Overview

You probably have already heard of NerdWallet as a trusted resource for financial advice. NerdWallet now offers a comprehensive suite of business lending services. Their platform Fundera connects businesses and entrepreneurs with various financing options, covering everything from SBA loans to equipment financing. Business owners can explore a wide range of choices tailored to their specific needs.

NerdWallet offers full transparency. You can expect an accurate, no nonsense approach with upfront information about loan terms, interest rates, and eligibility criteria. Navigating NerdWallet’s website is straightforward. You can easily compare loan options, access personalized recommendations, and find the best fit for your business.

NerdWallet doesn’t directly offer loans, but instead offers an online marketplace connecting borrowers to their network of lenders, including traditional banks, online lenders, and community institutions.

Some users may prefer a platform that combines comparison tools with in-house lending services. In addition, first-time borrowers might find the extensive list of lenders and loan types overwhelming.

NerdWallet serves as a valuable tool for business owners seeking financing options. Its transparency, educational content, and diverse loan listings make it a go-to resource in the financial landscape.

Requirements

Whether you’re looking to purchase equipment, expand your business, or gain access to working capital, NerdWallet business loans has a range of options to connect you with the right loan.

Comprehensive Listings: NerdWallet covers a wide spectrum of loans, including SBA loans, lines of credit, term loans, and equipment financing.

Educational Resources: You can benefit from a range of educational articles, guides, and tools that empower you to make informed decisions about your business.

Customized Recommendations: NerdWallet tailors loan recommendations based on individual business needs and financial profiles.

Application Process

The NerdWallet business loan platform simplifies the loan search process, making it easier for business owners to find suitable funding. Not a direct lender, NerdWallet serves as a bridge between borrowers and their network of financial institutions. NerdWallet doesn’t directly handle applications, but it streamlines the process by connecting users to lenders.

Expect a straightforward online application with varying requirements depending on the chosen lender. You can speed up the application process by preparing financial statements, tax returns, and other financial documents related to your business

Because NerdWallet works with a network of landers, eligibility criteria will vary by lender. Lenders typically look at factors such as credit score, business revenue, and time in operation.

Applying for a business loan through NerdWallet involves several steps:

Decide on the Loan Type:

Consider your business needs. If you’re looking to finance a large purchase or business expansion, traditional term loans might be suitable. Alternatively, if you need funds for day-to-day expenses, explore business lines of credit. For startups, consider business credit cards or personal business loans.

Check Your Eligibility:

Assess your credit score. Lenders typically prefer borrowers with good or excellent credit (690 and above). Keep in mind that most NerdWallet lenders require that you have an established business that’s already generating revenue.

Explore Lenders:

NerdWallet connects you with various lenders, including banks, online platforms, and microlenders. Compare their offerings to find the best fit for your business.

Gather Necessary Documents:

While NerdWallet doesn’t directly handle applications, you’ll need to compile and submit relevant paperwork. This may include:

• Personal and business bank statements.
• Personal and business tax returns.
• Financial documents such as balance sheets, income statements, and profit and loss statements

Apply:

Once you’ve chosen a lender, visit their website or follow the application process they provide. Some lenders offer quick online applications, and you can receive answers and funding within 24 hours.

Remember, taking the time to research and understand your options ensures a smoother application process. NerdWallet’s resources can guide you, even though they don’t directly handle loan applications.

Loan Terms

NerdWallet covers an extensive array of loan types, catering to different business needs:

SBA Loans: The U.S. Small Business Administration (SBA) backs loans with rates ranging from 11.5% to 15%. SBA loans are attractive due to favorable terms and government backing.

Business Credit Cards: Interest rates for business lines of credit typically fall between 10% and 99%. These credit lines offer flexibility for ongoing expenses.

Small Business Loan: Interest rates for small-business loans typically range from 5.89% to 12.23%. These loans often have strict qualifications but offer competitive rates.

Invoice Factoring: Convert outstanding invoices into immediate cash. Invoice factoring services charge interest rates between 10% and 79%.

Equipment Financing: Ideal for purchasing machinery, vehicles, or other business assets. Rates for equipment financing range from 4% to 45%.

Repayment Terms

Fundera by NerdWallet connects borrowers with a network of lenders, and therefore, loan and repayment terms will depend on the lender. Before processing the loan, NerdWallet provides insights into repayment schedules, interest rates, and penalties. Borrowers can choose terms that balance monthly affordability with long-term cost.

Customer Support

NerdWallet provides customer support primarily through their online help center. If you have questions about your NerdWallet account, you can contact them by submitting a question through their website. Unfortunately, NerdWallet does not offer phone support at this time. If you need further assistance, feel free to submit a question, and someone from NerdWallet will get back to you.

Although NerdWallet offers valuable resources online, it lacks personalized guidance. Some users may miss the human touch and prefer direct assistance during the loan application process.

While NerdWallet has limited customer support, their extensive resources and expert advice compensate for this limitation. Users can explore FAQs, articles, and community forums for additional assistance.