Big Think Capital Review 2024: Small Business Loans for You
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Securing the right financing can be a make-or-break factor for small businesses aiming to grow and thrive.
However, with so many business funding options available, navigating the realm of small business loans can be a daunting task. You have to be mindful of scams that prey on unsuspecting entrepreneurs, while big financial institutions often impose stringent credit checks, leaving many candidates out in the cold.
Enter Big Think Capital, which is a trustworthy ally according to only reviews. Big Think Capital takes a holistic approach, considering factors beyond just credit history.
In this Big Think Capital review, we’ll explore the various loans it offers small businesses, its loan offerings' transparency, and its customers' satisfaction.
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What is Big Think Capital?
Founded in 2017 by David Brown and based in Melville, New York, Big Think Capital is a financial services marketplace catering specifically to small business owners. It is a financial services broker specializing in helping businesses find the capital they need. In the last five years, it has facilitated over $500 million in business loans.
Emphasizing trust and integrity, the company merges technology and partnerships to offer various financial programs, including expansion, production, day-to-day operations, and debt restructuring solutions. With a commitment to customer-centric values, Big Think Capital prioritizes establishing long-term relationships and providing tailored services to meet individual business needs.
The company has facilitated funding for over 10,000 businesses, totaling more than $500 million in the past five years. They ensure an equal opportunity marketplace for lenders, promoting transparency and efficiency throughout the loan process.
Big Think Capital manages the loan process from application to repayment, providing dedicated accounts for clients and brokers to track real-time progress. It offers a straightforward and transparent funding platform with a track record of satisfied customers and significant funds disbursed.
Speaking of which, the company has a 4.9-star rating on TrustPilot, with customers praising the straightforward process of securing a loan and fast funding.
In addition to Melville, the company has another office in New York, Aventura, Florida, and Austin, Texas.
Big Think Capital provides business borrowers with a straightforward and transparent funding platform.
- Business lines of credit from $10k – $1m
- Term as long as 5 years
- Rates as low as 7%
- Decisions as fast as 24 hours
- Quick access to your funds once approved
- Applying won't affect your credit score
Big Think Capital Features
Big Think Capital’s top features are designed to simplify the loan process. Please note that not all of the following features are available for all types of loans. In the next section, we discuss which ones apply to which types of loans.
Soft Credit Pull
Big Think Capital understands the significance of maintaining a healthy credit score while exploring financing options. With its soft credit pull feature, clients can initiate inquiries about loans without worrying about negatively impacting their credit scores. This allows individuals to assess their eligibility and loan options freely.
Easy Application Process
Users praise Big Think Capital’s straightforward application process. Clients benefit from a user-friendly interface and streamlined procedure that guides them seamlessly from start to finish. Its intuitive platform ensures that clients can complete the application process efficiently, with clear instructions and support available every step of the way.
No Application Fee
Big Think Capital prioritizes transparency and fairness in its lending practices. As part of this commitment, it does not charge any application fees. Eliminating upfront costs enables clients to explore their loan options without financial barriers.
No Prepayment Penalties
Got into some money? Clients can repay their loans ahead of schedule without incurring any prepayment penalties. This flexibility empowers businesses to manage their finances more effectively, seize growth opportunities, and save on interest costs over the life of the loan.
Monthly Payments
Talk about stability and predictability! Businesses can confidently budget by breaking down loan repayment into manageable monthly installments, knowing exactly how much they need to pay each month. This predictable payment schedule simplifies financial planning and helps businesses stay on track with repayment obligations.
Flexible Loan Terms
Every business has unique financing needs. This is why Big Think Capital offers flexible loan terms tailored to meet its clients' specific requirements. Whether businesses need short-term funding for immediate expenses or long-term financing for strategic initiatives, its team works closely with clients to customize loan terms that align with their goals and financial circumstances.
No Minimum FICO
Unlike traditional lenders that may impose strict FICO score requirements, Big Think Capital evaluates each application based on its merits, considering factors beyond just credit scores. This inclusive approach ensures businesses can access the financing they need to thrive, regardless of their credit history.
What type of loans does Big Think Capital offer?
Big Think Capital offers the following eight business loans:
Business Line of Credit
Big Think Capital offers business lines of credit ranging from $10,000 to $1 million, with terms extending up to five years and rates as low as 7%. You can get your line of credit approved within 24 hours.
A business line of credit allows borrowing up to a predetermined limit, with interest applied solely to the amount utilized. In contrast to traditional loans necessitating fixed monthly repayments, credit lines offer more flexible repayment terms, making them advantageous, particularly for businesses with fluctuating financial needs and limited working capital.
The benefits of credit lines encompass easy access to short-term funding, adaptable application processes, aid in building credit, and ongoing borrowing capabilities. As a result, they remain a favored financing option for businesses striving to expand.
Big Think Capital also caters to businesses that may have faced rejections from other lenders. Its eligibility criteria are minimal, requiring a business to have been operational for at least six months and to generate $50,000 in yearly revenue.
If your business meets these prerequisites and maintains good standing, the company will request basic information about you and your business, along with bank statements for the previous three months, to initiate the financing process.
Commercial Real Estate Loan
Big Think Capital offers commercial real estate loans with loans of up to $100 million and terms extending up to 30 years. Its rates are highly competitive, and decisions on loan approvals can be made as quickly as 72 hours.
For small and mid-sized businesses seeking financing for real estate acquisitions, navigating the complexities of securing loans can be daunting. Recognizing this challenge, Big Think Capital provides access to a nationwide network of reputable vendors, ensuring access to affordable commercial real estate loans.
Prospective borrowers can submit basic information about their business and the intended property investment. Following an initial review by consultants to assess financing feasibility, eligible applicants will be guided through the loan acquisition process.
Minimum qualifications for securing a loan include a credit score of 550 or higher and a business operational history of at least two years. Additionally, applicants must ensure their business is in good standing.
Prospective borrowers are required to provide fundamental details about themselves and their businesses, along with information about the subject property, to initiate the application process.
Equipment Financing
Big Think offers business equipment financing, with loan amounts covering up to 100% of the equipment's value. The terms for these loans extend up to 10 years, with rates as low as 8%. Decision-making on loan approvals is expedited, with responses provided as quickly as 24 hours.
Business equipment financing loans can prove invaluable for businesses needing additional equipment but lacking the immediate working capital for outright purchases. These loans facilitate the seamless expansion of operations to meet growing demands.
To qualify for equipment financing from Big Think, applicants must meet certain requirements, including a minimum credit score of 600, a business operational history of at least 11 months, and an annual revenue of $100,000 or more.
Upon meeting these prerequisites, applicants must compile a few essential documents to initiate the financing process swiftly. These include basic details about the applicant and their business and bank statements from the preceding three months.
Invoice Financing
Big Think Capital offers invoice funding solutions, allowing businesses to access working capital tied up in accounts receivable from slow-paying customers.
Businesses must provide basic information about themselves to initiate the financing process for accounts receivable (AR) invoices. Upon approval, funds can be requested and disbursed into the business's account within 48 hours.
Minimum qualifications for AR invoice financing include a business operational history of at least three months, a yearly revenue of $50,000 or more, and no minimum FICO score requirement. Additionally, applicants must ensure their business maintains good standing and provide bank statements for the preceding three months, along with basic details about themselves and their business.
Merchant Cash Advance
Businesses seeking rapid access to working capital for growth can benefit from Big Think Capital's merchant cash advance program. This program offers loans of up to $2 million with rates as low as 12%. Decisions are made as swiftly as one to three hours, making this solution particularly suitable for businesses that accept credit card payments and require expedited access to funds.
Merchant cash advances provide businesses with flexible access to working capital, simplifying the application process and facilitating quick access to funds to support various business needs.
To initiate the process, businesses must provide basic information about themselves. Upon approval, funds can be requested and deposited into the business's account in 48 hours.
Minimum qualifications for a merchant cash advance include a credit score of 400 or higher, a business operational history of at least five months, and a yearly revenue of $75,000 or more. Additionally, applicants must ensure their business maintains good standing and provide bank statements for the preceding three months, along with basic details about themselves and their business.
SBA Loans
Big Think Capital offers pre-qualification guidance for SBA loans, ensuring a seamless journey to loan approval. Drawing from extensive experience across various industries, they provide tailored insights and support specific to each business type. Additionally, they assist with navigating the intricate paperwork associated with SBA loans, minimizing errors and delays.
For small businesses considering online loan applications, Big Think Capital sets minimum requirements to streamline the process. These include a FICO score of 640 or higher, a minimum of two years in business, a net profit of at least $1, a gross profit of $50,000 or more, and no felonies.
Additionally, applicants should have no or very limited taxes owed, ideally with a payment plan. Their expert team guides applicants through the SBA loan application process, offering assistance with essential documentation every step, making online applications for small business loans straightforward and accessible.
Short Term Loan
Big Think Capital offers short-term small business loans of up to $2 million and terms ranging from three to 48 months. With rates as low as 14% and decisions made as swiftly as one to three hours, businesses can promptly access the funds they need.
To begin the process, businesses must provide basic information about themselves. Upon approval, funds can be requested and deposited into the business's account within 48 hours.
Minimum qualifications for these short-term loans include a credit score of 500 or higher, a business operational history of at least 6 months, and a yearly revenue of $100,000 or more. Additionally, applicants must ensure their business maintains good standing and provide bank statements for the preceding three months, along with basic details about themselves and their business.
Term Loan
Big Think Capital offers business term loans with funding of up to $1 million and terms extending as long as five years. With rates as low as 7%, businesses can access the working capital they need quickly, with funding in as fast as 48 hours.
To initiate the process, businesses are required to provide basic information about themselves.
Minimum qualifications for these term loans include a credit score of 620 or higher, a business operational history of at least two years, and a yearly revenue of $100,000 or more. Additionally, applicants must ensure their business maintains good standing and provide bank statements for the preceding three months, along with basic details about themselves and their business.
Big Think Capital Security
In response to the ever-evolving landscape of cyber threats, Big Think emphasizes a security-first approach.
The company acknowledges the seriousness of cyberattacks and their potential impact on businesses, including financial losses, operational disruptions, and data breaches. Big Think maintains stringent security practices to mitigate these risks and utilizes advanced security platforms like Decision Logic and Plaid.
Big Think Capital provides business borrowers with a straightforward and transparent funding platform.
- Business lines of credit from $10k – $1m
- Term as long as 5 years
- Rates as low as 7%
- Decisions as fast as 24 hours
- Quick access to your funds once approved
- Applying won't affect your credit score
Big Think Capital vs. Competitors
So, how does Big Think Capital stack up against its competitors? Let’s find out.
Kapitus
Like Big Think, Kapitus offers loans to small businesses as well, but on a grander scale. Where Big Think has funded $500 million, Kapitus has provided $5 billion in capital. Offerings-wise, Kapitus resembles Big Think, but the former offers a few loan types Big Think Capital does:
- Helix Healthcare Financing Program: Designed specifically for medical practices, this program comes with flexible terms, a quick 5-minute application process, approval in as little as 4 hours, and funds disbursed in as little as three days.
- Revenue-based Financing: Loans under this are offered based on business sales rather than personal credit. It includes competitive industry rates, a wide selection of financing options, flexible terms to accommodate your business needs, a quick 5-minute application process, and approval in as little as 4 hours.
Turning to eligibility, Kapitus keeps things simple with criteria that apply to all of its loans:
- 625 credit score
- 2+ years in business
- $250K average annual revenue
Quickbooks
Quickbooks’ business loan offering isn’t as wide as Big Think Capital’s.
QuickBooks Term Loan offers fast and convenient financing solutions tailored for businesses. Users can apply for and manage loans directly from their QuickBooks account. Funding can be obtained in as little as 1-2 business days after approval, with flexible terms ranging from 6 to 24 months and loan amounts ranging from $1,500 to $200,000, far lower than most Big Think Amount offers.
QuickBooks Term Loan boasts a seamless lending experience by pulling relevant business data from the user's QuickBooks account, including sales trends, profitability, and cash flow forecasts. QuickBooks Term Loan doesn’t charge origination fees or prepayment penalties, and there’s no impact on personal credit scores.
LendingTree
Like Big Think Capital, LendingTree isn’t a direct lender either. Instead, it offers a loan marketplace that connects businesses with various financial products.
At LendingTree, you’ll find a wide variety of business loans — SBA loans, short- and long-term loans, lines of credit, equipment financing, loans for bad credit, loans for startups, invoice factoring, and microloans.
The LendingTree website neatly lists all of the lenders, their user ratings, what the loans are best for, the maximum loan amount, term length, and minimum interest rate.
Pros and cons
Pros
- Big Think Capital offers a wide range of loan options
- Clients praise Big Think Capital's user-friendly interface and straightforward application process
- You can get funding in as fast as 24 to 48 hours
- You don’t have to worry about application fees or prepayment penalties
- Big Think has a 4.9-star rating on TrustPilot and positive reviews from satisfied customers
Cons
- While Big Think Capital operates in multiple locations, its services may not be available nationwide
- Businesses with very low credit scores may still face challenges in securing financing
FAQs
What types of loans does Big Think Capital offer?
Big Think Capital offers various loan options, including business lines of credit, SBA loans, commercial real estate loans, equipment financing, invoice financing, merchant cash advances, short-term loans, and term loans.
How quickly can I get funding from Big Think Capital?
Funding approval and disbursement times vary depending on the type of loan and individual circumstances. However, many clients have reported receiving funding within as little as 24 to 48 hours of approval.
What are the eligibility criteria for obtaining a loan from Big Think Capital?
Eligibility criteria may vary depending on the type of loan. However, common requirements include a minimum operational history for the business, minimum annual revenue thresholds, and certain credit score requirements. Big Think Capital takes a holistic approach to evaluating applications, considering factors beyond just credit scores.
Are there any upfront fees or prepayment penalties with Big Think Capital loans?
No, Big Think Capital does not charge any application fees or prepayment penalties. This commitment to transparency and fairness ensures that clients can explore their loan options without financial barriers and repay their loans ahead of schedule without incurring additional costs.
Is Big Think Capital available nationwide?
While Big Think Capital operates in multiple locations and serves businesses across the United States, its services may not be available in every state or region. Prospective clients are encouraged to check the availability of services in their area by contacting Big Think Capital directly or visiting their website.
Big Think Capital provides business borrowers with a straightforward and transparent funding platform.
- Business lines of credit from $10k – $1m
- Term as long as 5 years
- Rates as low as 7%
- Decisions as fast as 24 hours
- Quick access to your funds once approved
- Applying won't affect your credit score
The bottom line
By all accounts, Big Think Capital is a trusted ally for small business owners navigating the complex business financing landscape.
Big Think Capital sets itself apart from traditional lenders and scam-ridden alternatives. Whether you're seeking working capital, equipment financing, or commercial real estate loans, the company will likely have a funding option to help fuel your business's success.
Backed by a track record of success and glowing reviews from satisfied customers on platforms like TrustPilot, Big Think Capital has proven reliable in small business financing.
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Writer
Jasir Jawaid is Joy Wallet's Assistant Editor. He has more than 13 years of experience as a journalist covering Wall Street, equities, financial policy and regulation, and cryptocurrency and blockchain.
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