Become Business Loans Review
Did you come into this Become review not understanding exactly what the company do? Are you concerned whether Become is safe, and whether it’s a legitimate business or not? Stick around and read through the following comprehensive Become business lending (become.co) review.
|How it works:||Provides Australian small businesses with a free access to an automated system that connects between them and lenders matching their requirements who are likely to provide a loan.|
|Loan amount:||from $5,000 – $400,000|
|Loan term:||from 1 months – 48 months|
|Unsecured Loans Offered?||Yes|
|Easy Online Application:||Yes|
|Response Normally Within:||Instant|
|Time to sign up:||Less than 1 minute to sign up for the system|
|Requirements to Apply:||Operating for at least 6 months, minimum turnover of $5,000/month|
|Lender Selection:||18 of the largest lenders in Australia|
|General Feedback from Clients Online:||9.5 / 10 on TrustPilot, 465 reviews. Most clients are particularly happy about the personal touch|
Is Become a Lender?
We want to start off by explaining to you that Become business loans (become.co) is definitely not a lender in the sense that it does not facilitate small business financing, and does not aspire to be a lender. Become is an Australian lender marketplace. It connects potential lenders and borrowers.
How Does Become work?
Become is easy to use and understand. The initial screen after visiting the official website (opens in new tab) contains one prominent element:
Once you fill in your desired loan amount and hit the purple button, you are welcomed to a short questionnaire.
Become business funding asks you how long your business has been functioning and your monthly turnover. The system automatically browses relevant offers for you based on these details and then you need to fill in your business’ details including telephone number and email for Become to contact you with offers.
So why do I need Become for?
Become business loans (formerly Lending Express) is a one-stop-shop for small business loans in Australia. They are a hub that connects between clients from all industries. They can save you time by connecting you to a lender (or multiple lenders) applicable for your needs. The alternative would be to contact 8-10 companies on your own which means filling 8-10 forms, speaking to 8-10 sales representatives on the telephone, and shooting yourself in the foot because by the time you discovered your dream lender it is no longer an instant loan.
Become funding says its technology matches businesses with the most relevant lenders and provides a fast, simple funding solution at no cost. Using a proprietary AI-powered ‘LendingScore™’ and ‘MatchScore™’ algorithms they seek to predict the likelihood of a potential business to be funded, match the most relevant SMEs with the right lender, and help businesses improve their funding odds, thus increasing conversion rates from application to loan.
Which Lenders Does Become Lending Work With?
Become works with a variety of top-notch lenders in Australia. In fact they work with all the top lenders in the industry, such as Prospa, Get Capital, Spotcap and Capify, as well as some other top rated lending companies reviewed on SmallBusinessLoanAustralia such as Sail Business Loans .
In addition to these 5 companies, they work with the following companies in Australia: Prospa, OnDeck, Business Fuel, Beyond Merchant Capital, GetCapital, Speedy Finance, Lumi, Capify and more. They boast a total of 50 lenders in total!
What Are the Minimum Requirements to Apply for a Loan?
You need to be:
- An Australian business with an ABN.
- An established business with at least $4,000 in revenues each month.
- In business for 6 months or more.
Each lender on Become’s website (become.co, formerly lending-express.com) obviously has different requirements but this is what all of them would require at the very least.
Calculate your estimated chances of getting a loan using this simple calculator:
SME Loan Calculator (Click to Close)
How Does Become Turn Profit? Does it Cost Anything?
Become receives various types of reimbursements from lenders that have received client referrals. By working with a variety of lenders, Become is able to be more impartial and diverse in its offering. There are no fees whatever to be levied from the borrower side!
Are There Any Competitors Out There?
One competitor we have noticed is Lend.com.au – feel welcomed to read our Lend.com.au review. There aren’t many more competitors out there in the market, it can be very tricky in such a position, and the Australian market is still very much a virgin market as compared to the U.S market.
Do you understand how Become operates? Read to move into their website and fill out the form? Use the button below to reach there.
Is Become Safe and Reliable?
As explained in the previous section, Become business funding does not handle customers money nor facilitate the loan. There is no risk to using Become (or Become Capital), of any sort! The site itself is HTTPS secured and data, based on testing we have conducted, appears protected.
Become (formerly Lending Express) has facilitated more than $150 million in business loans to date, and they have more than 150,000 registered customers making them the leading hub for small business loans in Australia.
The company was first started by founders Amir Leitersdorf, Eden Amirav, Guy Zipori, and Iri Amirav in October 2016. The Become business lending team consists of at least 35 employees, some of whom come with an extensive background in startups, for example the ex VP of Global Sales from AVG (NYSE: AVG) and the ex-CEO of AVG Israel.
Below you can find key information about the company’s activity and ever-growing expansion:
- The company raised more than US$10,000,000 in venture capital.
- Over the course of 2017, Become increased the total number of loans it was able to ‘match’ on its system by over 600%, and in the following year of 2018 it has grown by 360% more.
- Over the course of 2018, the company has helped businesses secure more than $76,000,000 in funding in both Australia and the USA.
- Become opened a Silicon Valley office in San Mateo as part of its US-focused expansion at the beginning of 2017. They demonstrated an average growth of 140% each quarter since then.
- With almost an additional $3 million raised for its USA expansion, the company expects to quadruple the amount of US funding in three quarters from $1.3 million to $5.2 million, based on its current trend-line and high demand for short-term business loans in the USA market.
In recent months, Become CEO Eden Amirav has said that the online lending market is expanding rapidly, but remains “shamefully archaic and rudimentary.”
“Charting a new path for SMBs to access loans, our proprietary technology not only matches SMBs with their ideal lenders at an unprecedented success rate but also does so painlessly. As we expand, we look forward to supporting the ever-growing SMB sector, in the US and Australia and beyond,” said Mr Amirav.
Do Users Like Become ?
Become businesses loans received an “Excellent” rating with 90% of 446 client reviews on TrustPilot praising and glorifying the platform, with an incredible 99% of reviews being positive. Here are some of the positive adjective clients have used to describe the service:
- Very quick
- Quick approval
- Fast response
There is a single review describing Become business loans at 1 star, and its contents are positive, which show the person leaving the review got confused.
To us, that signifies a pristine reputation.
Become Business Loans Review
A super simple way to find loans tailored to your individual needs and circumstances. Trustworthy company with a huge variety of lenders (only the leading lenders in the Australian market), more than 150,000 clients and over $150 million in customer funding under their belt. Become business lending reviews show 99% satisfaction from clients who have used it.
There is no logical reason as for why not to give Become a fair chance of helping you discover suitable lenders.
Disclaimer: smallbusinessloansaustralia.com receives affiliate commission from Become . We welcome you to take a critical approach reading this review – we feel it is very balanced and helpful, providing every bit of information a prospective client requires to make a sober choice whether to use Become or not.