Biz2Credit Reviews - Financial Lender Pros & Cons

Biz2Credit Review: Helping Small Businesses Grow With Cost-Effective Working Capital Loans

tamara-cohen writer
By Tamara Cohen
Updated November 5, 2020
Editor's Rating
Marketplace Lender
Customer Rating 0 Reviews
Pros
  • Quick and easy application process
  • No need to send financials for smaller loan amounts
  • Open to startups and businesses in every industry
Cons
  • Hard to know what the rates will be in advance
  • High closing fee as well as any fees from direct lenders

Overview

Biz2Credit is a lending platform that connects business owners with direct lenders. It's not a direct lending platform itself, which means that you'll find a wide range of loan types, rate, conditions, and amounts, depending on which lender you work with. 

Biz2Credit helps small business owners in every industry access the funding they need, including SBA loans, equipment funding, business lines of credit, and merchant cash advances. 

Services Offered 

Biz2Credit connects you with lenders who provide a whole range of business financing services, including:

  • Bank loans
  • Business line of credit
  • SBA loans
  • Commercial real estate loans
  • Equipment financing
  • Merchant cash advance
  • Business refinancing loans

You can also find special lending programs for businesses owned by women, minorities, or veterans. 

There are no limits to the kinds of equipment you can fund with Biz2Credit's equipment financing, including:

  • Office equipment
  • New and used equipment
  • Computer hardware and software
  • Business tech
  • Industrial equipment
  • Construction equipment
  • Industry-specific equipment like restaurant equipment or landscaping equipment
  • Business vehicles
  • New or used equipment

Industries Served

Thanks to its wide network of lenders, Biz2Credit doesn't place any restrictions on the industries it serves. You will even find special lending programs for high-risk industries like gas stations, insurance agents, car dealerships, and liquor stores. 

Biz2Credit serves startups as well as more established businesses.

Borrower Qualifications

Biz2Credit is quite flexible about who can receive equipment financing loans. Most lenders look for applicants with at least 2 years in business, but the minimum requirements are:

  • 13 months in business
  • Reasonable credit score

Startups can apply for equipment funding too, for amounts between $25,000 and $100,000. Because of your shorter business history, it's more important to have a good business credit rating. 

Biz2Credit doesn't serve businesses in Nevada, South Dakota, or North Dakota. 

Terms & Fees

  • Amount: From $5,000 up to 100% of the value of the equipment
  • Term length: 60 months, or the estimated life of the equipment 
  • Interest rate: 5.99%-30%
  • Down payment: Depends on the direct lender
  • Buyout agreement: Depends on the direct lender
  • Additional costs: Underwriting or closing fee of $250-$400 when you close on a loan
  • Effective APR: Unknown

Terms and Fees Summary/considerations.

The amount you can borrow and rates you'll receive depend on the direct lender, not Biz2Credit, so it's hard to predict what kind of terms you'll end up with. You also can't select between $1 buyout, FMV, or other deal types upfront - you'll have to wait and see what the lender offers. 

However, thanks to the large network of lenders, you are likely to find a suitable loan option with Biz2Credit, even for startups that don't have a long business history yet. 

Application Process

Applying for any Biz2Credit loan is quick and easy. It takes about 4 minutes to complete the simple online application form, which asks basic questions like how much you need to borrow and for what purpose, how long you've been in business, your revenue, credit score, and contact details. 

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Then you wait for loan offers to appear in your Biz2Credit dashboard, which takes as little as 24 hours. You can log in anytime to check your options, and Biz2Credit's advisors will help you complete lender-specific requests for the offers that appeal to you. Your funds come through in as little as 72 hours, but it can take up to 2 weeks depending on the lender and your business circumstances. 

If you're borrowing less than $100,000 and have more than 13 months in business, you're unlikely to have to provide any more information beyond the online application form. If you're looking to borrow more than that, you'll need to share your business credit score and business tax returns. 

Startups with under 13 months in business will usually need to send 2 years of personal tax returns, estimates of the cost of equipment that you want to buy, and a financial plan. You'll be assigned a Biz2Credit case manager to help you through the process. 

Sales & Advertising Transparency

It's clear that Biz2Credit values transparency and does its best to give you all the information you need to make informed borrowing decisions. The privacy policy and terms and conditions fine print are both easy to find from the website home page. 

Biz2Credit isn't a direct lender, but it does share the minimum and maximum rates and amounts that you can borrow. There are no hidden fees for the service; although you'll have to pay a $250-$400 fee when your loan closes, Biz2Credit is upfront about it. However, the platform can't tell you what fees the direct lender might charge, so you'll need to do your own research there. 

Customer Service & Technical Support

Biz2Credit has a number of customer service channels, including a click to call phone support line and click to email, as well as an online webform. The phone lines are manned from Monday to Saturday, 8am to 9pm ET. The company has offices in both the US and India. 

You'll find a sizable knowledge base and a number of free resources, financial tools, and calculators on the site, to help you make your business as efficient as possible. These include the BizAnalyzer, which creates a financial health and credit worthiness scorecard so you can see which loan products you qualify for.  

Biz2Credit Biz2Credit

You can use the equipment value calculator, which helps you work out the value of the equipment you need to buy and how much it will be worth after a certain number of years, so that you can plan your loan amount more carefully. 

Biz2Credit

User Reviews

Biz2Credit has an overall rating of 4.9 stars on TrustPilot, from almost 1,500 reviews, and 4 stars on BBB. The company is not accredited by the BBB but it does have an A+ rating. 

Negative Reviews & Complaints

Biz2Credit does have a number of negative complaints across a few review sites, but the vast majority of them relate to SBA and PPP loans during the COVID-19 pandemic. Biz2Credit is very responsive and replied to as many negative reviews as possible, doing their best to resolve them and explaining that most of the issues are due to SBA bureaucracy and delays in funding loan requests. 

There are also some unhappy customers who encountered rude or unprofessional customer service agents. In most cases, the company apologized on behalf of the agent. Some reviewers flagged that loan payments were still taken out even once the loan was paid off. 

Positive Reviews & Testimonials

The positive reviews far outweigh the negative ones for Biz2Credit. Biz2Credit's happy customers highlight the quick, simple process, and appreciate that it is so straightforward and easy to use. Many are grateful that Biz2Credit was able to connect them with a he[ful lender when they weren't able to get funding from any other source, and some mention the affordable and upfront fees that Biz2Credit charges. 

Final Verdict

Biz2Credit makes it so easy for small to medium businesses to get the funding they need, especially if you've struggled to find equipment financing from a traditional bank or other online lenders. The application process is simple, and it's unusual in opening up lending options to startups as well as more established businesses. Although the platform fee is high and it can take up to 2 weeks for funds to come through, Biz2Credit is still an excellent option for companies that need reasonable rates and improved cash flow. 

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