Have a question about funding with QuickBooks Capital?
What is QuickBooks Capital?
QuickBooks Capital provides funding for QuickBooks small business customers. We review your business’ attributes and overall business health from the business details you enter in QuickBooks, as well as other relevant information. This lets us offer small businesses greater access to funding than many other lenders.
How does QuickBooks Capital work?
We analyze your business and banking transactions within QuickBooks. When you apply for a loan, we also review your personal and business credit reports. We take all of this information into consideration when creating a customized loan offer for you.
How does QuickBooks Capital determine eligibility for business funding?
We look at several factors to determine your eligibility for a business loan. This includes, but is not limited to, your business history within QuickBooks, transactions within your business bank accounts, your personal and business credit history, and current liabilities. In general, we look for a FICO of 620 or higher, and at least $50,000 in revenue in the past year. Applicants shouldn’t have any bankruptcies (personal or business) in the last two years. Since every business is unique, we can’t guarantee that all applicants meeting these criteria will be eligible for our business loans. Each application is considered individually and decisions are based on our guidelines.
Am I eligible to apply for funding?
To be eligible to apply for QuickBooks Capital, you must have:
Clear picture of your business, 6 months of activity within your QuickBooks account
Personal and business credit history, typically a personal FICO score of 620 or higher
Primary business bank accounts connected through QuickBooks Capital
Revenue of at least $50,000 over the past 12 months
Does QuickBooks Capital require collateral to lend to my business?
QuickBooks Capital loans don’t require business collateral. Instead, we base our loans on the overall health of your business and your personal guarantee, which means you’re responsible for repaying the loan even if your business can’t.
What is a personal guarantee?
A personal guarantee is a promise that you will personally repay the business loan if your business is unable to.
What is APR? Why is my APR higher than the cost of my loan?
Your Annual Percentage Rate, or APR, is the annual rate charged for borrowing money. Like other financial institutions, we express this rate as a percentage that reflects the annual yearly cost of funds over the term of the loan. A loan with a term of less than one year will always have a higher APR than one with a longer term. When shopping for a loan, compare the APRs of at least two offers with the same term.
Does QuickBooks Capital also have financing partners?
Yes. In addition to loans we directly offer to QuickBooks customers, we also work with financing partners to provide you a wider range of options. You can explore more lending options.
Is QuickBooks Capital available in all states?
We are currently offering loans in 48 states. Unfortunately, we are not in Nevada or Alaska at this time.
Is Intuit the lender behind QuickBooks Capital?
Yes. Intuit Financing Inc. (doing business as QuickBooks Capital) is proud to be the originating lender.
Questions about credit
Why do you need my personal credit report?
While we use your business information to underwrite your QuickBooks Capital loan, we also need to know about you since you’ll be the guarantor of the loan. You’ll be responsible for repaying the loan even if your business can’t, so your personal credit history provides important information that helps us determine whether you qualify to guarantee the loan. Applying for QuickBooks Capital won’t affect your credit score in any way.
How can I get a copy of my credit reports?
You’re entitled to a free copy of your personal credit report from each of the three consumer credit reporting agencies annually at the following website: https://www.annualcreditreport.com. For a copy of your business credit report, go to the Experian website (there may be fees associated). If your request for credit has been declined because of information in either your consumer or business credit report, you’ll receive information on how to obtain a free copy of the credit report that was used in the decision.
What does personal credit have to do with a business loan?
Because QuickBooks Capital loans don’t require collateral, we rely on your personal credit history to guarantee the loan. To be considered for a QuickBooks Capital loan, you’ll generally need a personal FICO credit score of 620 or higher. If your business is unable to repay for any reason, we need to know you can personally cover the obligation.
Does it hurt my credit if I apply for this loan?
Applying for QuickBooks Capital won’t affect your credit score in any way. We perform a soft pull of your personal credit history. A “soft pull” doesn’t affect your personal credit rating or score. However, your business credit history may be affected when you apply for a loan.
Can I revoke my consent to allow QuickBooks Capital to access my credit report?
Unfortunately, you’re not able to revoke your consent once you’ve provided it to us and applied for a loan. Please keep in mind that your consent isn’t required for us to report negative information to credit bureaus about your business or the personal guarantor if you are late on your payments, or if you default on a loan with us.
Does QuickBooks Capital report to credit reporting agencies?
If you have a QuickBooks Capital loan, we report your business’s payment performance to Dun & Bradstreet and Experian’s Small Business Credit Share (SBCS), including the status of your loan. Paying on time can help you build your business credit history and improve your overall business credit score. All information reported to the credit report agencies is governed by their respective privacy policies. We encourage you to take a look at these privacy policies and our loan agreement before submitting your application or accepting a loan offer from us.
What are the Experian Small Business Credit Share (SBCS) Score and the Dun & Bradstreet Business Credit Score (D&B)? How are they used?
The SBCS score, or Small Business Credit Share score, is a business credit report and score provided by Experian. The D&B Business Credit Score is a business credit score provided by Dun & Bradstreet. Like your personal credit report, business credit reports help us make better decisions by showing us your business credit performance. Your business credit report with Experian will show a business credit inquiry from us when you apply for one of our business loans.
Questions about loan repayments
How do I repay my loan?
Intuit automatically debits your loan repayment on either a weekly or monthly basis, based on the terms of your loan agreement. Payments come directly from the business bank account you provided during the loan application. Look for transactions with the description ‘PAYMENT INTUIT FINANCING.’
Why do you automatically debit my payments from my account?
Automatic debits are the easiest way for us to manage repayments for all of our customers. It also makes payments convenient for our customers. If you would like to change your payment type, please call us.
Is there a prepayment penalty? Can I pay my loan off early?
No. You can always prepay or pay off your loan early without being charged any fees.
Can I use a credit card to make my loan payments?
We don’t accept credit card payments. You can pay by ACH, Wire or Check. We recommend ACH payments since there are typically transaction fees with wire payments.
How does QuickBooks Capital transmit funds to my business account?
Once you’ve accepted the loan offer from QuickBooks Capital, we deposit the full amount into the business bank account you provided in your application. We typically need 1-2 business days after you accept the offer to compete your deposit.
Questions about additional loans
How many QuickBooks Capital loans can I have?
QuickBooks customers can only have one active loan per business at a time. However, you can apply for another loan after you’ve paid off the original loan.
Can I get another loan?
Typically, yes. We take into account the full picture of your business and anything that may have changed since your first loan. While we can’t guarantee you’ll be eligible for a new loan, most customers who have paid off their first loan have another chance of being approved for a second loan.