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Nav business loan marketplace review

Find a lender or business credit card — but be prepared for marketing materials.

  • Best for businesses that have struggled to qualify for funding in the past.
  • Pick something else if you don't want to get bombarded with marketing calls and emails.
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Details

APRVaries by lender

How much will using Nav cost?

Nav doesn’t charge to connect you with a lender, but it has other tiers you can pay for to unlock different degrees of credit reporting for you and your business. You can have your account billed monthly or quarterly — though opting for quarterly can save you up to 20%. Each tier comes with all of the features of the tier below it, along with additional perks.

TierCostKey features

Free

$0

  • Access to the business finance marketplace
  • Business and personal credit alerts
  • Lending specialists
  • Personal credit report summary from Experian
  • Cashflow tracking and alerts

Business Manager

$29.99 per month

  • Business credit report for up to five businesses from Dun & Bradstreet, Experian and Equifax
  • Lost wallet replacement — cancel all lost cards and replace missing documents with one call
  • Full personal credit report from Experian and TransUnion
  • $1 million identity theft protection
  • Business credit report dispute service

Business Boost

$39.99 per month

  • Tradeline reporting to build business credit

Business Loan Builder

$49.99 per month

  • FICO Small Business Scoring Service (SBSS) score

How it works

Nav offers a free connection service so you can easily compare loan and credit card options tailored to your business. When you create an account, you can use its marketplace feature to find lenders willing to work with your business. Because its network is made up of a wide range of lenders, you may be able to find business financing even if you’re running a relatively new startup or have bad personal credit.

It rates your business using a program called MatchFactor, and claims that businesses are four times more likely to be approved when using its connection service. If your business has struggled to qualify for financing in the past, its free service can help you see if you’re eligible for funding through one of its partners.

What do I need to qualify?

There are no eligibility requirements to use Nav’s service. However, the lenders in its network may have their own criteria you need to meet, like minimum revenue or time-in-business requirements.

What information do I need to create an account?

To create an account with Nav, you’ll need to provide the following information:

  • Business name
  • Business address, if applicable
  • Personal address
  • Social Security number
  • Date of birth

Nav may require additional information depending on the tier you sign up for and how you choose to use its other business-building services.

What industries does Nav work with?

Nav doesn’t explicitly state what industries it works with, but the lender you’re connected with may have restrictions. Before you complete a full application, reach out to the lender to confirm your industry is eligible.

Pros and cons

Pros

  • Personal and business credit reports
  • Large program with 100+ lenders
  • Multiple business loan and credit card options

Cons

  • Full credit reports require paid membership
  • May receive multiple marketing calls and emails from its partners

See other top business loan options

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$500 – $5,000,000
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ROK Financial business loans
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ROK Financial business loans
$10,000 – $5,000,000
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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.
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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.

Nav reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 1 out of 5 stars, based on 2 customer reviews
BBB customer complaints 1 customer complaints
Trustpilot Score 4.4 out of 5 stars, based on 60 customer reviews
Customer reviews verified as of 13 October 2020

Many 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, quite a few customers complain of problems with the dashboard and the large amount of telemarketing calls they received after signing up for Nav.

How do I get started?

Since Nav is a marketplace and not a direct lender, you won’t apply for a loan or credit card through its site. Instead, you’ll create an account to get matched with potential lenders. Follow these steps to get started:

  1. Visit Nav’s website and click Get Started.
  2. Enter your business’s name and zip code.
  3. Enter your email and password.
  4. Follow the steps to enter information about you and your business.

Once you have an account set up, Nav will filter potential lenders to find personalized options for your business. If you don’t want to create an account, you can simply click All business loans and select your business’s estimated credit score, annual revenue and age to manually sort lenders.

What happens after I’m connected with a lender?

Nav will redirect you to the lender’s website so you can complete a full application. Double-check that your business meets the lender’s requirements before applying.

How do repayments work with Nav?

Since Nav is a connection service and not a lender, you won’t make repayments to Nav. Instead, you’ll need to contact your lender for repayment options and potential fees.

Prefer to apply through a lender directly? Compare even more options with our guide to business loans.

Frequently asked questions

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Review by


Kellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.

Expert review

Nav works with over 100 top lenders to connect you to the right business loan — or business credit card — for your company. And with a membership, your business will have access to credit reports from multiple bureaus alongside advice to help build your scores. This makes Nav a useful tool for businesses looking to develop their financial profile to improve their future financing options.

However, a membership costs money — up to $49.99 a month. So while you can use its free connection service to find a lender, you’ll need to pay to get access to its other features. Some reviews have also complained about receiving marketing materials, a common problem when working with a connection service.

To apply directly with a lender, compare your business loan options below.

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