms who successfully repaid their first loan will be qualified to qualify for a second loan. Loans from QuickBooks Capital are issued directly by Intuit, the parent company of QuickBooks.
Get Paid Upfront Funding for Invoices
With Get Paid Upfront, you can use your outstanding QuickBooks invoices to acquire a line of credit up to $50,000. You may finance a single invoice or a number of them up to your predetermined credit limit. If your invoice is accepted for Get Paid Upfront, a charge of up to 3% will be taken out of the total amount due, and you’ll get paid within one to two business days. If consumers use QuickBooks Payments to pay their bills within 30 days, there are no extra costs.
Interest will start to accumulate after 30 days; however QuickBooks is evasive regarding its rates. You can choose to make manual payments or set up automated payments on your credit line. You don’t make payments if you don’t utilize your line of credit, and there is no prepayment or late fees.
Application Procedure for QuickBooks Capital
Through the Capital option in your QuickBooks Online or Desktop dashboard, you may submit an application for QuickBooks Capital. The majority of the program is auto filled using data from QuickBooks Capital. The only thing left to do is confirm the data’s correctness and fill up any gaps. Most of the time, no further paperwork is required. In two to three days, QuickBooks Capital will normally respond.
QuickBooks Capital will only run a soft credit check, which has no effect on your credit score. When you apply for a loan, there can be a minor influence on your company’s credit history. If approved, you can choose from a range of loan amounts. The next day or two are typically required for the money to be placed into your bank account.
You can apply via the Get Paid Upfront feature of your QuickBooks program if that’s what you want. Choose Get Paid Upfront from the Invoices tab. To find out if you’re accepted, you’ll complete out an application. You’ll get the money in one or two business days after it’s authorized. Additionally, you can be given a larger line of credit that can be utilized to pay more than one invoice.
If you are not eligible for these options or you’re looking for a different type of loan (like a line of credit or an SBA loan), or if you’re looking for one of these options but not another one, you can check the QuickBooks Capital Marketplace to see alternative lending partners that connect with your QuickBooks Online account.
Transparency in QuickBooks Capital Sales & Advertising
A lot of information regarding QuickBooks Capital’s lending solution is available on its attractive website. Almost of the information you want regarding the service is available on the QuickBooks Capital website; however you may need to go through the numerous FAQs to discover what you’re searching for. Only QuickBooks users are eligible to apply for QuickBooks Capital, and you must be logged into your QuickBooks account to do so.
Support & Customer Service for QuickBooks Capital
FAQs and phone assistance are provided by QuickBooks Capital. Also available from within QuickBooks Online is a live chat tool. There may be some inquiries about QuickBooks Capital on the company’s vast community forum, which is another feature of QuickBooks. Customer service has never been a strong point for QuickBooks. Long wait times are a corporate trademark, and customer service agents frequently lack expertise and are unhelpful. Fortunately, QuickBooks Capital’s phone support staff offers substantially faster wait times and more knowledgeable agents. Time will tell if this QuickBooks division ends the pattern of subpar customer service.
|QuickBooks Capital Support||Availability|
|Dedicated Support Representative||No|
|Knowledge Base or Help Center||Yes|
|Videos & Tutorials||No|
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Frequently Asked Questions
Does QuickBooks Provide Credit?
QuickBooks provides funding via QuickBooks Capital, which gives qualified customers small company loans of up to $150,000. Additionally, the QuickBooks Get Paid Upfront program offers invoice finance. If you don’t meet the requirements for QuickBooks Capital, you can also use the QuickBooks Capital Marketplace to apply for funding from one of QuickBooks’ lending partners.
Does a QuickBooks Capital Loan Require Collateral?
A QuickBooks Capital loan does not need collateral. For QuickBooks Capital loans and Get Paid Upfront lines of credit, however, you will have to put your signature on a personal guarantee.
Are PPP Applications Accepted by QuickBooks?
When the Paycheck Protection Program was active, qualified borrowers may apply for loans directly via QuickBooks Capital. But the PPP officially concluded on May 31, 2021, and small company lenders like QuickBooks Capital are no longer taking applications.
What are QuickBooks Capital’s Interest Rates?
A loan from QuickBooks Capital carries interest charges that vary from 2.61% to 29.04%. Your interest rate is determined by the period of the loan, the loan amount, and your credit history.
How can I obtain a Loan using QuickBooks?
There are two ways to borrow money using your QuickBooks accounting program. To apply for a short-term loan up to $150,000, go to the Capital page. If you have outstanding bills, you may also choose Get Paid Upfront under the bills page to apply for a line of credit of up to $50,000.