SmartBiz Loans Reviews
Matthew waroff
1 contributions
0 helpful votes
Overall Feedback:
After being in business over 11 years, having good personal and business credit, being profitable, already having secured SBA, merchant, and standard loans, I figured this process would be relatively easy. Wrong. I told them upfront don't even waste anyone's time if you're going to offer me a variable rate or anything over 7% interest. Get shuffled around, misinformation and confusion, unprofessionalism, then get offered a loan with 10k in "fees" and variable rate or fixed 18%. What a joke, they are just a referral service getting paid off leads, don't waste your time. The application process claims to provide pre qualifications and then pre approval status. You will be spending a significant amount of time providing all of their requested documents, after which you will be assigned a "specialist" that will review all of your financials and other misc documents for a 2nd time (collect more personal data), and advise you whether you are in fact "qualified" or not. This means nothing unless they can find a lender that will fund your loan, which is contingent on another department's recommendation to "move forward" or not. SmartBiz Loans gathers all of your information while making you do a lot of leg work, They THEN try to solicit the loan to these partnered banks in hopes to make money by way of a "referral" fee. Too much time spent and a false sense of hope given throughout the entire process. NOT RECOMMENDED...better off going through a local bank.
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