QuickBooks is an accounting platform
QuickBooks is an accounting platform and out of it has come QuickBooks Capital which gives loans to small business owners. All types of small business owners are allowed to apply including restaurant managers, artist managers, writers, copywriters, screenwriters, producers, law firms, store owners, coffee shop owners and so forth. As a technology company, QuickBooks Capital is host to a lot of data and information that allows them to offer more freedom and evaluate each applicant of a small business loan in its own unique way. Investment firms are businesses who are less likely to look to QuickBooks Capital for a loan, but the truth is that most small business owners do need a loan when they are starting a business and QuickBooks Capital is a tremendous option.
Intuit and OnDeck launched this iniciative the QuickBooks Financing line of credit with a goal of a $100 million lending platform in the third quarter of 2015. It began at a 9 to 20 percent APR and the APR rate depends on the small business loan and who the small business owners are applying for the loan. The average annual percentage however is closer to 50% based on a variety of factors like a bad credit score, foreclosures and lack of equity in assets. Noah Breslow is the CEO of OnDeck and he told NerdWallet that he is continuing to move up in the market in 2015 and their success quick QuickBooks Financing and now QuickBooks Capital has made them a true force to be reckoned with in the financial industry while companies involved in cryptocurrency are coming to the forefront of the market and the truth of the matter is a company like Inuit and furthermore QuickBooks Capital is more than ready to handle the magnitude of the financial market in the fourth quarter of 2017, 2018 and beyond.
QuickBooks Capital is owned by QuickBooks which is owned by Intuit. Quickbooks works to provide credit for business owners in order to help enable them to further their businesses even if they may not have investor capital or the money to put into their business themselves at the time. QuickBooks Capital is an extremely useful tool for small business owners seeking to take their business to the next level of the business cycle. Intuit has been based in California for a long time and ODesk was birthed as a subsidiary in 2003 for QuickBooks to then come out of. As a master of the market, Intuit has now created QuickBooks Capital out of QuickBooks to help small business owners with loans.
There are no fees upon initially using QuickBooks Capital nor are their origination fees, prepayment penalties or prepayment penalties. The calculator QuickBooks Capital uses incorporates a given number for a sample loan then you take the total loan amount add interest to that for either three or six months and repay the given amount. The three month term is currently 2.26$ for a borrower with fair credit. Average credit there is only an APR of 1.51%. Great credit comes with an APR of only 1.25% which is the best option, so hopefully you have good credit. The caveat comes in when small businesses ask for loans for six months as the rate goes up as we will get into below. Furthermore, APR rates like banks do go higher after the six months are reached and the longer your loan is for, like anything in the economy the higher the rate will go.
Credit for your business allows QuickBooks, the California based company to utilize its invoices and cash flow statements to project what your business needs based on trends in the market given the season or quarter of the business year. This way, a small business owner can moderate the potential probability their business will have over time. By providing personal and small business information about yourself and business Intuit, QuickBooks and QuickBooks Capital can use their billions of data points to then judge the feasibility of providing a loan to a given small business owner or even someone who has not owned a small business before based on their credit personally and as a small business owner if applicable. Low credit scores are an incentive steering many small business owners towards QuickBooks Capital for loans as it grows and burgeons itself as a pioneering option in the large business loan environment as banks face trouble after the Equifax hack and bitcoin is becoming more and more popular along with Blockchain, Bloom and cryptocurrency.
Business loans for small business owners are prepared by QuickBooks for applicants with 580 of credit or higher for a QuickBooks Capital offer. This is actually great compared to large banks and they hardly as for a six figure option. A lot of banks require hefty records from individuals looking for loans from small businesses, but QuickBooks Capital being a company based in the technological space is a bit friendlier to the common person, who may not have had business in the past, when evaluating giving them a loan.They look at personal credit since their business loans are guaranteed personally by the business. If businesses cannot repay the loan, Quickbooks Capital needs to know a given business owner can cover the obligation. Other factors like that reviewed by QuickBooks Capital are if the business owner makes over $45,000 per year or if that is their revenue in the past year and whether or not they have had a bankruptcy in the past two years. Each application is reviewed by QuickBooks pro experts invididually.
The reporting agency that judges a business’s payment performance is the Experian Small Business Credit Share (SBCS). This helps judge the status of a loan based on the agreement between the small business owner and QuickBooks. Business credit can be affected, but small business credit will not effected. QuickBooks Capital is officially owned by Intuit Financing Inc. and official rates for six-month loans range from 6 to 18%. The higher rates may be a bit troubling to a more risk averse small business owner. While a savvy businessman who is happy to gamble and take risks will be willing to take a small business loan out since they have more confidence in their business than a less savvy small business owner may.
QuickBooks Accounting has gotten rave reviews from Forbes and is rated number one on the market so it is no surprise that small business owners that have used QuickBooks Capital thus far have been happy with their success including beer business owners, garden owners, chefs, lawyers, businessmen and so forth. Nasdaq, INTU just launched a small business lending service powered by artificial intelligence. This is a large step in the the fact is that you may need a loan at one point or another as 70 percent of small businesses do need capital to fuel there growth. There are a lot of caution flags when small businesses apply for loans. Even though many small business need loans the fact is that only 25 percent of small businesses can get loans.
QuickBooks has access to 26 billion data points about small businesses. They use data to evaluate businesses’ ability to pay back loans. The evaluation process becomes easier when small businesses prove themselves by QuickBooks looking at a myriad of patterns like payroll, rent, invoices, seasonal patters and how a business is performing at a given time. Businesses often have an easier time getting a loan when they have been around for six months or more, this gives them more validity as a business to get access to capital through the QuickBooks Capital platform. This is all in reference to Succar and they say that businesses that took out loans from QuickBooks Capital, use that time to propel their growth.
Quickbooks has essentially an A+ rating by the Better Business Bureau and is the gold standard for the cloud-based accounting packages. QuickBooks Capital is known for its phenomenal customer service, ease of use and cost efficiency within its platform. QuickBooks Online allows for access to payroll, Accounts Receivable, Accounts Payable, inventory reports, financial statements and more. The QuickBooks Capital phenomenon is about to take over because online banks, the QuickBooks Capital allows for small business owners to take hold of their careers given their incredible access to data points through the empowering technology behind Intuit that is also used for TurboTax.
In sum, based on our own research and reviews of QuickBooks Capital from its small business customers, it has become evident that QuickBooks Capital is a great option for any and all small business owners to approach because they offer such a wide variety of options when it comes to small business loans. Especially small business owners with solid credit who have owned businesses before, ideally successful, will thrive with the extremely low APR rates of a short-term loan. The three month loan is the best option QuickBooks Capital offers for small business owners based on studies and research on the current small business loan environment in the fourth quarter of 2017.