Recently, Intuit launched QuickBooks Line of Credit, giving small businesses a new way to access fast, flexible funding from $1,000 to $50,000, with loans issued by WebBank1.
The announcement extends QuickBooks’ already robust capital offerings, which originated $1.8 billion in loans for small businesses in the last fiscal year. With this addition to QuickBooks Capital, invoice financing and more traditional line of credit needs can now be conveniently met on the QuickBooks platform.
“QuickBooks delivers powerful money solutions that help small businesses manage their cash flow, which is critical to their survival and success,” said David Hahn, vice president of Product, QuickBooks Money. “Expanding lending options for small businesses to include a line of credit gives customers another seamless funding option integrated with the QuickBooks platform, simplifying access to capital so they can focus on what matters most: their business.”
Small businesses need cash flow to grow and survive, but 38% of US small business owners said the cost and availability of financing has worsened in the last year.
Late payments are also a concern, with 58% of small businesses indicating they have unpaid invoices from their customers and 46% having at least one payment overdue by 30 days or more.
QuickBooks Line of Credit offers small and mid-sized businesses a line of credit with no fees, a simple application process, easy repayment in 12 monthly installments, and more.
- There are no origination or late fees, and no prepayment penalties. Small businesses only pay interest on the amount borrowed.2
- Eligible customers can apply in minutes for a credit limit from $1,000 to $50,000 right in QuickBooks with no extra documentation required. After applying for funding, businesses may receive a decision in as fast as 30 seconds.
- Once a small business receives funding, they can repay each loan over 12 monthly installments. For invoice advances, customer invoice payments are automatically applied to the business’ loan balance if the customer pays the invoice in full through QuickBooks Payments within 30 days of the advance, and any accrued interest will be waived.3
What’s unique about QuickBooks Line of Credit is its ability to address common pain points when it comes to small business cash flow: the ability to draw from their available credit limit to support business growth or pay expenses or get an advance on eligible unpaid invoices.
- If approved, cash draws or invoice advances are typically deposited directly in the business’ bank account in 1 to 2 business days.4
If your small business clients are in need of a cash infusion, consider whether the QuickBooks Line of Credit is right for them. To learn more, see this official Intuit QuickBooks website.
Footnotes & Disclosures
1 - QuickBooks Line of Credit loans are issued by and subject to approval by the lender, WebBank.
2 - No fees: No origination fees applicable to new QuickBooks Line of Credit customers. Interest will apply. Rates vary and depend on the applicant’s credit profile and other factors. Standard payment processing fees apply.
3 - Customer invoice payments applied to loan balance: This feature isn't available for customer invoice payments made through GoPayment, Pay links, or QBO Receive Payment experience.
4 - Funding in 1-2 days: Actual funding times may vary depending on third-party processing times.
Feature content adapted from Intuit media source content including QuickBooks official website resources. Content adapted by Insightful Accountant from Intuit sources is furnished for educational purposes only.
As used herein, QuickBooks® is a registered trademark of Intuit® Inc., a publicly traded corporation headquartered in Mountain View, California.
WebBank is a Utah chartered industrial bank incorporated and headquartered in Salt Lake City, Utah. They are a national issuer of consumer and small business credit products through strategic (brand) platforms. WebBank is a FDIC Member.
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