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Bizfi business loans review

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Must read: BizFi no longer offers the types of business loans on this page. Instead, its shifted gears to focus solely on bridge financing solutions for its partner mortgage lenders and brokers.

Check out our guide to get a business loan from another lender today.


Min. Amount


Max. Amount


Product NameBizfi business loans
Min. Amount$3,000
Max. Amount$2,000,000
Loan Term3 to 120 months
APRVaries by lender
RequirementsBe in business for two years or longer, have employees, make at least $100,000 a year.

First, do I qualify?

Eligibility requirements vary widely from loan to loan. To qualify for a Bizfi medium-term loan, you must:

  • Be in business for two years or longer
  • Have employees
  • Make at least $100,000 a year

Many of Bizfi’s other loans are available to younger businesses with a lower annual revenue, such as the short-term loan, line of credit and invoice financing.

How does borrowing through Bizfi work?

Bizfi offers several different business financing options with a wide range of terms and purposes. Through Bizfi, your business can apply for working capital to cover your overhead costs or term loans to pay for one-time expenses — including equipment. It also offers special financing options for franchises and healthcare providers.

Bizfi is an online lender that can connect you with partner lenders if it can’t give your business the financing it needs. Applying is simple: All you need to do is fill out a quick form on its site to check your potential offers. It’ll immediately give you an estimate of how much your business can borrow and which lenders are willing to work with you.

What makes Bizfi unique?

Bizfi can be a one-stop shop for any small or midsize business. Don’t have great credit? There’s more than one option for you. Only been open for six months? That’s OK too. It also offers a wide range of loan amounts and terms that can suit most business needs. Its loans typically come with minimal requirements, though you’ll likely need good credit to qualify for the most competitive deals.

What are the benefits of getting a business loan through Bizfi?

  • Wide range of loan amounts. You can borrow as little as $3,000 or as much as $2,000,000 through Bizfi.
  • Financing for almost every business need. Not only does it offer standard term loans and lines of credit, Bizfi offers financing tailored to businesses like franchises and medical professionals.
  • No fees. Applying for a loan through Bizfi won’t cost you anything.
  • Bad credit options. Short-term loans, invoice financing and secured loans don’t require perfect credit.

What to watch out for

  • Not transparent about costs. With a site as comprehensive and easy-to-understand as Bizfi, the lack of any mention of fees or interest rates seems odd. Its customer service team also wasn’t forthcoming about Bizfi and its partners’ costs.
  • Daily or weekly repayments. Many of the loans you can get through Bizfi come with frequent repayments that can be difficult to afford if your business has a large expense or temporary slump in revenue.
  • You’re limited to its network. Bizfi can only connect your business with financing from its partners — meaning that you might not get the best loan out there.

Compare more business loan providers

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK

Compare up to 4 providers

9 types of business loans offered by Bizfi

Through Bizfi, your business can apply for nine different types of financing. These include:

  1. Medium-term loan. These term loans range from $25,000 to $500,000 and can be used to pay for large, fixed expenses. Your business has between one and five years to pay it off with either biweekly or monthly repayments. Typically it takes between one and two weeks to get your funds.
  2. Short-term funding. With this unsecured option, your business can borrow between $3,000 and $500,000. Loan terms range from 3 to 24 months and come with daily repayments. Typically it takes between 24 and 72 hours to get your money.
  3. Secured loan. Not sure your business can qualify for a competitive loan — or just want more favorable rates? Bizfi’s secured loans are backed by your business’s real estate and come in higher amounts, from $25,000 to $2 million. Terms range from six months to two years in daily or weekly repayments. It generally takes two weeks or longer to get your funds.
  4. SBA loan. Through Bizfi, you can apply for a government-backed loan through the SBA 7(a) program. You can apply to borrow between $5,000 and $350,000 with a loan term between 5 and 10 years. Your business might need to meet extra eligibility requirements — like providing collateral — but its partners can get your business funds in as fast as a week.
  5. Business line of credit. Here, your business can get access to between $5,000 and $100,000. Each withdrawal turns into a term loan that your business pays off in weekly installments over 6 to 24 months. You can get your funds in as little as one to three days.
  6. Invoice financing. Got lots of outstanding invoices? This option gives you an advance of 85% to 90% of your invoice’s value from $5,000 to $100,000. You can get your funds in as little as one business day — faster than even a short-term loan — and pick which invoices to finance. Underwriting is based on your customer’s creditworthiness rather than your business’s.
  7. Equipment financing. Bizfi can connect your business with equipment loans and leases for up to 100% of the equipment’s value, or between $5,000 and $1 million. You have between one and six years to pay it off in monthly installments and can get your funds in three to five days.
  8. Franchise financing. This short-term loan is designed to meet a franchisor’s specific needs, which can be different from other types of businesses. Each franchise location can qualify for between $5,000 and $500,000, which you repay with daily or weekly repayments over 6 to 24 months. With this option, the turnaround time is typically one to three days.
  9. Medical financing. Through Bizfi, health professionals can also access financing tailored to their practice, including medical equipment loans and cash flow solutions. This option requires minimal documentation and can get your practice between $20,000 and $500,000 in funding. You have up to 10 years to pay it back with daily or weekly repayments. Typically it takes one to three days to get your funds.

What does the Internet say about Bizfi?

Bizfi’s online reputation is mixed at best. It gets a D- from the Better Business Bureau (BBB), mainly because it failed to respond to six customer complaints. As of June 2018, it only has five customer reviews — four negative, one neutral — and 32 customer complaints. It does better on Trustpilot, earning an 8.5 out of 10, with 76% of customers rating it as “Excellent.”

The main problem found on the BBB? Bizfi is generally unresponsive. Customers had trouble getting refunds for mistaken withdrawals. Others said the company didn’t get back to them after they submitted documentation. Some customers complained that they were receiving too many promotional calls from Bizfi and its partners.

It’s not all bad though. Many Trustpilot reviewers recommended their loan officer by name and generally agreed that the customer service was excellent. Others said they found the process smooth, easy and generally felt they got the best deal they could qualify for.

Am I eligible?

Eligibility requirements vary widely depending on your loan type. You also might need to meet additional conditions, depending on your lender.

Medium-term loan

  • Two years in business
  • Have employees
  • Make at least $100,000 a year
  • Willing to give a personal guarantee

Short-term financing

  • At least three months in business
  • Majority owner US citizen or permanent resident

Secured loan

  • At least six months in business
  • Must have business real estate to put up for collateral

SBA loan

  • At least two years in business
  • Owner must be US citizen or permanent resident
  • Have enough cash flow to support repayments
  • No bankruptcies in the past three years
  • Work in an eligible industry
  • No defaults on government loans, including student loans

Business line of credit

  • At least one year in business
  • Might require collateral
  • Minimum monthly sales requirement, varies by lender

Invoice financing

  • Must have outstanding invoices with 85% to 90% of value between $5,000 and $100,000
  • Depends on client’s creditworthiness

Equipment financing

  • Varies by lender

Franchise financing

  • Varies by lender and loan type
  • Not available to startups, gas stations, tanning salons or car dealerships

Medical financing

  • Varies by lender and program
  • Good credit required for competitive rates
  • No need to own a practice

How do I apply?

To start your application:

  1. Go to Bizfi’s website and click Get Started.
  2. Select your business’s age, your personal credit score range and enter your business’s average monthly revenue before hitting Get Results.
  3. Enter your name, email address and phone number. Read the privacy policy before hitting Submit.
  4. Wait for Bizfi to reach out to you with offers. Select the offer that best meets your buisness’s needs and follow the directions to complete the application.

From here, what happens depends on your lender and what type of loan you’re applying for. Some loans, like invoice or short-term financing, can get you funds in as little as one business day. Others can take weeks.

What documents do I need to apply?

It depends on what type of business loan you’re applying for. Typically, lenders like to see the following documents:

  • Business bank statements. Your lender uses bank statements to assess your business’s cash flow and current financial situation.
  • Your personal bank statements. This is typically required if your loan comes with a personal guarantee.
  • Business tax returns. This gives your lender an idea of how much money your business brings in over a year.
  • Collateral documentation. If you’re getting a secured loan, you’ll need to provide documentation showing that you own the asset and that it isn’t tied up in another type of financing.
  • Financial statements. This tells your lender where your business sees itself financially in the future, which it can use to decide if you’ll be able to afford your loan repayments.

I got the Bizfi business loan. Now what?

What happens next depends on your lender. Find out if you can sign up for automatic repayments — if you’re not automatically signed up for them. That way you won’t have to worry about making repayments each time they’re due, which is sometimes daily.

After that, keep an eye on your account — even machines make mistakes. Reach out to your lender’s customer service team if you notice anything wrong. Bizfi’s customer service line is 800-521-1779. You can also talk to a representative through its live chat feature on its website, though phone operators are typically better equipped to help out in a crisis.

Bottom line

Bizfi has a lot of financing options for a wide variety of business types. It might be a good place to start if your business has had trouble qualifying for financing in the past due to poor credit or other reasons. However, its lack of transparency about rates raises some red flags, especially since it gives a range on loan amounts, terms and other aspects of each loan. Its frequent repayments can also be difficult for borrowers to keep up with.

Not ready to make a decision just yet? Compare more lenders and how different loan types work by visiting our business loans guide.

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