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Starting a new business? Or trying to expand one? You probably need financing to get your business up, going, and growing. If that’s the case, you can save a considerable amount of time, money, and hassle, by using Nav. The online platform pulls both your personal and business credit reports and gives quick and useful financing guidance. To date, Nav has helped over 370,000 businesses in the United States keep track of their credit scores, build them, and get the financing they need.
Keep reading for the good, the bad, and everything you need to know about Nav.
|Business Credit Bureaus||Dun & Bradstreet, Experian, Equifax|
|Personal Credit Bureaus||TransUnion, Experian|
Nav is a freemium service that lets you easily compare the best loan and credit card options for your business. After creating an account, you can use the marketplace feature to find lenders who might be a good match for your business, even if you have a new startup or bad personal credit. According to the site, businesses are four times more likely to be approved for financing with Nav.
The free version includes:
- Both your personal and business credit histories.
- MatchFactor technology that instantly presents you with financing options you qualify for, based on your personal and business credit profiles and financial requirements.
- 24/7 credit monitoring with real-time alerts to credit report changes.
- Credit education, like presentations, webinars and more.
Paid subscriptions have the following additional benefits:
- Tools to improve your business credit score, such as establishing trade lines.
- $1 million in identity theft insurance, along with identity restoration, monitoring, and access to experts to solve any issues that may arise.
Of note, Nav is lender-neutral. It does not favor one lender or provider over another, so you can be sure their financing suggestions are selected to suit you and your business.
Nav, itself, does not have any eligibility requirements. That said, the individual lenders may have their own set of qualifications that you need to meet, like minimum revenue and time in business.
To create a Nav account, you’ll need to provide your business name, business address (if applicable), personal address, Social Security number, and date of birth. Other information may be required, depending on the plan you sign up for and if you opt-in to other business services.
Connecting you to a lender, along with a concise summary of your personal and business credit reports, falls under the free Standard account. If you want to unlock more features – like building your credit profile, tracking your financial progress, setting cash flow targets, and future financing opportunities – you’ll need to upgrade to a paid account.
|Standard||Free||Access to the business finance marketplace|
Business and personal credit alerts
Personal credit report summary
Cashflow tracking and alerts
|Business Manager||$29.99/mo||All Standard features|
Business credit report for up to 5 businesses
Full personal credit reports
Lost wallet replacement
$1 million ID theft protection
Business credit report dispute service
|Business Boost||$39.99/mo||All Business Manager features|
Tradeline reporting to build business credit
|Business Loan Builder||$49.99/mo||All Business Boost features|
FICO Small Business Scoring Service score
If you’re a business owner who needs to raise capital or get better terms on a business loan, Nav can help. The platform improves your chances by helping you increase your business’s credit. Members get free access to personal and business credit reports, tools to build credit, and a marketplace that connects you to pre-qualified financing.
National Funding is another business financing option. The site specializes in serving small business owners who don’t have the best credit and helping them get fast funding with short-term, flexible business loans.