BusinessLoans.com Reviews

The BusinessLoans.com marketplace is a good fit for small businesses interested in a self-service experience for finding funding. While the application process is straightforward and quick, it is best suited to those who are comfortable filling out their information online and don’t necessarily need to speak to a loan specialist — although phone support is available.

However, the requirement to input your phone number before you’re able to browse lenders is frustrating, and BusinessLoans.com says it or a third party may contact you via email, telephone call or text. Its lack of transparency regarding interest rates, fees and loan amounts makes it challenging to compare to other loan marketplaces.

Although it doesn’t offer direct loans, the BusinessLoans.com marketplace pairs businesses with lenders that offer a range of borrowing products, including loans, lines of credit and cash advances.

While BusinessLoans.com doesn’t specify how many of the following products can be accessed from the lenders in its marketplace, it does imply they are available.

To use BusinessLoans.com, you must be 18 and reside in the U.S. or one of its territories. Beyond that, because BusinessLoans.com is a marketplace rather than a direct lender, eligibility criteria will vary.

BusinessLoans.com says that some lenders allow business loans after bankruptcy, with most requiring at least one year of improving credit history after a bankruptcy. Some loans, such as SBA loans, require a business plan.

Rates and fees vary and depend on the loan type and amount a business qualifies for. Applicants will work with specific lenders to determine rates, fees and terms.

There is no information on BusinessLoans.com as to whether there is a fee for signing up.

To apply, business owners must fill out an online application, which requests the following information:

• Type of business represented (LLC, sole proprietorship, partnership, C corporation or S corporation)
• Amount of the loan requested
• What the loan will be used for (e.g., expansion, equipment purchase, inventory, marketing/sales, purchasing a vehicle)
• Business name and industry
• Business start date
• Annual revenue
• Personal credit score
• ZIP code and phone number

The application will not impact your credit score. Once completed, you’ll be able to view multiple offers for different loans available.

While each lender has its own timeline, BusinessLoans.com says you can expect to receive approval and funding within 24 hours to one week.

BusinessLoans.com offers a business loan marketplace similar to Lendio and Fundible. Like both of these competitors, it offers a fast approval time, as quickly as within 24 hours. However, unlike its competitors, BusinessLoans.com lacks transparency on its starting rates, maximum loan amounts and types of loans available.

If you want to view costs and loan terms before submitting your personal information, a different lender marketplace may be a better fit.

BusinessLoans.com is a legitimate loans marketplace, although it lacks transparency regarding its starting APRs and minimum/maximum loan amounts, which may dissuade some borrowers. Also, since you’re required to input your contact information prior to viewing offers, you may be opening yourself up to unwanted emails, telephone calls or texts from BusinessLoans.com or a third party.