Quarterspot Business Loans

Quarterspot Business Loans Review

Quarterspot is a business financing offering by Quarterspot, based in Arlington, VA. Founded in 2013, Quarterspot offers access to small business loans in 46 states (and Washington, DC).

Quarterspot FAQ

What are Quarterspot’s rates?

Quarterspot offers a business financing product that ranges from 10% APR up to 60% APR.

Does Quarterspot charge an origination fee?

Yes, Quarterspot charges a loan origination fee of 1% to 4% of the business loan amount. Quarterspot deducts the fee directly from your business loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Quarterspot set on the purpose of the business loan?

Quarterspot considers business loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of small business loans does Quarterspot offer?

Not all small business loans are made equal. The type of business loan you choose will determine the range of interest rates and terms you receive. Quarterspot provides access to the following business loan types:

• Unsecured Term Business Loans

Does Quarterspot charge prepayment fees?

No, Quarterspot does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the business loan off early.

How much can you borrow from Quarterspot?

Business loan amounts start at $5,000 and go up to $200,000.

What is the maximum business loan term you can get with Quarterspot?

Quarterspot offers small business loans with terms ranging from 9 to 18 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Quarterspot Business Loans?

Quarterspot Business Loans requires companies to be in business for at least 12 months. Businesses must have a minimum annual revenue of $16,000 to be considered.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Quarterspot Business Loans product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens and permanent resident / green card holders are eligible to apply for the services offered by Quarterspot Business Loans.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity

What is the estimated funding time for a business loan via Quarterspot?

Quarterspot can approve (or deny) a business loan application within 24 hours and fund small business loans within 1 business day of approval.

Does Quarterspot Business Loans report your account activity to credit bureaus?

Yes, Quarterspot Business Loans reports your account activity to the following credit reporting agencies:

• Equifax
• Experian

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.