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NAV Review

Andrew Omalley Andrew Omalley Last update:
Loan Amount
$20K-$1M
Min Credit Score
550+
Funding time
Varies by lender

Overview

NAV is a financing company that focuses mainly on providing businesses with loans and credit cards. The Utah-based operation has been around since 2012 and is a marketplace that brings together the business loan offerings from more than 100 of the top lenders in the space today.

The entire process from beginning to end can be done online, being very user-friendly. It is a great way to get a proper overview of the market and the types of loan requirements you will be dealing with. This Nav business loan review will take a look at all aspects of this offering.

Loan types SBA loans, traditional bank loans, merchant cash advance, business lines of credit, microloans, cash flow loans, alternative online loans, business credit cards, equity crowdfunding, equipment financing, invoice financing, and trade credit
Loan amount 20k-1m
Repayment terms Varies by Lender
APR Varies by Lender
Minimum credit score 550+
Lender type Marketplace

 

Good for:

Most types of business loan needs

Pros & Cons:

Pros:

  • Showcases business loans from more than 100 reputable lenders
  • Covers all bases with its business loan options
  • Very user-friendly offering
  • Good track record

Cons:

  • Doesn’t provide any direct loans
  • Terms of the loan can vary widely

Application Process

If you want to see what options are open for you in the business loans space, then you can go through the online pre-qualification process with Nav. There is a very user-friendly system that allows you to get quotes in just a couple of minutes.

You just need to provide some very basic info, such as credit history details, certain financial info, and the location of the business. You’ll then be shown a list of different loan options that will be open to you. There is no hard credit check conducted at this point in time.

Once you like the look of a particular loan option, you can then proceed to submit an official application. The exact requirements will vary depending on the specific lender you go with. However, you will usually need to supply documents that showcase key information, such as bank statements, tax returns, proof of collateral, and so on.

Once your application gets approved, the time which it takes to get your hands on the borrowed funds will entirely depend on the specific lender that you go with. There will be a hard credit check conducted when you submit an official application.

Terms & Requirements

Whenever it comes to borrowing money from a lender, there are going to be certain terms and requirements laid out as part of the loan offering. It is important that you are aware of these specifics before proceeding.

As Nav is a marketplace for business loans, the terms and requirements can vary widely depending on which lender you end up going with. Here is a general overview of what you might expect to see:

Loan Requirements

Each specific lender will have its own eligibility requirements. These will often relate to the number of years a business has been in operation, the credit score, monthly revenue, and other key financial metrics.

When submitting an official application, you will need to supply relevant documentation to support the information that you have provided in the application. These include the likes of bank statements, tax returns, and proof of collateral.

Loan Terms

There are some very competitive rates that you can get for a business loan through Nav. You have the ability to filter through the options by APR, so if you have a specific rate in mind you can see which lenders might work with you.

The exact APR that you get will ultimately depend on your company’s financial situation and credit history. Nav does not charge any fees for issuing a business loan, but there might be fees charged by the individual lenders.

Repayment Terms

The repayment terms will also vary widely. The term lengths are going to be dependent on the specific lender, with a wide variety of options usually being on offer. The likes of late fees and early repayment penalties may or not be in place, depending on what lender you go with.

Privacy & Security

Currently, Nav does not have a rating with the Better Business Bureau. However, it does have a very good score on Trustpilot, with many people praising the quality of its offering in all regards.

As you are sharing certain info with Nav that might be deemed as sensitive, Nav makes sure that all of this type of data is going to be fully protected no matter what the case might be. It uses the very best security protections and protocols to ensure that no issues crop up.

Customer Support

There is a very good mobile app that you can use to keep a track of your business loan, getting access to regular reports and monitoring. There are also tools in place that can help you to boost your business’s credit.

There is a very helpful FAQ section at Nav, as well as there being tons of information about the different types of business loans on offer, as well as the prospective lenders. If you wish to speak directly with the Nav customer support team, you can ring them over the phone or send them an email.

Final Thoughts

Nav is one of the most comprehensive marketplaces for business loans. It deals with over 100 reputable lenders, so you will have access to a hugely diverse range of loan options.

It has a good reputation for keeping its customers happy and it does not charge any fees for mating you up with a lender. All of this is done in a very efficient and user-friendly manner.

Address

12936 S. Frontrunner Blvd, Suite 550, Draper, UT, 84020

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Andrew Omalley Andrew Omalley
Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.
This review is based on the writer's personal opinion.