Biz2Credit Review – A Lending Platform for Small Businesses
Joy Wallet is advertiser-supported: we may earn compensation from the products and offers mentioned in this article. However, any expressed opinions are our own and aren't influenced by compensation. To read our full disclosure, click here.
According to the Small Business Administration, over 33 million businesses in the United States are small. Especially post-pandemic, many Americans are considering starting their own businesses or finding a way to work for themselves and live out their passions and the American dream. If that’s you, you may need some funding to get your startup off the ground or help it grow in its first few years. This is where funding options such as a direct lender can help you achieve your dreams.
Biz2Credit is one of many business lenders offering small business owners the financial capital they need to grow and succeed. One thing that Biz2Credit offers that many borrowers will appreciate is speed. When your business plan is ready, this lender will help you make it happen.
Learn more about Biz2Credit’s loan options and repayment terms in this review of the lending platform.
Jump To
What is Biz2Credit?
Biz2Credit is a business lending platform that caters to a few different needs that small business owners may have. According to their website, their mission is “to provide small businesses with the best funding options for every project or capital need, with technology that makes business financing easy to understand and easy-to access.”
These include working capital, term, and commercial real estate loans. Their proprietary platform helps to connect borrowers with financial institutions and other sources of capital that are best matched to the small business filing the loan application. Loans with Biz2Credit typically range anywhere from $25,000 up to $6 million. As such, they are a versatile lender worth considering for small business loans regardless of your needs since they can cater to three of the most common areas you may need financing for.
Biz2Credit is rated favorably on TrustPilot, Best Company, Google, and Consumer Affairs. The company was founded in 2007 by Rohit Arora and Ramit Arora and has its headquarters in New York City. In addition to its financial products and financing options, it provides various educational resources for small businesses, including its report, the Small Business Lending Index.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
How does Biz2Credit work?
Biz2Credit makes it incredibly easy to apply for the money you need to help your small business’s cash flow. The entire application process is as simple as it can be and can be completed in one sitting in about ten minutes.
You’ll start by checking to see if you’re pre-qualified. This involves answering the following three questions in a simple, drop-down format:
- How much does your business need? a
- What is the purpose of the funds you are requesting?
- What are your ideal loan terms?
After answering those questions, you’ll also need to answer a few questions about your personal information and business. This includes information such as your first and last name, email address, and phone number, as well as your annual revenue, time in business, and credit score.
After inputting your information, Biz2Credit will let you know whether or not you are eligible for instant offers. This process can take as little as four minutes (and the CAPTCHA takes up much of that time, honestly). You’ll share more information for your specific application and submit a bank statement to verify your claims. From there, you’ll get instant offers personalized to you and your company’s needs.
Once you’ve formally applied for one of Biz2Credit’s financial products, expect to hear from a funding specialist, who will contact you if any additional documentation is needed to process your application. This could include tax returns from previous years or just the opportunity to review that you’re applying for the right type of loan based on your needs or minimum credit score.
How much does Biz2Credit cost?
As with many financial products that sometimes involve APR, origination fees, or interest rates, the cost of using Biz2Credit will partially depend on your loan terms, loan amount, and overall business profile and credit score. Even so, some information about underwriting fees is available based on the loan type you apply for with Biz2Credit.
If you apply for a working capital loan, your underwriting fee will be between $250 to $400 (depending on your loan amount). Interest rates are simple because this form of financing through Biz2Credit is based on your revenue. Term loans also have underwriting fees in that same range, and interest rates start at 7.99% APR. If you’re looking for a commercial real estate loan from Biz2Credit, you can expect to pay an origination fee, underwriting fees from $250-$400, and an APR of at least 10%.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Biz2Credit features
Commercial real estate loans
One type of loan you may be interested in from BizCredit is for commercial real estate. These loans range from $250,000 to $6 million, so they can be exactly what your business needs if you’re looking to open a brick-and-mortar store or physical office space. One thing to note about commercial real estate loans from Biz2Credit is that the term length for this financing is only 12 to 36 months. You must be prepared to pay off the loan in three years.
One feature of Biz2Credit’s commercial real estate loans that are particularly appealing for businesses starting is the ability to lower your monthly payments by making interest-only payments at first. While this pricing can help with your month-to-month cash flow, it’s important to note that you will likely have a bigger balloon payment at the end of the loan terms using this methodology. If you’re truly after commercial property for your business, this may be okay, however.
Term loans
Business term loans are another popular offering from Biz2Credit. These loans range from $25,000 to $250,000 and can last anywhere from 12 to 36 months. Unlike other term loan lenders, payments to Biz2Credit for its term loans aren’t made monthly. Instead, they’re made weekly or bi-weekly. While this may initially seem like a drawback, it allows you to spread the payment across multiple weeks, which can be helpful for your company’s budget and weekly cash flow.
Working capital loans
These loans are offered for anywhere from $25,000 to $2 million, depending on revenue and need. When you get a working capital loan from Biz2Credit, you get something similar to how merchant cash advances work. This means that you get all of your money upfront but then need to may repayments as a percentage of your sales. The nice thing about this is that interest terms are simple, and the loan length will depend on your overall revenue and business receipts.
Who is Biz2Credit best for?
Small business owners who need fast funding
One of the best things Biz2Credit offers is fast funding. That may come at the cost of higher interest rates or loan organization fees, but for small businesses that need a loan and not a business credit card or line of credit, that speed can be worth it.
Borrowers who want interest-only payments on a commercial mortgage
Interest-only payments are a great way to reduce your monthly amount owed on a commercial mortgage, which can be great for businesses starting. While this comes at the cost of a larger balloon payment later in the loan term, interest-only payments can still be worth considering depending on your income and business structure.
Who shouldn’t use Biz2Credit?
Penny-pinchers
Since your interest rates may be higher with Biz2Credit than with other lenders, if you are particularly frugal or money-conscious as a business owner, it might be best to explore other options for financing.
Those who want a longer-term mortgage
Paying back a commercial mortgage in just three years could prove difficult, depending on the type of products or services you offer and your monthly cash flow. As such, you may want to explore other lenders if you need a corporate mortgage that is longer than three years or are put off by the idea of balloon payments.
Pros and cons
Pros
- Fast funding. A great thing about Biz2Credit is that it offers fast funding. If you’re trying to get your business off the ground or had an expected expense, the speed at which you can receive money from Biz2Credit is a major selling point of the service.
- Simple application process. Biz2Credit makes applying for a loan simple. While you may need to provide extra materials as a part of your application after filing the more simplified version, there are specialists to help you complete this process and ensure that you’re applying for the appropriate funding.
- Interest-only repayments available. If you’re interested in an interest-only repayment option for your commercial real estate loan, Biz2Credit is a great service to consider. Their loan terms for these loans are relatively short at just 36 months, but that may be worth it if you get to lower your monthly payment by using an interest-only approach.
Cons
- Not available in all states. It would be great if Biz2Credit offered funding for small business owners all across the country; however, you may not be eligible for all products if you live in Nevada, North Dakota, South Dakota, Vermont, or Rhode Island.
- Possibility of higher interest rates. If you’re using Biz2Credit, you’re likely interested in speed, which can come with the cost of higher origination fees or interest rates. You’re more likely to find a lower rate if you shop around for other options and can compare various lenders; however, when it comes to the speed of funding, a higher interest rate may be worth it.
- Mixed reviews online. While there’s a lot to like about Biz2Credit, it’s important to know that they have mixed reviews online. For example, they have 4.6 out of 5 stars on Trustpilot; their Better Business Bureau (BBB) rating is at 4.5 out of 5 stars.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
Biz2Credit vs. OnDeck vs. BlueVine vs. National Funding
Service | Loan Amounts | Minimum Credit Score |
Biz2Credit | $25k - $6m | 575 |
OnDeck | $5k-250k | 625 |
BlueVine | $6k-$250k | 625 |
National Funding | $10k-$400k | 600 |
OnDeck
OnDeck might be a better option than Biz2Credit if you need a smaller loan for your business to cover a smaller equipment purchase or repair. This is because their loan minimum starts at just $5,000. Even so, with a slightly higher minimum credit score requirement of 625 and a maximum loan amount of $250,000, OnDeck is harder to qualify for and less versatile than Biz2Credit.
BlueVine
OnDeck and BlueVIne offer many of the same stats regarding loans for small business owners. BlueVine’s minimum is only $1,000 more than OnDeck’s, and both require a credit score minimum of at least 625. As a result, BlueVine fares pretty similarly to OnDeck when going head to head with Biz2Credit, which is more versatile with a more accessible credit score requirement.
National Funding
National Funding is the only competitor on this list that comes close to Biz2Credit’s lower minimum credit score requirement. Even so, National Funding still requires a minimum credit score of 25 points more than Biz2Credit’s requirement. Beyond that, Biz2Credit offers a wider range of loans and loan amounts, with National Funding capping its loans at $400,000.
FAQs
How fast can you get funding with Biz2Credit?
Biz2Credit aims to make the funding process as quick as possible, with some loans funding in as little as 24 hours.
What’s the largest loan amount you can qualify for with Biz2Credit?
The biggest loan amount you can qualify for through Biz2Credit is $5 million. Business owners are also eligible to apply for multiple funding rounds as long as they remain eligible and in good standing with the platform.
How fast are loans funded through Biz2Credit?
Once approved, you may receive your funding in at least 24 hours. Keep in mind that this is only in some scenarios. For example, a SBA loan will take roughly four weeks to fully process and fund.
Are there application fees to use Biz2Credit?
The only fees you are charged when using Biz2Credit are if your loan application is approved. You will then pay an underwriting fee (generally between $250 and $400).
What loans are available through Biz2Credit?
Biz2Credit specializes in working capital, term, and corporate real estate loans. Their funding specialists can also help you arrange other financial products, including SBA loans, equipment financing, and business lines of credit.
Use Quicken Loans to Get a Personal Loan
- If you're tight on cash right now, you may want to consider getting a personal loan. A personal loan is a loan that you can use for just about any purpose like: paying off other debt, renovating your home, or family needs like a wedding or adoption.
- TrustPilot Rating 4.6 out of 5
- Connect with lenders for $0
- 100% online experience.
The bottom line
If your business is looking for funding, Biz2Credit has a few different financial products that can be helpful in your entrepreneurial journey. From commercial real estate loans to working capital loans and term loans, there is likely something for everyone offered by the platform. In addition to being a simple application process that is easy to understand, many users will also appreciate having loans funded in as little as 24 hours.
There are some drawbacks to getting that money so fast, although whether or not they affect your decision to seek funding from Biz2Credit likely depends on your company’s financial situation. For example, you may pay higher interest rates when using Biz2Credit than from other lenders. Even so, for small business owners needing capital to improve their business or establish a brick-and-mortar location, there is a lot to like about the platform.
Joy Wallet is an independent publisher and comparison service, not an investment advisor, financial advisor, loan broker, insurance producer, or insurance broker. Its articles, interactive tools and other content are provided to you for free, as self-help tools and for informational purposes only. They are not intended to provide investment advice. Joy Wallet does not and cannot guarantee the accuracy or applicability of any information in regard to your individual circumstances. We encourage you to seek personalized advice from qualified professionals regarding specific investment issues. Featured estimates are based on past market performance, and past performance is not a guarantee of future performance.
Our site doesn’t feature every company or financial product available on the market. We are compensated by our partners, which may influence which products we review and write about (and where those products appear on our site), but it in no way affects our recommendations or advice. Our editorials are grounded on independent research. Our partners cannot pay us to guarantee favorable reviews of their products or services.
We value your privacy. We work with trusted partners to provide relevant advertising based on information about your use of Joy Wallet’s and third-party websites and applications. This includes, but is not limited to, sharing information about your web browsing activities with Meta (Facebook) and Google. All of the web browsing information that is shared is anonymized. To learn more, click on our Privacy Policy link.
Images appearing across JoyWallet are courtesy of shutterstock.com.
Writer
Brent Ervin-Eickhoff is a Chicago-based writer, stage director, and filmmaker with a background in digital marketing and content creation. In addition to Joy Wallet, Brent has written for Complex, Volkswagen, HowlRound, Picture this Post, and Third Coast Review, among others. He currently serves as the Associate Director of Marketing for Content Creation at Court Theatre at the University of Chicago. Brent graduated from Ball State University with Academic Honors in Writing.
Share this article
