
Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
finder.com’s rating: 4.37 / 5.0
★★★★★
$5,000
Min. Amount
$10,000,000
Max. Amount
Product Name | BizLoans.io business loans |
---|---|
Min. Amount | $5,000 |
Max. Amount | $10,000,000 |
Loan Term | Varies by lender |
Min. Credit Score | 700 |
APR | Varies by lender |
Requirements | Must have good credit and at least 6 months in business. |
The only real requirement to qualify for a loan from one of BizLoans.io’s partners is a personal credit score of 470 or above. However, you probably won’t be able to qualify for large amounts or reasonable rates unless you have a score of at least 550. To be eligible for a term loan, your business must be at least six months old and you must have good or excellent credit.
BizLoans.io is the business branch of FinMkt, an online loans marketplace. It can connect borrowers with lenders in a matter of seconds, using an algorithm to compare your business against its partners’ eligibility requirements. After you choose a lender, BizLoans.io walks you through the rest of the application process until you sign your loan documents.
Its partners offer secured and unsecured term loans ranging from $5,000 to $10,000,000 with rates typically around 15%–150% and varies by lender for newer businesses or owners with poor credit. Terms vary by lender, as do fees, but you won’t need to pay a fee for using BizLoan.io’s services.
In addition to term loans, other types of financing offered by BizLoans.io’s partner lenders range from $5,000 to $10,000,000. A few examples of the kinds of loans you can get from partners of BizLoans.io include:
BizLoans.io isn’t just a one-off service that connects you with potential lenders and then steps away. Instead, it’s one of a handful of online business loan marketplaces that has the support to walk your business through the entire application process, which can be tricky. There’s no confusion about which customer service line to call, who is in charge of your loan or any other mix-ups that can happen when you try to find a loan through a marketplace.
BBB accredited | Yes |
---|---|
BBB rating | A+ |
BBB customer reviews | 5 out of 5 stars, based on 1 customer reviews |
Customer reviews verified as of | 12 October 2020 |
BizLoans.io doesn't have a BBB or Trustpilot page, and its parent company — FinMkt — only has one review from 2018 on its BBB page. Unfortunately, this means that you'll be in the dark when it comes to BizLoans.io's customer service and general lending practices if you decide to borrow.
You can apply through BizLoan.io’s site or get started over the phone by calling 877-249-3338. Applying online is a little less involved, but you won’t have anyone there to immediately answer your questions if you have any. Before you get started with either option, check your eligibility.
The only hard requirement BizLoans.io has is a 470 credit score cut-off for business owners, though you won’t be able to get the most competitive rates unless you have excellent credit. Term loans require good or excellent credit and at least six months in business.
How long you’ve been in business can also play a role in how much your business is able to qualify for. For example, startups can have a hard time qualifying for loans over $50,000. Generally, the longer you’ve been in business, the more competitive your loan will be.
Depending on your application, BizLoans.io might recommend that you apply for a loan through FinMkt’s personal loans marketplace, Lendvious. These loans range from $1,000 to $50,000, are entirely based on your personal credit and come with rates starting at 4.99% and terms of three to five years.
Funding time varies. For term loans, it can take as little as two weeks to get your money, though the average is 30 days.
Since BizLoans.io is a connection service, the documents you need to apply vary. However, to complete the application, you must upload:
What happens next depends on your lender — after you sign your loan documents and receive your funds, BizLoans.io is no longer a part of the picture.
You might want to ask your lender if you can sign up for automatic repayments. That way, you won’t have to take time out of your day to manually make repayments each month.
Term loans come with monthly repayments, while other types of financing might come with daily or weekly repayments — especially working capital loans. Whichever one your business goes for, make a habit of checking your loan balance and business bank account to make sure everything is going smoothly. And don’t hesitate to contact customer service if you have any questions.
BizLoans.io’s marketplace has fewer requirements than most. However, it’s not the fastest way to get your funds and you could end up with high rates and fees if your credit score is lacking or you haven’t been in business that long. It could be a useful resource for businesses that have a hard time getting a loan.
Not sure it’s the right marketplace for you? You might want to visit our business loans guide. There, you can compare lenders and learn more about how business financing works.
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.