Biz2Credit Reviews - Financial Lender Pros & Cons
- Quick and easy application process
- No need to send financials for smaller loan amounts
- Open to startups and businesses in every industry
- Hard to know what the rates will be in advance
- High closing fee as well as any fees from direct lenders
By making loans directly through their funding subsidiary, 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.
Biz2Credit match small businesses' needs by tailoring their funding offer:
- Working Capital
- Term Loan
- Commercial Real Estate Loan
You can also find special lending programs for businesses owned by women, minorities, or veterans.
Biz2Credit claims to offer financing for all kinds of small businesses, including:
- Gas Stations
- Liquor Stores
- Insurance Agencies
- Real Estate Agents
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.
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
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.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. For Working Capital and Term Loans, your funds are made available within 48 hours of final approval.
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
Biz2Credit 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.
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 web-form. 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.
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 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. Some mention the affordable and upfront fees that Biz2Credit charges.
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.