Note that CRE Loans have longer closing cycles compared to Biz2Credit’s other short-term lending products, so closing times may vary.
Biz2Credit Review
Biz2Credit

Total Rating | 4.0 |
---|---|
Terms & Fees | Good |
Application Process | Excellent |
Sales & Advertising Transparency | Good |
Customer Service | Good |
Reviews, Complaints, & Testimonials | Fair |
Pros
- Borrower qualifications are lower than going through banks
- Multiple types of financing available
- High borrowing amounts
- The application process is fast and easy
- Funds are disbursed quickly
Cons
- Rates can be expensive
- Some additional fees are charged
Biz2Credit Overview
Biz2Credit is a New York-based alternative lending platform that offers multiple types of financing to small businesses. This company is a direct funder, but if its products don’t work for you, Biz2Credit can also match you up with a financing product from its network of partner lenders. Through Biz2Credit, you might be eligible for a variety of funding options, such as working capital funding, short-term loans, and commercial real estate-secured loans. This company also offers a free financial assistant called BizAnalyzer and multiple funding calculators to help you understand your business financials.
To qualify for financing with Biz2Credit, you’ll need to have at least six months in business and solid revenue. While startups will have to look elsewhere for financing, Biz2Credit is a viable option for many young businesses. That said, as always, you’ll want to comparison shop before committing to any kind of alternative loan. Our short-term funding comparison chart can give you a head start.
If you’re not scared away by fees or short on time, and have a business that’s at least six months old with solid revenue, you may find Biz2Credit to be a useful service. However, readers with somewhat established businesses should know that you might be able to find better rates and fees elsewhere.
Table of Contents
Services Offered By Biz2Credit
Biz2Credit offers several types of financing:
- Merchant Cash Advances: Merchant cash advances (MCAs) involve the purchasing of future credit card receivables for a lump sum. The funder then collects the agreed-upon percentage of your card-based sales each day until they’ve recovered the amount they advanced plus a flat fee. (Note that Biz2Credit bills its merchant cash advance product as “Working Capital Funding.”)
- Term Loans: Term loans grant the borrower a lump sum. In exchange, the borrower must repay the amount borrowed plus interest and/or fees over an agreed-upon amount of time. Payments may be daily, weekly, or monthly, depending on the loan.
- Commercial Real Estate-Secured Loans: These are high-amount term loans in which the business owner can use their existing commercial property as collateral to secure the loan, and thus qualify for a higher borrowing amount.
Biz2Credit also offers lines of credit and SBA loans via its network of partners. Biz2Credit offered Paycheck Protection Program loans as well, but they are now closed to new applications.
In addition to offering business financing for all merchants, Biz2Credit offers programs specifically to help women and minorities receive funding.
Biz2Credit Borrower Qualifications
To qualify for financing through Biz2Credit or one of its partners, you’ll generally need to have at least six months in business, solid revenue, and fair personal credit. However, a poor credit score will not necessarily disqualify you from funding.
According to Biz2Credit, most qualifying applicants will meet the following minimum requirements:
Working Capital Funding
Credit Score | 575 |
Annual Revenue | $250K |
Time In Business | 6 months |
Term Loans
Credit Score | 660 |
Annual Revenue | $250K |
Time In Business | 18 months |
Commercial Real Estate-Secured Loans
Credit Score | 660 |
Annual Revenue | $250K |
Time In Business | 18 months |
Other | Already own commercial property |
Biz2Credit Terms & Fees
Because Biz2Credit offers several types of financing products, some in-house and some from lending partners, your rates and fees will vary, depending on the financial products you qualify for. Overall, fees are higher than what you’d be charged by a bank, but then again, a Biz2Credit loan is a lot faster and easier to qualify for than a bank loan.
In addition to interest or a factor rate, you might also have to pay an underwriting fee, closing fee, or origination fee, depending on the type of financing you are accepting. Biz2Credit does not charge application or submission fees — you won’t have to pay anything unless you accept financing. Check out our list of common fees for a more detailed breakdown of fees you might encounter.
When it comes to repaying your loan, Biz2Credit might be able to set you up with daily, weekly, bi-weekly, or monthly repayments (depending on the financial product and the needs of the business). Repayments might be automatically deducted from your bank account or credit card sales.
Working Capital Funding
Here’s what you can expect from Biz2Credit’s Working Capital Funding MCAs:
Borrowing Amount: | $25K-$2M |
Interest/Factor Rate: | Unknown |
Term Length: | Variable |
Other Fees: | $250-$400 |
Effective APR: | Learn more |
Collateral: | Unknown |
As described earlier, merchant cash advances are not loans, but they do fill a very similar niche. You don’t technically owe the money you’ve received. Instead, the funder has purchased a specific amount of your future credit card and debit sales. To find out how much of your future profits that the funder is going to be collecting, multiply the amount you received by the factor rate you’ve been assessed. So if you’ve received a $10,000 advance at a factor rate of 1.26, your funder will collect a total of $12,600 from you.
Each business day, a percentage of your card-based sales will be held back and collected by the funder. Since your sales probably fluctuate from day to day, the amount of time it takes to satisfy the terms of your advance may vary. Most last for less than a year, however. Note that for its Working Capital Funding product (which is essentially an MCA), Biz2Credit also allows biweekly repayment.
Term Loans
Here’s what you can expect from Biz2Credit’s unsecured business term loans:
Borrowing Amount: | $25K-$250K |
Interest/Factor Rate: | 8.99%+ |
Term Length: | 12-36 months |
Other Fees: | 1%-6% origination fee |
Effective APR: | Learn more |
Collateral: | Personal guarantee |
An unsecured business loan simply means it does not require collateral in the traditional sense. You will, however, be asked to sign a personal guarantee, which is a promise that you’ll be personally responsible for any debts that your business is unable to pay. So keep that in mind when you’re dealing with unsecured loans.
Otherwise, Biz2Credit offers what amounts to a pretty traditional short-term loan. You’ll receive a lump sum, minus the origination fee, Loan repayments are expected weekly or biweekly.
Commercial Real Estate-Secured Loans
Borrowing Amount: | $250K-$6M |
Interest/Factor Rate: | 10%+ |
Term Length: | 12-36 months |
Other Fees: | Unknown |
Effective APR: | Unknown |
Collateral: | Commercial real estate property |
Biz2Credit commercial real estate (CRE) loans are large, short-term loans that you can secure with an existing piece of commercial real estate property. Interest rates are on the high side, starting at 10%, but these loans are relatively easy to qualify for if you have business property to use as collateral. You might use this type of loan to acquire a new business, refinance existing debt, fund a renovation project, or expand your business. These loans have monthly repayments.
Extended Network Products
Here’s a quick rundown of other financing products Biz2Credit might be able to set you up with through their partner lenders:
- Lines Of Credit: Lines of credit establish a credit limit that you can borrow against for the duration your account is open. You can draw on your line of credit as often as you want so long as the total amount you’ve borrowed doesn’t exceed your credit limit.
- SBA Loans: SBA loans come in a number of different forms, the most popular being the 7(a) and 504 versions. The SBA establishes SBA loan rates — the loans don’t vary much between the lenders who originate them. Check out the current SBA loan rates if you want to see what these products look like.
Application Process
The major convenience offered by Biz2Credit is its quick and easy application process. You can find out how much you can borrow by submitting information about the amount you’re seeking, your time in business, your annual revenue, and your credit score. The application generally takes about four minutes.
If you’d like some help, you can also begin the process through the site’s chat feature. Spend more than a few moments there, and you’ll be pinged by a representative who can answer your questions and take your information.
Biz2Credit will then match you to one of its funding products. If you’re given multiple options, you can choose the product that best suits your needs. After that, your experience will differ, depending on the financing product you choose. Biz2Credit may ask you to submit additional documentation at that time.
In best-case scenarios, you can secure funding within 24-72 hours.
Sales & Advertising Transparency
Biz2Credit does a fairly decent job of disclosing the fees and terms of its service, especially through its FAQ and knowledge center. Just keep in mind that you won’t know too much about the financing product you’ll receive until much further down the line. The company also maintains accounts on Facebook, Twitter, LinkedIn, and YouTube.
Customer Service & Technical Support
Biz2Credit provides several different methods of contact, including by phone, email, contact form, or through the site’s integrated LiveChat. The LiveChat can be a little aggressive, but it’s an easy way to ask questions.
Biz2Credit Reviews, Complaints, & Testimonials
Although Biz2Credit reviews have been mostly positive throughout the years, the company racked up a lot of complaints regarding its rollout of Paycheck Protection Program loans.
Negative Reviews & Complaints
Biz2Credit isn’t formally accredited with the BBB and there are a whopping 1,461 complaints on record from the last 12 months, most of which concern PPP loans. Negative factors associated with the company include:
- Delayed PPP Loans: Many complainants on the BBB have detailed their experiences after filing a PPP loan application with Biz2Credit. The majority of these complaints have to do with delays in receiving PPP funding, with numerous applicants complaining that they never received their funding or even a status update about their loan from Biz2Credit, despite reaching out to the company multiple times. Many Biz2Credit reviews stated their PPP loan was held up by Biz2Credit repeatedly asking them to upload documents they had already submitted.
- Communication Issues: Numerous complaints center around customer confusion about application processes, credit checks, and fees.
- Hard Pulls On Credit: Biz2Credit eventually requires a hard pull on your credit, which several customers found to be burdensome.
- Expensive: Combined with the direct cost of the loans, you will be paying a premium for Biz2Credit’s assistance.
Positive Reviews & Testimonials
Despite its numerous complaints on the BBB website. Biz2Credit reviews are overwhelmingly positive on Trustpilot (though there are also a good amount of negative reviews about Biz2Credit’s PPP loans on Trustpilot). Biz2Credit’s TrustPilot score currently stands at 4.2/5. Positive user reviews praised:
- Customer Service: The vast majority of Biz2Credit reviews praise customer service. Most find it to be fast, flexible, and headache-saving.
- Breadth Of Products: Biz2Credit works with a variety of different types of lenders, granting access to a wide variety of financial products.
- Speed: Many customers were pleased with how quickly they received their funding.
Final Verdict
If you’re 1) not scared away by the fees or bad reviews, 2) short on time, and 3) have a business that’s at least six months old with solid revenue, you may find Biz2Credit to be a useful service. Some borrowers might receive somewhat high terms and fees (in comparison to low-cost financing options, such as a bank loan), depending on what financial products they qualify for. However, if you don’t qualify for lower-cost financing or you need a loan fast, Biz2Credit offers an easy-to-use service and most businesses will find something that suits their financial needs.
Personally, I would not be too deterred by the complaints regarding PPP loans, as online lenders have been overwhelmed by the volume of program participants and I don’t think Biz2Credit’s issues with PPP loans are representative of the company as a whole. Still, many alternative lenders executed their PPP loans without too many hiccups, so I can understand why Biz2Credit’s botched PPP rollout could give one pause.
If you’re looking for alternatives to Biz2Credit, take a look at our comparison charts for merchant cash advances and small business loans.
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My dashboard was stuck in need more information status but I never found out what information they need. I emailed them but I never received a response. I tried to log back into my account to check the status but I was locked out my account. I tried changing the password but that didn’t work. After hearing about them keep borrowers funds hostage I decided to check the status of my loan on the SBA website using the loan number they gave me. After being approved by the SBA I found out my loan was completely canceled and I don’t know why.
This comment refers to an earlier version of this review and may be outdated.
Organization Name: God’s Blessings
Horrible Company! Still have not been funded!! Keep asking for the samething over and over again. Now requiring something different .
This comment refers to an earlier version of this review and may be outdated.
Organization Name: AVSuperTechPro
Bad Experience & Definitely Bad For My Business.They approve you then require more info over and over again on a repeating cycle so you never actually sign your closing loan documents, but you do sign some other documents that make you feel like your making progress…After 10 days I had to start begging for them to either send me the closing documents or withdraw my round 2 PPP loan before its too late & the entire PPP program funds have run out – a few days later they withdrew my application instead of doing their job in a timely manner. Now I wonder how long until my E-Tran # is free for me to use through another lender.I already received my 1st PPP loan through Bluevine so I’m familiar with the whole process, I also helped two other people with their PPP loans and everything took about 5 days from start to finish with all three loans. I decided to use Biz2Credit on my round 2 PPP loan and I was instantly approved by the SBA, I knew there was an issue right then, the approval process should take a few days longer than that. They approve you instantly but constantly “require more information” so your loan is never actually approved but your SBA E-Tran number is stuck with them so you cant use any other lender until they either pay you or release your E-Tran number. They use unethical practices of requiring “some” to provide extensive documentation. They even force you to link your bank with an online service they use to gain access to all of your bank info.WARNING – A massive amount of positive fake reviews have been posted on Trustpilot for this site in a very short amount of time, they are trying to off set the legitimate/honest bad reviews.
This comment refers to an earlier version of this review and may be outdated.
Organization Name: Small Business
This company is pathetic. Their emails are from customer service reps in India, They hold you hostage with bs answer after bs answer. Most of the positive reviews are from them leaving themselves reviews on trust pilot. Please please do yourself a favor and do some research on them before you do any business with them.
This comment refers to an earlier version of this review and may be outdated.
Organization Name: CJLSIX LLC
I applied with them for my second PPP on 1/13/2021. Horrible experience. I finally got movement on my application after over a month and then I received a denied email, even though I have a Etran number with SBA. The reason is Improper guarantor identity authentication. I can’t get submitted to the sba with another lender because it keeps coming back as another lender already submitted. There is no way to contact Biz2credit on the phone and no one responds to the MANY emails I have sent. Very unprofessional company. I might miss the deadline to apply with another lender because of this.
This comment refers to an earlier version of this review and may be outdated.
Organization Name: n/a
Ok, I’m going to be blunt. THIS COMPANY NEED TO BE REPORTED FOR DELAYING BORROWERS APLLICATION SO THEY CAN KEEP THE MONEY FROM SBA ;(Biz2 Credit need to retrain their specialist on how to correspond via emails. Its bad enough you can’t reach them by phone, but to also have a specialist reply with “Hey, Send” etc., is rude. We are not animals and need to be addressed better. You are a lender and as such, I can’t just walk in to your building and say “Hey I want this now” ..Also The PPP process is hard enough, Why is it that borrowers are getting 3 and 4 emails asking for the SAME information from various agents, that we already uploaded into the application account? You said “SBA APROVED” but yet all you ask for was already sent and still you tell the applicant “Missing Documents” ? Come on. My friend applied since Mid January and still getting emails asking and threatening to cancel her if she doesn’t upload what she has already UPLOADED AND EMAILED 3 X?? Are you kidding me??SBA WILL BE GETTING A CALL ABOUT YALL FOR UNFAIR AND UNPROFESSIONAL FILING PROCESS..
This comment refers to an earlier version of this review and may be outdated.
Organization Name: True Hope Church
If their was a way to give this company a minus star rating they would absolutely get one from us. As a non profit organization True Hope Church applied for the PPP loan through Biz2credit on February 1st on ,February the 5th we received our approval and SBA number we also did our Docusign the same week. Since that point we allowed our employees to come back to work only to be told on the night of February the 19th that we needed more information we provided that information promptly at the company and Biz2credit has done nothing but give us the run around since. We are unable to get them on the phone and every support ticket that we email to them comes back saying that our issue is resolved when it actually isn’t. To this day we are still not funded over 30 days after we received our SBA approval. We recommend that you stay away from this company as they don’t understand what time sensitive means.
This comment refers to an earlier version of this review and may be outdated.
Organization Name: Tighttranportion
My name i apply though guy for a ppp loan u said i been approved. I need be contacted for the last stage of the process i cant process my bank number an my routing number somebody need tell me some thing i already talk to my bank they everything fine wit them if i dont get a response by today iam to another fundi mg institutions.
This comment refers to an earlier version of this review and may be outdated.