QuickBooks Capital Review 2024

Pros

• Easy application process
• Typical time to funding is one to two days
• No origination fee
• No prepayment penalty

Cons

• Only available to QuickBooks users
• No long-term financing options are available
• Customer service is inconsistent
• Financing isn’t available in some states (Nevada and Alaska)

What Is QuickBooks Capital?

QuickBooks Capital is a lending service available to QuickBooks Online and QuickBooks Desktop users. Operating much like PayPal Working Capital or Shopify Capital, QuickBooks Capital uses your QuickBooks information to determine whether you’re eligible for a loan. In fact, it speeds up the application process by automatically filling in your existing information.

QuickBooks Capital offers installment loans (also commonly known as term loans) and an invoice financing service called Get Paid Upfront. QuickBooks Capital’s rates are on par with those of other online lenders, but there are no closing fees or origination fees — a definite advantage over the competition. Still, the financing is not cheap, and you’ll have to pay your loan back fairly quickly. That said, QuickBooks Capital could be an excellent source of fast funds, especially if you have a seasonal or young business that may not be approved elsewhere.

Services Offered By QuickBooks Capital

QuickBooks Capital has several options available to help you get funded. This includes:

• Installment Loans: Also known as term loans, installment loans grant the borrower a lump sum of cash. In exchange, the borrower has to repay the amount borrowed, called the principal, plus interest within an agreed timeframe. Payments are made on a regular schedule called installments.
• Invoice Financing: If unpaid invoices are affecting your cash flow, QuickBooks Capital offers an invoice financing solution. Get Paid Upfront provides you with a line of credit backed by your unpaid invoices in QuickBooks software.
• Lending Marketplace: QuickBooks Capital Marketplace features QuickBooks’ financing partners. QuickBooks will use information from your QuickBooks account to determine your eligibility for partner offers.

If you’re already a QuickBooks user, these options are quick and convenient. However, if you don’t have a QuickBooks subscription, you’ll need to look elsewhere for funding. This factor negatively impacted our rating for QuickBooks Capital’s services, bringing the score to 3.5/5. The lack of a QuickBooks Capital mobile app also had a slightly negative effect on our rating.

Borrower Qualifications

The borrower qualifications for QuickBooks funding vary based on the financial product you select. It’s generally fairly easy to qualify for a QuickBooks Capital product. However, some prohibited industries, as well as support for only 48 states, contributed to our eligibility requirements rating of 4.3/5.

QuickBooks Capital Installment Loans

These are the qualifications you must meet to be eligible for a QuickBooks Capital loan:

In addition, you must:

• Be an active QuickBooks user
• Have primary business bank accounts connected to QuickBooks (not a requirement)
• Have had no bankruptcies in the past two years

QuickBooks Capital also enforces a prohibited industry list. This list is not available online, but you can contact customer support directly to see if your industry is prohibited.

QuickBooks Capital is available to applicants in 48 states. Residents of Alaska and Nevada are not eligible to apply, presumably for regulatory reasons.

QuickBooks Capital reports your loan repayment activity and status to Dun & Bradstreet and Experian’s Small Business Credit Share (SBCS). Having a QuickBooks Capital Loan in good standing can help you improve your business credit score.

QuickBooks Capital Get Paid Upfront

QuickBooks’ invoice funding program, Get Paid Upfront, is an option for borrowers who have unpaid invoices. QuickBooks uses several factors to determine eligibility including:

• Active subscription to QuickBooks Payments
• Business history in QuickBooks software
• Transactions in your business bank accounts
• Invoice history
• Personal & business credit profiles

QuickBooks does not specify time in business, revenue, or credit score requirements.

Borrowers must have unpaid invoices to qualify for this line of credit. Qualified invoices must also meet the following requirements:

• The invoice must have been sent through QuickBooks
• Invoices are $258 or more
• The invoice isn’t more than 30 days late

QuickBooks Capital Marketplace

If you don’t qualify for QuickBooks Capital or Get Paid Upfront, or you just want to explore your options, you can apply for funding through the QuickBooks Capital Marketplace. Only a soft pull of your credit is required to show your options. Borrowing requirements vary by partner, which may look at factors including:

• Time in business
• Annual revenue
• Ability to repay
• Personal credit score & history
• Business & personal bankruptcies, liens, & late payments

QuickBooks Capital Rates & Fees

QuickBooks Capital’s rates and fees aren’t the lowest you’ll find but are very competitive with other short-term loans on the market. In this area, we rated QuickBooks Capital a 4.5/5.

Here’s a look at the rates, terms, and fees you’ll expect to see with QuickBooks Capital.

Term Loans

These are the terms and fees for QuickBooks Capital installment loans:

QuickBooks Capital offers installment loans with term lengths from six to 24 months. Interest rates for a QuickBooks Capital loan range from 2.61% to 29.04% and are based on the length of the loan, your credit history, and the loan amount. The dollar amount your business is eligible for is based on your business financials, though the borrowing range is anywhere from $1,500 to $200,000. QuickBooks Capital does not require collateral but does require a personal guarantee: a promise that you will pay the business loan back should your business declare bankruptcy.

Since QuickBooks Capital offers installment loans, you can save money on interest costs by paying off your loan early. There are no prepayment penalties. Payments are debited weekly or monthly from your business bank account using ACH payments. You can use QuickBooks Capital’s loan calculator to get an idea of how much your payments might be.

While there don’t seem to be any discounts offered to repeat borrowers, QuickBooks Capital says that most businesses that successfully pay off their first loan will be eligible to apply for a second loan.

QuickBooks Capital loans originate directly through Intuit, QuickBooks’ parent company.

Get Paid Upfront Invoice Financing

With Get Paid Upfront, you can access a line of credit up to $50,000 using your unpaid QuickBooks invoices. You can finance one or multiple invoices up to the amount of your set credit limit.

If your invoice is approved for Get Paid Upfront, a fee of up to 3% will be deducted from the invoice, and you’ll receive payment within one to two business days. There are no additional fees if customers pay their invoices through QuickBooks Payments within 30 days.

After 30 days, interest will begin to accrue, although QuickBooks isn’t specific about its rates. You have the option to set up automatic payments or make manual payments toward your line of credit. There are no prepayment penalties or late fees, and you don’t make payments if you don’t use your line of credit.

QuickBooks Capital Application Process

You can apply for QuickBooks Capital through the Capital tab in your QuickBooks Online or Desktop dashboard. QuickBooks Capital uses information from QuickBooks to autofill the majority of the application. All you have to do is verify that the information is correct and fill in any missing data. Most often, you won’t need to provide any additional documentation.

You will typically hear back from QuickBooks Capital in two to three days. Since there are faster funding options on the market, we took this into account when rating QuickBooks Capital a 4.3/5.

QuickBooks Capital will only do a soft credit check, which won’t affect your credit score. However, there may be a small impact on your business credit history when you apply for a loan. If approved, you can choose from a range of borrowing amounts. After that, it will usually take one to two days for funds to be deposited into your bank account.

If you’d prefer to use Get Paid Upfront, you can also apply within your QuickBooks software. Under the Invoices tab, select Get Paid Upfront. You’ll fill out an application to see if you’re approved. Once approved, you’ll receive funds in one to two business days. You may also receive a higher line of credit that can used to fund multiple invoices.

If you are not approved for these options, or you’re looking for a different type of loan (such as a line of credit or an SBA loan), you can check the QuickBooks Capital Marketplace to see other lending partners that integrate with your QuickBooks Online account.

QuickBooks Capital Sales & Advertising Transparency

QuickBooks Capital has a well-designed website with many details about its financing service. You can learn pretty much everything you need to know about the service on the QuickBooks Capital website, although you may have to click around the various FAQs to find the info you’re looking for.

QuickBooks Capital is only available to QuickBooks users, and you must log in to your QuickBooks account to apply.

QuickBooks also has a solid presence on social media, although user reviews and comments are a mixed bag. Overall, QuickBooks gets it right, which is why we’ve given them a 4.8/5 in this area.

QuickBooks Capital Customer Service & Technical Support

QuickBooks Capital has FAQs and phone support. You can also access a live chat feature directly from within QuickBooks Online. QuickBooks also has an extensive community forum where you may find a few questions regarding QuickBooks Capital.

Customer service has never been QuickBooks’ strong suit. The company is notorious for long wait times, and representatives often vary in knowledge and helpfulness. Luckily, QuickBooks Capital’s phone support team has much shorter wait times and more helpful representatives. Time will tell if this branch of QuickBooks breaks the chain of poor customer support or not. Some persistent issues with customer support and the lack of dedicated account representatives lowered our score to 3.8/5 for customer service and technical support.

QuickBooks Capital User Reviews

It’s difficult to find reviews that specifically address QuickBooks Capital. While Intuit has over 3,000 complaints with the BBB closed within the last three years, the site doesn’t isolate complaints about QuickBooks Capital. Very few of the complaints are related to QuickBooks Capital at all and instead are addressing issues with QuickBooks and TurboTax.

QuickBooks Capital itself is rated 4.1/5 on G2 based on 12 reviews. You can also find customer stories on the QuickBooks Capital website.

Overall, QuickBooks Capital’s user feedback and reviews are good, which led to our rating of 4.2/5.

Negative Reviews & Complaints

Here’s what users don’t like about QuickBooks Capital:

• Short repayment terms
• Low borrowing amounts
• Only available for QuickBooks users
• Increased interest rates and lower borrowing limits for second loans

Positive Reviews & Testimonials

Here are some of the reasons these users like QuickBooks Capital:

• Easy application & approval process
• Quick delivery of funds
• Good business growth opportunity

Final Verdict: Is A QuickBooks Capital Loan The Best Option For Your Small Business?

QuickBooks Capital loans are a good option for existing QuickBooks users looking for an easy application and fast funds. Newer businesses and businesses with fair credit can qualify for funding as long as their revenues are sufficient to make loan payments. A QuickBooks loan can also help you improve your business credit score.

QuickBooks Capital loans are ideal for inventory purchasing and working capital but may not be ideal for long-term needs, such as business expansion. The addition of invoice funding is also a great option for businesses that struggle with cash flow as a result of unpaid invoices.

QuickBooks Capital’s rates are competitive with other lenders. With an overall rating of 4.2/5, we recommend a QuickBooks Capital loan if you’re a QuickBooks Online or QuickBooks Desktop user looking for a short-term loan. However, if you’re looking for a loan with more extended term lengths or larger borrowing amounts, you’ll need to look elsewhere, starting with these top-rated lending providers.

QuickBooks Capital FAQs

Business Loan & Funding Products Review Methodology

Merchant Maverick has been researching and reviewing business lenders since 2015. Our writers have tested over a hundred different funding products, including traditional term loans, online loans, lines of credit, start-up loans, merchant cash advances, and equipment financing. In each review, we evaluate rates and fees, services, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business loans and funding products.

When comparing different lenders and loan products, we consider many data points, including the ease and transparency of the application process, interest rates, repayment structure, sales ethics, time to funding, revenue and time in business qualifications, and credit score requirements. Our lists of the best funding products include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, low rates, flexible requirements, and competitive borrowing amounts.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the loans and funding products included meet our internal standards for quality and reputation.

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