Become Loans Review: The Most Efficient Loan Marketplace?

Become is a loan connection service that specializes in small business loans. It’s partnered with more than 50 lenders, and the number of companies that have relied on its services tops at 200,000.

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    Financially Reviewed by Gordon Scott

    Become was formerly known as ‘Lending Express’ but underwent a rebranding and name change back in July 2019. Its core service has remained the same, though, and it’s one of the best in the business when it comes to connecting borrowers to multiple lenders. 

    Become is well-known in the industry for being able to hunt down platforms that have low rates, generous terms, and reasonable eligibility criteria. With more than 50 partner lenders on its books, there’s an excellent chance you’ll be able to find a great deal here. 

    What Is Become?

    Become small business loans are able to draw on the resources of lenders from all over the country. This means customers have an impressive range of nine types of lending to choose from, including term loans, startup options, lines of credit, and invoice factoring. 

    Rates and terms can vary considerably across each loan type, but you’ll generally be able to borrow between $5,000 to $500,000 and terms can extend all the way up to 120 months. Impressively, credit score minimums are just 300 here, making it a very accessible option for just about every startup.

    Advantages and Disadvantages of a Become Business Loan

    Become Advantages

    • Multiple lenders to choose from - With more than 50 lenders offering services via the platform you’re much more likely to be approved than if you tried different services individually
    • Fast applications - The online form can be completed in just a few minutes and you can have dozens of offers near-instantly. In most cases, your chosen lender will be in touch within 24 hours
    • More than nine loan types to choose from - Become offers the ultimate in flexibility with lending types covering every conceivable small business need
    • Poor credit is welcome - With minimum credit scores starting from just 300, you needn’t worry about your poor history affecting your loan chances
    • Great customer service - The Become customer service team works hard to ensure you get approved, offering tips to assist your application

    Become Disadvantages

    • Limited information pre-application - With so many options and lenders to pick from, it’s difficult for Become to provide detailed and reliable information on rates and terms before you apply
    • Some lenders may have high fees - Watch out for high fees in your final loan agreement and make sure you’re prepared to include them in your budget

    Become Loans Features

    With nine different loans to choose from you can expect a wide variety of loan features, rates and terms. It can be difficult to know exactly what you’re going to get before you apply as all of Become’s partner lenders will assess your application using different criteria. We’ve pulled together some information on the basics of each loan type below, but bear in mind your offer could be significantly different from this.

    Unsecured Business Loan

    A standard term loan with high borrowing limits and competitive rates. This is the most popular option on the platform and applications can be approved and funded in just three hours.

    Loan Type

    Unsecured business loan

    Term length

    Variable depending on lender

    Repayment period

    Monthly

    APR range

    From 7.5%

    Min - Max amount

    Between $5,000 and $500,000

    Commercial Vehicle Loan

    This type of lending must be used to secure a vehicle for your business. Terms are usually longer and are intended to last the lifetime of the purchase. You’ll need to provide proof of purchase of the vehicle to apply. 

    Loan Type

    Commercial vehicle loan

    Term length

    Up to 10 years

    Repayment period

    Monthly

    APR range

    Not disclosed

    Min - Max amount

    Between $5,000 and $500,000

    Startup Business Loans

    Intended to give brand new ventures a leg up, Become doesn’t actually disclose any details prior to application. You’ll need to go through the specialist review process to find out if you’ll be eligible; rates and terms will be tailored to your financial situation.

    Loan Type

    Startup business loan

    Term length

    Not disclosed

    Repayment period

    Not disclosed

    APR range

    Not disclosed

    Min - Max amount

    Between $5,000 and $500,000

    Asset-Based Loan

    This is a type of secured loan in which you’ll use some of your business assets as collateral. It’s common for borrowers to use inventory, shares, equipment, and cash-in-bank as securities. As terms are based entirely on the assets you put forward, no information is provided pre-application.

    Loan Type

    Asset-based loan

    Term length

    Not disclosed

    Repayment period

    Not disclosed

    APR range

    Not disclosed

    Min - Max amount

    Between $5,000 and $500,000

    SBA loans

    Small Business Administration (SBA) loans are backed by the federal government. They usually require a little more work on your part in the application process; for example, submitting a detailed business plan, but you can usually find some pretty decent rates. 

    Loan Type

    SBA loan

    Term length

    Up to 10 years

    Repayment period

    Monthly

    APR range

    Not disclosed

    Min - Max amount

    Between $5,000 and $500,000

    Merchant Cash Advance

    A merchant cash advance isn’t really a loan and is instead a promise to pay back a percentage of your credit and debit card sales to the lender in an exchange for a lump sum of cash. Rates can be quite high, and the daily payments can put pressure on cash flows.

    Loan Type

    Merchant cash advance

    Term length

    Minimum of four months

    Repayment period

    Daily

    APR range

    Not disclosed

    Min - Max amount

    Between $5,000 and $500,000

    Line of Credit

    With this type of lending, you’ll be offered a designated lending limit and can draw as much, or as little, as you’d like, at any point over the lifetime of the loan. These are a great choice for anyone that needs flexible, and fast, access to funding. Plus, you’ll only pay interest on the cash you borrow, but may be charged a monthly fee. 

    Loan Type

    Line of credit

    Term length

    Not disclosed

    Repayment period

    Not disclosed

    APR range

    Starting from 4.66%

    Min - Max amount

    Between $5,000 and $500,000

    Business Equipment Loan

    Used to purchase a specific piece of equipment, this type of lending comes with generous repayment terms of up to 10 years. The machinery you’re purchasing will act as collateral for the loan, so be aware that it could be seized if you fail to keep up with payments. 

    Loan Type

    Business equipment loan

    Term length

    Up to 10 years

    Repayment period

    Not disclosed

    APR range

    Not disclosed

    Min - Max amount

    Between $5,000 and $500,000

    Invoice Factoring

    Invoice factoring allows you to borrow against your unpaid invoices, on the promise you’ll repay the loan when your clients pay you. It’s a useful option to deal with cash flow issues in a pinch but could come with higher fees. 

    Loan Type

    Invoice factoring

    Term length

    Not disclosed

    Repayment period

    Not disclosed

    APR range

    Not disclosed

    Min - Max amount

    Between $5,000 and $500,000

    Become Interest Rates and Fees

    No fee information is provided on any type of Become funding before you begin your application. This is because these will vary considerably depending on which lender you ultimately choose to borrow from. Some may have origination fees and admin costs, while others won’t. 

    In addition, starting rates for only two types of loans are disclosed pre-application:

    • Unsecured business loan - From 7.5%
    • Line of credit - From 4.66%

    If you’d like to know more you’ll need to get in touch with the Become customer service team to find out whether they can provide additional detail on what rates and fees will apply to the specific type of loan you are seeking.

    How to Qualify for a Become Loan?

    Each type of Become funding generally comes with similar qualification criteria. Those with low credit histories are welcome, with some options accepting applications with scores as low as 300. Plus, monthly income requirements are set at a fairly consistent $5,000 per month. However, there are some differences to be aware of which we’ve summarized below.

    Unsecured Business Loan

    Criteria

    Unsecured business loan

    Minimum credit score

    350+

    Minimum annual revenue

    $60,000

    Minimum time in business

    Six months

    Commercial Vehicle Loan

    Criteria

    Commercial vehicle loan

    Minimum credit score

    450+

    Minimum annual revenue

    $60,000

    Minimum time in business

    Three months

    Startup Business Loan

    Criteria

    Startup business loan

    Minimum credit score

    Not disclosed

    Minimum annual revenue

    Not disclosed

    Minimum time in business

    Not disclosed

    Asset-Based Loan

    Criteria

    Asset-based loan

    Minimum credit score

    Not disclosed

    Minimum annual revenue

    Not disclosed

    Minimum time in business

    Not disclosed

    SBA Loan

    Criteria

    SBA loan

    Minimum credit score

    670+

    Minimum annual revenue

    $60,000

    Minimum time in business

    Three months

    Merchant Cash Advance

    Criteria

    Merchant cash advance

    Minimum credit score

    500+

    Minimum annual revenue

    $60,000

    Minimum time in business

    Three months

    Line of Credit

    Criteria

    Line of credit

    Minimum credit score

    300+

    Minimum annual revenue

    $60,000

    Minimum time in business

    Three months

    Business Equipment Loan

    Criteria

    Business equipment loan

    Minimum credit score

    450+

    Minimum annual revenue

    $60,000

    Minimum time in business

    Three months

    Invoice Factoring

    Criteria

    Invoice factoring

    Minimum credit score

    Not disclosed

    Minimum annual revenue

    Not disclosed

    Minimum time in business

    Not disclosed

    The Become Application Process

    You’ll start your application online by selecting your desired loan amount and inputting some basic details about your business. Next, you’ll choose which of the nine loans you’d like to apply for and you’ll be presented with various offers from more than 50 partner lenders. 

    Once you choose the option you like best, you’ll be put in touch directly with that lender to complete the process. What we really like about Become is that if you’re rejected for any reason, the customer service team will give you access to a LendingScore dashboard. Here, you’ll be able to see why you might have been rejected and you’ll get advice on how to improve your chances in the future. 

    Documentation requirements are a little different across each lender, but you’ll be expected to provide the following as standard:

    • Statements from the previous six months of your business checking account
    • Your most recent tax return
    • Financial projections (particularly if you’re applying for a startup loan)
    • Six months of merchant statements

    How Does Become Determine the Loan Amount?

    Each lender will apply its own different criteria when determining your terms and borrowing amount. Your credit score will most likely be the primary deciding factor, closely followed by your profit and loss and cash flow information. If you’d like to know more you’ll need to get in touch with your chosen lender directly. 

    Customer Support

    Customer support here is excellent. Not only can you reach out via phone and email, Become’s service agents will even help you out during the application process, giving you advice on how to improve your chances of being accepted. Plus, you’ll find helpful videos embedded on Become homepage covering each loan type alongside a list of handy facts. Information is presented clearly and is easy to digest and you’ll have a good understanding of all the borrowing types in no time. 

    However, once you’ve received your funding you’ll need to send any queries directly to your chosen lender. We’d recommend doing your due diligence on the reputation of your selected provider to ensure you’ll be getting good service. 

    Become Loan Reviews

    Borrowers simply can’t get enough of the customer service at Become, as evidenced by its amazing 4.9 stars out of 5 on Trustpilot. Customers are very impressed with the fast and efficient service and the genuine interest shown by the customer service team in individual applications. 

    Customer complaints have mentioned the amount of personal information required to complete an application, some instances of slow funding and a few complaints about the customer service of various lenders. 

    Positive Reviews

    Negative Reviews

    Great customer service

    A lot of personal data is required

    Fast applications

    Slow funding

    Easy to understand process

    Some complaints about lender customer service

    Interesting Facts About Become

    Become has now helped disburse more than $300 million to 236,000 businesses across America. The team is actually composed of software engineers, product designers and business experts, meaning the algorithm used to decide your perfect lender is always being tweaked and updated. 

    Final Thoughts

    There’s very little not to like about Become and we’d highly recommend it to anyone that’s shopping around for a small business loan but isn’t sure where to go. The number of loan options will cover most borrowing needs and the lenient eligibility criteria will certainly increase your chances of being accepted.