QuarterSpot Review for 2021

Overview

As of January 2020, QuarterSpot is no longer in business.

Previously, QuarterSpot was an online lender that offered short-term small business loans. QuarterSpot was a top lending option for business owners with lower credit scores who were looking for fast access to financing.

That said, if you’re looking for a short-term business loan—similar to those offered by QuarterSpot—there are many other lenders you can consider.

In this review, we’ll break down some of the best QuarterSpot alternatives so you can find the right lender and financing for your business.

QuarterSpot Alternatives

These online lenders offer short-term business loans and other financing products similar to QuarterSpot. Keep reading to learn more about what these top alternatives have to offer your business.

OnDeck Capital

OnDeck Capital offers short-term loan products, as well as business lines of credit.

OnDeck Term Loan

  • Max loan amount

    $5,000 to $250,000

  • Loan terms

    Up to 18 months

  • Interest rates

    As low was 35.1% APR

OnDeck Line of Credit

  • Max credit line amount

    $6,000 to $100,000

  • Line of credit terms

    12 months

  • Interest rates

    As low was 31% APR

Qualifications for an OnDeck Term Loan or Line of Credit

  • Time in business

    One year

  • Annual revenue

    $100,000

  • Credit score

    600+

OnDeck offers a quick online application process and is often able to fund applications within one business day. Plus, they offer a prepayment discount, meaning if you’re able to pay your loan off ahead of schedule, you’ll save on interest payments.

Overall, OnDeck’s short-term loan is well-suited for larger projects and expenses, whereas their line of credit is best for managing cash flow.  Although OnDeck’s minimum credit score requirement may be slightly higher than QuarterSpot’s old requirement, OnDeck generally has pretty flexible requirements—making them a viable option for a wide variety of businesses.

To learn more about OnDeck, read our complete review.

CAN Capital

Another QuarterSpot alternative to consider is CAN Capital, one of the oldest alternative lenders in the industry. CAN Capital offers both short-term loans as well as merchant cash advances (MCAs).

CAN Capital Term Loan/Merchant Cash Advance

  • Max loan amount

    $2,500 to $250,000

  • Loan terms

    Six to 18 months*

  • Interest rates

    1.15 to 1.48 factor rate

*Repayment on your MCA will vary based on your sales

Qualifications for a CAN Capital Term Loan/Merchant Cash Advance

  • Time in business

    At least six months

  • Annual revenue

    $150,000+

  • No personal or business bankruptcy that has not been discharged for at least one year

Like OnDeck, you can save money by paying off your loan early with a prepayment discount. Although the underwriting process takes a little longer with CAN Capital, you may be able to receive funding in as little as two days.

That said, CAN Capital can be a worthwhile option if you need access to short-term financing quickly—and can’t qualify for other options—however, it may be one of the more expensive options out there.

To learn more about CAN Capital, read the full review.

Fora Financial

If you were interested in QuarterSpot because of your credit history, you might consider a short-term loan from Fora Financial.

Fora Financial Term Loan

  • Max loan amount

    $5,000 to $500,000

  • Loan terms

    Six to 15 months

  • Interest rates

    1.1 to 1.3 factor rate

Qualifications for a Fora Financial Term Loan

  • Time in business

    Six months

  • Annual revenue

    $12,000 per month in gross sales

  • Credit score

    No minimum

You can apply for a short-term loan from Fora Financial quickly and easily online and receive funds in just 72 hours. In addition, Fora offers prepayment discounts, which is pretty noteworthy for a short-term lender.

That said, it’s worth noting that Fora Financial charges interest as a factor rate—meaning these loan products will likely be more expensive compared to some other options on the market. With this in mind, however, Fora does not require a credit score minimum, so higher fees may be the tradeoff you’ll pay for accessibility in this case.

Learn more about Fora Financial in our comprehensive review.

BlueVine

Another well-known alternative lender, BlueVine offers three different financing options—short-term loans, lines of credit, and invoice factoring.

BlueVine Invoice Factoring

  • Factoring lines up to

    $5 million

  • Factoring terms

    1 to 13 weeks

  • Interest rates

    Starting at 0.25% per week

Qualifications for BlueVine Invoice Factoring

  • Time in business

    3+ months

  • Annual revenue

    $120,000

  • Credit score

    530+

BlueVine Line of Credit

  • Max credit line

    $5,000 to $250,000

  • Line of credit terms

    6 or 12 months

  • Interest rates

    Starting at 4.8%

Qualifications for a BlueVine Line of Credit

  • Time in business

    3+ years

  • Annual revenue

    $480,000

  • Credit score

    650+

BlueVine Term Loan

  • Max loan amount

    $5,000 to $250,000

  • Loan terms

    6 or 12 months

  • Interest rates

    Starting at 4.8%

Qualifications for a BlueVine Term Loan

  • Time in business

    6+ months

  • Annual revenue

    $120,000

  • Credit score

    600+

As you can see, with three unique products, BlueVine offers financing to meet a wide variety of business needs. Plus, like OnDeck, BlueVine can provide fast funding—with a completely digitized application process and approvals in as little as 24 hours.

Ultimately, although BlueVine will be more expensive than a bank or SBA loan, they are a relatively affordable online lender and can offer funding much faster, with much more flexible qualifications than a bank.

Learn more about what BlueVine can offer your business in our review.

Funding Circle

This last online lender is a little different from our previous QuarterSpot alternatives options in that they offer medium-term loan products.

Funding Circle Term Loan

  • Max loan amount

    $25,000 to $500,000

  • Loan terms

    Six months to five years

  • Interest rates

    4.99% to 22.99%

Qualifications for a Funding Circle Loan

  • Time in business

    Two years

  • Annual revenue

    No minimum

  • Credit score

    660+

Compared to our other loan options, Funding Circle has more attractive terms, but higher requirements needed to qualify. That said, like some of the other lenders we’ve discussed, Funding Circle also won’t charge a prepayment penalty if you wind up paying your loan off ahead of schedule, and they boast a six-minute online application. 

In addition, they can provide funding as soon as the next business day. Overall, Funding Circle is a great option for borrowers who can meet their qualifications and can access longer terms and lower interest rates.

For more information, check out our complete Funding Circle review.

The Bottom Line

If QuarterSpot had previously been on your radar, or if you’ve worked with them in the past, you may be disappointed to hear that they’ve since gone out of business. The good news is there are plenty of other lenders offering similar short-term loan products, as well as simple online applications and quick funding turnaround times. 

That said, if you’re not sure which lender—or loan product—is right for you, Fundera can help. With our free online marketplace and team of loan experts, you can easily compare your options and figure out which small business loan is right for you.

Senior Staff Writer at Fundera

Randa Kriss

Randa Kriss is a senior staff writer at Fundera.

At Fundera, Randa specializes in reviewing small business products, software, and services. Randa has written hundreds of reviews across a wide swath of business topics including ecommerce, merchant services, accounting, credit cards, bank accounts, loan products, and payroll and human resources solutions. 

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