FitBiz Loans
Is This Your Business?Author: Kaitlyn Short
FitBiz Loans is an online loan marketplace founded in 2015 by Marc Waring Ventures, LLC. FitBiz matches small business owners with nationwide lenders and assists in finding the most cost-efficient loans available for most credit types with the lowest possible interest rates. The types of offered financing include SBA loans, bank loans, alternative loans, equipment loans, merchant cash advances, and more. Consumers who choose FitBiz Loans should remember that they must have a credit score of 550 or higher.
Top Ranked Companies
The Good
- Lending Options
- Transparent Pricing and Terms
- Transparent Application Requirements
Lending Options
FitBiz Loans was designed to help small businesses obtain loans at low rates. It offers a wide variety of lending options while maximizing the amount that can be borrowed. Other benefits of the FitBiz Loans system include the following:
- One week approval
- Multiple loan options
- Up to $5 million loan amount
- Upfront pricing and terms
- Startup friendly
Transparent Pricing and Terms
FitBiz discloses its loan pricing and terms for small business owners on its corporate website. The company charges interest rates as low as 6 percent, and there is no penalty for paying off a loan early. The origination fee is 2.5 percent. The company approves and transfers funds within 24 hours for loan amounts up to $5 million.
Transparent Application Requirements
To apply for a small business loan, applicants must be in business for at two years and have a minimum credit score of 680. Small business owners must be generating at least $75,000 per year, which is a lower amount than required by other similar marketplace competitors. Both personal and business collateral are required.
The Bad
- No Lender Transparency
- No Customer Feedback
No Lender Transparency
The company does not disclose any information about the lenders it works with on its corporate website. Small business owners must rely on what information they are given by the company regarding loan offers and have no way to determine if the offers they receive are really the best deals overall.
No Customer Feedback
There are no positive or negative consumer reviews about the company that could be found online. It is unclear how well the company handles any complaints or other support issues. The company has only been in business for a year and does not disclose the total amount of fundsit has secured for small business owners so far.
The Bottom Line
FitBiz Loans is best suited for startups and small businesses that need large amounts of working capital. The company offers a comprehensive range of small business loans and is completely transparent about fees and terms. However, the company has only been in business for a short time, and there is no feedback regarding customer service.
