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SmartBiz Review 2019
Score 4.8Loan Period
10 yearsLoan Range
$30,000 to $350,000Pros
- Low monthly payments
- Long terms
- No prepayment penalties
Cons
- Only good credit scores (600+)
- Not for start-ups (2+ years)
- No outstanding liens, bankruptcies etc.
Bottom Line
SmartBiz facilitates SBA loans for businesses who could not otherwise receive them by walking into a bank.
Check if you Qualify for a SmartBiz loan
See if I qualify
Who are SmartBiz?
SmartBiz is the number one online marketplace for SBA loans offering a quick and especially easy way for small to medium businesses to get access to funding. SmartBiz offers non-SBA term loans and SBA loans for working capital, debt refinance, and commercial real estate. The SBA loans have extremely competitive rates thanks to its platform boasting 8 bank partners allowing you to be matched up to the bank best suited to your needs.
What We Like Best
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Speeds up the process of SBA loans
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Low monthly payments and interest rates (6%-9%)
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Longest repayment term of any online lender
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Simplified pay structure and fee system
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No prepayment penalty
Loan Features
Type of Loan - Non-SBA term loan, SBA loan
Repayment Terms - Up to 10 years
Amount: 30,000 to $350,000
Requirements for Loan
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Two years of business and personal taxes
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Bank balances, a current income statement, current balance sheet, past net income, and outstanding loan information
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Some other financial data may be needed depending on the size of the loan wanted
Application Process
From start to finish the process is simple and fast so long as you are organized with the required documentation. The larger the loan size, the more financial data is required. When filling out an online application you can easily upload the required documents (including your credit reports, financial statements and income tax returns). Being organized with these will speed up your application and you can get funding in as little as 1 week.
To qualify for funding from Lending Club your business needs to meet these criteria:
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Minimum 2 years in business
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Sufficient business and personal cash flow
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No recent bankruptcies, foreclosures in the past 3 years or open tax liens
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Favorable personal credit (600+)
Safety & Security
Bottom Line
For established businesses that have been turned away from the bank, SmartBiz offers a means of getting ahold of an SBA loan to suit your needs with long terms, low rates and big amounts.
Please note that all information provided in this review is accurate at the time of publication and is subject to change. The information contained in this review is provided for informational purposes only, should not be construed as legal advice on any subject matter and should not be relied upon as such. The reviewer accepts no responsibility for any consequences whatsoever arising from the use of such information.
