Credit Suite Reviews 2024

Credit Suite is an online business loan marketplace that strives to put every kind of business owner in contact with a lender who can help them regardless of credit history and other factors. They know certain companies like startups will not have a demonstrated history of financial competence as they are just starting so they work with new businesses and established companies alike. Businesses who have declared bankruptcy in the past can also qualify for loans through Credit Suite. They advertise their ability to find you a suitable loan even after the banks have turned you away.

At a Glance:

• Loans between $5,000 and $2 million
• Multiple different loan types offered
• Offers business loans to those who would not otherwise qualify with banks and traditional lenders
• Even businesses with bankruptcies may qualify
• Financial education available

Credit Suite Pros and Cons

PROS

• Helps build your business’ credit
• Financial education available
• No collateral needed

CONS

• Long funding time
• Origination fees

Credit Suite Business Loan Rates and Fees

What type of business loans does Credit Suite offer?

SBA Loans: SBA Loans are business loans that are partially guaranteed by the U.S. Small Business Administration which allows you to borrow money for almost any business-related purpose. These loans are generally desirable thanks to their low interest rates and long repayment terms but can be a less sought after option because the application process can be lengthy and funding will likely not be quick. Best for those seeking low interest rates and longer repayment terms

Business Term Loan: The most traditional type of business loan is a Business Term Loan which is a lump sum that you back at a fixed rate. Best for business owners who are looking to fund a specific project or investment.

Business Line of Credit: A business line of credit is an amount of money that businesses can utilize on an as-needed basis. Borrowers will only pay interest on what they use. Best for businesses who do not have a consistent cash flow and want to be prepared for emergencies, last minute opportunities, and gaps in revenue.

Short-Term Business Loans: Short-term business loans are quite literally business loans designed for short term uses as they include fast financing and short repayment term lengths. Best for emergency situations.

Equipment Financing: Equipment financing allows business owners to receive a lump sum that they are to use to pay for any equipment they may need. If the borrower defaults on this type of loan, the equipment purchased would be repossessed as it is considered the collateral for the loan. Best for business owners who need new equipment or machinery.

Invoice Financing: Invoice financing is a type of loan in which a business receives a cash advance in return for unpaid invoices. Best for those who may not qualify for traditional small business loans.

Start-up Business Loans: Start-up Loans are designed for those with a limited credit history who are starting up their business. Best for those starting a new business in a reliable industry who can also offer some kind of collateral - borrowers should also have an excellent personal credit history.

Merchant Cash Advances: A Merchant Cash Advance is a type of small business loan where you receive a lump sum that you pay back over time when a percentage of your daily sales is deducted. You will often also have to pay a fee on top of the amount you are paying back. Best for those facing emergency situations as these loans typically include high interest rates.

What are some of the benefits of using Credit Suite’s Services?

You can build your business credit score during your loan term.

While it may seem like it would be a common thing, the opportunity to build your businesses credit history when you take out a business loan is not all that common. When you borrow through Credit Suite you may be able to establish and boost your business’s credit score which will lead to better financial circumstances in the future.

Credit Suite offers financial education and support.

Credit Suite is aimed at small businesses who need help getting established and their financial education and support is a great tool for this. This will start as early as your application process when you’ll consult with their expert staff who will help you discover which loans and financial services are the right fit for you.

There is no collateral needed.

Many loans require collateral - something you put up against the loan that a lender can take if you default on your payments. Credit Suite loans do not require collateral which makes it a less risky option.

What are some of the downsides to using Credit Suite Business Loans?

The funding time is quite long.

While there are many loan types such as SBA loans that generally take several weeks to be funded, other types such as lines of credit may be funded within the same business day and some lenders can even deposit your funds within a few hours. The minimum time for funding with Credit Suite is generally three days.

Fees such as origination fees are often required.

While the APR offered is extremely low, you will likely have to pay at least one kind of fee throughout your loan term. The most common type of fee is an origination fee which is deducted from your funds before they are deposited.