|By Marketwired .||
|September 11, 2013 08:05 AM EDT||
NEW YORK, NY -- (Marketwired) -- 09/11/13 -- Small business lender QuarterSpot revealed that it has funded more than $1M in loans within two months of its launch. Small business owners have responded to QuarterSpot's lower cost loans and more favorable terms as a way to avoid the high cost of capital offered by merchant cash advances and most other online lenders.
Through its use of Artificial Intelligence (AI) in underwriting, QuarterSpot can reduce borrowing costs by as much as 85% compared to other well known online lenders. Further, QuarterSpot does not require small business owners to provide personal guarantees.
"QuarterSpot offers a lower-cost loan that is custom designed to meet the needs of small business owners," said QuarterSpot CEO and co-founder Adam Cohen. "By incorporating Artificial Intelligence into our platform, we can constantly evaluate and improve our underwriting to more accurately gauge risk and reduce borrowing costs."
QuarterSpot's innovative AI-driven underwriting platform will incorporate millions of pieces of real time data from business bank accounts, customer reviews, social media, and more to execute a pre-approval decision in milliseconds. This is significantly faster than traditional lenders that can take up to six months to make a decision. The QuarterSpot AI is also able to learn on the fly by monitoring loan repayment and trends to improve its scoring and approval terms in real time.
"The resulting organic data set is much deeper and broader than available commercial credit scores and gives us a more detailed picture of the creditworthiness of a business," continued Cohen.
Through this use of AI-driven underwriting and as one of the only online lenders to amortize interest on loans, QuarterSpot offers a much lower cost of capital for small business owners. Other QuarterSpot loans features include:
- A five minute application process and funding in as little as 24 hours;
- No personal guarantees required;
- Reduced borrowing costs by as much as 85%;
- Loan amounts beginning at $5,000 up to more than $1,000,000;
- Clearly communicated repayment terms, costs and fees; and
- Less paperwork and requirements than traditional lenders or crowdsourcing.
For more information about obtaining a loan from QuarterSpot, please visit http://www.quarterspot.com.
QuarterSpot is committed to helping small business owners secure responsible small business loans that are clearly explained and fairly priced. Its innovative small business lending platform enables small business owners in search of capital to obtain loans on more favorable terms. For more information, please visit http://www.quarterspot.com.
Cosmo PR for QuarterSpot