Biz2Credit small business loans review
Get connected with unsecured term loans and more — with options for high-risk businesses.
- Best for comparing low-cost online unsecured business loans.
- Pick something else if you want to avoid closing fees.
|Product Name||Biz2Credit business loans|
|Loan Term||Up to 84 months|
|Min. Credit Score||670|
|APR||4% to 36%|
|Requirements||Varies by lender; typically 2+ years in business; profitable; good personal credit history|
Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.
Biz2Credit is an online connection connection service that can help your business find a loan from an online lender or bank. Your business can borrow up to $100,000 without collateral with rates as low as 4% — or more if $5 million if it applies for another type of financing, like government-backed SBA loans.
It’s also one of the few places you can find funding if you want to buy another company or are in a high-risk industry, like insurance. But you’ll pay an underwriting fee of at least $250 at closing.
How much will this loan cost me?
Biz2Credit’s partners offer unsecured term loans with rates from 4% to 36%. In addition to this, Biz2Credit charges an underwriting fee of around $250 to $400 for nonbank loans — and a similar closing fee for bank loans.
You can borrow as much as $100,000 with terms as long as 7 years. Use the calculator below to see how much a business loan might cost at different rates, terms and loan amounts.
Business loan calculator
See how much you'll pay
|Loan terms (in years)|
How it works
The loan amount, rate and term you get all depend on factors like how long you’ve been in business, your cash flow and your personal credit score. To get that 4% APR, you typically need to have a credit score of around 760 or higher, and your business needs to be around for several years and cashflow positive.
What do I need to qualify?
Requirements vary depending on the lender, but you’re more likely to have more options if you meet the following criteria:
- At least two years in business
- Good credit score of at least 670
Biz2Credit offers products to borrowers with bad credit or in the startup phase. But you’re likely to land with rates on the higher end, and might not qualify for the largest loan amounts.
What information do I need to apply?
It varies depending on your lender. But almost all business loans require at least three months of bank statements and your most recent business and personal tax returns.
What industries does Biz2Credit work with?
Biz2Credit can help most types of industries connect with funding. In fact, it has special programs for businesses that might be considered high-risk, like gas stations, liquor stores, insurance agents and car dealerships.
What other types of financing can I get through Biz2Credit?
In addition to unsecured term loans, you can find the following types of financing through Biz2Credit.
SBA loans are government-backed funding from $5,000 to $5 million with rates starting at 6.5% and terms from five to 25 years. Typically you need several years in business and good credit to qualify. And it can take 30 days or longer to get your funds.
Business line of credit
Biz2Credit’s partners offer credit lines from $10,000 to $1 million with rates from 7% to 25% APR and terms from six months to five years. You can draw cash from these lines as needed, making it a helpful resource if you have an ongoing expense, like renovations.
Get a loan backed by special equipment for your business to cover up to 100% of its value. Rates run from 8% to 30% with terms as long as the estimated life of the equipment.
Merchant cash advance
This high-cost type of financing offers an advance on your business’s future sales. Instead of interest, SmartBiz’s partners charge a flat fee, expressed as a factor rate of 1.14 to 1.45.
To calculate how much you have to repay, multiply the factor rate by the loan amount. Your business can borrow between $2,500 and $250,000, which it repays plus the fee with a percentage of your daily sales.
Business acquisition loans
Financing specifically for buying another business. Rates run from 3% to 10%, and can be either fixed or variable. You can borrow up to $5 million with terms as long as 25 years.
Pros and cons
Biz2Credit can help some small businesses find a competitive deal. But you might want to weigh the drawbacks before signing up for this service.
- Low starting APR of 4%
- Transparent about minimum and maximum costs
- Options for high-risk businesses
- Underwriting fee of $250 to $400
- Also offers high-cost products like merchant cash advances
- Unsecured loans cap out at $100,000
See other top business loan options
Is Biz2Credit legit?
Biz2Credit is not a lender, but it is a legitimate connection service. In fact, it’s more transparent about the range of costs that a business may face with one of its partners’ products than many other connection services — and even lenders.
It also takes steps to protect your information. Its website is verified by Entrust and encrypts and secures data to keep your information private. But by using a connection service, you’re agreeing to let Biz2Credit share your information with its partners — which you won’t be able to verify ahead of time.
Biz2Credit reviews and complaints
|BBB customer reviews||4 out of 5 stars, based on 24 customer reviews|
|BBB customer complaints||20 customer complaints|
|Trustpilot Score||4.8 out of 5 stars, based on 1,630 customer reviews|
|Customer reviews verified as of||12 October 2020|
Biz2Credit gets many positive customer reviews. Customers are mostly pleased with the quality of service at Biz2Credit. Many are also happy with how fast and easy the process was, calling it “smooth” and “efficient.” However, a handful complain of hidden costs and were turned off by some of its marketing tactics.
However, as of October 2020, four of the reviewers complain about the service around the Paycheck Protection Program.
How do I sign up for Biz2Credit’s services?
You can get started on your application on the Biz2Credit website.
- Go to the Biz2Credit website and enter how much you want to borrow, how you want to use the funds and time in business before hitting Get started.
- Select your personal credit score range and business’s annual revenue. Then enter your name, email and phone number and hit Submit.
- Go to your email inbox and open the email from Biz2Credit. Click the link to log in using the username and password Biz2Credit provides.
- Click Apply for funding to access your business loan application.
- Follow the directions to complete and submit the application, uploading any required documents.
What happens after I apply?
You can view your potential offers by logging in and visiting your dashboard. If any stand out to you, Biz2Credit will give you directions on how to complete the application. It can take anywhere between 24 hours and two weeks to get your funds, depending on your loan type and lender.
At closing, Biz2Credit will charge a $250 to $400 underwriting fee.
How do repayments work?
That depends on your lender. Most unsecured term loans come with monthly repayments, though some lenders might require weekly or even daily repayments. Especially if you sign up for a product like a merchant cash advance. Ask to sign up for autopay if it’s an option. That way, you won’t have to take time out of your day to make repayments each time it’s due.
Check in on your account regularly. If you have any questions or concerns, reach out to customer service as soon as possible.