Biz2Credit Review

Pros

• Borrower qualifications are lower than 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

What Is Biz2Credit?

Biz2Credit is a New York-based alternative lending platform that offers multiple types of financing to small businesses. This company is a direct lender, 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. Biz2Credit also offers a free financial assistant called BizAnalyzer and multiple funding calculators to help you understand your business financials.

Services Offered By Biz2Credit

Biz2Credit offers several types of financing:

• Revenue-Based Financing: This is Biz2Credit’s merchant cash advance (MCA) product where future receivables are purchased for a lump sun. The agreed-upon percentage of card-based sales is then collected on a scheduled basis until the funds advanced (plus a flat fee) are repaid.
• Term Loans: Borrowers receive a lump sum that is repaid over time along with interest and/or fees.
• Commercial Real Estate-Secured Loans: Existing commercial property is used as collateral to secure a loan.

Biz2Credit also works with its lending partners to assist borrowers in receiving other types of funding, including SBA loans.

Biz2Credit has a reasonable number of loan options that are suitable for many businesses, although it would be nice to see more long-term options. Biz2Credit does offer high borrowing amounts to cover nearly any business expense. We did deduct some points for its lack of mobile apps, putting the total rating for services at 3.5/5.

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.

With its advertised products requiring at least $250,000 in annual revenue, some businesses may find these requirements hard to meet. We did deduct some points for this, bringing the score for borrower qualifications to a 4.3/5.

According to Biz2Credit, most qualifying applicants will meet the following minimum requirements:

Revenue-Based Financing

Term Loans

Commercial Real Estate-Secured Loans

Biz2Credit Rates & 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.

One major drawback we found with Biz2Credit is that rates and fees are not disclosed on its website. While you can fill out an application and find out more about rates and fees for its various products, it would be nice to have even average rates disclosed before applying. We took this into consideration when giving Biz2Credit a score of 2.5/5 for this category.

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.

Revenue-Based Financing

Here’s what you can expect from Biz2Credit’s Revenue-Based Financing:

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.

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. Biz2Credit states that its average loan amount is $92,643.

Term Loans

Here’s what you can expect from Biz2Credit’s unsecured business term loans:

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.

Otherwise, Biz2Credit offers what amounts to a pretty traditional short-term loan, stating its average term loan amount is $242,200.

Commercial Real Estate-Secured Loans

Biz2Credit commercial real estate (CRE) loans are large, short-term loans that you can secure with an existing piece of commercial real estate property. You might use this type of loan to acquire a new business, refinance existing debt, fund a renovation project, or expand your business.

Biz2Credit’s Application Process

Biz2Credit offers an easy five-step application process. You’ll start by creating an account using basic business information. Then, you’ll complete a short questionnaire and upload business documentation. Next, you’ll be connected with funding options that are a good fit for your business.

If a product is a good match and you meet all borrowing requirements, you’ll receive a funding offer. If you accept the offer, you’ll provide additional information and documentation, sign your closing documents, and receive funds in your business bank account.

In best-case scenarios, you can secure funding within 24-72 hours. Biz2Credit does not disclose how long it takes to process your application, which brought our rating down in this category to 3.5/5.

Sales & Advertising Transparency

Biz2Credit does a fairly decent job of disclosing information about its services, 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.

We don’t like that there is no longer transparency surrounding rates and fees, which was considered when calculating our rating of 4.6/5.

The company also maintains accounts on Facebook, Twitter, LinkedIn, and YouTube.

Biz2Credit Customer Service & Technical Support

Biz2Credit provides several different methods of contract, including phone, email, and contact form. Biz2Credit once offered a live chat option, but this no longer is available. Overall, users have favorable things to say about Biz2Credit’s customer support.

We especially like Biz2Credit’s Knowledge Center, which offers a lot of information such as how-tos, guides, and webinars. A FAQ section on the website also covers the basics of its financial products.

You’ll have a dedicated funding specialist that will help you throughout the process, whether it’s explaining eligibility requirements or updating you on the status of your application.

Overall, Biz2Credit does really well in terms of customer service, earning it a near-perfect 4.8/5 in this category.

User Reviews

Biz2Credit has received overwhelmingly positive reviews, earning 4.6/5 starts on Trustpilot (based on 15,000+ reviews) and 4.49/5 on the BBB website (based on 320+ reviews). Based on these ratings, we give Biz2Credit a 4.8/5 for user reviews.

Negative Biz2Credit Reviews & Complaints

Biz2Credit isn’t formally accredited with the BBB. It is important to note that the BBB discloses that Biz2Credit was fined by the FTC for deceptive loan practices for PPP loans. Negative feedback from users includes:

• Communication Issues: Some 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: Some borrowers complain about expensive rates and fees.

Positive Biz2Credit Reviews & Testimonials

As previously mentioned, the majority of Biz2Credit’s user reviews are positive. Users praised the company’s:

• 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 numerous financial products.
• Speed: Many customers were pleased with how quickly they received their funding.

Is Biz2Credit Funding Right For Your Small Business?

Biz2Credit offers several funding products with high borrowing limits that are most suitable for businesses with solid revenues. While some products may require at least a fair credit score, you’re not completely out of luck if you have a lower credit score. New businesses that are at least six months old may also benefit from Biz2Credit’s offerings.

Biz2Credit also stands out for its great customer service and extremely positive public reputation (despite some issues with PPP loans).

Overall, Biz2Credit is a solid, reputable lender that we rank a 3.7/5 overall.

There are a few downsides, however. We wish that Biz2Credit was more forthcoming about rates and fees — things that have been disclosed in the past. Having even a general idea of how much the loan will cost before diving into the application is something we’d like to see. Some reviews also indicate that rates and fees were higher than expected, so knowing this before going into the process can help borrowers determine if Biz2Credit is worth considering.

Overall, though, Biz2Credit may be a great option for many businesses that don’t meet the borrowing requirements or have the time to apply for a traditional bank loan. The application process is easy, customer service is helpful, and you can work with a dedicated account specialist to pick the right financial product for your business.

If you’re still on the hunt for small business funding and you’re not sure if Biz2Credit is right for you, make sure to check out our picks for the best small business loans.

Business Loan & Funding Products Review Methodology

Merchant Maverick has been researching and reviewing business lenders since 2015. Our writers have tested over a hundred different funding products, including traditional term loans, online loans, lines of credit, start-up loans, merchant cash advances, and equipment financing. In each review, we evaluate rates and fees, services, eligibility requirements, application process, sales and advertising transparency, customer service, and user reviews.

Read more about how we rate business loans and funding products.

When comparing different lenders and loan products, we consider many data points, including the ease and transparency of the application process, interest rates, repayment structure, sales ethics, time to funding, revenue and time in business qualifications, and credit score requirements. Our lists of the best funding products include only those we’ve deemed worthwhile from multiple vantage points, and often share qualities such as widespread accessibility across fifty states, low rates, flexible requirements, and competitive borrowing amounts.

We spend an average of 10-15 hours researching and updating each one of our lists, making sure the loans and funding products included meet our internal standards for quality and reputation.

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Find Funding for Any Credit Level

BusinessLoans.com	Visit Site Read our Review

Explore a wide range of business loan options at BusinessLoans.com. With no minimum credit score requirement, find the perfect funding solution for your needs. Get Started.