Quarterspot

Quarterspot is an alternative business lender that caters to small businesses possessing weaker credit profiles and seeking short-term loans. Quarterspot offers short-term loans ranging from $5,000 to $200,000 that feature duration of nine, twelve, or eighteen months and annual percentage rates ranging from 30% to 70%.

Despite these high interest rates, Quarterspot loans can make sense for those small businesses with weaker credit profiles who are in need of a quick short-term infusion of working capital, as most loans are funded within five days of an a completed application. Importantly, Quarterspot small business loans have no prepayment penalty, so in the event that a borrower becomes able to pay off the loan early, the high level of interest expense can be curtailed.

Though Quarterspot is not particularly credit-score sensitive, it does require that the business owner possess a FICO score of 550 or higher. Additionally, the small business seeking the funding must have been in business for at least twelve months, and must show an average revenue of $16,000 per month for the most recent ninety days, as well as an average of ten sales per month and a minimum $2,000 average business bank account balance.

After the small business owner electronically submits the three most recent months of business bank statements and its most recent tax return, Quarterspot makes a lending decision based on income, expenses, bank transaction history and the overall perceived financial stability of the business. Quarterspot caps its loan approval amounts at up to 15% of a small business’ annual revenue.

One of the advantages of Quarterspot is that it will grant loans to small business owners with weaker credit scores, and generally in a fairly rapid fashion – often within two business days. However, this availability and convenience does come with a price, as the average APR for a Quarterspot short-term business loan is 44% and Quarterspot charges origination fees ranging from 6-9% of the loan amount that are deducted from the amount of funding prior to the small business receiving it.

Meantime, in spite of the high interest expense and origination fees associated with a Quarterspot short-term small business loan, borrowers can benefit from the lack of a prepayment penalty. This implies that if a business owner is able to secure a loan at better terms through the Small Business Administration or elsewhere, it may refinance accordingly and simply pay off Quarterspot early, thereby saving significant interest expense. Additionally, Quarterspot does report to several personal credit bureaus and business credit bureaus, a process that helps small businesses build and enhance their business credit scores and profiles.

Payments on Quarterspot loans literally begin the day after receipt of funds by the small business and follow a daily remittance schedule automatically on each ensuing business day. Furthermore, even though the loan is for a small business, Quarterspot requires a personal guarantee. This means that personal assets are at risk in the event of default. Additionally, in the event of default, Quarterspot can file a UCC lien against the small business, implying that the business and its underlying assets also serve as a form of collateral.

Sometimes, even with the best of intentions, a small business owner can run into trouble after taking out a high interest rate, short-term loan. If you are currently burdened by high levels of business debt, the process of pursuing debt settlement may make sense for you and your small business. Debt settlement occurs when a debtor successfully negotiates a payoff amount for less than the total balance owed on a debt.

This lower amount is agreed to by the creditor and is fully documented in writing. Though creditors are under no legal obligation to accept debt settlement offers, negotiating and paying lower amounts to settle debts is far more common than you may realize.

QuarterSpot is in the small business loan marketplace. At United Settlement, we are proud to help those small businesses truly in hardship. We do not deal with businesses that are not already behind on payments and / or on the brink of closing shop. Our core values, integrity, and ethical approach helps us maintain strong working relationship with juggernauts such as QuarterSpot.

Our experienced debt settlement professionals have successfully negotiated business debt settlements with QuarterSpot for clients who truly were facing serious financial hardship and stress that have resulted in large saving the total balance owed. At United Settlement, our experienced business debt settlement specialists possess past relationships with QuarterSpot and more small business lenders.

Our team has an expert level understanding small business landscape, we know when a business is facing hardship and can help get you to financial freedom. See if you qualify for small business debt relief.