Not matter what size of business you run, at what stage of business growth you are, you’ll need a business loan at some stage. Long-term debt financing in particular plays a key role in managing the total capital requirements for any business. Equity financing mostly remains limited for small and medium businesses. The only viable option for small businesses remains debt financing, through long-term bank financing or quick business loans.
Lenders and Creditors look for returns on their investments; borrowers desperately look to explore loan options with flexible terms. Both borrowers and lenders require critical information and resources before the final loan contract can be executed. The gap often creates a lack of trust and leads to failure in securing the right financing deal.
NAV is a business loan marketplace that bridges the gap between the lenders and the borrowers. It offers professional tools and resources to both lenders and borrowers to meet their requirements. Businesses looking for faster business loans can quickly compare different lending options and secure the deal with plenty of options.
Here is a quick review of how NAV works, and how it may help your business to secure a business loan in a quick time.
What’s special in NAV for the Borrowers?
NAV has pooled plentiful of trusted lenders and creditors to offer all types of business financing in one place. As a business owner, you can opt from a wider range of credit facilities available. You can compare lenders’ loan offers and rates at a single platform and chose to apply for the best match accordingly.
NAV is particularly helpful for borrowers seeking business loans with lower credit scores. Startups need time to build a credit score. Some entrepreneurs look for Crowdfunding options; others look for merchant cash advances.
Additionally, you’ll have access to your personal and business credit reports at a much cheaper cost than you pay to the credit bureaus. You can get personalized expert advice on credit repair and consultation. The best bid for you remains to explore a wider pool of carefully selected creditors.
How NAV works for the Lenders?
Lenders are primarily concerned about the borrower’s credit score. Lenders’ don’t want to chase borrowers for non-payments and get to the legal complications. With NAV, lenders can assess the borrowers’ credit history and credit score. NAV has a business clientele of over a million business loan borrowers.
What type of Business Loans can you find with NAV?
As there are over 100 lenders as a partner with NAV, chances are you’ll find a match for any kind of business loan. With economic recessions, such as the recent COVID-19 caused one, businesses mostly look for quick cash reprieve.
Here are a few business financing categories offered at NAV:
- Startup business loans
- SBA business loans for small businesses
- Merchant Cash Advance
- Business Credit Cards
- Business line of Credit – Revolving credit facilities
- Equity Crowdfunding
What type of Lenders does NAV partner with?
Lender choice significantly varies with borrowers’ credit score and loan type. NAV has pooled almost every type of lender to match your business loan requirements.
- Private Lenders: Including banks, credit unions, online private lenders, and investors. These are the best matching options for high score borrowers looking for traditional loans.
- Lending Marketplaces: Private lenders or online institutional lenders that offer business loans to the borrowers looking for fast loans.
- Peer-to-Peer Lenders: Crowdfunding is a prominent example of P2P lending. These are viable business loan options for new startups with great business ideas.
Can NAV help you secure a Business Loan with Bad Credit?
NAV does not offer business loans directly. However, NAV has a unique matching factor that enables you to discover the best lender according to your needs. Also, they have dedicated and expert specialists that can advise you one-on-one.
You can find a matching lender for a business loan with bad credit. You should consider building some credit score points before processing the application though. NAV’s specialist advisors can help you find the right solution with different strategies like partnering with a co-signer in the loan application.
Personal Credit scores and business credit scores are rated differently. Business loan providers will keenly observe your ability to repay the business loan. If you have a personal credit score of below 680, chances are you’ll have to explore private lending options with NAV.
How much does it cost with NAV?
You can sign up for free and use the basic services for free as long as you wish. Explore the financing marketplace, 24/7 credit score alerts, and credit score report summaries with the free account.
For additional features and detailed credit reports from the top 5 credit bureaus, you can choose from the premium plans. The premium plans range from $29.99, $39.99, and $49.99. Per month with a quarterly billing option that offers 20% savings.