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Prequalify for a business loan of $5,000 to $500,000 and get funds fast.
Become — which changed its name from Lending Express in July 2019 — is an online connection service that works to get you offers from multiple lenders in minutes. And best of all, you can fill out its online form as long as your business has been open for at least twelve months.
Anna Serio is a trusted loans expert who's published more than 800 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Fundera, Business.com, and ValueWalk feature her professional advice, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
First, do I qualify?
To be eligible for a loan through Become, you must have been open at least 12 months and make $10,000 or more in monthly revenue.
What is Become?
Become is an online connection network of lenders offering unsecured business term loans. Its network provides between $5,000 and $500,000 in financing with terms that range from
1 month to 10 years
. Rates and fees vary by lender. Those you’re connected with could charge a fixed fee instead of interest, for instance.
Become’s partners also offer:
Business lines of credit. Get access to a source of credit you can draw from as your business needs it. You repay what you borrow in the form of a term loan or with minimum monthly repayments.
Invoice factoring. Get an advance of up to 80% to 90% of your business’s unpaid invoices and receive the rest when your clients pay them off, minus a fee.
Merchant cash advances. Get an advance on your business’s future business, paying it off with a percentage of your daily sales.
SBA loans. These government-backed term loans and lines of credit come in larger amounts and with more competitive rates than most other types of business financing. The application is notoriously complicated, but some Become partners do the heavy lifting for a fee.
Equipment and vehicle financing. Become’s only secured option uses your business’s equipment or vehicles as collateral. These loans typically offer more competitive rates and are easier to qualify for than an unsecured loan.
What makes Become unique?
Become powers its connection service through an algorithm that speeds up the process of comparing lenders. Just starting out? It’s one of a handful of such services that works with businesses as young as three months.
But it’s not just for startups — more established businesses might find quick, competitive financing through Become as well. It partners with more than 25 top online lenders – some of which include:
Kabbage
OnDeck
SmartBiz
Fundbox
BlueVine
LoanBuilder
Bitty Advance
Idea Financial
Everlasting Capital
What are the benefits of using Become to find a business loan?
Startups welcome. You might not be able to use a loan through Become to start a business, but those still in the startup phase are eligible for a loan.
High loan amounts. Whereas many online lenders cap business loans at $100,000, Become says it can get qualified businesses up to $500,000.
Fast financing. Become advertises that your business can see funds in as little as 3 hours.
More than 20 partners. Some connection services work with as few as two or three partner lenders.
What to watch out for?
Large amounts for established businesses. Don’t let the lax eligibility requirements fool you. Your business likely won’t qualify for a $500,000 business loan without years of experience and high monthly revenue.
Limited network. Its partner network isn’t the smallest out there, but your business might not find the right financing for its needs through Become alone.
Compare more business loan providers
Updated March 31st, 2020
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What does the Internet say about Become?
Since Become only recently changed its name from Lending Express, you may find some older reviews that refer to it by its former brand. And while it doesn’t have a Better Business Bureau (BBB) page, it does have quite a few reviews on Trustpilot. As of October 2019, nearly 500 Trustpilot customers gave it an average score of 4.8 out of 5, with 91% of reviewers rating it as “Excellent.”
The main drawing point: How fast and straightforward it is to get connected. Several reviews mention they had a hard time getting funds in the past. Many were also pleased with the quality of customer service, with one customer writing they couldn’t “get enough of the staff.” Another good sign of solid support: Become personally responds to all of its Trustpilot reviews.
How do I get connected?
Before you apply to connect with a lender through Become, make sure you meet its partners’ basic eligibility requirements.
Your business must be at least:
Three months old with $10,000 in monthly revenue.
Six months old with $3,000 in monthly revenue.
Steps to get connected with a loan through Become
Click the Go to site button on this page to be redirected to Become’s website.
Slide the bar to select a loan amount and click Get Loan Offers.
Enter information about your business and transaction history, as well as your contact details.
After you submit the form, Become provides potential offers from lenders in its network — including rates and terms.
Choose an offer you’re interested in to get contacted by the lender and complete the full application.
If approved, review the terms of the contract and sign the loan documents if you wish to accept the offer.
If Become wasn’t able to connect you with a lender, you’ll be redirected to Become’s LendingScore dashboard. Here, you can get insight into the lending criteria and step-by-step instructions to improve specific areas of your application to help you qualify for funding in the future. Once you do become eligible and there’s a match with a lender, Become will get in touch with you.
Ask an expert: What advice would you give a business owner to strengthen their loan application?
Eden Amirav
CEO and co-founder of Become
The more data the lender has, the better your odds of getting approved for a loan and the better your loan terms will be. Provide as much accurate information as possible. Many online lenders even offer the option to connect your bank account or accounting software to your loan application, which gives lenders the most accurate, up-to-date indicators of your business’s health, resulting in the best loan offers for your business.
What documents do I need to apply?
It depends on the lender you’re applying with, but you may need to provide:
Bank statements. Lenders typically ask for at least three months of your business’s most recent bank statements.
Merchant statements. If your business takes credit card payments, you may need to submit business merchant statements for three recent months.
Tax returns. Your lender may ask to see your business’s most recent tax returns.
I was connected with a lender. Now what?
What happens next depends on your lender and type of financing. Most term loans come with monthly repayments, though lenders may require younger businesses or those with poor credit to make weekly or even daily repayments.
For less worry about on-time payments, ask your lender if you can sign up for automatic repayments. Monitor your business’s bank account and keep an eye on the loan balance for any irregularities. If you notice something wrong or have questions, contact your lender as soon as possible.
Bottom line
Become is among many online connection services looking to streamline your search for the right loan for your business. It takes minutes to get connected with the more than 20 lenders in its network, and its simple to compare offers and rates.
It might not be great for businesses looking for complicated types of financing — like a real estate loan or large amounts. In that case, you might be better off going with a lender that provides a hands-on experience.
No. Become conducts a soft pull of your credit to provide an estimate of your rates, terms and loan amounts. Only by continuing your application will a lender conduct a hard credit check that temporarily lowers your score. And it asks for your permission first.
No. Your business repays its loan through whichever lender it chooses to apply with. Your direct lender also handles questions about your loan.
No — as long as it’s for business use. Your lenders may not allow you to use a term loan to buy commercial real estate, however.
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