QuickBooks Capital Review: Assessing Your Small Business Eligibility for QuickBooks Capital Loans
QuickBooks Capital offers financing solutions to QuickBooks Online (QBO) and QuickBooks Desktop users, based on their QB data. Find out if your small business is eligible for QuickBooks Capital loans.
QuickBooks Capital Overview
Rates & Fees: Excellent
Application Process: Excellent
Sales & Advertising Transparency: Excellent
Customer Service: Good
User Reviews: Fair
QuickBooks Capital Features
- Short-term business loans up to $150,000 for QuickBooks Online and QuickBooks Desktop users
- Get Paid Upfront program offers lines of credit up to $50,000 for QuickBooks users with unpaid invoices
- Loan rates can reach 34%, but no hidden fees, prepayment fees, or closing costs
- QuickBooks Capital Marketplace offers additional funding options through partners for customers who don't qualify for QuickBooks Capital
- Loan repayment terms up to 18 months, not suitable for businesses seeking long-term funding
- Easy application process
- Typical funding time is one to two days
- No origination fee
- No prepayment penalty
- Only available to QuickBooks users
- No long-term financing options
- Inconsistent customer service
- Financing unavailable in Nevada and Alaska
QuickBooks Capital Borrower Qualifications
- 6 months of activity on a QuickBooks account
- Credit Score: 620
- Revenue: $50,000/year
- Active QuickBooks user
- Primary business bank accounts connected to QuickBooks Online
- No bankruptcies in the past two years
Get Paid Upfront:
- Active subscription to QuickBooks Payments
- Business history in QuickBooks software
- Transactions in business bank accounts
- Invoice history
- Personal & business credit profiles
- Unpaid invoices required to qualify for the line of credit
QuickBooks Capital Marketplace:
- Requirements vary by partner and may include time in business, annual revenue, ability to repay, personal credit score and history, and business and personal bankruptcies, liens, and late payments
QuickBooks Capital Rates & Fees
- Borrowing Amount: $1,500 - $150,000
- Term Length: 6-18 months
- Origination Fee: None
- APR: 9.99% - 34%
- Collateral: Personal guarantee
Get Paid Upfront Invoice Financing:
- Line of credit up to $50,000
- Fee of up to 3% deducted from approved invoices
- Payment within 1-2 business days
- No additional fees if customers pay their invoices through QuickBooks Payments within 30 days
- Interest accrues after 30 days, but rates are not specified
- No prepayment penalties or late fees
- No payments required if the line of credit is not used
QuickBooks Capital loans are a suitable option for existing QuickBooks users seeking an easy application process and fast funds. Businesses that are newer or have fair credit can qualify for funding if their revenues are adequate for loan payments. A QuickBooks loan can also help improve your business credit score. These loans are ideal for inventory purchasing and working capital but may not be suitable for long-term needs such as business expansion. The recently added invoice funding is an excellent option for businesses struggling with cash flow due to unpaid invoices
QuickBooks Capital FAQs
What is QuickBooks Capital?
QuickBooks Capital is a lending service offered to QuickBooks Online and QuickBooks Desktop users. It provides short-term business loans up to $150,000 and a Get Paid Upfront program that offers lines of credit up to $50,000 for users with unpaid invoices. QuickBooks Capital simplifies the application process by using your QuickBooks data to assess your eligibility for loans.
What is the interest rate on QuickBooks Capital?
Interest rates on QuickBooks Capital loans range from 9.99% to 34%, depending on factors such as loan term length, credit history, and loan amount. There are no hidden fees, prepayment fees, or closing costs. While interest rates can be high, QuickBooks Capital loans can be an excellent source of fast funding for small businesses.
How do I call QuickBooks Capital?
To contact QuickBooks Capital, you can call their customer support at the phone number listed on their website. Alternatively, you can access live chat support directly from your QuickBooks Online dashboard or browse their extensive knowledge base and community forums for answers to common questions.
How do I record paid-in capital in QuickBooks?
To record paid-in capital in QuickBooks, follow these steps:
- Click on the "Lists" menu and select "Chart of Accounts."
- Click the "Account" button at the bottom of the window, and choose "New."
- Select "Equity" from the "Type" dropdown menu.
- Name the account "Paid-in Capital" or something similar to represent the capital invested by the owners or shareholders.
- Click "Save & Close."
Now, when you receive an investment in the form of paid-in capital, record the transaction using the "Make Deposits" window:
- Click on the "Banking" menu and select "Make Deposits."
- Choose the bank account you want to deposit the funds into.
- Enter the investor's name in the "Received From" column.
- In the "From Account" column, select the "Paid-in Capital" account you created earlier.
- Enter the amount of the investment in the "Amount" column.
- Click "Save & Close" to record the transaction.
By following these steps, you can accurately record paid-in capital in your QuickBooks software, ensuring your financial records are up to date and accurate.
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