All you need to know about the new Intuit QuickBooks capital

Finance software firm Intuit has finally launched the much-awaited QuickBooks capital. Through this new feature, eligible QuickBooks customers will be able to take easy business loans. This is the first time when Intuit will be entering into small business lending space. The maximum loan amount has been set up to $35,000 for six months, which can be taken from inside their bookkeeping software. This is being considered as a breakthrough credit model which will help small businesses to overcome the hurdle of small loans. But you should know that Intuit is lending its own money through QuickBooks capital and it will not connect its user to any bank or private lender.

QuickBooks capital will be using machine learning to demonstrate the creditworthiness of small businesses. With this new feature, almost 2.4 million QuickBooks users will be benefited.

Get credit benefit for your business performance

Now QuickBooks users will be able to utilize their own QuickBooks data for getting credit benefit on the basis of business performance, historical and ongoing.

Smooth and Transparent application process

Now small business will not have to go through the cumbersome process of loan application process as a very smooth and fully transparent application process will be available within the QuickBooks in order to allow users to access funding directly from their daily workflow.

Better opportunities

Through a survey, it has been found that 60% of the QuickBooks capital users will not get a loan from anywhere else and around 46% of users have never applied for a loan. That’s why this new feature will create better and new opportunities for the growth of small businesses.

Transforming lending experience

In addition to the above-mentioned features and benefits, Intuit is planning to widen the lending experience for small business by allowing them to share the credit data attributes with other lenders as well.

Seamless borrowing experience

The traditional loan borrowing process is full of hurdles but the QuickBooks capital model makes the borrowing experience seamless. Eligible QuickBooks users will be able to access funds from the new ‘Capital’ tab inside their QuickBooks. This new tab will show them their eligibility according to the current business performance. The maximum loan amount has been set to $35,000 with a term of three to six months. Transparency is maintained in this model by showing the annual percentage rates to borrowers.

Successful testing

Hundreds of small businesses were invited to test the feature through private beta and the good news is that almost 90 % of the users said that the loan helped their business to grow.

The new QuickBooks capital will change the way of loan lending to smaller business. With easy, fast and transparent borrowing experience, now more small businesses will be looking for the loan for the growth of their business. Intuit has tapped the untouched market of smaller businesses which were not able to get loans earlier.