Who Is Biz2Credit For?
If you’ve stumbled upon any Biz2Credit review lately, you’ll know that it’s a fintech platform that focuses on helping people get funds for their small businesses. In short, it works by leveraging cash flow insights, data, and the latest tech to connect business owners with their ideal lender online.
What’s more, Biz2Credit is perfect for small businesses that require rapid financial assistance. For one, bank loans are hard to come by and even then the process can be long and cumbersome — hence the appeal of fintech platforms such as Biz2Credit where you can come in contact with a potential lender fast and without much hassle.
Therefore, if you yourself are looking for fast financial assistance for your small business, look no further than this Biz2Credit funding review. Here, we’ll go over all the vital aspects of the platform, as well as everything you need to know about the application process, the fees, and more.
Biz2Credit: Everything You Need to Know
As previously mentioned, the platform focuses exclusively on startups and other small businesses by helping them connect with potential lenders online. In fact, the funding platform has provided more than $3 billion in loans and financing on a global scale thus far.
Also, don’t get fooled by the Biz2Credit logo, they’re not a merchant platform as some might think at first sight.
Moreover, the company offers some of its own financing products to businesses, making it even more appealing to those who want to deal with the company directly.
In addition, the company is responsible for creating the Biz2X platform where TATA Capital, Oriental Bank, HSBC software, and other “bigwigs” launch their digital lending operations.
Last but not least, the company’s HQ is located in New York and was launched back in 2007.
Reviews on Biz2Credit all boast about the quick and easy application process. Namely, you just have to submit your loan amount, your business experience, credit score, and annual revenue, and you’re good to go!
What’s more, if you feel like you might require some assistance, you can also begin the process via the platform’s chat feature where a representative will answer all your questions.
And, if you fulfill all the Biz2credit requirements, the platform will automatically match you to one of its funding options once you’ve submitted your info.
Note that there is the possibility of getting multiple options; in that case, you simply pick the one that suits you best. After doing so, you’ll also need to submit additional documentation in order to get your money; usually in a 24-hour window.
Seeing how we’ve covered all the basics, it’s time to move on to more important things. For instance, what makes Biz2Credit stand out from the rest.
In this section, we’ll talk about the platform’s services and other key features to paint a clearer picture and help you make an informed decision.
If you’re worried about whether or not this company is legit, just read a few Biz2Credit reviews, BBB reviews, and expert reviews (such as this one) to give yourself some peace of mind.
Overall, you find that Biz2Credit offers a fair number of services, including four distinctive financing types, which are:
- Merchant Cash Advances: Or MCAs for short, involve purchasing future credit card receivables via a lump sum. After that, the funder collects a previously agreed-upon percentage of the entire loan amount plus a flat fee on a daily basis.
- Term Loans: These grant you (the borrower) a lump sum that you have to repay — in addition to the agreed-upon Biz2Credit interest rates — within a previously determined timeframe, which can be daily, monthly, or weekly. According to the latest credit card statistics, 28.3% of Americans used credit cards and term loans to cover their expenses during the pandemic (small businesses included).
- Commercial Real Estate Loans: In essence, these are long-term loans used for acquiring commercial property. As such, the property in question is used exclusively for business purposes or renting. Certainly something to think about after you’ve chosen one of the most suitable business credit cards for your startup.
- SBA Loans: These amounts are partially guaranteed by the Small Business Administration as a part of the PPP or Paycheck Protection Program. This loan option has a much slower application process. Nevertheless, it also sports the smallest rates and fees for small business owners.
Loan Rates and Fees Repayment Terms
Naturally, Biz2Credit rates and those offered by lending partners can vary greatly. Likewise, different financing options come with different terms. For instance, a term loan will have different loan rates and fees than a SBA loan, etc.
Hence, it’s worth looking into each type of financing program, as well as the fees and rates that go along with them.
For example, you can opt for an SBA loan if you’re looking for lower fees and interest rates. Still, bear in mind that, although cheap, these might not be the best option if you’re looking for some fast cash, according to several Biz2Credit reviews.
Let’s delve deeper to find out exactly which ones are ideal for you.
Merchant Cash Advances
When you apply for an MCA, you don’t technically owe the money you’ve borrowed; namely, the funder bought a specific sum of your credit and debit card sales.
In this case, you will need to multiply the lent sum by the factor rate you’ve agreed on to find out just how much the lender will collect from you in total.
As a result, repayments can take place each day and a certain percentage of your card sales will be transferred to the funder. Moreover, the total amount may fluctuate in this case seeing how each day will be different revenue-wise.
Term Loans/Unsecured Business Loans
Most Biz2Credit reviews highlight that you won’t need collateral with this type of loan. Instead you’ll have to sign a personal guarantee stating that you take full responsibility for your company’s debts.
In other words, these loans are pretty straightforward and come with a standard origination fee. Likewise, these loans often come with lengthier terms paid on a monthly basis (more often than not).
To be precise, Biz2Credit offers loan amounts for this type of loan in the $25,000 to $250,000 range with rates as low as 8,99%. Better yet, you’ll get your funding within 72 hours of applying.
Lastly, we’re sad to inform you that Biz2Credit PPP applications are suspended as of May 31, 2021.
These come in different shapes and forms. Yet, the good news is: loan rates are established by the Small Business Administration. Meaning, they don’t vary much from lender to lender.
Commercial Real Estate Loans
The above-mentioned loans help you reinvest your capital in your latest business opportunity without much hassle. In fact, the application process lasts for only 48 hours (at most) and the rates start from as low as 10%.
In addition, you’ll be delighted to hear that the loan amount ranges from $250,000 to $6,000,000 with terms ranging from 12 to 36 months, making them extremely flexible.
If you’re not careful enough, you could potentially find yourself stuck in a lawsuit with Biz2Credit. To avoid such a scenario, make sure you don’t miss out on any payments and that you don’t do any “harm” towards the lending brand’s operations or profits.
For one, be sure to go over all the details of your lending contract with your lender.
Terms are not set in stone and they will vary from lender to lender. However, there are some minimum requirements that you should look out for, namely:
- Having a profitable business
- Operating for 2+ years
- A minimum credit score of 670
Also, according to the latest Biz2Credit reviews, PPP financing is no longer available.
What’s more, the max amount is said to be around $250,000 for small businesses with a loan term of up to 36 months (8,99% to 36% APR).
Note, the better your credit score, the better the loan deal. Hence, if you’re having trouble repairing your credit score, look for a credit repair company to do it for you; it’ll pay off in the long run.
As far as customer support and services go, we can safely say that Biz2Credit covers all the bases. Namely, there’s a dedicated Biz2Credit phone number, email, live chat, and contact form that you can fill to reach out.
However, out of all these, we’d recommend going for the live chat if you need a quick and easy answer. For instance, if you’re not sure about the details of your loan deal, the application process, and so on.
Now, as far as safety is concerned, almost any Biz2Credit funding review will tell you that your personal information is kept secure with this platform. In a nutshell, the website boasts an Entrust verification process and uses the latest encryption methods.
Note, though, that Biz2Credit will automatically share your info with its partners (3rd parties and lenders) if you agree to their terms of service — this is done primarily to speed up the application process and help you find your ideal lender.
All in all, Biz2Credit is an outstanding alternative when you don’t want to deal with banks.
For one, they offer several financing options with low application requirements, which you otherwise wouldn’t get from traditional lending channels. Additionally, reviews on Biz2Credit are quick to point out the fast application process and the flexibility of dealing with multiple lenders, as well as in-house offerings.
Pros & Cons
- Faster than traditional loans (banks)
- Plenty of positive Biz2Credit reviews from experts and borrowers alike
- Easy and fast application process
- Long-term financing options also available
- Somewhat higher rates
- Additional fees
Is Biz2Credit legitimate?
Yes, by all accounts Biz2Credit is a legitimate business, albeit not formally accredited by the BBB. Nevertheless, it boasts a stellar A+ rating from the same.
What’s more, Biz2Credit is one of the few lending platforms that’s 100% SBA-approved.
Still, the main reason this platform gets bad reviews from time to time is because people often overlook the details regarding their loans and get extremely frustrated. Consequently, they have an ax to grind so they vent over the internet and scare some people off in the process.
Is Biz2Credit SBA approved?
In short, yes. The platform is a funding affiliate lender for the SBA (Small Business Association). This also makes Biz2Credit one of the few fintech companies approved by the administration that is also recognized as a non-bank lender within the program.
Who is the best SBA lender?
The answer will depend mostly on what you consider best. From a certain point of view, banks are the safest way to go. Fintech companies, on the other hand, often yield quicker results — in other words, the funds can be accessed faster, even with a lower credit score.
For instance, Celtic Bank, Newtek, Main Street Finance Group, and SmartBiz are some of the best SBA lenders, to name but a few. And, by looking at numerous positive Biz2Credit reviews, Biz2Credit also fits the bill.