Smarter Loans Business Loan Review (2024)
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Discover the methodologyDid you know that every year around 4 million Canadians take out a business loan?
Whether it's to expand operations, seize an investment opportunity or deal with an unexpected bill, business loans are a critical tool in running your company. But with so many different lenders across Canada, how do you find the best deal and verify that the deal you have found is legit?
Smarter Loans is a great tool for finding the best loans for Canadian businesses. In this review, we will take you through how their business loans tool works, what its advantages and disadvantages are and show you how to get started.
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Smarter Loans: the basics
- Launched in 2016 in Toronto
- It is a free-to-use comparison and education site
- Smarter Loans's founders are Rafael Rositsan (Co-Founder & CEO) and Vlad Sherbatov (Co-Founder & President).
- Works with 50+ financial brands in Canada
- Help consumers find the best value loans available
- Specializes in personal loans, mortgages, business loans, car loans and debt consolidation loans
Our Smarter Loans business loans review
Smarter Loans is a new-generation loan and financial comparison website in Canada, which allows business owners to access a wide variety of lenders and helps present deals in order to suit individual needs and profiles. Smarter Loans has an intuitive, easy-to-use website that allows business owners to adjust many variables to find a business loan that best suits their specific financial situation.
Smarter Loans has an abundance of educational resources available about loans of all kinds on the website and detailed profiles of lenders that aim to give business owners peace of mind when entering into a loan deal.
Smarter Loans Pros
- Works with 50+ financial brands
- All types of loans including personal, business, auto, mortgage and more
- Builds your profile in order to offer you the best deal
- Free company profiles and comparisons
- Educational library in video and written formats
Smarter Loans cons
- The site is only available in Canada
What is Smarter Loans?
Smarter Loans is a Canada-based comparison site and educational resource that focuses on finding consumers the best loan rates and providers available. It was founded in 2016 by Rafael Rositsan (Co-Founder & CEO) and Vlad Sherbatov (Co-Founder & President) and is based in Toronto, Ontario.
Since being created Smarter Loans has become Canada's largest financial and loan directory. They help over 40,000 Canadians each month find the best possible loan deals. Smarter Loans is not like other loan sites in Canada. What is unique about Smarter Loans is that it takes a full assessment of its customers' financial situation, scans a network of over 60 lenders, and then presents pre-qualified loan offers based on the collected information. This means that the loans and recommendations they offer are tailored to your specific financial situation.
What is Smarter Loans’ address?
Smarter Loans HQ is in Toronto, the address of the main office is :
Good to know
05-171 E Liberty St, Toronto, Ontario, M6K 3P6, Canada
How to contact Smarter Loans?
You can either contact Smarter loans through their website by email or by phone.
| Contact | Details |
|---|---|
| Email: | [email protected] |
| Telephone: | 1-866-774-9867 |
How does Smarter Loans help business owners?
Smarter Loans helps business owners by giving them a single place to find out all the loan options, and obtain the loan they need in a fast and safe way from Canada’s top lenders. Smarter Loans builds a financial profile of them and their company so that they can offer the most competitive deals with the most relevant lenders. Smarter Loans also has a wealth of educational resources so that business owners stay aware of and up-to-date on what deals are available from the most competitive Canadian lenders.
One of the favourite features for many Canadians is the variety of loans accessible through Smarter Loans, including
- Small business loans
- Mortgages
- Home equity loans
- Mortgages
- Personal loans
- Car loans
- And much more.
Business owners can browse the Smarter Loans video library on YouTube and social media to research different loan types, or to learn more about specific lenders and what they offer. Additionally, Smarter Loans is very involved in helping the whole lending industry to move forwards in Canada by engaging in industry events and developing research in the field of Canadian lending.
We have chosen our favourite four aspects of Smarter Loans and explained why we think they are interesting in the table below.
| Feature | How it helps |
|---|---|
| Customer profile | Smarter Loans has created a detailed questionnaire to develop a close understanding of its users' financial needs. This lets them offer the most competitive deal to their customers. |
| Info on lenders | Trust is easily the most critical factor when choosing a lender. Smarter Loans closely researches lenders for you so that you can quickly decide whether a lender is an appealing potential business partner. |
| Comparison tool | Smarter Loans lays out its offer in an easy-to-use comparison table, allowing business owners to assess the advantages and disadvantages of similar loans quickly. |
| Loan calculators | Smarter Loans has created six specialized loan calculators. These let its customers calculate how much they could borrow and how much they would end up paying back. This is a great help to business owners when they are projecting their profits and expenses. |
What types of business loans can you get from Smarter Loans?
Smarter Loans offers a variety of business loans to suit the specific needs of your business. We have laid out the types of business loans offered by Smarter Loans in the table below:
| Term Business Loans | These loans are taken out with an agreed timeframe to pay them back. |
| Working Capital Loans | These loans are for seasonal businesses. They are taken out when sales are low and repaid after a busy period. |
| Merchant Cash Advance | These loans offer businesses cash in return for a percentage of the daily credit card sales. |
| Business Line of Credit or Credit Card | A line of credit allows a business to access money in order to cover daily expenses. As with a credit card, the loan is revolving meaning that interest only builds upon the amount of money actually used. |
| Asset Based Loans | If your business owns real estate or valuable machinery and equipment, you can use these assets to secure loans on better terms. |
| Invoice Factoring | These loans offer businesses cash in return for a percentage of future invoices. |
| Industry-Specific Business Loans | Some lenders have loans specifically designed to cater to the needs of certain types of businesses. For example, restaurants will often need to finance the purchase of expensive kitchen equipment before the business opens. |
| Startup Funding | Startup businesses will want to look for lenders with experience in dealing with new business ventures. |
| Bad Credit Business Loans | Having bad credit does not necessarily prevent you from taking out a business loan. Some lenders have loans structured specifically for businesses with a bad credit history, |
How to get a quote from Smarter Loans for a business loan?
To get quotes from Smarter loans head to their website and hit the Business Loan button. This will take you to a questionnaire about your business's financial situation, which you will fill out in order to get the most relevant quotes for you. Smarter Loans also has a business loans calculator. You can input the amount you want to borrow, the interest rate and the repayment term and you can see how much you will repay over time.
Can Smarter Loans help you get a loan with bad credit?
Smarter Loans can help you find lenders who offer bad credit personal loans. When filling out the form make sure to check Smarter Loans can help you find lenders who will lend to you even with bad credit. When filling out the form make sure to check the relevant box when asked about your business's credit score. Smarter Loans will help you to find lenders who are able to take you on as a risk, based on the other financial information that you have given about yourself. Let's see an example.
For example
Michael is a 28-year-old baker who lives in Ontario. Michael took on some bad debt when setting up his bakery and now has a credit rating of under 540. The bakery makes around $5,000 a month. Smarter Loans offers Michael a choice of six lenders, with rates varying between 20% interest on sums under $1,000 up to 45% interest on sums up to $10,000.
If you have a bad credit score you will typically be offered higher interest rates and harsher repayment terms. One way to negotiate better terms is to put up security. If your business owns real estate or if it owns expensive machinery or equipment you may be able to put these up as securities in order to secure better terms.
