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Clover Reviews

Rating: 7.9 / 10 (Very good)
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Clover Business Loans is a Canadian company that matches small business owners with their extensive network of lenders. </br> </br> On average, borrowers can obtain funding between 2 days and 2 weeks. </br> </br> Amounts vary from $1,000 and can reach $2 million. </br> </br> Clover's service is completely free, but does require a minimum credit score of 550.
 
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How Do We Rate Clover?

Breakdown

4.0/5
Loan Options
3.5/5
Application Requirements
4.3/5
Average Rates & Fees

Our Overall Rating: 3.9 / 5 (Very good)

Clover is not a lender, but an online aggregator that connects borrowers with business term loan providers. They feature a high maximum of $2,000,000, though many of their affiliates cannot provide this and it is generally reserved for only the most well-qualified applicants. The company offers virtually no information on partner lenders, APRs, or associated loan fees. What's more, most likely due to the fact the company is young, there is not anything in the way of online customer feedback.

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

Term Loans

Min Loan Amount
$1,000
Max Loan Amount
$2,000,000
Repayment Terms
Repayment terms will depend on the lender.

Loan Options - 4 / 5

Clover is an online marketplace that provides access to small business term loan providers. Loan amounts range from $1,000 - $2,000,000. However, repayment terms vary according to the lender Clover ultimately pairs you with.

Clover Rates & Fees

SBA Loans

Min APR
6.5%
Max APR
9.0%

Average Rates & Fees - 4.3 / 5

As Clover is an online marketplace, term loan fees, as well as APRs, vary depending on the chosen lender.

Application & Qualifications

Online Application
Approval Time
Minutes
Funding Time
2 days - 2 weeks
Min. Years In Business
1 year(s)
Min. Annual Revenue
$10,000
Min. Credit Score
550
Additional Qualification Requirements
No Recent Bankruptcies

Application Requirements - 3.5 / 5

Clover's online application process can see potential borrowers getting approval in minutes, and funded in as little as 2 days, or as much as 2 weeks. The company requires 1 year in business, a credit score of 550, and a minimum annual revenue of only $10,000. These requirements are quite lenient in comparison to other small business loan providers.

Clover Reputation

Customer Feedback

Date Collected
2017-08-23

Consumer Education - 4 / 5

Clover Business Loans does not have much in the way of customer reviews online. There is no Trustpilot score or BBB entry.

Contact & Additional Information

Homepage URL
https://www.cloverbusinessloans.com
Company Phone
(905) 233-7267
Headquarters Address
Suite 215, Abbey Plaza, 1500 Upper Middle Road West, Oakville, Ontario L6M 0C2, Canada
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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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