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BusinessLoans.com Review: Speed Dating for Small Businesses and Lenders

Review Updated
Brittney Myers
Author: Brittney Myers
Brittney Myers
Brittney Myers
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Brittney started her writing career in the world of science, putting her physics degree to good use. Her journey into finance started with building her personal credit, but soon grew into a borderline obsession with credit cards and travel rewards. For the last 7 years, she has enjoyed the ability to share her expertise with readers, as well as the opportunity to interview companies and individuals making an impact on our financial lives. She wholly believe most problems can be solved with the right research -- and a good spreadsheet -- and she specializes in translating complex financial topics into actionable advice to help educate and empower readers.

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Dana George
Reviewer: Dana George
Dana George
Dana George
Writer

Dana George has a BA in Management and Organization Development from Spring Arbor University. For more than 25 years, she has written and reported on business and finance, and she's still passionate about her work. Dana and her husband recently moved to Champaign, Illinois, home of the Fighting Illini. And though she finds the color orange unflattering on most people, she thinks they'll enjoy Champaign tremendously.

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Ashley Maready
Fact Checked: Ashley Maready
Ashley Maready
Ashley Maready
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Ashley Maready is a former history museum professional who made the leap to digital content writing and editing in 2021. She has a BA in History and Philosophy from Hood College and an MA in Applied History from Shippensburg University. Ashley loves creating content for the public and learning new things so she can teach others, whether it's information about salt mining, canal mules, or personal finance.

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BusinessLoans.com is a lending network connecting small business owners with compatible lenders. In this detailed review, you'll learn how BusinessLoans.com works, what types of loans are available, and whether it's a good fit for you and your business.

Ratings Methodology

BusinessLoans.com

Great for: Multiple business loan options at once

Logo for BusinessLoans.com
Rating image, 3.0 out of 5 stars.
3.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Minimum Credit Score
Varies by lender
Loan Amounts
Varies by lender; minimum $10,000
APR Range
Varies by lender
Term Length
Varies by lender

BusinessLoans.com isn't a lender. Instead, it's a lending network that matches partner lenders with small business owners who need funding. You can get up to five offers at a time, though you're not guaranteed approval.

  • Potentially receive multiple offers at once
  • Variety of loan types and lenders
  • Easy online application
  • No credit score impact
  • Not a bank or lender
  • Still need to qualify with an actual lender
  • May not receive any loan offers
  • No customer service

Alternate picks for best small business loans

Below are some of our current favorite options for small business loans and financing that combine perks with customer service and competitive terms.

As of Oct. 01, 2024
Lender
Rating
Min. Credit Score
Loan Amounts
APR Range
Next Steps
Bluevine
Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
625
Up to $500,000
Depends on rate and amount of credit line used
Check Rates for Bluevine
Read Full Review
First Citizens Bank
Rating image, 3.5 out of 5 stars.
3.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Normal credit approval applies
$0 to millions
Depends on loan type and term
Read Review

Full BusinessLoans.com review

BusinessLoans.com is a lead-generation agency whose single goal is to generate business for lenders. While this model works beautifully for some, it leaves others frustrated. Once you've received loan offers (if you receive loan offers), you start over with the lender.

When you apply through BusinessLoans.com, you have no idea which lender(s) may approve your loan. You don't know details about interest rate, origination fees, late payment penalties, or any other fees a lender may charge.

I would suggest checking with your current bank, credit union, or another lender you've worked with before reaching out to BusinessLoans.com.

Opinions from across the web

Since I've never personally borrowed from BusinessLoans.com, I was curious to learn what actual borrowers say about their experience.

What social media says

Online customer reviews for the company vary wildly depending on the website, raising the question of which sites are legitimate. For example, while reviews on the Better Business Bureau (BBB) site give BusinessLoans.com a score of 1 out of 5 stars, Trustpilot reviews are glowing, with an overall rating of 4.9 out of 5 stars.

Borrowers frequently praise specific employees and the simplicity of the application process. Online complaints often focus on the fact that it's nearly impossible to get in touch with anyone from BusinessLoans.com, even if you have a problem with something the company did (like providing your personal information to another company).

What we love about BusinessLoans.com

Here are some of the BusinessLoans.com features we think borrowers might appreciate.

Get offers from up to five lenders at once

The main reason to use a lending network like BusinessLoans.com is to comparison shop your small business loan options without needing to fill out multiple applications.

BusinessLoans.com works with many different lenders, so you can get up to five loan offers from a single BusinessLoans.com application. (Note that you aren't guaranteed five, or any, offers.)

Once you choose an offer, you can fill out a formal application with the lender to continue the borrowing process.

Find a variety of lenders and borrowing options

Since BusinessLoans.com has a variety of lending partners, it can provide you with a variety of loan types and terms.

For example, you may receive unsecured and secured (collateral) installment loan options from multiple lenders from your single BusinessLoans.com application. Similarly, you could get several loans of similar terms with different interest rates. Having a variety of options to choose from can help you find the best rates and terms for your specific needs.

Checking for offers has no impact on your credit score

A great feature of BusinessLoans.com is that the application doesn't require a hard credit check of your personal or business credit. Exploring your loan options through BusinessLoans.com won't have an impact on your credit scores.

The story changes if you like an offer you receive and fill out a formal application with a lender. At that point, the lender will likely do a hard credit pull on your personal credit, as well as check any business credit profiles. This can negatively impact your credit scores slightly.

Potential for fast funding

Depending on the lender and your specific situation, a business loan may be funded in as little as 24 hours.

What BusinessLoans.com could improve

Few businesses are all bad or all good. However, here are some ways we think BusinessLoans.com could improve.

BusinessLoans.com isn't a bank or lender

BusinessLoans.com is a lead-generation agency, not a bank or lender. Its job (how it makes money) is by funneling well-qualified borrowers to its lending partners. When you complete an offer you got through the network, BusinessLoans.com makes a commission.

In other words, even if you get offers through BusinessLoans.com, you still need to apply with the actual lender -- which may or may not approve you.

You'll also need to contact the lender, not BusinessLoans.com, with questions or customer support issues with your loan. Once you pick an offer, BusinessLoans.com has finished its part of the transaction.

You're not guaranteed to receive any offers

The whole schtick behind a lending network is that you can get offers from multiple lenders at once. But what it doesn't advertise so much is that you're not guaranteed any offers at all.

That's right, you could fill out your application and not receive a single offer.

Even if you think you're well-qualified, with a good credit score and understanding of the requirements -- you still may wind up with nothing if you don't happen to match well with any of BusinessLoans.com's specific lending partners.

Customer service may be hard to contact

What happens if you have questions about your application, the offers you receive, or pretty much anything else? Well, get ready to go on a hunt.

Not only does BusinessLoans.com make it almost impossible to find contact information -- it's buried at the end of the Terms and Conditions a few paragraphs past the Class Action Waiver -- but any info you find there is lacking.

There is no phone number, no online chat, no contact form. There is a snail-mail address (because you're going to write a letter for customer support, right?) and a single email address: [email protected]. That's it.

How to qualify for a BusinessLoans.com loan

BusinessLoans.com works with a variety of lending partners, so there are no hard-and-fast rules about who can qualify. However, the general guidelines it offers on its site include:

  • At least one year in business
  • Minimum annual revenue of $75,000
  • Minimum personal credit score of 600

It's also a best practice to have a business checking account when you apply for business credit.

Application process

As a network, BusinessLoans.com only connects you with lenders. As such, the process is a little different from a direct lender:

  1. Fill out the BusinessLoans.com application.
  2. Consider any offers you receive.
  3. If you like an offer, fill out an official application with the lender.

Is a BusinessLoans.com loan right for you?

Deciding whether to take out a small business loan is highly personal, depending on your specific needs. However, BusinessLoans.com may be right for you if:

  • Own a small business
  • Want to explore multiple options for small business loans
  • Don't want to fill out multiple applications

FAQs

  • BusinessLoans.com is a real business that drives leads to small business lenders. Business owners can fill out an application and receive loan offers from BusinessLoans.com's lending partners.

    BusinessLoans.com is not a bank or lender. If you want to move forward with an offer you receive, you'll need to fill out a proper loan application with the individual lender.

  • Whether your business loan requires a personal guarantee will depend on the type of loan and your business structure. The majority of small business loans, especially for sole proprietors and LLCs, will require a personal guarantee from the owner/borrower.

  • No, not always. Many lenders will still lend to a small business without established business credit so long as the owner(s) has good personal credit.