Many or all of the products featured here are from our partners who compensate us. This may affect which companies we write about and where the company appears on a page. However, any analyses or reviews expressed in this article are those of the author alone and have not been approved or endorsed by any partner.
Pros
Cons
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.
If you are struggling with substantial amounts of debt, a debt relief company such as Freedom Debt Relief could be your lifeline. The company can help you save 15-35% of your total amount owed.
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.
| 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.
| 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.
| 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
| 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
| 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
| 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.
| Minimum credit score | No minimum requirements |
| Minimum annual revenue | $120,000 |
| Minimum time in business | Six months |
Quick Loans Direct Application Process?
When applying for a small business loan from Quick Loans Direct, you can expect a simple and quick process that will take no longer than five minutes. Quick Loans Direct doesn’t consider credit reports when reviewing applications, which means that your credit score will be unaffected. The only supporting documentation you would need to provide is the three months’ worth of business bank statements, which can be uploaded directly through the lender’s website.
1. Your Business
You can begin your application process directly through the lender’s website. The first thing you would be asked to do is to provide some basic information about your business, such as its name, address, business description, and the number of employees.
2. Your Information
Additional information that Quick Loans Direct asks for includes your percentage of ownership, business start date, desired loan amount, business tax ID, and more.
3. Final Details
The final step of the application involves uploading your business bank statements over the past three months. This is done to prove that your business makes at least $10,000 of monthly gross revenue.
4. Your Offer
Once all the information is submitted, you can sit back and wait for the funding specialist to contact you regarding the next steps. Typically, you can expect to receive the funds on the same or the following business day.
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.
Quick Loans Direct 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 |
Quick Loans Direct Perks and Bonuses
Flexibility
Quick Loans Direct encourages applications from a broad range of small businesses, leaving the loan eligibility criteria deliberately open. The rates and terms you qualify for will be based on your business income exclusively, which makes the lender a great option for businesses with subpar credit.
Transparency
One of the major drawbacks of working with Quick Loans Direct is the fact that the lender doesn’t provide sufficient information about their products prior to the application. Specifically, it can be difficult to find what the interest rates, upper limits, and repayment periods are. Associated fees are also not disclosed prior to the application. Finally, being a smaller lender, Quick Loans Direct has only a limited number of online reviews, which can make it difficult to understand exactly what to expect.
Technology
The Quick Loans Direct online application is fully automated, with a quote available as soon as you fill out the required details. Other than that, the lender doesn’t specify whether there are mobile or automated repayment options available.
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.
