What is LendingScore™?
LendingScore™ is a score between 0 and 100 that represents how likely your business is to receive funding.
The higher your score is, the better your funding chances become. But there’s much more to LendingScore™ technology than a simple number rank; Become goes the extra mile to make the loan approval process easy for business owners to understand.
What your LendingScore™ means:
One comparison that may help is to think of how a credit score works – it’s a number that is calculated by a model which corresponds with your ability to repay a loan. When a credit score is lower, a lender knows that there is more of a risk in lending money to that person, and will either reject the request for funds or often raise the interest rates to reflect that heightened risk.
Your LendingScore™ works in a very similar way but has some important differences.
While a credit score is representative of one thing (your credit history), the LendingScore™ takes into account many more business loan criteria. These criteria, often unknown to business owners, are used by online lenders in the loan application review to determine a business loan approval or denial (more on business loan criteria below).
How Can LendingScore™ Improve my Funding Chances?
Become does things differently from traditional lending institutions and platforms in order to work in the business owner’s favor and simultaneously make the process easier and more intuitive.
With the LendingScore™ Dashboard, every business owner who applies for business financing through Become gains access to tailored guidance on how to raise their chances of getting business funding. So, whether they qualify for a business loan or not after completing the online application, applicants through Become are provided insight on what to do next to gain access to even more and better business financing options.
And, as if that wasn’t good enough, Become doesn’t charge a dime for that tailored guidance! It turns out you can get business loan approval without breaking the bank or doing damage to your credit score.
It’s high time that an online lending platform provides more that just generic pointers that you could have searched for on Google. Using proprietary technology, Become has created a ‘fundability optimization platform’ – using advanced algorithms along with empirical, data-based research you’ll receive specific and personalized instructions on how to optimize your business’s funding odds. You’ll be able to see where you are in terms of each criteria point – what we like to call your ‘funding factors’ – and track your progress along the way.
LendingScore™ Gives Business Owners an Edge
More than 80% of small business loan applications in the United States (particularly startups) are denied financing by their banks, and most of those applicants don’t know why they were rejected. Add to that a lengthy and time-consuming loan approval process through banks, and it’s easy to understand why business owners leave feeling let down. On top of that, they haven’t got a clue about what to do to improve their funding chances and become fund-worthy.
It’s clear that when it comes to obtaining business financing, alternative business funding has got traditional bank loans beat in a variety of ways. Curious to find out what your LendingScore™ is? Apply for a business loan through Become to see where you stand and which funding options are available to you.
Become works closely with dozens of the nation’s top lending institutions so that business owners can simply fill one application that then goes out to multiple loan providers. What’s more is that, with the MatchScore™ technology that Become created, business owners get paired with the optimal loan providers for their business financial profile and specific requirements. No more wasting time and no more stress!
Am I Guaranteed a Business Loan?
Although LendingScore™ doesn’t necessarily offer a guaranteed business loan, it certainly provides the transparency to see where you stand and how to improve your fundability – something you won’t find anywhere else. Unlike other business financing solutions, Become helps you understand why you were denied funding (if that’s the case) or why you received business loan offers with certain terms. Your tailored dashboard will guide you on how to either qualify in the first place, or get better terms and more lending offers.
Loan Declined After Pre Approval?
While it isn’t something that happens very often, some businesses that apply for financing through Become do occasionally have a loan declined after pre-approval. Even if that happens, we will never leave you in the dark.
With LendingScore™, you’ll learn why you were denied the business loan and how to improve the funding factor(s) that stand in your way. Plus, with 50+ lenders that have partnered with Become, you have plenty of opportunities to be matched with the optimal loan provider that meets your business needs.
How Does it Work?
After conducting a loan application review, Become calculates a business’s LendingScore™ with the help of our proprietary technology. The results of the business’s profile analysis are then illustrated for the applicant on the LendingScore™ Dashboard in nine major components (business loan criteria):
- Credit Score*
- Non-Sufficient Funds*
- Monthly Deposits
- Business Age
- Monthly Revenue
- Existing Business Loans
- Negative Balance Days
- Bank Balance
*Only for those in the U.S.
**Only for those in Australia
These nine components are the main funding factors that loan providers use to analyze a business and determine the eligibility for a business loan application to qualify.
Important note: The factors differ slightly between businesses in Australia and businesses in the United States. Since Australian business owners do not have a credit score and Australian banks do not record non-sufficient funds, Australian businesses have their LendingScore™ calculated from seven of the major components (numbers 3-9).
With the tailored guidance provided through the LendingScore™ Dashboard, businesses have access to in-depth insights that make the process more transparent than it’s ever been before.
Now businesses will know exactly what they need to change in order to get a business loan application approved. And that’s how we help your business become more!
There’s no need to guess and stress about how to obtain the business financing you’re aiming for – everything will become clearer with LendingScore™.
Which Types of Businesses Can Use LendingScore™?
Asking which types of businesses can use LendingScore™ is like asking which types of businesses can use additional financing. The answer is clear – every business can make good use of LendingScore™ technology.
The online business loan application through Become is made available to any business owner in search of funding. There’s no risk, no obligation, and no cost involved with applying – plus every applicant has access to their loan application review, including tailored guidance provided through the LendingScore™ Dashboard. In plain language, the loan approval process is easier thanks to LendingScore™.
Whether a business has a low credit score, weak monthly revenue, or any other obstacle in the way of qualifying for a business loan, LendingScore™ can help make it easier to understand what needs to be done to get funded.
How Much Does LendingScore™ Cost?
LendingScore™ comes at no cost to business owners that apply for financing through Become. We know how frustrating it can be to have invested the time and energy into applying for a loan and not just walking away empty-handed, but having also done damage to your credit score.
That’s why Become offers business owners a route to qualify for a business loan without spending inordinate amounts of time filling tons of paperwork or risking damage to their credit scores. Yes, you heard right – applying for funding via Become will not affect your credit score.
Applying for business financing through Become is a unique experience that offers a range of advantages which other funding options simply don’t. If you are the owner of a small or medium sized business, we consider you as part of the Become family. The Become team understands the great contributions that small and medium sized businesses make to our economy and society. That’s why we work to help you obtain the funding you need to make your business dreams become reality.
Top perks of working with Become:
- Transparency – see how lenders see you
- Extreme personalization – no guessing what to do
- Tailored solutions – we’ll match you with the optimal lender
- Free of cost – and no risk to your credit score
Discover your LendingScore™ today and find out how we can help your business become more than you dreamed of!