Try This QuarterSpot Review for Better Business Loans

Try This QuarterSpot Review for Better Business Loans
Taylor Gordon
on December 29, 2017
Read in 3 min

QuarterSpot is a lender that launched in 2013 to offer working capital to businesses who find it difficult to grow because of limited funding opportunities.

QuarterSpot specializes in providing quick business loans through a streamlined online pre-qualification, application, and funding process.

Are you a business owner who hasn’t yet built business credit or someone who has poor personal credit?

No problem.

QuarterSpot is one option available to you.

In this QuarterSpot review, we’ll cover the details of this loan including its advantages and drawbacks to help you decide if it’s the right one for you.

QuarterSpot Review: What is QuarterSpot?

QuarterSpot is based in California and handles all loan processing remotely.

The highlight of QuarterSpot is that the application doesn’t require a hard pull on your credit report.

Despite the good news about the lack of credit check, this loan is only for businesses that have have been open for more than one year.

We’ll cover the eligibility requirements in detail later in this post, but know that this funding option is for fairly seasoned businesses.

We discuss options for newer businesses in our start-up financing guide.

QuarterSpot Loan Terms

You can borrow up to $200,000 from QuarterSpot.

Loan terms are available of 9, 12, or 18 months. There are no prepayment penalties for this loan which means you can repay your loan early without incurring any additional charges.

Instead of interest, QuarterSpot charges a flat fee for each dollar you borrow.

According to QuarterSpot customer support, this flat fee can currently range from about $1.11 to $1.24 per dollar borrowed. In APR terms, the interest rate can be 20% to 40% or even more.

Amortization happens daily, and you can save money in fees by paying off your loan early whenever possible.

QuarterSpot loans do not have an application fee, but there is a funding fee that’s deducted from your loan proceeds before it’s deposited into your account. The fee is a percentage of your loan.

What type of businesses can borrow from QuarterSpot?

QuarterSpot is very clear with qualifying criteria which is helpful for business owners who want to understand their chances of getting approved for a loan.

Remember, QuarterSpot is a lender that’s willing to work with business owners that have poor personal credit.

If poor credit is holding you back from financing, you may still be able to qualify if you have a business that’s making decent revenue.

To get approved for a QuarterSpot loan, here are the minimum qualifications:

  • You must have an owner FICO score of at least 550.
  • You must be in business for at least one year or more.
  • You must have an average revenue of at least $16,000 per month for the last three months.
  • You must have at least ten sales per month for the last three months.
  • You must have an average daily balance of $2,000 for the last three months.
  • You must live in an eligible state. All states are eligible except North Dakota, Rhode Island, South Dakota, and Vermont.

The QuarterSpot Application Process

The first step to applying for QuarterSpot is completing a short pre-qualification approval form.

Here are the steps to the full application process:

  1. The pre-qualification takes 30 seconds.
  2. Get assigned a specialist. A loan specialist will help you finish the application.
  3. You’ll be asked to submit your last three business bank statements for verification by the loan specialist. You’ll get an offer after verification within 24 hours.
  4. The official loan offer will tell you the loan terms including the fees. You sign online securely, and then you get the money deposited into your account within one business day.

QuarterSpot Highlights & Drawbacks

Where QuarterSpot shines is the willingness to lend to borrowers who have poor credit.

After all, people with poor credit (who are working to build good credit) need business funding options as well.

Turn to QuarterSpot for your funding needs if you’ve been struggling to get a loan.

Speed is another benefit of working with QuarterSpot.

You can get an offer in as little as 24 hours.

The loan terms are also flexible with short-term and long-term options available from 9 to 18 months.

What are the drawbacks?

QuarterSpot does charge a pretty high fee for loan products.

Ultimately, having poor credit is going to limit your options and make financing more expensive.

Be mindful of this while shopping around.

The good thing about QuarterSpot is that you can repay the loan early to save on the per-dollar fee without paying prepayment penalties.

Beyond interest rates, QuarterSpot charges a funding fee before depositing the money into your bank account.

This is a cost you should ask about before accepting the loan.

QuarterSpot loans are for businesses that have at least one year in business.

Newbie business owners — look elsewhere.

There are products that are more suited to new small business owners like personal loans and credit cards.

Consider these options to fund your new venture instead.

Final Word

If you have poor credit and trouble getting approved for a loan, QuarterSpot is worth some consideration.

Still, you should shop around to ensure you get a rate you’re comfortable with.

If you’re ready to connect with a lender, you can get started with LendGenius’ easy online form:

See Business Lenders

Taylor Gordon Finance Journalist

Taylor K. Gordon is a personal finance writer and founder of Tay Talks Money, a frugal lifestyle blog on entrepreneurship and hacking your way to an abundant savings account.

Taylor has contributed to The Huffington Post, GoGirl Finance, Madame Noire, The Write Life, and more.

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Important Disclosures. Please Read Carefully.

Persons facing serious financial difficulties should consider other alternatives or should seek out professional financial advice. This website is not an offer to lend. is not a lender or lending partner and does not make loan or credit decisions. connects interested persons with a lender or lending partner from its network of approved lenders and lending partners. does not control and is not responsible for the actions or inactions of any lender or lending partner, is not an agent, representative or broker of any lender or lending partner, and does not endorse any lender or lending partner. receives compensation from its lenders and lending partners, often based on a ping-tree model similar to Google AdWords where the highest available bidder is connected to the consumer. Regardless,’s service is always free to you. This service is not available in all states. If you request to connect with a lender or lending partner in a particular state where such loans are prohibited, or in a location where does not have an available lender or lending partner, you will not be connected to a lender or lending partner. You are urged to read and understand the terms of any loan offered by any lender or lending partner, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you. By submitting your information via this website, you are authorizing and/or lenders and lending partners in its network or other intermediaries to do a credit check, which may include verifying your social security number, driver license number or other identification, and a review of your creditworthiness. Credit checks are usually performed by one of the major credit bureaus such as Experian, Equifax and Trans Union, but also may include alternative credit bureaus such as Teletrack, DP Bureau or others. You also authorize to share your information and credit history with its network of approved lenders and lending partners. For qualified consumers, our lenders offer loans with an Annual Percentage Rate (APR) of 35.99% and below. For qualified consumers, the maximum APR (including the interest rates plus fees and other costs) is 35.99%. All loans are subject to the lender’s approval based on its own unique underwriting criteria. Example: Loan Amount: $4,300.00, Annual Percentage Rate: 35.99%. Number of Monthly Payments: 30. Monthly Payment Amount: $219.36. Total Amount Payable: $6,581.78 Loans include a minimum repayment plan of 12 months and a maximum repayment plan of 30 months. In some cases, you may be given the option of obtaining a loan from a tribal lender. Tribal lenders are subject to tribal and certain federal laws while being immune from state law including usury caps. If you are connected to a tribal lender, please understand that the tribal lender’s rates and fees may be higher than state-licensed lenders. Additionally, tribal lenders may require you to agree to resolve any disputes in a tribal jurisdiction. You are urged to read and understand the terms of any loan offered by any lender, whether tribal or state-licensed, and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Lender’s or Lending Partner’s Disclosure of Terms.

The lenders and lending partners you are connected to will provide documents that contain all fees and rate information pertaining to the loan being offered, including any potential fees for late-payments and the rules under which you may be allowed (if permitted by applicable law) to refinance, renew or rollover your loan. Loan fees and interest rates are determined solely by the lender or lending partner based on the lender’s or lending partner’s internal policies, underwriting criteria and applicable law. has no knowledge of or control over the loan terms offered by a lender and lending partner. You are urged to read and understand the terms of any loan offered by any lenders and lending partners and to reject any particular loan offer that you cannot afford to repay or that includes terms that are not acceptable to you.

Late Payments Hurt Your Credit Score

Please be aware that missing a payment or making a late payment can negatively impact your credit score. To protect yourself and your credit history, make sure you only accept loan terms that you can afford to repay. If you cannot make a payment on time, you should contact your lenders and lending partners immediately and discuss how to handle late payments.