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QuarterSpot launched an online lending application for small businesses in 2013. The company provides loans to businesses in certain parts of the U.S. of up to $150,000 for term lengths of 9, 12, and 18 months. Customers fill out an online application and upload their last three business statements. In a press release, QuarterSpot states it uses artificial intelligence to search applicants' bank information, customer reviews, information on social media sites, and other data to make fast pre-approval decisions.

QuarterSpot focuses on the financial health of applicants' businesses, not their personal credit history; although the company does require business owners to have a minimum personal credit score of 550. To qualify for a loan, businesses must have an average monthly bank balance of $2,000 based on the most recent 90 days of bank data and make at least 10 sales per month. Consumers that choose QuarterSpot should remember that they must have a credit score of 550 or higher.

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The Good

  • Requirements
  • Fast and Easy Application
  • Great Benefits
  • Experience Working with Small Businesses

Requirements

QuarterSpot loans money to companies that have only been in business for a year and have monthly revenues of as low as $16,000, so it is a potential funding source for new businesses and very small companies. They also only require a credit score of 550 and to have been in business for a year. There is not a lot of information on QuarterSpot's website or in the media about the rates for its loans, but the company does list some attractive features for businesses looking for funding from non-traditional lenders.

Fast and Easy Application Process

Businesses can apply on QuarterSpot's website to see if they pre-qualify for a loan in as little as 30 seconds. QuarterSpot states its online loan application takes only a few minutes to complete and businesses receive a loan offer within 24 hours. Once the loan terms have been accepted, businesses can receive the funds as quickly as one business day. QuarterSpot's loan application process does not require a lot of paperwork. Businesses only need to submit their last three business statements.

Great Benefits

  • No Personal Guarantees: QuarterSpot does not require personal guarantees from business owners, so you will not be required to use your personal assets to pay back a loan.
  • No Personal Credit Checks: QuarterSpot does not check business owners' personal credit. Decisions about loans are made based on QuarterSpot's decisions about the financial health of the business only. The company also does a "soft" credit check so it does not have an impact on your personal credit score.
  • No Prepayment Penalties: There are no penalties for early payment of loans.
  • No Liens: QuarterSpot does not place liens on its customers' businesses when it provides funding.

Experience Working with Small Businesses

QuarterSpot's co-founders Adam Cohen and Lance Emanuel ran the company GotCoders before starting QuarterSpot, where they specialized in helping startups and small businesses develop their business and marketing strategies.

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The Bad

  • Limited Information
  • Not Available in All 50 States

Limited Information

There is not enough information on QuarterSpot's website to determine what kind of payment terms you would receive before you apply for a loan. The company does not list a range of interest rates or APRs for its loans or specify what kinds of fees it charges or what percentage of the loan amount covers its fees. The only information on QuarterSpot's online site about rates states that it charges as little as 12.5 cents on the dollar, but there is no information about how businesses qualify for that rate.

Before they apply for a loan, customers should be able to access information about the rates and any fees that QuarterSpot charges. With the scarce information the company includes on its site, it is not possible to determine if QuarterSpot is an affordable funding source compared to other lenders. The company claims it "can reduce borrowing costs by as much as 85 percent compared to other well-known online lenders", but it does not provide any data about the cost of its loans to back up that claim. QuarterSpot does not provide information about how many businesses it has loaned money to or how much money it has loaned. The company also does not list what industries it provides loans to or what industries do not qualify for its loans.

Not Available in All 50 States

QuarterSpot currently only loans to U.S. businesses and it does not loan to businesses in the following locations:

  • Alaska
  • California
  • District of Columbia
  • Kentucky
  • North Dakota
  • Nebraska
  • Rhode Island
  • South Dakota
  • Vermont
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The Bottom Line

Small businesses with minimal revenue and sales may qualify for loans with QuarterSpot. The company's founders have experience working with entrepreneurs and startups and they offer loans to businesses that have only been in operation for a year as long as they meet their financial requirements. A plus for business owners is they are not required to personally guarantee the loan and the application process does not affect your personal credit score. QuarterSpot also does not place a lien against your business when you receive a loan. U.S. businesses seeking loans with a quick turnaround and fast access to cash may want to apply to QuarterSpot; however loans are not available nationwide.

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