Overview

Nav is a fintech company that offers business loans, credit, and financial services to small business owners in the United States. Their goal is to provide small businesses with the tools and resources they need to access the capital they require to meet their business goals.

Nav acts as a one-stop shop for business owners, empowering them to find and compare loans and credit options, monitor their credit scores, and manage their business finances in one place.

The company partners with a variety of lenders, including traditional banks, alternative lenders, and peer-to-peer lenders to provide borrowers with the best possible rates and terms. With a network of hundreds of lenders, there's sure to be a loan that suits your business needs.

Features

Because Nav partners with many different types of lenders they're able to offer a wide range of business loan and credit options. Businesses can use loans or credit for work capital, purchasing equipment, financing real estate purchases, and more.

The type of loans Nav offers through its partners include:

Bank Loans: Traditional bank loans typically offer lower interest rates and longer repayment terms than other types of loans. However, they require more documentation for approval and have stricter eligibility requirements.

Equipment Financing: This type of loan is designed to help businesses purchase or lease equipment. The equipment itself serves as collateral for the loan, making it easier to qualify for.

Invoice Financing: This type of loan lets businesses borrow against their outstanding invoices. This can help businesses improve their cash flow and give them more flexibility.

Merchant Cash Advance: Businesses can use this type of loan to get a lump sum payment in exchange for a percentage of their future sales. This type of loan is a good option for businesses that need quick access to cash, but it can be expensive.

Microloans: These are small loans, typically under $50,000, that are designed to help businesses that have a hard time qualifying for traditional loans. They usually have higher interest rates, but they can be a good option for startups and small businesses.

Startup Loans: Startup loans are specifically designed for new businesses. They often have higher interest rates and stricter eligibility requirements than other types of loans, but they can be a good option for businesses that are just getting off the ground.

Business Loans for Bad Credit: Loans for bad credit are designed for businesses that have poor credit scores. They often have higher interest rates and shorter repayment terms, but are a good source of funding for businesses that may not be able to qualify for a traditional loan.

Business Lines of Credit: Businesses can get access to a revolving line of credit to borrow funds as they need them. Interest is only charged on funds that have been withdrawn and you can withdraw more funds as you pay off your balance.

In addition to loans and lines of credit, Nav has tools and resources to help businesses manage all of their needs. You can also compare rates and terms for business credit cards and business checking accounts through the Nav website.

The company also partners with business service providers to help business owners or prospective business owners with things that include filing for LLCs, obtaining business insurance, payroll services, business tax services, accounting, and applying for business grants.

Application Process

Nav is not a direct lender, so the application process and eligibility requirements will vary based on the lender you choose. However, there are some general requirements to qualify for the loans offered on the Nav website. Businesses must have been in business for at least 12 months, have at least $60,000 in annual income, and as a business owner, you must have a credit score of at least 525. Most loan products are not available in Kansas, Louisiana, North Dakota, Tennessee, or Vermont.

Nav's loan application process is designed to be fast, easy, and secure. You can apply for loans online by filling out a simple application form. Nav will then match you with the best lenders for your needs and provide different loan offers you may qualify for. You can review and compare loan offers to find the one that works best for your business needs.

Once you accept a loan offer, you must complete the loan application process with the lender directly. You can visit the website of any of the lenders that Nav partners with to find out more about their application process and their requirements to qualify for a loan before using the Nav website.

Repayment Terms

The fees, rates, and repayment terms for loans vary depending on the lender and the type of loan you choose. Nav does not charge any fees for its services, but the lenders they partner with may charge origination fees, application fees, or other fees. The repayment terms for loans range from a few months to several years, depending on the loan type and amount. Interest rates also vary depending on the lender, loan type, and creditworthiness. Nav helps you compare rates to ensure you're making the right decision for your business.

Customer Support

Nav does not provide customer support for any type of loan as they are not a direct lender. However, they offer a variety of resources and tools to help business owners manage their finances, understand their financing options, and get the most out of their loans. These include credit monitoring services, financial management tools, and educational resources. There's also a form on their website you can fill out if you have any questions about the services they offer.