in Business Loans from Biz2CreditUnaffiliated
in Business Loans from Biz2Credit
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Where does Biz2Credit do business?
Biz2Credit is a business financing offering by Biz2Credit, a financial services company based in New York, NY. Founded in 2007, Biz2Credit offers access to business loans in 50 states (and Washington, DC).
What are Biz2Credit’s rates?
Biz2Credit offers a business financing product that ranges from 5.99% APR up to 99% APR.
Does Biz2Credit charge an origination fee?
Yes, Biz2Credit charges a loan origination fee.
What limitations does Biz2Credit set on the purpose of the loan?
Biz2Credit considers loan applications for business purposes, such as:
- Business Debt Refinance
- Equipment Purchase
- Lease Improvement
- New Location
- Product or Service Expansion
- Working capital
What types of business loans does Biz2Credit offer?
Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Biz2Credit provides access to the following business loan types:
- Unsecured term loans
- Secured Term Loans
- Lines of Credit
- SBA Loans
- Invoice Financing
- Merchant Cash Advances
Does Biz2Credit charge prepayment fees?Yes, Biz2Credit charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.
How much can you borrow from Biz2Credit?
Loan amounts start at $5,000 and go up to $5,000,000.
What do you need to qualify for Biz2Credit?
Biz2Credit does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.
Applicants with a credit score of at least 560 and up to 850 are eligible for Biz2Credit.
Biz2Credit does not have or does not disclose a minimum annual income eligibility requirement.
The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Biz2Credit product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.
Only U.S. citizens and permanent residents can apply for a loan.
To qualify, applicants may need to provide the following documentation:
- Proof of income
- Proof of identity
- Washington, DC
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- West Virginia
|Credit Score Range||
560 - 850
|Immigration Status Considered||
|Employment Statuses Considered||
|Verification Documents Required||
|Loan Amount||$5K - $5M|
|APR||5.99% - 99%|