Quick Loans Direct Review 2021

Quick Loans Direct is a newcomer to the small business loans market, having been founded in 2015. It was created by a group of financial industry veterans that felt the traditional business loan route via the banks was just too slow. It now specializes in getting funding as quickly as possible for its clients.

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    Financially Reviewed by Gordon Scott on 6.1.21

    Quick Loans Direct might not be the biggest player in the market, but it has one of the fastest application and disbursement processes we’ve seen. The platform is able to consistently get cash to its customers within 24 hours and the online form only takes about five minutes to fill in. The company has a mission to support small business growth right across the US and to empower local economies. 

    What Is Quick Loans Direct?

    The company was founded back in 2015 but has largely stayed under the radar since then. While the platform has achieved steady growth year on year, it’s not as well known as some of its big-name competitors. But instead of focusing on its own notoriety, the company remains focused on the speed and convenience of its services. 

    It offers three types of loans: a term loan, a line of credit, and a revenue advance. In each case, the lender promises to try and get funding to you within one business day, making it an ideal solution for those that need emergency cash. Quick Loans Direct small business loans come with very generous borrowing limits too, up to $1 million, which is higher than a lot of the competition. 

    Eligibility criteria are left deliberately open as the lender encourages applications from people of all financial backgrounds to apply. The only hard requirements it asks customers to comply with are that they make at least $10,000 per month gross revenue and have been in business for more than six months. 

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    Advantages and Disadvantages of a Quick Loans Direct Business Loan

    Quick Loans Direct Advantages

    • Fast funding - In the majority of cases, you’ll receive your funding on the same day or within just one business day
    • Streamlined application process - The application process is one of the simplest we’ve seen. You can be done in just five minutes, but make sure you have the correct documents on hand to speed things up even more
    • No credit score requirements - Credit scores aren’t a consideration when determining your eligibility, meaning anyone is welcome to apply. You’ll only be assessed on your business income when your rates and terms are being decided
    • Low starting rates - With rates starting from just 5.9% for term loans, and factor rates of 1.1 on lines of credit, you’ll find some very reasonable terms here
    • Good customer service options - It’s easy to get in touch with Quick Loans Direct and, as a smaller platform, it’s able to provide a friendlier and more personalized service

    Quick Loans Direct Disadvantages

    • Limited information available pre-application - The platform doesn’t disclose a lot of information before you apply. In particular, it’s difficult to find out what upper limits on interest rates are, or how long you’ll have to pay back your loan
    • Some fees may apply - Fee information isn’t disclosed before you apply. We’d always recommend you take great care when reading your loan agreement to ensure you’ll be able to cover the cost of fees too
    • A limited number of online reviews - As a smaller platform, Quick Loans Direct doesn’t have as many customer reviews as its competitors. This can make it a little difficult to gauge the quality of service

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    Quick Loans Direct Loan Features

    Quick Loans Direct is reluctant to give detailed information on its rates and terms before you apply. This is because each application is considered on its own merits and there could be significant variation between different customers. To get an idea of what you’ll actually be paying, you’ll need to submit an initial application. 

    Business Loans

    This is the most popular loan choice on the platform as a fairly standard term loan offering. 

    Loan Type

    Business Loans

    Term length

    Not disclosed

    Repayment period

    Not disclosed

    APR range

    Starting from 5.9%

    Min - Max amount

    Between $5,000 - $1 million

    Business Lines of Credit

    Lines of credit work a little bit like credit cards. You can instantly borrow any amount up to a designated maximum. The benefit here is that you only pay interest on the cash you actually withdraw. You’ll usually pay a small fee for every withdrawal and instead of interest, you’ll be assigned factor rates. These work by applying a multiplier to your loan to give you a lump sum payment. In comparison to other providers, the factor rates here are actually quite reasonable. 

    Loan Type

    Business Lines of Credit

    Term length

    Not disclosed

    Repayment period

    Not disclosed

    APR range

    Factor rates between 1.11 - 1.14

    Min - Max amount

    Between $5,000 - $1 million

    Revenue Advance

    A revenue advance is another name for a merchant cash advance. This type of Quick Loans Direct funding isn’t really a loan at all, but a promise to pay a percentage of your future credit and debit card sales plus interest. This can be quite an expensive form of financing, and you’ll need to make sure you don’t fall into any cash flow issues with daily or weekly payments expected. 

    Loan Type

    Business Lines of Credit

    Term length

    Not disclosed

    Repayment period

    Daily or weekly

    APR range

    Not applicable,

    Min - Max amount

    Between $5,000 - $1 million

    Quick Loans Direct Interest Rates and Fees

    The platform doesn’t disclose a lot of information on its interest rates before you apply; other than that, standard loans start from 5.9% and lines of credit will have a factor rate of 1.1 and up. The lender takes multiple criteria into account when determining your rate and credit scores aren’t so important here. 

    In terms of fees, there are no charges for prepayments, but no additional information is provided on other types of costs. We’d recommend getting in touch with customer service to find out more.  

    Business Loans

    Loan type

    Business Loans

    Origination fees

    Not disclosed

    Prepayment fees

    Zero

    Late payment fees

    Not disclosed

    Maintenance fees

    Not disclosed

    Interest rates

    Starting from 5.9%

    Business Line of Credit

    Loan type

    Business line of credit

    Origination fees

    Not disclosed

    Prepayment fees

    Zero

    Late payment fees

    Not disclosed

    Maintenance fees

    Not disclosed

    Interest rates

    Factor rates between 1.11 - 1.14

    Revenue Advance

    Loan type

    Revenue advance

    Origination fees

    Not disclosed

    Prepayment fees

    Zero

    Late payment fees

    Not disclosed

    Maintenance fees

    Not disclosed

    Interest rates

    Not disclosed

    How to Qualify for a Quick Loans Direct Loan?

    Eligibility requirements are quite lenient here and the platform tries to encourage users from all walks of life to apply. There are no minimum credit score requirements at all and those with poor credit histories are welcome to submit an application. 

    The lender, instead, focuses heavily on your business performance to assess the likelihood of you being able to repay the loan. As a minimum, you’ll need to be earning a gross income of $10,000 per month, which isn’t too onerous, and you’ll need to have been in operation for at least six months. 

    The eligibility requirements are identical across all types of Quick Loans Direct funding

    Criteria

    All loan types

    Minimum credit score

    No minimum requirements

    Minimum annual revenue

    $120,000

    Minimum time in business

    Six months

    The Quick Loans Direct Application Process?

    This is where Quick Loans Direct really excels and is head and shoulders above the competition. Most applications take no more than five minutes to complete, approvals are near-instant and you could receive your funding on that very day. You’ll never usually be waiting any longer than two business days maximum to get your cash, but this depends on how complicated your particular application is. 

    You don’t need reams of documentation to apply, but the following will be useful to have at hand before you submit:

    • Three months of business bank statements
    • Your articles of incorporation
    • Your profit and loss information
    • Your employer identification number
    • Business ownership information

    How Does Quick Loans Direct Determine the Loan Amount?

    Your loan amount is almost entirely based on your business performance. The more profit you’re making, the more you’ll be able to borrow. The platform states that your credit score doesn’t come into play at all, making this an attractive choice for those that’ve been rejected by other lenders for having a poor credit history. 

    Quick Loans Direct will review your business bank statements, cash flow status, and history of profit and loss before determining a final lending figure. 

    Quick Loans Direct has now disbursed $100 million to more than 8,000 small businesses and has seen steady growth since its founding in 2015. There are reports that more than 90% of applications get accepted, making this a hidden gem among lenders.

    Customer Support

    It’s pretty easy to get in touch with the customer service team at Quick Loans Direct. The easiest route is to call the help center directly, or you can send an email too. The platform promises to respond to messages on the same day where possible, and within 24 hours if you’ve messaged outside of operating hours. 

    Plus, you can take a look at the FAQ page that covers some of the basics before you start your application. You’ll even find PDF examples of the kind of documents you’ll need, so you’ll have a good idea of exactly what to attach to your application. This can help speed the process along. 

    Our only gripe is that the lender doesn’t list operating hours, or whether it can be contacted on the weekend.

    Quick Loans Direct Loan Reviews

    Quick Loans Direct is still quite a small lender in comparison to its online competition. As such, it doesn’t have as much of a presence across aggregate review sites. For example, on Trustpilot, you’ll only find two reviews, one scoring it five out of five and the other, one out of five. This isn’t really useful data. 

    You can find a much more representative set of customer reviews on verified-reviews.com where almost 350 customers have shared their opinions. Feedback is overwhelmingly positive, with an average rating of 4.9 out of 5. Users have praised the application process, how quickly they were able to receive funding, and how effective the customer service team is.

    On the other side of the fence, several customers have noted they were rejected, but no satisfactory reason was given. It’s difficult to look into the legitimacy of this type of complaint as the lender won’t disclose its reasons for rejection publicly. In addition, others have noted that the $10,000 per month income requirement is a little steep. However, the platform makes this very clear from the outset. 

    Positive Reviews

    Negative Reviews

    Great customer service

    High-income requirements

    Fast applications

    Rejected applications

    Same-day funding

    Some instances of no responses to emails

    Final Thoughts

    If you have bad credit, need fast funding for an emergency situation, or are simply looking for a convenient lender to partner with, then Quick Loans Direct may be the platform for you. For a provider that welcomes those with bad credit, we’re surprised to see such low starting rates on offer and it’s definitely worth submitting an application to see what rates and terms you could get. 

    That being said, it’d be nice to have a little more information on hand before you apply, as this makes it easier to plan ahead and set your budget.