Bizfi Review

Bizfi is a business financing offering by Bizfi, based in New York, NY. Founded in 2005, Bizfi offers access to business loans in 49 states (and Washington, DC).

What are Bizfi’s rates?

Bizfi offers a business financing product but they do not disclose their rates.

Does Bizfi charge an origination fee?

Yes, Bizfi charges a loan origination fee.

What limitations does Bizfi set on the purpose of the loan?

Bizfi considers loan applications for business purposes, such as:

• Equipment Purchase
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of business loans does Bizfi offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Bizfi provides access to the following business loan types:

• Lines of Credit
• SBA Loans
• Invoice Financing

Does Bizfi charge prepayment fees?

Yes, Bizfi 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 Bizfi?

Loan amounts start at $3,000 and go up to $500,000.

What is the maximum loan term you can get with Bizfi?

Bizfi offers business loans with a maximum term of 120 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Bizfi?

Bizfi requires companies to be in business for at least 3 months. Businesses must have a minimum annual revenue of $10,000 to be considered.

When it comes to credit scores, Bizfi doesn't have a set minimum or maximum. People with all types of credit can apply.

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. Active duty service members and their covered dependents are eligible to apply for a loan via Bizfi. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by Bizfi. Permanent resident / green card holders are also eligible to apply.