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Become Loans Review: The Most Efficient Loan Marketplace?

Become is a loan connection service that specializes in small business loans. It’s partnered with more than 50 lenders, and the number of companies that have relied on its services tops at 200,000.

Become loans review
become business loans
3.4
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Credit Score
Min. Credit Score 350+
Loan Amount
Loan Amount $5K-$500K
Loan Repayment
Loan Repayment Variable
Tetiana Sitiugina
Independent writer and content strategist

Become was formerly known as ‘Lending Express’ but underwent a rebranding and name change back in July 2019. Its core service has remained the same, though, and it’s one of the best in the business when it comes to connecting borrowers to multiple lenders.

Become is well-known in the industry for being able to hunt down platforms that have low rates, generous terms, and reasonable eligibility criteria. With more than 50 partner lenders on its books, there’s an excellent chance you’ll be able to find a great deal here.

Pros
Multiple lenders to choose from
Fast applications
More than nine loan types to choose from
Poor credit is welcome
Great customer service
Cons
Limited information pre-application
Some lenders may have high fees

What Is Become Business Loans?

Become small business loans are able to draw on the resources of lenders from all over the country. This means customers have an impressive range of nine types of lending to choose from, including term loans, startup options, lines of credit, and invoice factoring.

Rates and terms can vary considerably across each loan type, but you’ll generally be able to borrow between $5,000 to $500,000 and terms can extend all the way up to 120 months. Impressively, credit score minimums are just 300 here, making it a very accessible option for just about every startup.

Become Business Loan Features

With nine different loans to choose from you can expect a wide variety of loan features, rates and terms. It can be difficult to know exactly what you’re going to get before you apply as all of Become’s partner lenders will assess your application using different criteria. We’ve pulled together some information on the basics of each loan type below, but bear in mind your offer could be significantly different from this.

Unsecured Business Loan

A standard term loan with high borrowing limits and competitive rates. This is the most popular option on the platform and applications can be approved and funded in just three hours.

Term length Variable depending on lender
Repayment period Monthly
APR range From 7.5%
Min - Max amount Between $5,000 and $500,000

Commercial Vehicle Loan

This type of lending must be used to secure a vehicle for your business. Terms are usually longer and are intended to last the lifetime of the purchase. You’ll need to provide proof of purchase of the vehicle to apply.

Term length Up to 10 years
Repayment period Monthly
APR range Not disclosed
Min - Max amount Between $5,000 and $500,000

Startup Business Loans

Intended to give brand new ventures a leg up, Become doesn’t actually disclose any details prior to application. You’ll need to go through the specialist review process to find out if you’ll be eligible; rates and terms will be tailored to your financial situation.

Term length

Not disclosed

Repayment period

Not disclosed

APR range

Not disclosed

Min - Max amount

Between $5,000 and $500,000

Asset-Based Loan

This is a type of secured loan in which you’ll use some of your business assets as collateral. It’s common for borrowers to use inventory, shares, equipment, and cash-in-bank as securities. As terms are based entirely on the assets you put forward, no information is provided pre-application.

Term length

Not disclosed

Repayment period

Not disclosed

APR range

Not disclosed

Min - Max amount

Between $5,000 and $500,000

SBA loans

Small Business Administration (SBA) loans are backed by the federal government. They usually require a little more work on your part in the application process; for example, submitting a detailed business plan, but you can usually find some pretty decent rates.

Term length

Up to 10 years

Repayment period

Monthly

APR range

Not disclosed

Min - Max amount

Between $5,000 and $500,000

Merchant Cash Advance

A merchant cash advance isn’t really a loan and is instead a promise to pay back a percentage of your credit and debit card sales to the lender in an exchange for a lump sum of cash. Rates can be quite high, and the daily payments can put pressure on cash flows.

Term length

Minimum of four months

Repayment period

Daily

APR range

Not disclosed

Min - Max amount

Between $5,000 and $500,000

Line of Credit

With this type of lending, you’ll be offered a designated lending limit and can draw as much, or as little, as you’d like, at any point over the lifetime of the loan. These are a great choice for anyone that needs flexible, and fast, access to funding. Plus, you’ll only pay interest on the cash you borrow, but may be charged a monthly fee.

Term length

Not disclosed

Repayment period

Not disclosed

APR range

Starting from 4.66%

Min - Max amount

Between $5,000 and $500,000

Business Equipment Loan

Used to purchase a specific piece of equipment, this type of lending comes with generous repayment terms of up to 10 years. The machinery you’re purchasing will act as collateral for the loan, so be aware that it could be seized if you fail to keep up with payments.

Term length

Up to 10 years

Repayment period

Not disclosed

APR range

Not disclosed

Min - Max amount

Between $5,000 and $500,000

Invoice Factoring

Invoice factoring allows you to borrow against your unpaid invoices, on the promise you’ll repay the loan when your clients pay you. It’s a useful option to deal with cash flow issues in a pinch but could come with higher fees.

Term length

Not disclosed

Repayment period

Not disclosed

APR range

Not disclosed

Min - Max amount

Between $5,000 and $500,000

Become Interest Rates and Fees

No fee information is provided on any type of Become funding before you begin your application. This is because these will vary considerably depending on which lender you ultimately choose to borrow from. Some may have origination fees and admin costs, while others won’t.

In addition, starting rates for only two types of loans are disclosed pre-application:

  • Unsecured business loan - From 7.5%
  • Line of credit - From 4.66%

If you’d like to know more you’ll need to get in touch with the Become customer service team to find out whether they can provide additional detail on what rates and fees will apply to the specific type of loan you are seeking.

How to Qualify for a Become Business Loan?

Each type of Become funding generally comes with similar qualification criteria. Those with low credit histories are welcome, with some options accepting applications with scores as low as 300. Plus, monthly income requirements are set at a fairly consistent $5,000 per month. However, there are some differences to be aware of which we’ve summarized below.

Unsecured Business Loan

Minimum credit score

350+

Minimum annual revenue

$60,000

Minimum time in business

Six months

Commercial Vehicle Loan

Minimum credit score

450+

Minimum annual revenue

$60,000

Minimum time in business

Three months

Startup Business Loan

Minimum credit score

Not disclosed

Minimum annual revenue

Not disclosed

Minimum time in business

Not disclosed

Asset-Based Loan

Minimum credit score

Not disclosed

Minimum annual revenue

Not disclosed

Minimum time in business

Not disclosed

SBA Loan

Minimum credit score

670+

Minimum annual revenue

$60,000

Minimum time in business

Three months

Merchant Cash Advance

Minimum credit score

500+

Minimum annual revenue

$60,000

Minimum time in business

Three months

Line of Credit

Minimum credit score

300+

Minimum annual revenue

$60,000

Minimum time in business

Three months

Business Equipment Loan

Minimum credit score

450+

Minimum annual revenue

$60,000

Minimum time in business

Three months

Invoice Factoring

Minimum credit score

Not disclosed

Minimum annual revenue

Not disclosed

Minimum time in business

Not disclosed

The Become Business Loan Application Process

You’ll start your application online by selecting your desired loan amount and inputting some basic details about your business. Next, you’ll choose which of the nine loans you’d like to apply for and you’ll be presented with various offers from more than 50 partner lenders.

Once you choose the option you like best, you’ll be put in touch directly with that lender to complete the process. What we really like about Become is that if you’re rejected for any reason, the customer service team will give you access to a LendingScore dashboard. Here, you’ll be able to see why you might have been rejected and you’ll get advice on how to improve your chances in the future.

Documentation requirements are a little different across each lender, but you’ll be expected to provide the following as standard:

  • Statements from the previous six months of your business checking account
  • Your most recent tax return
  • Financial projections (particularly if you’re applying for a startup loan)
  • Six months of merchant statements

How Does Become Determine the Loan Amount?

Each lender will apply its own different criteria when determining your terms and borrowing amount. Your credit score will most likely be the primary deciding factor, closely followed by your profit and loss and cash flow information. If you’d like to know more you’ll need to get in touch with your chosen lender directly.

Become Customer Support

Customer support here is excellent. Not only can you reach out via phone and email, Become’s service agents will even help you out during the application process, giving you advice on how to improve your chances of being accepted. Plus, you’ll find helpful videos embedded on Become homepage covering each loan type alongside a list of handy facts. Information is presented clearly and is easy to digest and you’ll have a good understanding of all the borrowing types in no time. However, once you’ve received your funding you’ll need to send any queries directly to your chosen lender. We’d recommend doing your due diligence on the reputation of your selected provider to ensure you’ll be getting good service.

Become Business Loan Reviews

Borrowers simply can’t get enough of the customer service at Become, as evidenced by its amazing 4.9 stars out of 5 on Trustpilot. Customers are very impressed with the fast and efficient service and the genuine interest shown by the customer service team in individual applications. Customer complaints have mentioned the amount of personal information required to complete an application, some instances of slow funding and a few complaints about the customer service of various lenders.

Positive Reviews

Negative Reviews

Great customer service

A lot of personal data is required

Fast applications

Slow funding

Easy to understand process

Some complaints about lender customer service

Interesting Facts About Become Business Loans

Become has now helped disburse more than $300 million to 236,000 businesses across America. The team is actually composed of software engineers, product designers and business experts, meaning the algorithm used to decide your perfect lender is always being tweaked and updated.

Become Perks and Bonuses

Flexibility

Become works with over 50 lenders, allowing you to get the lowest rates and the best terms possible given your eligibility criteria. In addition, with Become, you have a broad range of lending products to choose from, including lines of credit, term loans, invoice factoring, and startup options.

Transparency

Since Become works with dozens of lenders across the country, they are not able to provide the detailed upfront information on rates and terms you can expect from each type of product. However, the platform does a great job at disclosing all the lenders they partner with on their website’s homepage.

Technology

In addition to the fast online application, one great feature about Become is its LendingScore dashboard. If your application is rejected, you will be able to see the reasons behind the rejection and review the advice on how to become successful in the future. In addition, Become includes several helpful videos directly on its website explaining each type of small business loan offered.

Final Thoughts

There’s very little not to like about Become and we’d highly recommend it to anyone that’s shopping around for a small business loan but isn’t sure where to go. The number of loan options will cover most borrowing needs and the lenient eligibility criteria will certainly increase your chances of being accepted.

About the Author

Tetiana Sitiugina-Babiuk

Independent writer and content strategist

Tetiana Sitiugina-Babiuk is an independent writer and SEO strategist helping a broad range of international clients to convey their stories for over five years.

More about me