In a Nutshell
- No annoying sales calls
- Quick application process
- Real time pre-qualification with multiple lenders
- Not a direct lender
- Limited customer support
SuperMoney at a Glance
|Direct lender or marketplace?||Marketplace|
|Loan amount||$1,000 - $5M|
|Repayment terms||Monthly payments|
|Minimum Credit Score||600+|
|Suitable for||Businesses older than a year that produce income|
SuperMoney aims to disrupt the way consumers and small business owners shop for financial service products.
SuperMoney's loan offer engines are integrated with leading lenders. Consumers who are using their platform can submit a single loan inquiry and receive competing pre-approved loan offers from lenders – all without affecting their credit score.
Unlike some marketplace lenders, SuperMoney does not use or sell your information. Instead, it transparently connects businesses to loan options within minutes of filling out the application.
Why SuperMoney Is Good For Your Business
If you need business financing, but you aren’t sure where to start, SuperMoney takes a lot of the pressure and time off of your plate by applying to multiple lenders with one application. While you are required to enter a Social Security Number in the application process, this is only a soft credit pull, so your score won’t be affected.
While SuperMoney is not a direct lender, it does not allow any of its partners to do a hard credit pull. This is helpful for your credit when you are in the initial research stage, but it can mean that your APR and the monthly payment will go up or down depending on your credit score.
Below are a few lenders SuperMoney is partnered with to provide loans for small and large businesses alike:
- Funding Circle
- Fora Financial
- National Funding
- And more
Highlights for SuperMoney include:
- Quick, paperless online application
- No pressure or follow up sales calls to pick a loan
- For a wide variety of businesses, including self-employed and LLC businesses
- The minimum credit score starts at 600
- Funding can be used for almost any business expense
To get started, borrowers simply click on the “Get Started” button located on SuperMoney’s website. You will be asked about your business classification, what the business loan is for, business financial info, how much money you need to borrow, and your personal information. You will also need to enter your Social Security Number.
How Much Can You Borrow?
SuperMoney can connect businesses to funding ranging from $1,000, up to $5M. The amount of money you request to borrow will affect how many offers you receive. Not all lenders offer loans over $200,000 nor do all of the partners lend to small businesses.
Since SuperMoney is not a direct lender, filling out the application will allow you to compare APR rates and repayment terms from its network of lending partners. Depending on your eligibility, you can compare different loan amounts at different repayment lengths from 3 to 120 months.
How Safe Is It?
SuperMoney states that it’s using certain physical, managerial, and technical safeguards to protect the integrity and security of your information. They use 256-bit encryption to protect clients’ data. However, the site does not guarantee your information will remain secure, especially since they cannot control the security of third-party lenders.
Help & Support
SuperMoney has a dedicated help center where individuals can submit issues of questions that are handled by industry veterans.
If you want a quick way to see what loans and terms your business may qualify for, then SuperMoney is a great marketplace tool to use. You can weigh the different loan options without the pressure to make a commitment or receiving annoying sales calls. You don’t have to worry about your credit score being affected or getting on a lender’s spam list.
SuperMoney’s offices are located at:
3100 S Harbor Blvd #190, Santa Ana, CA 92704