Biz2Credit Review 2024

What are some of the benefits of using Biz2Credit’s Services?

You only have to submit one application to receive multiple loan offers.

As Biz2Credit is an online marketplace that connects lenders with borrowers, you will be able to receive multiple loan offers by submitting a single application. When you apply, Biz2Credit will analyze your stats and present you with any loan offers that you may qualify for which will save you time.

They specialize in several industries but will work with any type of business.

Biz2Credit specializes in finding loan options for borrowers in certain industries such as the medical field, restaurants, and salons. While they may be able to offer specialized advice to members of those industries, they are more than capable of working with any type of business.

Offers loans to those who may not qualify for funds with traditional lenders.

Biz2Credit’s flexible requirements will allow many to apply, even those who may not qualify for loans through banks or other lenders. While it is not guaranteed that you will receive a loan offer with a lower personal credit score, you have a much better chance with Biz2Credits platform.

What are some of the downsides to using Biz2Credit Business Loans?

Lending guidelines will vary depending on which lender you are connected with

One of the downsides of using any online loan marketplace to connect with lenders is you may not know the specific terms and conditions of a loan before you are in the process of applying. Loan terms will always vary depending on your credit history and the loan amount but you will find a greater variation in requirements when you use an online lender.

Multiple fees may apply.

Although it is free to apply for a loan through Biz2Credit, you will likely have to pay at least one type of fee when you process your application such as underwriting fees and origination fees. While these fees may be worth it when you consider the fast funding time and lower requirements, you may be able to find other lenders that do not charge these.

Do I need a credit check to take out a business loan with Biz2Credit?

The prequalification process does not require a hard credit check - that comes later when you select a loan and complete your application process.

Are there any hidden costs and fees associated with Biz2Credit business loans?

Ultimately there are several types of fees that you may encounter throughout your loan term with Biz2Credit and the amount varies depending on if the loan is a non-bank or bank product. Their non-bank financing products require you to pay an underwriting fee which will be charged when the loan is finalized. These underwriting fees can be anywhere between $240 and $400.

If the loan is a bank financing option you will be required to pay a closing fee or origination fee to Biz2Credit when the loan is finalized. The exact amount this fee will vary depending on the size of your loan as it is typically a small percentage of your total loan amount.

How is Biz2Credit’s customer service and support?

Biz2Credit offers four channels for customer support: email, phone, chat, and contact form on the website. The chat feature is easily accessed on their website and can even be used during the application process. To access the phone line, simply dial  800-220-3795 from Monday through Saturday between 8:00 AM and 9:00 PM EST.

How to qualify for a Business Loan through Biz2Credit

There are a variety of qualifications that you may need to meet before applying through Biz2Credit and these qualifications vary depending on what type of loan you are interested in. At minimum you will likely need:

• Proof of ownership or partial ownership
• To have been in business for at least six months
• Credit score of 670 although certain loan types can be granted to borrowers with a personal credit score as low as 575

How to Apply for a Business Loan with Biz2Credit

One of the best aspects of Biz2Credit is their fast and easy application process. You will start out by spending five or so minutes filling out their online application and Biz2Credit will match you with any suitable loan offers. Once you select the loan offer that you are interested in accepting, you may need to submit additional documentation and paperwork before the loan is finalized.

Is Biz2Credit Legit and Trustworthy?

Yes, Biz2Credit is a legit company that matches borrowers with trustworthy lenders that are open and honest about their conditions. You can feel safe and secure about providing them with your personal information.

Conclusion

While Biz2Credit offers loan options for many, especially those who are struggling to qualify through other traditional lenders, the high fees and difficulty contacting customer service may mean working them is not worth it. However, if you cannot qualify with other lenders and Biz2Credit is one of your only options, you may find a loan through them that suits your needs.