When searching for financing for your small business, it can be invaluable to read verified reviews from past clients on lenders you’re considering. This helps give greater insights on what to expect if you apply for financing.
One online lender to evaluate is Better Business Funding, which offers various financing options including business loans and merchant cash advances. If you’re exploring Better Business Funding, here we’ll summarize client reviews from Trustpilot, BBB, and other sources highlighting the pros, cons, and things to know before applying.
Overview of Better Business Funding
Founded in 2011 and headquartered in New York, Better Business Funding functions as an intermediary – they broker financing between small businesses and their network of lenders and investors.
Better Business Funding offers small business loans, merchant cash advances, lines of credit, and invoice factoring. They require businesses to have been operating for at least 6 months and have a minimum monthly revenue of $10,000.
How Better Business Funding Works
Better Business Funding functions as an intermediary between small businesses and lenders/investors in their network. Here is an overview of how it works:
- You complete an online application requesting financing for your business.
- Better Business Funding analyzes your business and sends your request to potential lenders/investors.
- When a lender approves funding, Better Business Funding facilitates getting you the financing.
- The lender provides the capital and handles collecting repayments. Better Business Funding earns a commission.
- Financing options include business loans, merchant cash advances, lines of credit, and invoice factoring.
What to Consider About Reviews Before Applying
When evaluating reviews, it’s important to note:
- Most negative feedback relates to hidden costs versus issues with Better Business Funding’s core product/service.
- Factor in both positive and negative reviews to get a full, balanced perspective.
- Carefully read all terms and conditions before accepting funds so you fully understand the costs.
While BBB and Trustpilot reviews for Better Business Funding are quite poor, experiences appear more mixed based on a wider view of multiple review sources. Do your due diligence before applying for financing.
How to Apply for Financing with Better Business Funding
Applying for financing through Better Business Funding involves:
- Visiting their website and clicking Apply Now. This takes you to their online application.
- Entering information about your business including financials, time in business, your role, credit score, intended use of funds, and financing amount desired.
- Providing required documents like business bank statements, merchant processing statements, business tax returns, and a photo ID. This helps verify your business details.
- Better Business Funding analyzes your application and submits it to potential lenders/investors in their network.
- If approved, you electronically sign loan documents and Better Business Funding transfers the approved financing into your bank account, typically within 24-48 hours.
Better Business Funding Reviews on Trustpilot
On Trustpilot, Better Business Funding currently has an extremely poor rating of just 1 star out of 5, based on 16 total reviews.
The negative Trustpilot reviews commonly cite:
- Unexpected extra costs and fees that weren’t initially disclosed
- Funding is taking much longer than the advertised 24-48 hours
- Very poor customer service when issues arise
However, there are also some positive Trustpilot reviews praising Better Business Funding for:
- A quick and easy application process
- Receiving funds in as little as 24 hours in some cases
Reviews of Better Business Funding on BBB
The Better Business Bureau (BBB) profile of Better Business Funding shows a similarly low rating of just 1 star out of 5. This is based on 4 total complaints closed against the business in the last 3 years.
According to BBB, complaints relate to:
- Misrepresentation of loan terms and failure to clearly disclose fees
- Difficulty contacting or receiving support from the company’s staff
Reviews on Other Third-Party Sites
Checking other third-party review sites like LendingTree and CreditKarma reveals more mixed Better Business Funding reviews, averaging around 3 out of 5 stars.
These mid-range reviews echo some pros like easy applications and quick funding turnaround when it goes smoothly.
But they also caution about non-transparent hidden fees and costs that disappointed them.
Common Pros Seen in Many Reviews
Looking at reviews from multiple sources, these are benefits often highlighted:
- Quick and easy application process that can be completed fully online
- Fast funding, often deposited within 24-48 hours of approval
- Multiple financing options (loans, merchant cash advances, lines of credit) to meet different business needs
Common Cons Seen in Reviews
Common complaints and downsides frequently cited include:
- Lack of transparency regarding full costs, fees, and terms
- Poor customer service and communication when issues come up
- Funding taking much longer than originally promised (2+ weeks in some cases)
Is Better Business Funding a Good Financing Choice?
Whether Better Business Funding is a good choice depends on your specific situation and priorities when seeking financing:
- If fast funding is most important, Better Business Funding may be a good option since they can broker financing quite quickly if approved.
- If low costs are your priority, other lenders may provide better value given the mixed reviews on unexpected fees with Better Business Funding.
- Better Business Funding could be a good pick if you want to easily apply to multiple lenders at once through their marketplace.
- Poor customer service highlighted in reviews may make them less ideal if you prioritize responsive support.
Consider your specific financing needs and business situation. Check eligibility requirements and compare costs to other lenders as well. This helps determine if Better Business Funding aligns with your priorities.
Conclusion
Better Business Funding reviews highlight some positives like fast and easy applications, but also many complaints about unexpected fees and poor customer service.
If considering financing from Better Business Funding, carefully weigh the pros and cons from reviews. And fully read and understand all terms and conditions before accepting any funds. This helps ensure you know what you’re getting into.
