Businessloans.com business loans review: Compare multiple loans in one place.

What makes Businessloans.com shine

One of Businessloans.com’s top benefits is its easy-to-navigate website and simplified intake form. Unlike other loan marketplace websites, it asks minimal information about you and your business, and you don’t need to provide a Social Security number to get matched with potential lenders.

Customers give the company overwhelmingly positive reviews, with many praising the streamlined application process and the helpful, no-pressure customer support they received from the company’s loan officers.

Businessloans.com also has informative articles about the type of loans it offers to help you understand each loan type. However, unlike competitor Lendio, it doesn’t have any specific information on how to qualify or what its loans’ APR ranges are.

Where Businessloans.com falls short

Businessloans.com lacks important information on its website. It doesn’t list its partner network, so it’s hard to know how many lenders you’re comparing. It also doesn’t provide any information about the fees or rates its partners charge or if you’re on the hook for a funding fee.

While it’s not possible to know what rates you qualify for until you’ve prequalified with a lender, it can be useful to know what the rate ranges potentially are. For example, Lendio.com clearly lists the rate ranges for each type of loan it offers, which makes it easier to compare loan options and costs.

Businessloan.com loan details

How to qualify for Businessloans.com

Businessloans.com is a loan marketplace, so eligibility requirements vary depending on the lender you’re matched with and the type of loan you get. In general, you need to meet the following requirements to qualify for a business loan:

• US citizen of at least 18 years of age
• Minimum personal credit score of 560 (some lenders may go lower)
• Annual revenue requirements (typically $100,000 a year)
• Social Security number of Individual Tax ID

Your best bet is to narrow down the loan type you need, then do online prequalifications with multiple lenders to determine if you’re eligible for the loan you want. This lets you know if you’ll meet the lenders’ requirements before you formally apply with a hard credit check.

How to apply

Here are the general steps to apply for a loan with Businessloans.com:

1. Determine the type of loan you need

Businessloans.com offers four loan options. Decide which type of loan best fits your needs:

• Short-term loans. Used to cover unexpected expenses, even out cash flow or finance a short-term project. Short-term loans are usually repaid over three to 24 months.
• Long-term loans. A lump sum loan that provides working capital for a range of needs. These longer-term loans are typically repaid over two to 10 years.
• Merchant cash advances. A quick turnaround cash advance on future sales. Fees can run high with this option, but it can keep operations running smoothly during a slump.
• Lines of credit (LOC). This is a revolving line of credit that can be used as a source of short-term working capital needs. LOCs can be secured or unsecured.

2. Prequalify online

Once you’re matched to a lender, see if it offers online prequalification — most do. Prequalification allows you to compare several options and view your potential rates and fees before you complete a full application and undergo a hard credit check.

3. Apply for your loan or financing

Once you’ve narrowed down the best lender for your needs, apply online and gather your documents for uploading. While every lender is different, be prepared to provide the following types of documents:

• Bank statements
• Business tax ID
• Driver’s license number
• Accounting software
• Profit and loss statements
• Bank account information
• Contact information of each business owner

The exact information you need to provide depends on the lender. For a faster turnaround, plan on submitting everything at once so there are no delays.

Businessloans.com reviews and complaints

Businessloans.com gets overwhelmingly positive reviews on Trustpilot, where many customers mention the easy application process and excellent support they received from loan officers at Businessloans.com. Others mention being happy with getting same-day approval and funding on their loans.

There are only a handful of reviews on the BBB website, with a couple of customers saying they were unhappy with the number of marketing calls they received after sharing information with Businessloans.com. There are zero complaints registered against the company as of July 2023.

Is Businessloans.com legit?

Yes, Businessloans.com is legit. As it states on its website, it’s a marketing lead generator with an office located in Wilmington, Delaware. It is not a direct lender and doesn’t issue loans directly and clearly states that it receives compensation from companies it partners with.