{"id":15034,"date":"2020-08-18T15:13:38","date_gmt":"2020-08-18T12:13:38","guid":{"rendered":"https:\/\/www.become.co\/blog\/?p=15034"},"modified":"2021-07-27T09:35:45","modified_gmt":"2021-07-27T06:35:45","slug":"clearbanc-review-2020","status":"publish","type":"post","link":"https:\/\/www.become.co\/blog\/clearbanc-review-2020\/","title":{"rendered":"Clearbanc Review 2020"},"content":{"rendered":"<p><img decoding=\"async\" width=\"325\" height=\"150\" src=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/08\/images.png\" alt=\"\" loading=\"lazy\" srcset=\"https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/08\/images.png 325w, https:\/\/www.become.co\/blog\/wp-content\/uploads\/2020\/08\/images-300x138.png 300w\" sizes=\"auto, (max-width: 325px) 100vw, 325px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/p>\n<ul>\n<li dir=\"ltr\">Established 2015<\/li>\n<li dir=\"ltr\">Address Toronto, Canada<\/li>\n<li dir=\"ltr\">Trustpilot Score 4.4<\/li>\n<li dir=\"ltr\">Loan Period Determined Case-by-Case<\/li>\n<li dir=\"ltr\">Loan Range $10,000 &#8211; $10,000,000<\/li>\n<\/ul>\n<h3>Pros<\/h3>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Business loans average $500,000<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Fast funding decisions<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">No impact on credit score<\/p>\n<\/li>\n<\/ul>\n<h3>Cons<\/h3>\n<ul>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Provides advances only<\/p>\n<\/li>\n<li dir=\"ltr\">\n<p dir=\"ltr\" role=\"presentation\">Currently only servicing <br \/>e-commerce and consumer <br \/>SaaS businesses<\/p>\n<\/li>\n<\/ul>\n<h2>Bottom Line<\/h2>\n<p>Clearbanc is limited in the products it offers as it only offers\u00a0<a href=\"https:\/\/www.become.co\/merchant-cash-advance\/\" target=\"_blank\" rel=\"noopener noreferrer\">Merchant Cash Advances\u00a0<\/a>and the business types that qualify are limited to e-commerce, however they generally offer larger-sized loans with fair interest rates.<\/p>\n<p>For e-commerce businesses looking for unsecured business funding, they should try a different\u00a0<a href=\"https:\/\/www.become.co\/ecommerce-loans\/\" target=\"_blank\" rel=\"noopener noreferrer\">e-commerce funding solution<\/a>.\u00a0<\/p>\n<p>For businesses that are not e-commerce specific, try using a business loan marketplace such as that offered by\u00a0<a href=\"https:\/\/www.become.co\/\" target=\"_blank\" rel=\"noopener noreferrer\">Become<\/a>\u00a0(with over 50 lenders) to compare all of their available funding options.<\/p>\n<h2>Who are Clearbanc?<\/h2>\n<p>Clearbanc are a Canada-based lending company founded in 2015. They focus exclusively on providing e-commerce and consumer SaaS businesses with advances of up to $10,000,000.\u00a0<\/p>\n<h3>What We Like Best<\/h3>\n<ul>\n<li>\n<p>Funding in as little as 24 hours<\/p>\n<\/li>\n<li>\n<p>Flat repayment fee<\/p>\n<\/li>\n<li>\n<p>No impact on credit score<\/p>\n<\/li>\n<\/ul>\n<h3>Which services does Clearbanc offer?<\/h3>\n<p><b>Type of Loan:<\/b><b> <\/b>Advance<\/p>\n<p><b>Repayment Terms:<\/b> Daily<\/p>\n<p><b>Amount:<\/b> $10,000 &#8211; $10,000,000<\/p>\n<p><b>Interest rates:<\/b><b> <\/b>6%-12%<\/p>\n<h2>What do you need to apply?<\/h2>\n<ul>\n<li>\n<p>Minimum monthly revenue of $10, 000<\/p>\n<\/li>\n<li>\n<p>Minimum 6 months of consistent revenue history<\/p>\n<\/li>\n<li>\n<p>Business must be incorporated (i.e. corporation or LLC)<\/p>\n<\/li>\n<li>\n<p>Must be an e-commerce or consumer SaaS business<\/p>\n<\/li>\n<\/ul>\n<h3>How does the application process work?<\/h3>\n<p>Applying for an advance from Clearbanc is fast and easy. You connect your business Facebook account (including Facebook Ads) and bank account and receive an offer based on your business\u2019s performance.<\/p>\n<h3>Is Clearbanc trustworthy?<\/h3>\n<p>Clearbanc uses military-grade encryption to keep its clients\u2019 information secure. They also limit their own access to read-only, meaning they don\u2019t have access to any accounts.<\/p>\n<h3>Customer support<\/h3>\n<p>Clearbanc offers customers support through email, phone, and by Facebook Messenger. According to their Facebook page, they typically reply within a day.<\/p>\n<h2>Final verdict<\/h2>\n<p><a href=\"https:\/\/clearco.com\/\">Clearbanc<\/a> is a great option for business owners who run an e-commerce or consumer SaaS business and need access to fast funding with transparent repayment terms. Clearbanc, however, only offer Merchant Cash Advances.<br \/>For e-commerce business looking for Unsecured Loans, they should try another option such as an e-commerce Line of Credit.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Is Clearbanc the right lender to fit your business funding needs? Find out everything you need to know as well as competing lenders that could be better suited. <\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[446,1,12],"tags":[118,74],"class_list":["post-15034","post","type-post","status-publish","format-standard","hentry","category-e-commerce","category-uncategorized","category-us-resources","tag-alternativeloan","tag-business-funding"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Clearbanc Review 2020 - Business Funding Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.become.co\/blog\/clearbanc-review-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Clearbanc Review 2020 - Business Funding Blog\" \/>\n<meta property=\"og:description\" content=\"Is Clearbanc the right lender to fit your business funding needs? 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