Quarterspot Reviews: Pros, Cons, Are They Legit (2025)

The Bottom Line:

QuarterSpot is a lifesaver for businesses seeking quick, short-term financing, especially when traditional bank loans aren't within reach. It's a bit pricey, but it could be the perfect fit depending on your needs.

Full Review:

QuarterSpot is an online lender that provides short-term loans for small businesses in need of quick capital. They've carved a niche in the market by serving businesses that might not meet the stringent criteria of traditional lenders.

One of QuarterSpot's biggest selling points is its straightforward and speedy application process. Businesses can receive funding in as little as 24 hours. However, this convenience comes with a trade-off—QuarterSpot's interest rates and fees are notably higher than those of traditional banks.

QuarterSpot is best for businesses that:

Need funds quickly: QuarterSpot shines in situations where time is of the essence. The application process is swift, and approved loans can be funded as quickly as 24 hours.

Have less-than-stellar credit: QuarterSpot is less rigid about credit score requirements than many lenders, accepting borrowers with scores as low as 550.

Can handle daily repayments: One potential drawback to QuarterSpot's loans is their daily repayment schedule. While this might be manageable for businesses with steady cash flow, it could be challenging for others.

QuarterSpot loan features

QuarterSpot provides loans ranging from $5,000 to $250,000, with terms between 6 and 18 months. The APRs are higher than those of traditional banks, reflecting QuarterSpot's willingness to serve businesses that other lenders might consider high-risk.

Here's a snapshot of what you can expect from a QuarterSpot loan:

QuarterSpot loan requirements

To qualify for a QuarterSpot loan, your business will need to meet these minimum criteria:

Credit score: 550 or higher.

Time in business: One year or more.

Annual revenue: $200,000 or more.

Where QuarterSpot Stands Out

Quick funding

When it comes to speed, QuarterSpot truly delivers. Businesses can complete the online application in minutes, and if approved, receive funds in as little as 24 hours. In the world of business financing, that's lightning-fast.

Lower credit score acceptance

With a minimum credit score requirement of 550, QuarterSpot is accessible to businesses that might struggle to secure funding elsewhere. This flexibility can be a lifeline for businesses facing temporary financial challenges or those with less-than-perfect credit history.

No prepayment penalty

Quarterspot does not charge prepayment penalties. In fact, early repayment can save you money on interest costs. If you pay off your loan early, you’ll only be responsible for the interest that has accrued up until that point.

Where QuarterSpot Falls Short

Short repayment terms

Quarterspot loans come with repayment terms ranging from 6 to 18 months. While this can be helpful if you need to pay off your debt quickly, it can also lead to higher payment amounts. If you have a low cash flow, frequent payments may be difficult to manage.

Fixed daily payments

Quarterspot requires automatic daily repayments. This means that you’ll have to make a payment every day, even on weekends and holidays. This could be a downside if you prefer a more flexible repayment schedule.

Personal guarantee required

Quarterspot requires a personal guarantee to secure the loan. This means that you’ll be personally liable for the debt if your business is unable to make payments. Additionally, Quarterspot may require a UCC-1 filing, which gives them the right to take your business assets if you default on your loan.

High-interest rates

Quarterspot’s interest rates are high compared to some other online lenders. The annual percentage rates (APRs) range from 9% to 36%, depending on your creditworthiness, the amount you borrow, and the length of your loan term. These rates are similar to what you’d see with a credit card.

If you have excellent credit and a strong financial history, you may be able to qualify for a lower APR with another lender.

High origination fees

Quarterspot charges origination fees on its loans, which can add to the overall cost of borrowing. The exact amount of the fee will depend on the size of the loan, but it can be as high as 4% of the loan amount.

This fee is deducted from the loan proceeds before they are disbursed, so be sure to factor it into your calculations when deciding whether a Quarterspot loan is right for you.

FAQs

What types of loans does Quarterspot offer?

Quarterspot offers short-term loans and long-term loans. Short-term loans are usually for less than a year, while long-term loans can be for up to 36 months. Quarterspot also offers lines of credit, which give you access to funds as you need them, similar to a credit card.

How much can I borrow from Quarterspot?

Quarterspot offers loans from $5,000 to $250,000. The loan amount you qualify for will depend on your creditworthiness and your business’s financials. Quarterspot will look at your credit score, annual revenue, time in business, and other factors when determining how much to lend you.

How long does it take to get a loan from Quarterspot?

The application process for a loan from Quarterspot is quick and easy. You can apply online in as little as 10 minutes, and if you are approved, you could receive your funds as soon as the same day. However, some loans may take longer to process, and Quarterspot may ask for additional documentation before approving your loan.

What are the interest rates for Quarterspot loans?

Quarterspot’s interest rates vary depending on the loan amount, term length, and your creditworthiness. Rates can range from 9% to 35%. If you have a strong credit history and your business is in good financial standing, you may qualify for a lower interest rate.

What fees does Quarterspot charge?

Quarterspot charges an origination fee of 0% to 4%, depending on your loan amount and term length. There are no prepayment penalties or hidden fees, so you can pay off your loan early without incurring any extra costs.

What are the repayment terms for Quarterspot loans?

Quarterspot offers repayment terms from 9 months to 36 months, depending on the loan amount and type. Short-term loans have a maximum term of 18 months, while long-term loans can be repaid over 36 months. Quarterspot will work with you to determine a repayment schedule that fits your business’s cash flow.

What are the eligibility requirements for a Quarterspot loan?

To qualify for a loan from Quarterspot, you must have a credit score of at least 550, have been in business for at least 6 months, and have at least $200,000 in annual revenue. You must also be a U.S. citizen or permanent resident and have a business located in the U.S.

Does Quarterspot require collateral?

Quarterspot does not require collateral for its loans. Instead, the company will look at your creditworthiness and your business’s financials to determine if you qualify for a loan.

Can I pay off my Quarterspot loan early?

Yes, you can pay off your Quarterspot loan early without any prepayment penalties. In fact, paying off your loan early can help you save on interest costs.

How does Quarterspot compare to other lenders?

Quarterspot is a good option for businesses that need quick access to capital and may not qualify for traditional bank loans. Quarterspot has flexible eligibility requirements and offers competitive interest rates and repayment terms. However, Quarterspot may not be the best option for businesses that are looking for larger loan amounts or longer repayment terms. It is important to compare Quarterspot to other lenders to determine which one is right for your business.