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Biz2Credit Small Business Loans Review


ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
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Founded in 2007 and based in New York, Biz2Credit is an online small business loan platform that uses proprietary technology to match applicants with a large network of lenders.
 
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How is Biz2Credit rated?

Breakdown

5.0/5
Loan Options
5.0/5
Application Requirements
5.0/5
Average Rates & Fees

Overall Rating: 5 / 5 (Excellent)

Biz2Credit is a very good option for small business loans. Not only does the organization provide a wealth of information and guidance in choosing the right kind of loan product, but also dedicated and personal support. Biz2Credit is backed by Nexus Venture Partners and to date has secured more than $7 billion in funding for thousands of small businesses across the United States. The company's proprietary online matching tool connects customers with the best type of small business loan and affiliate possible.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Disclaimer

Note that Biz2Credit also helps with commercial real estate loans.

SBA Loans

Min. Loan Amount
$5,000
Max Loan Amount
$5,000,000
Min Term Length
5 years
Max Term Length
25 years

Term Loans

Max Loan Amount
$500,000
Max Term Length
36 months

Business Lines of Credit

Min Loan Amount
$10,000
Max Loan Amount
$1,000,000
Min Term Length
3 months
Max Term Length
36 months
Repayment Terms
Pay interest only on the amount borrowed.

Merchant Cash Advance

Min Loan Amount
$6,000
Max Loan Amount
$5,000,000
Repayment Terms
Lump sum is paid back daily as a portion of credit card sales.

Loan Options - 5 / 5

Biz2Credit is not simply an online portal that connects those looking for small business loans with funders, but rather a vast knowledge center that offers information on all kinds of small business loans, as well as one-on-one support from a dedicated team of business financing experts. When it comes to getting the actual loan, customers can talk with Biz2Credit to first find out what is their best option, then get connected with any one of the company's trusted partners. Through its partners, Biz2Credit can provide access to SBA loans, unsecured business loans, equipment loans, lines of credit, merchant cash advances, business acquisition loans, and commercial real estate loans. In addition to these, Biz2Credit also offers special lending programs for women, veterans, and minorities.

Biz2Credit Rates & Fees

SBA Loans

Min APR
6.5%

SBA Loans

Fees: Depends on lender

Term Loans

Min APR
4.0%
Max APR
36.0%

Term Loans

Fees: Depends on lender

Lines of Credit

Min. APR
7.0%
Max APR
25.0%

Lines of Credit

Fees: Depends on lender

Merchant Cash Advances

Fees: Depends on lender

Equipment Loans

Min APR
8.0%
Max APR
30.0%

Equipment Loans

Fees: Depends on lender

Average Rates & Fees - 5 / 5

Rates and fees for loans procured through Biz2Credit will vary depending on the chosen lender. The APRs provided by the company depict the typical range you can expect from one of their partners for that specific type of loan. Merchant cash advances have factor rates of between 1.14 - 1.45. Factor rates are expressed in decimals and differ from APRs. Unlike APRs factor rates are not recalculated each month but only applied once. By multiplying the factor rate by the loan amount customers will see how much they will need to pay back in total.

In terms of fees, Biz2Credit charges a closing fee when the loan transaction is finished. Other fees will vary depending on the affiliate. Some common small business loan fees include processing fee, service fee, origination fee, prepayment penalty, packaging fee, SBA guarantee fee, NSF fee, late payment fee, wire transfer fee, and referral fee.

Application & Qualifications

Online Application
Approval Time
Prequalify in a few seconds
Funding Time
Depends on lender

Application Requirements - 5 / 5

Biz2Credit offers a quick online application for most of their small business loans. Customers need only input the amount they need, time in business, annual revenue, and credit score for the portal to begin connecting them with the right lenders for them. Certain customers can prequalify in seconds, but funding will depend on the specific affiliate. Some customers with the right documentation and information can receive funding in as little as 24 hours.

Biz2Credit Reputation

Customer Feedback

Trustpilot Score
4.9 out of 5
BBB Rating
A+
BBB Positive Reviews
11
BBB Negative Reviews
2
Date Collected
2020-02-12

Consumer Education - 5 / 5

Biz2Credit has a great reputation online, with a 9.8 (excellent) Trustpilot score. This was based on over 1,500 reviews, nearly all of which were positive. This is highly unusual for a company of this type. Additionally, the company carries an A+ grade with the BBB even though they are not accredited. Customers seem the most impressed with Biz2Credit's professional and knowledgable customer service, as well as a no-nonsense and quick turnaround time.

Contact & Additional Information

Homepage URL
https://www.biz2credit.com/
Company Phone
(800) 200-5678
Headquarters Address
1 Penn Plaza, New York, NY, 10119
Year Founded
2007

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Top Rated
Our Partner

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000

  • Average Yearly Revenue requirements:$100,000

  • Minimum Credit Score: 625 FICO

  • Minimum Time in Business to apply: 1 year

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