Become Business Loans Review
Did you come into this Become review not understanding exactly what the company does? 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 to fund out more.
If you want quick access to businesses financing, and have no particular lender of choice, use Become.co’s Smart Calculator which will find the most suitable options for you through its proprietary LendingScore™ algorithm. Form completion takes 60 seconds Form completion takes 60 seconds
If you want quick access to businesses financing, and have no particular lender of choice, use Become.co’s Smart Calculator which will find the most suitable options for you through its proprietary LendingScore™ algorithm.
Form completion takes 60 seconds
Form completion takes 60 seconds
Become Review in Numbers
|🧾 How it Works||Become provides Australian small businesses with free access to an automated system that connects them with only the most relevant lenders by matching their requirements with only those lenders who are suitable and most likely to provide a loan.|
|👨👩👧👧 Selection||18 of the leading lenders in the Australian SME funding space.|
|💰 Loan Amount||from $5,000 – $500,000|
|💸 Loan Term||1 – 48 Months|
|💻 Apply Online?||Yes|
|⌚ Requirements||Operating for at least 6 months, minimum turnover of $5,000/month|
|⭐ Client Reviews||93% Positive|
|⭐ Editorial Score||96.9%|
|🖊️ Apply Now:||Click here for expedited application with 18 lenders|
|⏱️ Response Time:||Instant during workdays.|
|⏱️ Sign-up Time:||Less than 1 minute to sign up for the system|
|💌 General Feedback from Clients Online:||4.8 / 5 TrustScore on TrustPilot, 494 reviews. Most clients are particularly happy about the personal touch, excellent service and fast processing times.|
Full Review: Table of Contents
|Table of Contents|
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 provide small business financing, and does not aspire to be a lender. Become is an Australian lender marketplace. It smartly connects borrowers with potential lenders who are the best fit for them.
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 some basic company information including telephone number and email for Become to contact you with offers.
So Why Do I Need Become?
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 and lenders no matter your industry. They can save you time by connecting you to a lender (or multiple lenders) most 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, OnDeck, Lumi and Capify, as well as some other top rated lending companies reviewed on SmallBusinessLoanAustralia such as Speedy Finance .
In addition to these 6 companies, Become work with the following companies in Australia: Business Fuel, Captrove, BizCap, Cigno, Valiant and eBroker. . They boast over 50 lenders in total!
What are the Minimum Requirements to Apply for a Loan?
To qualify for a loan through Become’s loan matching platform, 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.
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 welcome 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? Ready to move into their website and apply for a loan? 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 issue business loans. 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 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 business loans received an “Excellent” rating with 90% of 494 client reviews on TrustPilot praising and glorifying the platform, with an incredible 98% of reviews being positive.
Here are some of the positive reviews from verified Become clients on TrustPilot:
“Better than 20 other lenders I tried. Easiest and most professional to work with. They also gave me the best deal. Can’t beat that without a VC or a conventional loan.”
“Excellent! Quick! Effective! Become was quick to give me multiple, great loan options! The communication was quick and I was directed to many excellent lenders that were perfect for my situation. I was approved within 24 hours and had the money in our account soon afterward! I highly recommend!”
The areas in which they were most complimented about were:
- Very quick
- Quick approval
- Fast response
There are three reviews describing Become business loans at 1 star. In one of the reviews the contents are positive, which shows the person leaving the review got confused. In the other two reviews, one of them mentioned the service to be fine from Become but the lender they were matched with wasn’t being helpful. In the other review they criticise the high fees from the loan provider.
Given neither of these reviews actually criticise the service from Become we think this signifies a pristine reputation. It’s worth noting Become regularly review the loan providers they work with, so if a loan provider is seen to be regularly messing clients around, Become will terminate their partnership with them.
Become Business Loans Review
- Client Reviews - 96%96%
- Variety of Lenders - 95%95%
- Service - 98%98%
- Sign Up Process - 99%99%
Become.co is the one of the most established marketplace for small business loans in Australia, with a core focus on product development and the most intuitive algorithms to match your loan requirements with a respective lender. The company provides a smooth experience for parties seeking quick financing through an easy sign-up process and a transparent LendingScore Dashboard for you to view your company profile on their online platform as well as the lenders who are the best fit for your business requirements..
Become business lending reviews show 98% satisfaction from clients who have used it. There is no logical reason as to why not give Become a fair chance of helping you discover suitable lenders.
✓ Automotive & Manufacturing
✓ Retailers & Restaurants
✓ Services & Hospitality
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.