Biz2Credit small business loan review December 2018 | finder.com

Biz2Credit small business loans review

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Get connected with a wide range of business financing, from merchant cash advances to term loans.

Biz2Credit is a lending platform that could be a good fit for small business owners new to the game. Like with any other connection service, it helps business prequalify for financing with multiple lenders at once.

Its strong customer service reputation and excellent customer reviews really set it apart. However, its website can be confusing and lacks basic information about the rates and terms you might expect.

Product NameBiz2Credit Small Business Loan
Min Loan Amount$5,000
Max. Loan Amount$5,000,000
APR3%–36%
Interest Rate TypeFixed
RequirementsVaries by lender. Typically, lenders seek companies that have been in business for at least two years, are profitable and have a good credit history. Some lenders may offer startup loans to new entrepreneurs.

First, do I qualify?

To Biz2Credit doesn’t offer loans directly, so eligibility requirements can vary widely. Some of Biz2Credit’s partner lenders work borrowers who have bad credit. However, you’ll typically have better luck getting competitive rates if you have good credit, have been in business for at least a year and are cashflow positive.

What is Biz2Credit?

Biz2Credit is an online connection service that offers a wide range of financing types, from SBA loans to merchant cash advances. Through Biz2Credit, your business can apply for financing between $5,000 and $5,000,000 at rates from 3%–36%. In addition to this, Biz2Credit charges an underwriting fee of around $250 to $400 for nonbank loans or a similar closing fee for bank loans. Loan terms vary by lender and loan type.

One of the advantages of using a connection service is that it lets you prequalify with multiple providers at the same time so you can make a quick comparison. You can get started by filling a quick form on its website.

What types of financing can I get through Biz2Credit?

What makes Biz2Credit unique?

Biz2Credit’s focus on the business owner is what sets it apart from other online connection services. In addition to offering a wide range of financing types, it also has programs for specific types of business owners, including women, veterans and Latinos. It also offers financing by industry, including some high-risk businesses like gas stations, restaurants, liquor stores and attorneys.

Loan specialists are available to help field questions that come up during the lending process, and can guide you to making the best decision for your business.

Benefits of a small business loan through Biz2Credit

  • Large amounts available. Financing is available for $5,000 all the way to $5,000,000 to get the capital you need to support your business.
  • Prescreened lenders. All lenders whose offers are presented are prescreened by Biz2Credit to ensure a secure loan that fits the specific goals your business requires.
  • All in one place. You prequalify with multiple lenders and easily compare your offers using Biz2Credit’s streamlined, easy-to-use loan dashboard.
  • Loan options to suit any need. Its partners offer everything from asset-based financing to unsecured business term loans.
  • Self-help tools. A full service Knowledge Center is available through the website including Small Business Lending Index, free webinars, research reports, eBooks, insightful newsletters for small businesses, and more.
  • Security. Biz2Credit’s website is verified by Entrust and encrypts and secures data to keep your information private.

Drawbacks of using Biz2Credit

  • Not a direct lender. Biz2Credit uses your business details to connect you with a suitable lender. This means your information may be shared with multiple companies, and you may receive emails long after you’ve gotten your loan.
  • Little information online. It’s difficult to find basic information about the interest rates, fees and terms on Biz2Credit’s website, which is can also be awkward to navigate.
  • Fees. Biz2Credit charges an underwriting or closing fee of around $250 to $400 if your business gets funded.
  • No loans under $5,000. If you’re looking for a business loan to cover smaller expenses, you’ll want to compare providers with lower minimums.

Compare more business loan providers

Rates last updated December 15th, 2018
Unfortunately, none of the business loan providers currently offer loans for these criteria.
Name Product Product Description Min Loan Amount Max. Loan Amount Requirements
LoanBuilder, A PayPal Service Business Loans
Customizable loans with no origination fee for business owners in a hurry.
$5,000
$500,000
Annual business revenue of at least $42,000, at least 9 months in business, personal credit score of 550+.
LendingTree Business Loans
Multiple business financing options in one place including: small business loans, lines of credit, SBA loans, equipment financing and more.
Varies by lender and type of financing
Varies by lender and type of financing
Varies by lender, but you many require good personal credit, a minimum business age and minimum annual revenue.
Credibly Business Loans
Funding to cover business expenses with daily or weekly repayments.
$5,000
$250,000
500+ personal credit score, 6+ months in business, $15,000+ average monthly deposits
Lendio Business Loan Marketplace
Submit one simple application to potentially get offers from a network of over 75 legit business lenders.
$500
$5,000,000
Must operate a business in the US or Canada, have a business bank account and have a personal credit score of 560+.
National Funding Small Business Loans
Working capital loans and equipment financing, some high-risk industries may be eligible.
$5,000
$500,000
Be in business at least one year and make at least $100,000 in annual sales. Other loan types have additional requirements.
LendingClub Business Loans
With loan terms that vary from 1 to 5 years, enjoy fixed monthly payments and no prepayment penalties through this award-winning lender.
$5,000
$300,000
12+ months in business, $50,000+ in annual sales, no bankruptcies or tax liens, at least 20% ownership of the business, fair personal credit score or better
OnDeck Small Business Loans
A leading online business lender offering flexible financing at competitive fixed rates.
$5,000
$500,000
500+ personal credit score, 1+ years in business, $100,000+ annual revenue
Fora Financial Business Loans
No minimum credit score requirement and early repayment discounts for qualifying borrowers.
$5,000
$500,000
Business age 6+ months. Monthly revenue $12,000+. No open bankruptcies.

Compare up to 4 providers

What does the Internet say about Biz2Credit?

Biz2Credit gets mostly favorable online reviews as of September 2018. It also gets an A+ rating from the Better Business Bureau (BBB) based on factors like transparency and advertising, even though it’s not accredited. Nearly 1,000 customers gave it an average 9.8 out of 10 on Trustpilot — high for a small business connection service.

Customers were mostly pleased with the quality of service at Biz2Credit. Many were also happy with how fast and easy the process was, calling it “smooth” and “efficient.” However, a handful complained about hidden costs and were turned off by some of their marketing tactics.

How to apply for a small business loan through Biz2Credit

You can get started on your application on the Biz2Credit website. Since Biz2Credit doesn’t have any hard eligibility requirements — it offers such a wide range of loans, the easiest way to find out if your business is eligible is by filling out the application to prequalify:

  1. 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.
  2. Select your personal credit score range and business’s annual revenue. Then enter your name, email and phone number before clicking Get Your Rate.
  3. Go to your email inbox and open the email from Biz2Credit. Click the link to log in using the username and password Biz2Credit provides.
  4. Click Apply for Funding to access your business loan application.
  5. Follow the directions to complete and submit the application, uploading any required documents.

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.

What documents do I need to apply?

Since Biz2Credit offers such a wide range of financing, there’s no one list of documents that every business must submit. However, almost all business loans require at least three months of bank statements and your most recent business and personal tax returns.

I got a loan through Biz2Credit. Now what?

What happens next also depends on your lender. Since Biz2Credit is a connection service, you won’t be working with it anymore. 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.

Bottom line

Biz2Credit Small Business Loan is a simple, clean way to find a business loan. Its strong customer service and wide range of financing options could make it ideal for business owners new to borrowing. However, its fees and lack of online transparency might make you use another service. You can visit our business loans guide to learn about even more financing options.

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Rhys Subitch

Rhys Subitch is a content creator and editor for finder.com. They specialize in updating information on various pages to keep everything accurate for the readers, and enjoy the time they get to spend researching various topics because of it. Rhys lives with their cat and partner in Seattle. When not working they enjoy working on sewing and other craft projects.

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2 Responses

  1. Default Gravatar
    JohnnyFebruary 27, 2017

    Are there lenders who will finance my start up business/franchise if I am not currently employed?

    • finder Customer Care
      AnndyJune 27, 2017Staff

      Hi Johnny,

      Thanks for your question.

      The lenders on this page may consider you for a loan. Kindly review the eligibility criteria of the loan before submitting your application.

      Cheers,
      Anndy

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