Intuit QuickBooks Adds Invoice Financing, Line of Credit
intuit quickbooks has added invoice financing and line of credit offerings to the small business loan options available through its platform.
New quickbooks line of credit The company said on Thursday (March 28) that it enables small businesses to access funding ranging from $1,000 to $50,000 and access funding as and when they need it. Press release, Loans are issued by webbank,
“Expanding lending options to include lines of credit for small businesses gives customers another seamless funding option integrated with the QuickBooks platform, making it easier to access capital so they can focus on what they want.” can do what matters most: their business,” david hahnQuickBooks Money's vice president of product said in the release.
According to the release, the QuickBooks Line of Credit is designed to enable business owners to draw from their available credit limit to support business growth, pay expenses or obtain an advance on eligible unpaid invoices.
Eligible customers can apply for a line of credit within QuickBooks, with no additional documentation required; Get a decision within less than 30 seconds; If approved, the cash withdrawal or invoice advance will be deposited into their business bank account within one or two business days, the release said.
According to the release, there are no origination fees, late fees or prepayment penalties, and small businesses pay only interest on the amount borrowed. The loan can be repaid in 12 monthly installments. For invoice advances, customer invoice payments can be automatically applied to the business's loan balance.
According to the release, the application distributed through QuickBooks is designed to replace the time-consuming process required by banks and investors, which typically involves collecting two or three years' worth of data.
“With QuickBooks' real-time insight on small business cash flow, customers benefit from greater visibility into creditworthiness, especially the most underserved small businesses,” the release said.
PYMNTS Intelligence finds that 90% of small and medium-sized businesses (SMBs) have used at least one form of lending in the past year.
According to PYMNTS Intelligence and “SMB Borrowing Dynamics: Trends, Tools and Decision Drivers”, when choosing borrowing tools, 75% of SMBs prioritize access and availability of funds and emphasize their need for flexible financing solutions. us bank Collaboration.
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