Nav SBA Loan Review

Nav is a business financing offering by Nav, based in South Jordan, UT. Founded in 2012, Nav offers access to small business loans in 50 states (and Washington, DC).

What are Nav’s rates?

Nav offers a fixed APR business financing product but they do not disclose their rates.

Does Nav charge an origination fee?

Yes, Nav charges a loan origination fee.

What limitations does Nav set on the purpose of the business loan?

Nav considers business loan applications for business purposes, such as:

• Equipment Purchase
• Inventory
• Lease Improvement
• Product or Service Expansion
• Technology Investment
• Working capital

What types of small business loans does Nav offer?

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

• SBA Loans

Does Nav charge prepayment fees?

Yes, Nav charges additional fees to borrowers who pay off their small business 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 business loan early.

How much can you borrow from Nav?

Business loan amounts start at $5,000 and go up to $5,500,000.

What do you need to qualify for Nav SBA Loan?

Nav SBA Loan 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 650 and up to 850 may be eligible for Nav SBA Loan. The minimum age to be eligible is 18 or the state minimum, whichever is higher.

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 Nav SBA Loan. Their rates fall within the limits of The Military Lending Act.

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

To qualify, applicants may need to provide the following documentation:

• Recent bank statements
• Business formation documents
• Driver's license
• Government issued photo ID
• Proof of identity

Does Nav SBA Loan report your account activity to credit bureaus?

Yes, Nav SBA Loan reports your account activity to the following credit reporting agencies:

• Equifax
• Experian
• Transunion

Making regular on-time payments to a creditor that reports to one or more credit bureaus will demonstrate your financial responsibility and may help improve your credit.