Finimpact

Biz2Credit Review - Grow Your Small Business With a Low-Interest Loan

Biz2Credit offers three small business loan products with respectable interest rates and high borrowing limits. The simple application process and fast turnaround for funding have made this platform an increasingly popular choice for entrepreneurs across the country.

biz2credit review
biz2credit review
4.0
Please Vote!
credit score
Min. Credit Score 600+
loan amount
Loan Amount $25K - $6M
loan repayment
Loan Repayment 12-36 months
Michelle Jackson
Written by:Michelle Jackson
Freelance Financial Writer and Online Business Coach

Biz2Credit specializes in term loans with turnaround times of just 72 hours from application to funding, with very few restrictions on how they can be spent. It’s an excellent choice for those that need fast injections of cash to fund expansion projects, cover staff costs, and even deal with unforeseen emergency expenses. The lender has an excellent reputation for strong customer service and is very favorably reviewed across aggregate review sites like Trustpilot.

Summarized Ratings

This parameter considers loan terms, repayment optionality, and loan limits. For each financing arrangement offered, each of these features was evaluated using the five-point scoring system. Then, the various scores were aggregated and averaged to establish an overall loan features score.

Biz2Credit gets a near best-in-class 4.3 for Loan Features. This score reflects average loan terms (2-5 years), relatively high loan limits (up to $6 million), and highly accommodative repayment options.

Pros
Multiple loan types available
Fast disbursement of funds
Straightforward application process
High borrowing limits
Cons
Strict eligibility criteria
Additional fees may be charged

What Is Biz2Credit?

Biz2Credit is an alternative lender that offers three business financing options; term loans, working capital loans, and commercial real estate loans. Term loans are intended to fund small-to-medium projects and have borrowing limits up to $250,000, while the other two options can fund much larger acquisitions with up to $6 million that can be borrowed.

Interest rates are very reasonable and start from just 8.99%. However, we’ve found that credit score and other eligibility requirements can be tough to meet, especially for newer businesses. You should be aware that startups won’t be able to apply.

That being said, Biz2Credit small business loans offer a fast, convenient, and well-priced lending option. You won’t face a hard pull to your credit rating until you apply for a loan, so it’s always worth checking them out to see what you can get.

Biz2Credit Loan Features

Biz2Credit is a direct lender offering three different types of funding. Terms are quite flexible across each of the financing options and you can usually borrow for up to 36 months. Plus, if you don’t like the products on offer, the platform has partnered with a number of additional lenders you can turn to.

As stated above, borrowing amounts range between $25,000 and $6 million depending on which option you choose and interest rates start from 8.99%. We’ve outlined each product in detail below.

Term Loans

This is by far Biz2Credit’s most popular funding option. Its term loan offers fixed weekly or bi-monthly repayments and the cash can be in your account within 72 hours. With borrowing limits set at $250,000, it’s an ideal choice for those that want to fund a medium-term project.

Term Length

12 - 36 months

Repayment Period

Weekly or bi-monthly

APR Range

Starts from 8.99%

Min-Max Amount

$25,000 - $250,000

Working Capital Loans

Most often used to fund your company’s day-to-day operations, working capital loans will be used to cover short-term expenses. Biz2Credit offers an incredibly fast 24-hour turnaround from application to funding - as long as you’re able to provide the relevant documentation upfront.

Term Length

Variable - To be discussed on application

Repayment Period

Daily, weekly, or bi-monthly

APR Range

Variable - To be discussed on application

Min-Max Amount

$25,000 - $2 million

Commercial Real Estate Loan

These loans are used to purchase specific commercial properties and are typically taken out when a business needs new premises or is undergoing an expansion. Biz2Credit’s real estate loans allow you to borrow up to $6 million.

Term Length

12 - 36 months

Repayment Period

Monthly

APR Range

Starting from 10%

Min-Max Amount

$250,000 - $6 million

Biz2Credit Interest Rates and Fees

Rates and fees will vary depending on your own personal financial situation. Those with higher credit scores and plenty of evidence of healthy business experience will generally be seen as low risk and be offered more desirable rates and fees.

Regardless of which Biz2Credit funding type you choose, you’ll almost certainly have to pay an origination fee, as well as maintenance and other admin charges. These can vary considerably for each applicant and it’s difficult to get an idea of exactly what you’ll be paying until you apply.

Generally, you won’t be charged for paying off your loan early, but if you sign up with one of the platform’s partner lenders, you may be subject to different terms. We’d always recommend reading your loan agreement very carefully before signing it to make sure the repayments are affordable.

That being said, we’ve covered some general rates and fees information for each loan type below.

Term Loan

Origination Fees

1% - 6%

Prepayment Fees

not applicable

Late Fees

not applicable

Maintenance Fees

not applicable

Interest Rate

Starting from 8.99%

Working Capital Loan

Origination Fees

1% - 6%

Prepayment Fees

not applicable

Late Fees

not applicable

Maintenance Fees

not applicable

Interest Rate

Disclosed on application

Commercial Real Estate Loan

Origination Fees

1% - 6%

Prepayment Fees

not applicable

Late Fees

not applicable

Maintenance Fees

not applicable

Interest Rate

Disclosed on application

How to Qualify for a Biz2Credit Loan?

Biz2Credit’s eligibility criteria are a little more strict than those you’d find at competitor platforms and only businesses with at least ‘good’ credit will be accepted. Plus, you’ll need a minimum of six months in business, if not more in most cases, to be eligible. You should bear in mind that even if you meet the minimum criteria, you aren’t guaranteed to be accepted.

This is perhaps one of the few downsides of the service, and business newbies and those with bad credit will need to search elsewhere. However, these stringent policies do mean that Biz2Credit has a talent for only selecting businesses that are capable of repaying loans, which is why its reputation has endured and remains a top choice for organizations with good to excellent credit.

We’ve summarized the basic requirements for each loan type below.

Criteria

Term Loan

Working Capital Loan

Commercial Real Estate Loan

Minimum Credit Score

660

575

660

Minimum Annual Revenue

$250,000

$250,000

$250,000

Minimum Time in Business

18 months

Six months

18 months

Biz2Credit Loan Application Process

Biz2Credit encourages future borrowers to go through the prequalification process in order to see if they might be approved for the financial product they’re requesting. Information requested during this process includes the following:

  • The amount that the business would like to borrow and the purpose of the loan. The repayment term that the borrower would prefer is also factored into the pre-qualification decision.
  • Annual revenue and a current credit score is also required. Biz2Credit’s website states that a minimum credit score of 580 is eligible for a loan. However, it’s a good idea to work on nurturing your credit score and growing it in order to gain access to better lender terms. The higher a credit score typically the better the lending terms will be especially related to the APR associated with a loan. The lower the APR, the less the loan will cost over the duration of time for the loan.

Once it’s time to make the official funding request, borrowers will need to provide additional information including:

  • Applicants will need to submit several years worth of tax returns and it is at the discretion of Biz2Credit to decide how many years worth of tax returns will need to be reviewed.
  • A business plan detailing aspects related to service provided, goals and business projections.
  • Financial statements for your business detailing cash flow and other relevant financial information that gives Biz2Credit a deeper insight into the overall health of your business.
  • Any legal documents that you may have that provide deeper context and details about your business’s legal structure. These documents would include, but aren’t limited, to the following: articles of incorporation, bylaw and lease agreements to name a few.

How Does Biz2Credit Determine Loan Amount

Your loan amount will be primarily determined by your credit score, but your annual income and time in business will have an effect, too. Generally, the higher all of these figures are, the more likely you are to have an extended borrowing limit.

Biz2Credit doesn’t disclose exactly how it calculates the amount for each customer, but you’ll be assigned a loan advisor who can talk you through any questions and explain the final offers to you before you sign up.

Biz2Credit Customer Support

Biz2Credit customer service has earned an excellent reputation. All borrowers are assigned a loan advisor from the start to finish of the application process, which makes everything that little bit easier.

If you have any other general queries you can get in touch over the phone, by email, or through a live chat option on the website. Phone lines are open between 8 AM and 7 PM ET and you never usually have to wait long for a response whichever contact method you opt for.

What’s more, you’ll find an incredibly handy knowledge center that contains blogs, research reports, how-to guides, and even ebooks that are completely free to download. As if that wasn’t enough, you can get your hands on a series of loan guides and a lending index that will let you know your chances of being accepted for funding across a range of different lending types.

Biz2Credit Loan Reviews

It’s great to see that Biz2Credit customer reviews are almost universally positive. The lender has 4.5 stars out of 5 on TrustPilot from more than 13,700 reviews and users are quick to praise the attentive and personalized customer service. Many customers actually name specific individuals and loan advisors too which only emphasizes the great level of service.

Negative feedback tends to be from those that are struggling with slow applications, with most cases involving the need to provide more documentation. This is likely due to the platform’s strict eligibility requirements, so you should be prepared to provide a lot of information upfront.

The positive reviews are related to

The negative reviews are related to

Excellent customer service

Multiple documents required

Fast approval rates

Some users experience a slow application process

Simple application process


Biz2Credit Perks and Bonuses

Biz2Credit doesn’t seem to have additional perks and bonuses outside of quick loan approvals for qualified borrowers.

Flexibility

It’s unclear if borrowers can modify their initial loan terms based on financial hardship. Prior to saying yes to a Biz2Credit loan, potential borrowers should ask questions specific to the repayment process and any potential for loan modifications.

Transparency

The Biz2Credit website is intuitive for users, it does feel a bit outdated. The standout on the platform is the Knowledge Center that provides a number of useful resources that borrowers can review before submitting their applications. Trustpilot reviews report consistently high levels of customer satisfaction overall, but there are numerous complaints about issues related to the PPP processed during the CAREs Act. This product is no longer available as the CARES Act has ended.

Technology

Borrowers access an online portal detailing information related to products being serviced by Biz2Credit. Data is stored in the cloud and there is an app available for customers who would like to have expanded mobile access. At this point in time there is no chat feature currently on the main website.

Final Thoughts

It’s difficult to go wrong when you apply for a Biz2Credit small business loan. Applications are fast and simple and there’s enough lending variety to cover a huge range of entrepreneurial needs. What’s more, borrowing limits are quite generous, interest rates are reasonable, and the excellent customer service ensures that someone is on hand to help you resolve any issues.

However, keep in mind that you’ll need a good credit rating to apply here, as well as significant annual revenues. If you have poor credit or are operating a startup, you’ll need to try another platform.

Frequently Asked Questions (FAQ)

Is Biz2Credit SBA approved?
Yes, Biz2Credit offers SBA loans to qualified borrowers.
How long does it take for Biz2Credit to approve you?
If there aren’t any issues with the application or delays in the approval process, the Biz2Credit website states that decisions can be made within 24 hours.
What bank does Biz2Credit use?
Biz2Credit currently partners with TD Bank as Biz2Credit is an online lender versus an actual bank.

About the Author

Michelle Jackson

Freelance Financial Writer and Online Business Coach

Michelle Jackson is the host of the podcast "Michelle is Money Hungry." Her goal is to transform people's financial lives through increased financial knowledge.

More about me