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Find A LenderSafeBorrow: Overview
SafeBorrow provides customized funding options for small and medium businesses. The company is made up of a team of experts in the world of financing who use their comprehensive knowledge and experience in the industry to provide sound financial solutions for clients.
Since its inception, SafeBorrow has worked with over 100 entrepreneurs and has provided more than $100 million in approved financing.
Our Opinion
Here’s who we think SafeBorrow is best for and what we like and don’t like about them.
| Best For | – Businesses with no collateral – Businesses in need of fast funds – Businesses that have been in operation for at least 3 years – Entrepreneurs with low credit scores – Entrepreneurs who are comfortable dealing with an online lending process |
| What We Like | – Flexible repayment options – Quick funding time within 48 hours – High loan amounts up to $800,000 -Customized funding options – No collateral required – Discounts available |
| What We Don’t Like | – Limited reviews – No physical branches |
What Does SafeBorrow Offer?
They offer a handful of unique financial solutions, including the following:
Unsecured Business Financing
Unsecured loans are not backed by collateral, such as equipment or real estate. You can use the funds from your loan to cover a variety of business expenses, with funds available in as little as 4 to 7 business days.
- No collateral required
- Loan amounts from $5,000 to $800,000
- Rates starting at 8.99% APR
- Loan terms between 3 to 12 months
- Funding time between 4 to 7 business days
- Renewal available at 50% repayment
- Up to 15% discount on open terms
What Are the Requirements?
- Minimum 3 months in business
- Minimum credit score of 400
- Minimum $10,000 per month of gross revenue
- No more than 4 NSFs per month
CEBA Repayment Program
The Canada Emergency Business Account (CEBA) provided up to $60,000 in interest-free loans to small businesses to help cover operating costs during the health crisis. The program was available from April 9, 2020, to June 30, 2021. The repayment deadline for CEBA loans to be eligible for up to 33% in loan forgiveness is January 18, 2024.
SafeBorrow’s CEBA repayment program allows business owners to take advantage of CEBA debt forgiveness and save over $20,000. Those who are eligible can have $40,000 deposited directly into their bank accounts within 5 to 7 business days.
Invoice Factoring
Invoice factoring is designed to provide businesses with cash flow solutions. With this unique type of financing, you sell unpaid invoices at a discount for quick payment, without the need to lock into a fixed loan amount or repayment structure.
You have the flexibility to choose which invoices to sell, and you’ll be funded within 24 hours. Once your customers pay you for the invoices you sold, SafeBorrow will deposit the money directly into your bank account.
Broker Referral
Brokers can partner with SafeBorrow to tap into the company’s network of clients and supply them with the financing they need. This partnership allows both brokers and clients to grow their businesses. SafeBorrow works on a commission-based system to compensate brokers.
Is SafeBorrow Safe?
SafeBorrow has limited reviews and does not appear on BBB. However, it does have a good social media presence and is headquartered in Montreal.
| Feature | Ratings |
| Social Media Presence | Facebook |
| Physical Presence | Headquartered in Montreal, QC |
| BBB | No information available |
SafeBorrow’s Request A Quote Preview
You can request a quote by filling out a web form on SafeBorrow’s website. You’ll need to provide information such as your name, email address, phone number, and company name. You can also opt to include the loan amount needed and annual gross revenue.
You can also add any other pertinent details in the “your message” box when making your request.
Once submitted, you’ll get a confirmation that your request has been received. After that, one of SafeBorrow’s agents will contact you within 2 days (or 48 hours).
Benefits Of Using SafeBorrow
There are several reasons why you should consider a tailored financing solution from SafeBorrow for your business:
- Fast funding. Get funded in as little as 4 to 7 business days.
- Cover your bills. Whether you opt for an unsecured business loan or invoice factoring, you can free up your cash flow while ensuring all your bills are paid to keep business going.
- Tailored financing solutions. SafeBorrow has a team of experienced representatives who are available to help you find the right funding solution for your specific business needs.
- Growing client roster. To date, SafeBorrow has helped more than 100 businesses get the funding they need, with over $100 million in approved financing.
How Does SafeBorrow Compare To Other Lenders?
There are other online lenders that provide loans to small and medium-sized businesses, such as Journey Capital and IOU Financial. How do they compare?
| SafeBorrow Unsecured Loans | Journey Capital Term Loans | IOU Financial Commercial Loans | |
| Loan Amount | $5,000 to $800,000 | $5,000 – $300,000 | $15,000 – $1.5 million |
| Interest Rate | Starting at 8.99% APR | 16% – 25% APR | Not specified |
| Loan Term | 3 – 12 months | 4 – 24 months | 6 – 36 months |
| Collateral | Not required | Not Required | Guaranty fee |
| Funding Speed | 4 – 7 business days | 24 hours | 24 hours |
Who Is SafeBorrow Best For?
SafeBorrow is best for entrepreneurs who have been in business for at least 3 years and are in need of fast funding to cover a variety of business expenses. The platform is also ideal for those whose low credit scores may get in the way of getting approved for a business loan or who do not have any collateral to use to secure a loan.
Final Thoughts
Every business needs a little financial help. Whether you’re just starting your business from the ground up or are looking to expand your operations, SafeBorrow has the financial solution for you.
SafeBorrow FAQs
Can I use my SafeBorrow loan for anything?
How can I contact SafeBorrow?
- By phone: 1-866-365-1525
- By email: info@safeborrow.ca
- By online contact form
