Intuit QuickBooks launches new line of credit solution

Following this announcement, Intuit QuickBooks’s launch is set to expand its small business lending options available through its platform. The company’s QuickBooks Line of Credit was developed in order to provide SMBs with the possibility to benefit from a new way to access fast, flexible, and secure funding from USD 1,000 to USD 50,000. 

The loans will be issued by WebBank, as the financial institutions will focus on meeting the needs, preferences, and demands of its customers, while also remaining compliant with the regulatory requirements and laws of the local industry. 

More information on the product launch

Small and medium-sized enterprises (SMEs) will be given the possibility to tap into new funding opportunities when and how they need them, depending on their specific cash flow requirements. The line of credit product was developed in order to give company owners the ability to draw from their available credit limit to accelerate and support business development, get an advance on eligible unpaid invoices, and pay expenses. 

QuickBooks Line of Credit was designed through a strategic partnership between QuickBooks and WebBank, aiming to provide connected tools, expert services, and insights, as well as the needed solutions and expertise in order for businesses to accelerate their development process and manage their finances end-to-end. 

Through the use of QuickBooks Line of Credit, small and medium-sized businesses will be enabled to access a simple application process, as eligible clients can apply in a secure and fast way for credit limits from USD 1,000 and USD 50,000 right in QuickBooks. This process will take place with no extra documentation being required. Furthermore, after applying for funding, firms may receive a decision in a quick process that can take 30 seconds. 

At the same time, customers will benefit from no fees, as the product has no origination and no prepayment penalties. Small and medium-sized businesses will need to only pay interest on the amount borrowed. In addition, partners will have faster access to investments. If approved, cash draws or invoice advances are usually deposited directly in the company’s bank account in 1 to 2 business days. 

Companies will also benefit from easy repayments, as businesses will be enabled to repay each loan over 12 monthly installments. For any invoice advances, customer invoice transactions are expected to be automatically applied to the business’ loan balance if the client pays the invoice in full through QuickBooks Payments within 30 days of the advance. Any accrued investment will be waived as well. 

In addition, by leveraging QuickBooks’ near real-time insights on small business cash flows, customers will be allowed to benefit from improved visibility into creditworthiness, especially in the cases of underserved or unserved small firms or enterprises.