There are many situations in which your business might find itself in need of some extra capital. Perhaps you’re just starting out and need a cash injection to cover the initial start-up costs, or maybe you’re looking to buy some new equipment and want a loan to help out with the payments. In any case, business lenders can help, but there are a lot of them out there, so it’s wise to read reviews and compare your options in order to find the best business loan for you. This review will take a look at a lender comparison and connection service: Become.
Previously known as Lending Express, Become was officially launched under its new name in July of 2019 and serves as an online connection service that basically works to offer quotes from a variety of business lenders to its users. In order to use the Become platform, your business needs to have been in operation for at least a year, but that’s the only requirement to be aware of.
Become partners with dozens of the best lenders, including some big names like Kabbage, OnDeck, Bluevine, and Fundbox in order to provide its users, which can range from brand new start-ups to established larger businesses, with a range of quotes to compare for their business loan needs.Back to top ↑
Business Loans Offered by Become
Become doesn’t offer any loans directly. Instead, it serves as a funding matchmaker, helping you connect with a trusted provider who can meet your needs. These providers offer all kinds of business loans, including:
- Working Capital Loans – You can use Become to find capital loans ranging from $5,000 to $500,000 on terms of 1 month to 10 years
- Lines of Credit – A line of credit lets you draw from a credit account, up to a set limit, whenever you need additional cash
Invoice Factoring – This kind of financial service involves the lender providing an advance on your unpaid invoices
- Merchant Cash Advances – Gives you an advance on your business’ sales, which you pay back with credit card transactions
- Equipment Loans – Covers the costs of buying new equipment for your business
Here’s all you need to know about how Become business loans work:
- Applications – To make use of the Become platform to find most kinds of loans, you’ll need to have been in business for a year. However, since Become searches for business loans with a wide network of lenders, it is possible to find some funding services with even more relaxed requirements like 3 months of operations and $10,000 of monthly revenue or 6 months of operations and $3,000 of monthly revenue. You’ll probably need to provide bank statements, merchant statements, and tax returns to your chosen lender.
- Rates and Fees – The rates and fees of the loans you find through Become will vary from lender to lender. You don’t have to pay anything to Become, however. The lenders are the ones who pay Become, so it’s a free service to use.
Overall, Become is a solid and dependable option for those who want to speed up the process of finding a business loan and let a trusted platform do the hard work on their behalf, searching with many lenders all at once.Back to top ↑