SuperMoney is a lending marketplace with a loan matching algorithm for many types of loans. In this overview, we will be looking at their business lending match-making system.
SuperMoney offers a matching service for many different business loans. The business loans you’ll find through them are good for:
- Working capital expenses
- Business real estate expansions
- Equipment purchases
- Credit-building
With such a diverse range of loans, SuperMoney can be good for many business owners. Minimum credit scores and revenues for SuperMoney borrowers vary widely, so you may qualify despite bad credit.
SuperMoney Special Qualities & Features
Clean & Easy Comparison
Compared to other lending marketplaces, SuperMoney offers one of the better interfaces. Because of its simplicity, comparing their partner lenders is very easy. This is thanks in large part to their simple tables which display basic information for any loan. The site follows a model similar to Yelp’s to make comparing lenders simple. You can also use this interface to quickly find out which lenders charge extra fees like origination fees.
SuperMoney has Well Known Partners
SuperMoney, like LendingBuiler, has partnered with a number of big box lenders including:
- LendingClub
- OnDeck
- Kabbage
- OppLoans
- And others
Business Loans For Any Purpose
You can find specific business loans for any purpose on SuperMoney. As a part of the pre-qualification process, you will be asked what the purpose of your loan is. You can get loans for:
- Purchasing a new location
- Emergency repairs
- Hiring
- Lease improvements
- Payroll
- Tech investments
- Debt consolidation
- Equipment purchases
- Inventory purchases
- Marketing expenses
- Product or services expansions
- Other purposes
SuperMoney’s partners also offer business credit cards. Some of their cards offer temporary introductory 0% APR deals for new members.
Small Business Administration Loans
Some of SuperMoney’s partners offer Small Business Administration loans to qualified borrowers. These loans come with higher requirements but offer much better rates. There are regulations on how high interest rates can be with SBA loans. Also, repayment terms are especially good, starting at 10 years.
Debt Consolidation
Debt consolidation loans can be great for any business. Regardless of the kind of debt you are in, you can find these loans to ease your burden. This is especially useful if you have multiple MCA debts.
Debt consolidation loans are simply large loans meant to pay off your debts from other loans in full. So, they are usually large loans that come with longer terms and often better interest rates.
Soft Credit Pulls
SuperMoney’s partners are not allowed to perform hard credit pulls. They will perform soft pulls to qualify you for a loan. This allows you to compare offers without reflecting on your credit score.
No Annoying Marketing
When you sign up for SuperMoney, they use your information to match you with available loans. Unlike other similar services, SuperMoney doesn’t sell your information to the highest bidder. So, they are dedicated to making sure you don’t end up receiving robocalls. Their comparison service is clear, transparent, and not very flashy. This allows you to simply compare business lenders in peace.
Pricing & Terms
As a lending marketplace, the rates that you can find on SuperMoney vary widely. APRs for business loans on the platform start at 6.36%.
SBA loans offer the best rates but are only available to well-established and profitable businesses. If you have bad credit, you will likely still qualify for fast, short-term business term loans. Even if your credit is very bad, you may qualify for MCAs and other factoring options.
Some of the loan options available to bad credit borrowers can be very expensive. APRs on some SuperMoney loans can be as high as 99%. So, always compare lenders and read your terms carefully, especially if you have bad credit.
Do I Qualify For SuperMoney Business Loans?
SuperMoney works with too large a variety of lenders to state consistent requirements. For many loan products, you will need a credit score of at least 600. But there are loans available to lenders with fewer requirements. For example, Kabbage, one of SuperMoney’s partner lenders, may provide a line of credit if your credit score is just 560. MCAs typically carry even fewer requirements.
The good news is that you can simply fill in SuperMoney’s questionnaire and see who you’ll be matched with. The application process is simple and getting prequalified should take a matter of minutes. Overall, you can expect it to be harder to find a loan if you don’t have:
- Because of the wide range of available options, there is no minimum credit score for certain products.
- Annual revenue of at least $120,000
Factors To Keep In Mind With SuperMoney
Limited Customer Support
SuperMoney’s customer support isn’t as comprehensive as many similar marketplaces’. The platform’s business is all online, and there’s no phone support available.
To get help from SuperMoney, you need to submit an online ticket. You will need to wait a while for support if you have a question or problem.
Some Loans Are Expensive
Because it’s a lending marketplace, the business loans you find can be very expensive. On the other hand, it can be very cheap.
Always take your time in comparing lenders and read the terms. This is especially important when comparing bad credit loans.
SuperMoney Business Loans: The Last Word
SuperMoney is a diverse online lending marketplace. Their business loans platform is simple and easy to navigate. The simplicity of their comparison tools helps them stand apart. They offer everything from SBA loans to MCAs. This makes them a good platform for business owners with great credit, awful credit, or anything between.
