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Biz2Credit Review - Grow Your Small Business With a Low-Interest Loan

Biz2Credit offers three small business loan products with respectable interest rates and high borrowing limits. The simple application process and fast turnaround for funding have made this platform an increasingly popular choice for entrepreneurs across the country.

biz2credit review
Term loans Best for
4 /5
Rating
$ 25K /
Min. Loan Amount
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    Written by Anthony Edmundson, updated on 10/28/2021

    Biz2Credit specializes in term loans with turnaround times of just 72 hours from application to funding, with very few restrictions on how they can be spent.  It’s an excellent choice for those that need fast injections of cash to fund expansion projects, cover staff costs, and even deal with unforeseen emergency expenses. The lender has an excellent reputation for strong customer service and is very favorably reviewed across aggregate review sites like Trustpilot. 

    What Is Biz2Credit?

    Biz2Credit was founded in New York back in 2007 and it’s grown steadily since then. It’s established itself as a respected player in the industry and has disbursed more than $7 billion in funding to more than 225,000 small businesses. 

    The lender offers three financing options; term loans, working capital loans, and commercial real estate loans. Term loans are intended to fund small-to-medium projects and have borrowing limits up to $250,000, while the other two options can fund much larger acquisitions with up to $6 million that can be borrowed.

    Interest rates are very reasonable and start from just 8.99%. However, we’ve found that credit score and other eligibility requirements can be tough to meet, especially for newer businesses. You should be aware that startups won’t be able to apply. 

    That being said, Biz2Credit small business loans offer a fast, convenient, and well-priced lending option. You won’t face a hard pull to your credit rating until you apply for a loan, so it’s always worth checking them out to see what you can get.

    Advantages and Disadvantages of Biz2Credit

    Biz2Credit Advantages

    • Multiple loan types available - The three funding options on offer cover just about every conceivable type of business expense there is. There are few restrictions and you can borrow for just about anything you’d like
    • Fast disbursement of funds - Biz2Credit has incredibly speedy turnarounds on most loan products, and the longest most customers should have to wait for is just 72 hours after being approved
    • Straightforward application process - Like many alternate lenders, Biz2Credit has created a streamlined and stress-free application process. It only takes a few minutes to find out what types of loans you’ll be eligible for
    • High borrowing limits - With term loans extending to $250,000 and commercial real estate loans with $6 million borrowing limits, you should be covered for most small business needs

    Biz2Credit Disadvantages

    • Strict eligibility criteria - Credit score and annual revenue requirements are quite tough to meet here and you’ll be out of luck if you have poor credit. Plus, in many cases, you’ll need to have scores well above the minimum to be accepted
    • Additional fees may be charged - The platform doesn’t disclose all of its fees, but in all likelihood, you’ll need to pay between 1% and 6% in origination fees at the very least

    Biz2Credit Loan Options

    Biz2Credit is a direct lender offering three different types of funding. Terms are quite flexible across each of the financing options and you can usually borrow for up to 36 months. Plus, if you don’t like the products on offer, the platform has partnered with a number of additional lenders you can turn to.

    As stated above, borrowing amounts range between $25,000 and $6 million depending on which option you choose and interest rates start from 8.99%. We’ve outlined each product in detail below.

    Term Loans

    This is by far Biz2Credit’s most popular funding option. Its term loan offers fixed weekly or bi-monthly repayments and the cash can be in your account within 72 hours. With borrowing limits set at $250,000, it’s an ideal choice for those that want to fund a medium-term project. 

    Loan Type

    Term Loans

    Term Length

    12 - 36 months

    Repayment Period

    Weekly or bi-monthly

    APR Range

    Starts from 8.99%

    Min-Max Amount

    $25,000 - $250,000

    Working Capital Loans

    Most often used to fund your company’s day-to-day operations, working capital loans will be used to cover short-term expenses. Biz2Credit offers an incredibly fast 24-hour turnaround from application to funding - as long as you’re able to provide the relevant documentation upfront. 

    Loan Type

    Working Capital

    Term Length

    Variable - To be discussed on application

    Repayment Period

    Daily, weekly, or bi-monthly

    APR Range

    Variable - To be discussed on application

    Min-Max Amount

    $25,000 - $2 million

    Commercial Real Estate Loan

    These loans are used to purchase specific commercial properties and are typically taken out when a business needs new premises or is undergoing an expansion. Biz2Credit’s real estate loans allow you to borrow up to $6 million.

    Loan Type

    Commercial Real Estate Loan

    Term Length

    12 - 36 months

    Repayment Period

    Monthly

    APR Range

    Starting from 10%

    Min-Max Amount

    $250,000 - $6 million

    Biz2Credit Interest Rates and Fees

    Rates and fees will vary depending on your own personal financial situation. Those with higher credit scores and plenty of evidence of healthy business experience will generally be seen as low risk and be offered more desirable rates and fees. 

    Regardless of which Biz2Credit funding type you choose, you’ll almost certainly have to pay an origination fee, as well as maintenance and other admin charges. These can vary considerably for each applicant and it’s difficult to get an idea of exactly what you’ll be paying until you apply.

    Generally, you won’t be charged for paying off your loan early, but if you sign up with one of the platform’s partner lenders, you may be subject to different terms. We’d always recommend reading your loan agreement very carefully before signing it to make sure the repayments are affordable. 

    That being said, we’ve covered some general rates and fees information for each loan type below.

    Term Loan

    Loan Type

    Term Loan

    Origination Fees

    1% - 6%

    Prepayment Fees

    not applicable

    Late Fees

    not applicable

    Maintenance Fees

    not applicable

    Interest Rate

    Starting from 8.99%

    Working Capital Loan

    Loan Type

    Working Capital Loan

    Origination Fees

    1% - 6%

    Prepayment Fees

    not applicable

    Late Fees

    not applicable

    Maintenance Fees

    not applicable

    Interest Rate

    Disclosed on application

    Commercial Real Estate Loan

    Loan Type

    Commercial Real Estate Loan

    Origination Fees

    1% - 6%

    Prepayment Fees

    not applicable

    Late Fees

    not applicable

    Maintenance Fees

    not applicable

    Interest Rate

    Disclosed on application

    How to Qualify for a Biz2Credit Loan?

    Biz2Credit’s eligibility criteria are a little more strict than those you’d find at competitor platforms and only businesses with at least ‘good’ credit will be accepted. Plus, you’ll need a minimum of six months in business, if not more in most cases, to be eligible. You should bear in mind that even if you meet the minimum criteria, you aren’t guaranteed to be accepted. 

    This is perhaps one of the few downsides of the service, and business newbies and those with bad credit will need to search elsewhere. However, these stringent policies do mean that Biz2Credit has a talent for only selecting businesses that are capable of repaying loans, which is why its reputation has endured and remains a top choice for organizations with good to excellent credit. 

    We’ve summarized the basic requirements for each loan type below.

    Criteria

    Term Loan

    Working Capital Loan

    Commercial Real Estate Loan

    Minimum Credit Score

    660 

    575 

    660 

    Minimum Annual Revenue

    $250,000

    $250,000

    $250,000

    Minimum Time in Business

    18 months

    Six months

    18 months

    Biz2Credit Loan Application Process

    It couldn’t be simpler to apply for a Biz2Credit small business loan and the process is incredibly streamlined. You can apply online or over the phone and you’ll be assigned a loan advisor to talk you through any questions you might have. The steps you’ll need to follow are:

    • Submit your details - This includes your business name and type alongside how much you’d like to borrow and how long for. You’ll need to include your credit score, annual revenue, and how long you’ve been in business too
    • Choose your product - After just a few minutes you’ll be presented with a number of loan offers from both Biz2Credit and its partner lenders. This only requires a soft pull to your credit rating and you can choose to chat to an advisor free of charge
    • Receive funding - Once you’ve selected the product you need, you’ll face a hard pull to your credit score and will need to await final approval. This shouldn’t take long and you could have the funding in your bank account between 24 and 72 hours, depending on your loan type

    You may be asked to send in a number of documents at any stage of the process and exact requirements will vary between each customer. In most cases you’ll need:

    • Business registration documents
    • Business and personal tax returns covering the previous two years
    • Business bank account statements for the previous two years
    • Financial statements and accounts

    How Does Biz2Credit Determine Loan Amount

    Your loan amount will be primarily determined by your credit score, but your annual income and time in business will have an effect, too. Generally, the higher all of these figures are, the more likely you are to have an extended borrowing limit. 

    Biz2Credit doesn’t disclose exactly how it calculates the amount for each customer, but you’ll be assigned a loan advisor who can talk you through any questions and explain the final offers to you before you sign up. 

    Biz2Credit Customer Support

    Biz2Credit customer service has earned an excellent reputation. All borrowers are assigned a loan advisor from the start to finish of the application process, which makes everything that little bit easier.

    If you have any other general queries you can get in touch over the phone, by email, or through a live chat option on the website. Phone lines are open between 8 AM and 7 PM ET and you never usually have to wait long for a response whichever contact method you opt for. 

    What’s more, you’ll find an incredibly handy knowledge center that contains blogs, research reports, how-to guides, and even ebooks that are completely free to download. As if that wasn’t enough, you can get your hands on a series of loan guides and a lending index that will let you know your chances of being accepted for funding across a range of different lending types. 

    biz2credit review

    Biz2Credit Loan Reviews

    It’s great to see that Biz2Credit customer reviews are almost universally positive. The lender has 4.5 stars out of 5 on TrustPilot from more than 13,700 reviews and users are quick to praise the attentive and personalized customer service. Many customers actually name specific individuals and loan advisors too which only emphasizes the great level of service.

    Negative feedback tends to be from those that are struggling with slow applications, with most cases involving the need to provide more documentation. This is likely due to the platform’s strict eligibility requirements, so you should be prepared to provide a lot of information upfront. 

    The positive reviews are related to

    The negative reviews are related to 

    Excellent customer service

    Multiple documents required

    Fast approval rates

    Some users experience a slow application process

    Simple application process

    Final Thoughts

    It’s difficult to go wrong when you apply for a Biz2Credit small business loan. Applications are fast and simple and there’s enough lending variety to cover a huge range of entrepreneurial needs. What’s more, borrowing limits are quite generous, interest rates are reasonable, and the excellent customer service ensures that someone is on hand to help you resolve any issues. 

    However, keep in mind that you’ll need a good credit rating to apply here, as well as significant annual revenues. If you have poor credit or are operating a startup, you’ll need to try another platform.