The Ultimate Nav Review: Everything You Need to Know About This Small Business Financial Tool

Running a small business is no easy feat. Between managing day-to-day operations, handling marketing and sales, and overseeing your team, it can be challenging to stay on top of your business finances as well. Fortunately, there are tools out there designed specifically to help small business owners take control of their financial health. One such tool is Nav.

In this in-depth Nav review, we‘ll take a closer look at what this platform offers, how it works, and whether it‘s a good fit for your small business needs. Plus, we‘ll see what real users have to say and help answer some common questions. Let‘s dive in!

What Is Nav?

Nav is an online platform and mobile app that provides financial tools and resources for small businesses. The company was founded in 2012 by entrepreneurs Levi King and Caton Hanson. Their mission is to help small business owners access the capital they need to launch, grow and thrive.

Today, Nav has helped 1.4 million business owners manage over $80 billion in financing. They partner with all three major business credit bureaus as well as many top banks and lenders. But Nav isn‘t a lender itself – rather it serves as a matchmaker between small businesses and financing options.

"Nav exists to reduce the death rate of small businesses. It‘s not a lender or financial institution – it‘s a financial health platform that leverages data to power smart, customized financing and credit recommendations so business owners can confidently grow." – Nav Founder & CEO Levi King

Some of Nav‘s key features and offerings include:

• Free business and personal credit score access
• Personalized financing and credit card recommendations
• MatchFactor technology to filter financing options
• Cash flow alerts and insights
• One-on-one access to credit & lending specialists
• Tools to build business credit
• $1 million in identity theft protection (with premium plan)

The platform makes money through referral fees when users sign up for recommended credit cards or financing products. But the service is free for business owners to use.

Who Is Nav Best For?

Nav is an excellent tool for small business owners and entrepreneurs who want to:

• Better understand and improve their business credit
• Get matched with the best financing and credit options for their needs
• Avoid wasting time applying for loans they‘re unlikely to qualify for
• Unlock more capital to grow their business
• Proactively manage and protect their financial data

Whether you‘re just starting out or have been in business for years, Nav can provide valuable financial insights, alerts and recommendations. It‘s especially useful for:

Business owners with a "thin" credit file
If your business doesn‘t yet have an established credit history, you might have a harder time accessing financing through traditional means. Nav can help you take steps to build your business credit, such as setting up accounts with vendors that report to business credit bureaus.

Business owners who have been denied financing
If you‘ve previously applied for a business loan or credit card and been rejected, it can be discouraging to keep trying. Nav uses your credit data to match you with options you‘re more likely to be approved for. This can help you avoid unnecessary credit inquiries.

Business owners who don‘t have collateral
Many traditional business loans require collateral, such as real estate or equipment. If you don‘t have assets to pledge, Nav can help you find unsecured financing options based on your revenue and credit history instead.

Business owners who are short on time
Researching and applying for financing can be very time consuming. With Nav, you can see all your options in one place and quickly filter them based on your qualifications and needs. The streamlined application process saves valuable time.

Of course, no financial tool is one-size-fits-all. If you have an excellent credit score, consistent revenue and can easily qualify for the best business loans, you may not need Nav‘s assistance. But for the vast majority of small business owners, it provides a valuable service.

How Nav Works

Now that we‘ve covered the basics of what Nav is and who it‘s for, let‘s take a closer look at how it actually works. Here‘s a step-by-step breakdown:

Step 1: Sign Up
First, you‘ll need to create a free account on Nav‘s website or mobile app. To sign up, you‘ll provide your name, your business name, and your business address. The process takes about 3 minutes.

Step 2: View Your Credit Scores
In order to match you with relevant financing options, Nav needs access to your personal and business credit scores. You can link your credit data during signup.

With a free Nav account, you‘ll get:

• 2 personal credit scores from TransUnion and Experian
• 1 business credit score from Experian
• Credit report summaries (but not full reports)

With a paid Nav account, you‘ll get:

• 3 personal credit scores (TransUnion, Equifax, Experian)
• 3 business credit scores (Dun & Bradstreet, Experian, Equifax)
• Full personal and business credit reports
• Identity and credit monitoring

Step 3: Browse Your Financing Matches
Based on your credit data, revenue, industry and more, Nav will show you relevant financing options you‘re likely to qualify for. You can filter your matches based on:

• Loan type (e.g. term loan, line of credit, SBA loan)
• Loan amount (how much you need to borrow)
• Estimated APR (cost of borrowing)
• Lender (bank, credit union, online lender etc.)
• Your likelihood of approval (based on Nav‘s MatchFactor algorithm)

Step 4: Apply for Financing
Once you‘ve found an offer that fits your needs, you can start the application process directly through Nav. The exact information you need to provide will depend on the lender, but will likely include:

• Official business name and address
• Business tax ID (EIN)
• Business formation documents
• Personal and business bank statements
• Business financial statements
• Ownership information for any 20%+ owners

When evaluating your application, the lender will likely pull your credit score. But since you‘ve already been matched through Nav, you have a higher likelihood of getting approved and not wasting an inquiry.

Step 5: Manage Your Credit & Finances
In addition to financing matchmaking, Nav provides resources and tools to help you manage your business credit and finances on an ongoing basis.

With a free Nav account, you can:

• Get alerts about changes to your credit reports
• View cash flow insights and analysis
• Access your free credit scores and reports anytime

With a paid Nav account, you can:

• Build business credit by reporting payment history
• Take advantage of $1 million in identity theft protection
• Get 1-on-1 support from credit specialists
• Track credit reports for up to 5 businesses

This proactive financial monitoring can help you spot issues early and maximize your financing options over time. Plus, Nav provides a ton of free educational content to help you make informed decisions.

Nav Pricing

There are two ways to use Nav: with a free account or a paid premium account. Here‘s how they compare:

Nav Free Account

• $0/month
• Personal and business credit alerts
• Cash flow insights and alerts
• Access to your Experian Vantage 3.0 credit score
• Access to your Dun & Bradstreet and Experian Intelliscore business credit scores

Nav Business Boost Account

• $29.99/month
• Everything included in the free account, plus:
• Build business credit with the Business Launcher tool
• Full business credit reports and scores
• $1 million in identity theft protection
• 1-on-1 access to credit specialists

Most users start with a free account to check their scores and browse financing options. You can always upgrade later on if you want access to premium features. The Business Boost plan is best for those who are actively working to establish and build their business credit.

Nav User Reviews

So what do real Nav customers have to say about the platform? Overall, Nav has received positive ratings from users:

• 4.8 out of 5 stars on Nav.com (300+ reviews)
• 4.4 out of 5 stars on Trustpilot (340+ reviews)
• 3.7 out of 5 stars on ConsumerAdvocate (35+ reviews)

Many users praise Nav‘s ease of use, helpful insights and personalized financing recommendations. People also appreciate the extensive educational resources Nav provides. Some positive review excerpts:

"Nav made the entire process of procuring an American Express Business Card painless. I greatly appreciate utilizing Nav to increase my company‘s viability."

"Thanks to Nav for giving great recommendations on products and because of those great recommendations I was able to secure not one but two business credit cards."

"I tried to get a business loan and was constantly denied. With the help of Nav, I was able to get approved! The process was very easy and customer service was excellent."

Of course, no service is perfect. A few users have reported frustrations with customer service and technical glitches. Some people also expected more detailed information in the free credit reports.

But the vast majority of user reviews are positive, proving Nav delivers on its promise to help small businesses access financing and build credit. Based on our assessment, we believe Nav is a legitimate and valuable tool for most small business owners.

Nav vs. Competitors

Nav isn‘t the only financial service aimed at small businesses. Here‘s a quick comparison to a few other popular options:

Lendio
Like Nav, Lendio is an online marketplace that connects small businesses with financing options. It partners with 300+ lenders to provide loans, lines of credit, equipment financing and more.

However, Lendio doesn‘t provide credit monitoring – its focus is purely on matchmaking. Rates, terms and fees vary widely based on the lender.

Fundbox
Fundbox is an online lender that provides lines of credit and invoice financing directly to small businesses. Rates start around 4.66% for 12 week terms or 8.33% for 24 week terms.

To qualify, you need to have a compatible business bank account or accounting software. Approval is based primarily on your business revenue rather than your credit score.

Kabbage
Kabbage is another online lender offering lines of credit up to $250,000 for small businesses. APRs range from 9% to 36% over 6, 12 or 18 month terms. You can get approved in minutes and access funds quickly.

Like Fundbox, Kabbage looks at your business revenue and transaction history to determine eligibility rather than just your credit score. But funding costs can be high compared to traditional options.

Ultimately, the right financing solution depends on your unique business needs and qualifications. But Nav stands out for its comprehensive approach – by combining credit monitoring with personalized financing recommendations, Nav positions itself as an all-in-one financial health platform. If you want both guidance and options, it‘s an excellent choice.

Frequently Asked Questions

Still have questions about Nav? Here are answers to some of the most common ones:

Is Nav a lender?
No, Nav is not a lender. It‘s an online marketplace that connects business owners with a variety of financing options, including loans, lines of credit, business credit cards and more. But the funding itself comes from Nav‘s lending partners, not Nav.

How does Nav make money?
Nav makes money in two ways: referral fees and subscription fees. When a Nav user takes out a loan or credit card through one of its partners, Nav gets a referral fee. Nav also charges a monthly fee for premium plans that include additional tools and services. But the basic plan is free to use.

Does using Nav impact my credit score?
Checking your credit scores and reports through Nav is considered a "soft pull" and won‘t impact your credit score. However, when you actually apply for financing, the lender will likely perform a "hard pull" which can slightly lower your score. But by getting matched through Nav, you reduce the risk of unnecessary hard pulls.

Is my information safe with Nav?
Yes, Nav takes data security very seriously. It uses 256-bit encryption and other measures to protect users‘ sensitive information. Nav is a licensed data provider for all three credit bureaus and displays credit data according to the Fair Credit Reporting Act (FCRA).

How long does it take to get approved for financing through Nav?
Approval time varies based on the lender and the type of financing you‘re seeking. Some options, like business credit cards, can provide near-instant approval. Other options, like SBA loans, can take several weeks. When you view your Nav matches, you‘ll see estimated funding time for each option.

Can I use Nav if I have bad credit?
Yes, Nav works with business owners of all credit profiles. Even if you have a low credit score, Nav can match you with financing options that look at other factors like revenue. The platform also provides resources to help you understand, monitor and improve your credit over time.

The Bottom Line

Managing business finances is a crucial but often challenging part of running a small business. Nav aims to make it easier by providing credit monitoring, financing recommendations and educational resources all in one platform.

Whether you‘re just starting out or have been in business for years, Nav can help you understand your financial health, find the capital you need to grow and make more informed decisions. It‘s secure, easy to use and free to get started.

While Nav isn‘t right for every small business, it‘s a valuable tool for most. By combining technology and data with personalized insights and guidance, Nav empowers entrepreneurs to take control of their finances and reach their goals.