Intuit QuickBooks has added invoice financing and lines of credit to the small business financing options available through its platform.
The new QuickBooks Line of Credit will give small businesses access to funds ranging from $1,000 to $50,000, making them available when and how they need it, the company said in a press release Thursday (March 28). Stated. Loans are issued by WebBank.
“Expanding our small business lending options to include lines of credit gives our customers another seamless financing option that integrates with the QuickBooks platform, simplifying access to funds and most importantly You can focus on what matters most: your business,” QuickBooks Money said in a release.
According to the release, QuickBooks Line of Credit allows business owners to tap into available lines of credit to support business growth, pay expenses, or prepay eligible unpaid invoices. It is said to be designed.
Eligible customers can apply for a line of credit within QuickBooks with no additional documentation required. Receive your decision in just 30 seconds. If approved, cash withdrawals or prepaid invoices will be deposited into businesses' bank accounts within one to two business days, the release states.
There are no origination fees, late fees or prepayment penalties, and small businesses only pay interest on the amount they borrow, according to the release. The loan can be repaid in 12 monthly installments. With invoice prepayments, you can automatically apply a customer's invoice payment to your business's loan balance.
The applications offered through QuickBooks are designed to replace time-consuming processes required by banks and investors, which typically require two to three years' worth of data collection, according to the release.
“With QuickBooks' near real-time insights into small business cash flow, customers benefit from increased visibility into their creditworthiness, especially the most underserved small businesses,” the release states.
According to a PYMNTS Intelligence study, 90% of small and medium-sized businesses (SMBs) have used at least one type of debt in the past year.
When choosing a borrowing tool, 75% of small businesses prioritize the accessibility and availability of funds, preferring flexible funds, according to a joint study by PYMNTS Intelligence and US Bank, “SMB Borrowing Dynamics: Trends, Tools and Decision Drivers.” It highlights the need for procurement solutions.
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