In a Nutshell
- Funding in as little as 24 hours
- Single application process
- Rates vary between lenders
- Not a direct lender
Become at a Glance
|Loan types||Commercial vehicle loans, startup business loan, asset-based loans, SBA loan, merchant cash advance, line of credit, business equipment loan, invoice factoring, unsecured business loan, SBA loans|
|Loan amount||Between $5,000 and $500,000|
|Repayment terms||From 3 to 36 months|
|Minimum monthly revenue||Three months in business with $10,000 monthly revenue or six months in business with $3,000 monthly revenue|
|Minimum credit score||No minimum credit score|
|Time until funding||As little as two hours (depending on the type of loan)|
|Trustpilot user rating||★★★★★ 9.5|
|Direct lender or marketplace||Marketplace|
Become has established a name for itself in the online lending industry. The company, based in Australia, is a leading lending marketplace serving more than 200,000 customers and helping borrowers access over $215 million in loans. Become is focused on a quick, uncomplicated, and efficient loan process for small businesses seeking funding.
Business borrowers seeking financing alternatives can benefit from Become’s lending marketplace model. The company works with a range of lenders and matches companies with the funding that best fits their business profile. You can benefit from Become’s short approval times and funding periods if you have a cash shortfall. Time to funding can be as short as one business day. Additionally, the single online application means borrowers can focus on running their business instead of filling out endless forms and paperwork.
Become is not a loan originator but a marketplace with a network of reliable loan providers. Borrowers complete a single online loan application. Once the application is complete, customers can be approved for financing in as little as one day. Moreover, borrowers will see loan options from different lenders and choose the lender with the most favorable rates and terms. Another unique feature of Become’s service is the repayment method. Instead of paying an interest rate, customers have a total payback amount specified at the outset. Repayment is calculated based on the type of business and the loan term. This unique feature enables companies to calculate their costs upfront and better prepare for eventual repayment. Become collaborates with an extensive network of US-based lenders to deliver transparent and reliable services to small businesses.
Highlights for Become:
- Single, easy application for all lenders
- Extensive lender network
- Wide range of loan terms and amounts
- Achievable qualification requirements
- Minimal paperwork
- Multiple financing alternatives aside from loans
- Loans available for any business purpose
- Approval possible in as little as 24 hours
The Application Process
Become’s greatest advantage is the straightforward application process. While the company works with several lenders within their network, clients only need to complete one form to receive loan offers from them. To get started, borrowers must answer a few questions regarding their business history. Once the application is completed and approved, applicants receive a list of loan offers that match their projected needs. After selecting an offer from a lender, borrowers can set the final terms with their chosen lender. Become is not a direct lender, so the company does not guarantee any of the terms and rates listed on their website. Agreements are always finalized with the selected loan provider.
The company does set some requirements for loan qualification, but the terms tend to be favorable to small businesses and even startups that have only operated for a short time. Become requires the following:
- Monthly revenues of at least $5,000
- A business in operation for a minimum of three months
- Recent bank statements
Specific lenders may ask for additional requirements or documentation.
Become’s Diverse Range of Loan Options
Another factor that differentiates Become from its competitors is the variety of financing solutions available to customers. Become does not originate its loans or offer funding, but lenders operating within the provider’s network extend several alternatives to potential borrowers. The lending partners’ solutions include the following financing options:
- Unsecured business loans feature excellent terms and don’t require collateral to secure the loan. Businesses can benefit from an all-purpose lump sum to finance a business project or expansionary venture.
- Small Business Administration (SBA) loans are federally-backed financing solutions for qualified applicants. SBA loans feature favorable loan terms and rates to encourage sustainable growth for entrepreneurs without having to pay back the debt quickly.
- Equipment and vehicle financing are for companies requiring specialized tools. These loans are dedicated to specific types of purchases, and there are competitive rates for these more unique financing needs.
- Business lines of credit give customers the flexibility to borrow only what they need when they need it. Lines of credit help customers protect their businesses against any unforeseen shortfalls or gaps in cash flow while enabling rapid repayment. Best of all is that borrowers pay interest only on the amount actually drawn from the credit line.
- Merchant cash advances allow companies to pay off their loans as a percentage of their total sales or as a fixed amount. This gives borrowers more flexibility as repayment is a function of their daily earnings.
- Invoice factoring uses the total amount of unpaid invoices to back financing. Customers who work on delayed payment models can benefit from covering their cash flow before outstanding invoices are paid.
There are no restrictions on loan applications, and loan amounts range from $5,000 to $500,000.
Because they are not directly a lender, Become does not state strict loan terms or interest rates. The company’s partners offer repayment terms up to 10 years. The company does not specify interest rates on their website. However, most of their financing solutions offer payment amounts that are established upfront. In many cases, borrowers are aware of the full cost of the loan, which is based on their chosen repayment terms, and the amounts paid out evenly over the lifetime of the loan.
How Safe Is Become?
Help and Support
Customers that wish to contact Become can reach the company via a toll-free number or through email. Customer support over the phone was prompt with short waiting times. The representatives we spoke to were courteous and knowledgeable. Emails received responses in as little as one business day and usually answered all our questions. A live chat feature would be nice, but the existing services were satisfactory. Customers who prefer to find their own answers can view the company’s informative FAQ section.
Become offers businesses a different way to discover realistic financing options. The company is not a direct lender, but it works with some of the best names in the industry to provide customers with the funding they need to grow their businesses. Thanks to flexible financing alternatives, outstanding loan amounts, and a range of repayment terms, Become provides companies with a straightforward way to avoid complicated applications and access the funding they require quickly.
350 Fifth Avenue, 59th Floor
New York City, NY