Nav business loans review

Who Nav is best for

Nav is best for business owners looking for funding, as well as tools and resources to improve their business credit score and overall financial health. Nav offers a single dashboard where you can view and apply for loans, and get an overview of your business’s credit health, social scores and credit reports. This integrated system can help you better understand where your business sits financially and credit-wise, so you can increase your chances of being approved for a loan.

What makes Nav shine?

Nav stands out for its large selection of lenders offering a wide range of loans, business credit cards and business solutions. And its credit monitoring services can help you track your credit health and identify the factors that may be making it harder for you to get a business loan.

Nav also stands out for its technology, which matches your business’s profile with the lenders most likely to work with you. In a business environment where the majority of business loan applications get rejected, Nav is noteworthy for its relatively high approval rate – as high as 41% according to sources online.

And starting in 2024, Nav’s platform is offering its “Next Best Option” solution. If your business isn’t approved for a loan or credit card from a Nav provider, Nav is able to analyze why and let you know what your next best funding option is so you can access the funds you need.

Where Nav falls short

While Nav offers valuable free services like credit reports and financial insights, some users may find its range of free tools and resources limited. To access a wider range of features and more detailed reporting, you must pay for the Nav Prime membership, which costs $49.99 per month.

Nav loan details

How to qualify for Nav

To qualify for a business loan through Nav, be prepared to meet these criteria:

• Credit score. A fair to excellent credit personal credit score is ideal, although some lenders may accept scores as low as 550.
• Time in business. Your business should be operating for a minimum of six months, although many loans require at least one to two years in business.
• Annual revenue. You’ll likely need to show a minimum of $50,000 up to $1 million a year in revenue. Again, this depends on the lender and loan type.
• Personal guarantee. Most business loans require a personal guarantee, which makes the business owner personally responsible for repaying the loan if the business is unable to do so.
• Other factors. Depending on the lender and the type of loan, you may need to provide a down payment and/or collateral, a business plan, financials and more.

How to apply

To apply for a loan through Nav, create a Nav account and enter your personal and business information.

Once you’re logged in to the Nav dashboard:

1. Compare your loan and credit card offers under Get Financing.
2. Apply for a loan by selecting Apply Now.
3. Fill out the loan application.

Nav matches your information to their lenders and presents the loans and services you’re most likely to qualify for. In the same dashboard where you view loan offers, you can also access credit reports, and link your bank and social media accounts to analyze your business’s cash flow and social health.

How Nav compares to other lenders

Compare Nav’s rates, terms and features to other popular loan providers.

Nav business loans

★★★★★

Finder rating 4.8 / 5

Go to site

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Loan amount

$500 – $5,000,000

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APR

Varies by lender

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Loan term

3 months to 25 years

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Requirements

550+ credit score

Lendio business loans

★★★★★

Finder rating 4.8 / 5

Go to site

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Loan amount

$1,000 – $5,000,000

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APR

Varies by lender

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Loan term

3 months to 25 years

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Requirements

Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue

Fundible

★★★★★

Finder rating 4.9 / 5

Go to site

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Loan amount

$1,000 – $10,000,000

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APR

Rates start at 1% per month

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Loan term

3 to 60 months

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Requirements

500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements

Nav reviews and complaints

Most users rate Nav well — commenting on how easy the app is to use and how its credit reporting features helped them build their business and personal scores. However, some customers complain of problems with the dashboard, inexplicable drops in credit scores, difficulties canceling the service and a large uptick in the amount of telemarketing calls received after signing up.

Is Nav legit?

Yes, Nav is legit. It has a secure website with SSL encryption to keep your information safe from hackers. And it vets the lenders it works with to ensure its partners are also legit.

Its privacy policy covers how it collects and uses your personal information. It states that it won’t allow third parties to collect personally identifiable information without your permission.

Frequently asked questions

Does Nav do a hard credit pull?

Signing up for Nav and checking your credit scores and loan offers doesn’t affect your personal or business credit scores. However, Nav will do a hard credit pull if you apply for a business credit card or business loan through the service.

Is Nav Prime worth it?

Nav Prime could be a good investment in your business if you’re looking to boost your credit score and monitor your finances in one place. It provides detailed credit reporting, tradeline reporting, a no-fee business checking account, and a Nav credit card that helps build credit with each swipe.

Does Nav build business credit?

Although individual results vary, Nav claims that its service can increase business credit scores up to 50% in the first three months.

How much is Nav monthly?

While it doesn’t cost anything to set up a Nav account and view your loan offers, a Nav Prime membership costs $49.99 a month.

Does Nav charge users fees on its loans?

No, Nav’s loan comparison service is completely free for users. However, the lender you’re matched with may charge origination and other fees.