{"id":8148,"date":"2019-07-15T16:51:03","date_gmt":"2019-07-15T13:51:03","guid":{"rendered":"https:\/\/www.become.co\/blog\/?page_id=8148"},"modified":"2019-07-15T16:51:04","modified_gmt":"2019-07-15T13:51:04","slug":"lendingscore","status":"publish","type":"page","link":"https:\/\/www.become.co\/blog\/lendingscore\/","title":{"rendered":"LendingScore\u2122: Your Personalized Business Loan Application Dashboard"},"content":{"rendered":"\n\n

What is LendingScore\u2122?<\/span><\/h2>\n\n

LendingScore\u2122 is a score between 0 and 100 that represents how likely your business is to receive funding.\u00a0<\/span><\/p>\n\n

The higher your score is, the better your funding chances become. But there\u2019s much more to LendingScore\u2122 technology than a simple number rank; <\/span>Become<\/span> goes the extra mile to make the loan approval process easy for business owners to understand.<\/span><\/p>\n\n

What your LendingScore\u2122 means:<\/b><\/p>\n


\"LendingScore\u2122<\/p>\n\n

One comparison that may help is to think of how a credit score works – it\u2019s 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.<\/span><\/p>\n\n

Your LendingScore\u2122 works in a very similar way but has some important differences.<\/span><\/p>\n\n

While a <\/span>credit score<\/span><\/a> is representative of one thing (your credit history), the LendingScore\u2122 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).<\/span><\/p>\n\n

How Can LendingScore\u2122 Improve my Funding Chances?<\/span><\/h2>\n\n

Become<\/span> does things differently from traditional lending institutions and platforms in order to work in the business owner\u2019s favor and simultaneously make the process easier and more intuitive.<\/span><\/p>\n\n

With the LendingScore\u2122 Dashboard, every business owner who applies for business financing through <\/span>Become<\/span> 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 <\/span>Become<\/span> are provided insight on what to do next to gain access to even more and better business financing options.<\/span><\/p>\n


\"LendingScore\u2122<\/p>\n\n

And, as if that wasn\u2019t good enough, <\/span>Become<\/span> doesn\u2019t 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.<\/span><\/p>\n\n

It\u2019s high time that an online lending platform provides more that just generic pointers that you could have searched for on Google. Using proprietary technology, <\/span>Become<\/span> has created a \u2018<\/span>fundability optimization platform<\/b>\u2019 – using advanced algorithms along with empirical, data-based research you\u2019ll receive specific and personalized instructions on how to optimize your business\u2019s funding odds. You\u2019ll be able to see where you are in terms of each criteria point – what we like to call your \u2018funding factors\u2019 – and track your progress along the way.\u00a0<\/span><\/p>\n\n

LendingScore\u2122 Gives Business Owners an Edge<\/span><\/h3>\n

More than <\/span>80% of small business loan applications<\/span><\/a> in the United States (particularly startups) are denied financing by their banks, and most of those applicants don\u2019t know why they were rejected. Add to that a lengthy and time-consuming loan approval process through banks, and it\u2019s easy to understand why business owners leave feeling let down. On top of that, they haven\u2019t got a clue about what to do to improve their funding chances and become fund-worthy.<\/span><\/p>\n\n

It\u2019s clear that when it comes to obtaining business financing, <\/span>alternative business funding<\/span><\/a> has got traditional bank loans beat in a variety of ways. Curious to find out what your LendingScore\u2122 is? Apply for a business loan through <\/span>Become<\/span> to see where you stand and which funding options are available to you.\u00a0<\/span><\/p>\n\n

Become more today<\/a><\/strong><\/span><\/p>\n\n

Become<\/span> works closely with dozens of the nation\u2019s top lending institutions so that business owners can simply fill one application that then goes out to multiple loan providers. What\u2019s more is that, with the MatchScore\u2122 technology that <\/span>Become<\/span> 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!<\/span><\/p>\n\n

Am I Guaranteed a Business Loan?<\/span><\/h3>\n

Although LendingScore\u2122 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\u2019t find anywhere else. Unlike other business financing solutions, Become helps you understand why you were denied funding (if that\u2019s 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.<\/span><\/p>\n\n

Loan Declined After Pre Approval?<\/span><\/h3>\n

While it isn\u2019t something that happens very often, some businesses that apply for financing through <\/span>Become<\/span> do occasionally have a loan declined after pre-approval. Even if that happens, we will never leave you in the dark.<\/span><\/p>\n\n

With LendingScore\u2122, 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 <\/span>Become<\/span>, you have plenty of opportunities to be matched with the optimal loan provider that meets your business needs.<\/span><\/p>\n\n

How Does it Work?<\/span><\/h2>\n\n

After conducting a loan application review, <\/span>Become<\/span> calculates a business\u2019s LendingScore\u2122 with the help of our proprietary technology. The results of the business\u2019s profile analysis are then illustrated for the applicant on the LendingScore\u2122 Dashboard in nine major components (business loan criteria):<\/span><\/p>\n\n

    \n
  1. Credit Score*<\/span><\/li>\n
  2. Non-Sufficient Funds*<\/span><\/li>\n
  3. Monthly Deposits<\/span><\/li>\n
  4. Business Age<\/span><\/li>\n
  5. Monthly Revenue<\/span><\/li>\n
  6. Existing Business Loans<\/span><\/li>\n
  7. Negative Balance Days<\/span><\/li>\n
  8. Bank Balance<\/span><\/li>\n
  9. Dishonours**<\/span><\/li>\n<\/ol>\n\n

    *Only for those in the U.S.<\/span><\/i><\/p>\n

    **Only for those in Australia<\/span><\/i><\/p>\n\n

    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.<\/span><\/p>\n\n

    Important note:<\/b> 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\u2122 calculated from seven of the major components (numbers 3-9).<\/span><\/p>\n\n

    With the tailored guidance provided through the LendingScore\u2122 Dashboard, businesses have access to in-depth insights that make the process more transparent than it\u2019s ever been before.
    <\/span><\/p>\n\n

    \n

    Now businesses will know exactly what they need to change in order to get a business loan application approved. <\/span>And that\u2019s how we help your business become more! <\/span>
    <\/span><\/p>\n<\/blockquote>\n


    <\/span>There\u2019s no need to guess and stress about how to obtain the business financing you\u2019re aiming for – everything will become clearer with LendingScore\u2122.<\/span><\/p>\n\n

    Which Types of Businesses Can Use LendingScore\u2122?<\/span><\/h2>\n\n

    Asking which types of businesses can use LendingScore\u2122 is like asking which types of businesses can use additional financing. The answer is clear – every business can make good use of LendingScore\u2122 technology.<\/span><\/p>\n\n

    The online business loan application through <\/span>Become<\/span> is made available to any business owner in search of funding. There\u2019s 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\u2122 Dashboard. In plain language, the loan approval process is easier thanks to LendingScore\u2122.<\/span><\/p>\n\n

    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\u2122 can help make it easier to understand what needs to be done to get funded.<\/span><\/p>\n\n

    How Much Does LendingScore\u2122 Cost?<\/span><\/h2>\n\n

    LendingScore\u2122 comes at<\/span> no cost<\/b> to business owners that apply for financing through <\/span>Become<\/span>. 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.<\/span><\/p>\n\n

    That\u2019s why <\/span>Become<\/span> 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 <\/span>Become<\/span> will not affect your credit score.\u00a0<\/span><\/p>\n\n

    Why Us?<\/span>\u00a0<\/span><\/h2>\n\n

    Applying for business financing through <\/span>Become<\/span> is a unique experience that offers a range of advantages which other funding options simply don\u2019t. If you are the owner of a small or medium sized business, we consider you as part of the <\/span>Become<\/span> family. The <\/span>Become<\/span> team understands the great contributions that small and medium sized businesses make to our economy and society. That\u2019s why we work to help you obtain the funding you need to make your business dreams become reality.<\/span><\/p>\n\n

    Top perks of working with <\/b>Become<\/b>:<\/b><\/p>\n