Big Think Capital summary
Pros
- Receive offers from multiple lenders
- Get funds in as little as 24 hours
- No credit report needed
Cons
- Requires at least 1 year in business
- High monthly revenue of $15K
Editorial score
Online experience
Good online resources, but no mobile app
Customer services and support
Multiple ways of reaching lender, phone hours not disclosed
Variety of loan types
Offers all loan types
Loan amount range
Loan amount $500K+
Eligibility
Loans available to most credit types, revenue levels, and businesses
Overview
Big Think Capital gives you access to a financial services marketplace so you can find a great rate for your business loan. Once you’ve completed your quick application, you’ll be guided through the loan process. Big Think Capital has among the most extensive lending networks in the country which gives them the ability to secure the best approvals for every business.
Why Big Think Capital Is Good For Your Business
Big Think Capital can cut down the time and effort needed to find a good business loan rate. You’ll also be walked through the process and can source loans to cover lots of different business needs. The loan types available through Big Think Capital are most suited to small businesses, although you will need to have been in operation for a certain amount of time (exact period depends on the loan you apply for). In addition, once a relationship is established with the lender that you choose, businesses will have access to lower rates and better terms as they seek additional financing.
Loan Features
Through Big Think Capital’s financial services marketplace, you can access a variety of loans. Which loan is right for your business will depend on the amount you need, the characteristics of your business, and the terms you prefer.
- Business Line of Credit: This can be used for any purpose.
- Equipment financing: This is specifically for purchasing equipment. The equipment acts as collateral for the loan (so if you can’t repay, you’ll need to give up the purchased equipment).
- Invoice financing: Access quick cash if you have unpaid invoices.
- Merchant cash advance: Unlike a traditional loan, you can repay a percentage of each sale. This can be a slower way to repay, but may be more manageable than normal loan repayments.
- SBA loans: SBA loans are long-term, low-interest loans and partially guaranteed by the government. They can be used to purchase fixed assets such as real estate or equipment.
- Short-term loans: A smaller loan from a credit union or smaller institution with a shorter repayment term but usually less strict requirements.
- Small business startup loan: Loans suitable for small startups, including business credit cards and equipment financing.
- Term loan: A flexible loan that can be used for most purposes.
Application Process
You can apply through the website by answering a few questions including the loan amount you’re seeking, your business’ turnover, and your credit score. If your answers suggest you’re likely to be eligible for offers, a funding manager will walk you through the rest of the full application.
Big Think Capital will assess your application and forward it to lenders from its network. It will then put together the resulting bids in a way you can easily understand, so you can pick the offer that’s right for you. You can select your lender and Big Think Capital will help you through the rest of the process until you get your funds.
How Much Can You Borrow?
Although the amount you can borrow will depend on your business’ circumstances, Big Think Capital typically offers loans from $10,000 to $1,000,000.
Repayment Terms
The repayment terms will depend on the loan type you’re seeking, and the offer made by your chosen lender. You’re likely to be offered the following:
| Loan type | Term | Interest rate |
|---|---|---|
| Business Line of Credit | 6 months to 5 years | 7-25% |
| Equipment financing | The estimated life of the equipment | 8-20% |
| Invoice financing | Until invoices are paid | 1.5-3.5% |
| Merchant cash advance | Until the advance is repaid | As low as 1.15% |
SBA loans
|
|
|
| Short term loan | 3-18 months | 14% + |
| Small business startup loan | 6 months to 4 years | 7.9-19.9% |
| Term loan | 1-5 years | 7-30% |
How Safe Is It?
Big Think Capital uses government-compliant controls to protect your data, both electronically and physically. Employees are also trained to protect customer information.
Help & Support
You can contact Big Think Capital by phone, live chat, or through the contact form on their website.
Summary
Big Think Capital makes the process of getting a business loan quicker and easier by taking your application to a network of lenders so you can pick the loan that’s right for you. Plus, the team will guide you through the whole loan process. If you’re a small business owner who’s busy and lacks the time to research and apply to lots of individual lenders, this could be a great solution.
Physical Address
225 Broadhollow Road
Melville, NY, 11747
Catherine Miller is a lead member of personal finance and pension innovator Maji, where’s she’s responsible for content creation and running Maji’s personal finance masterclass, among others. She is also a freelance writer in the fields of finance and education, and holds degrees in English and education.
