| ✅ | Key Point | Summary |
|---|---|---|
| 🏦 | What is Cross River Bank | New Jersey–based, FDIC-insured bank founded in 2008; blends traditional banking with fintech partnerships. |
| 💳 | Business Loan Options | SBA loans ($50K–$5M), term loans, credit lines, merchant cash advances, equipment financing, commercial real estate, and construction lending. |
| 📋 | Qualifications | Min. 660 credit score, 2+ years in business, $100K+ revenue for SBA, plus financials and business plan required. |
| 💻 | How It Works | Utilizes fintech partnerships and technology for loan origination, underwriting, and distribution; approval can take anywhere from a few days to several weeks. |
| 👍 | Pros | Wide range of products, competitive rates, modern fintech integrations, and FDIC-insured. |
| 👎 | Cons | Low Trustpilot score (1.4/5), frequent complaints about communication and loan delays, and unclear prepayment policies. |
| ⭐ | UCS Rating | 2.5 out of 5 – solid product offerings, but customer service issues and delays bring down the overall score. |
Cross River Bank is a financial institution that combines traditional banking services with modern financial technology to deliver lending and banking solutions. Founded in New Jersey, it serves both consumers and businesses, with a strong emphasis on supporting small enterprises through a variety of financing products.
While the bank offers competitive interest rates and flexible terms, customer feedback and regulatory scrutiny raise important considerations for business owners exploring funding through this lender. Understanding how the bank works is crucial when deciding to apply for a small business loan.
In this review, we’ll help you determine if Cross River Bank is the right business financing partner for your needs by examining the services it offers, its pros and cons, and the application process. Specifically, we’ll answer these questions and more:
Cross River Bank was established in 2008 and has quickly grown in the financial technology sector. Headquartered in Fort Lee, New Jersey, the bank operates as a state-chartered and FDIC-insured financial institution. Unlike many other banks, it has developed a reputation as a financial infrastructure provider, partnering with fintech companies to originate loans across several categories, including small business, consumer, and commercial real estate financing.
Cross River Bank is recognized for its hybrid model, which combines traditional banking services with fintech partnerships. It provides Banking-as-a-Service (BaaS) capabilities, allowing fintech companies to deliver regulated financial products. This model has enabled the bank to become a major originator of loans through its fintech partnerships, including consumer and business loans. Cross River’s financial products, including savings accounts and lending options, are often highlighted for their competitive features and rates compared to industry averages.
The institution operates under a comprehensive regulatory framework, adhering to federal laws such as the Truth in Lending Act (TILA) and Equal Credit Opportunity Act (ECOA). However, recent regulatory scrutiny has raised concerns about Cross River Bank’s compliance practices, including a May 2023 FDIC consent order that requires it to strengthen its fair lending oversight.
Cross River Bank stands out for its flexible approach to loan repayment, offering a variety of schedules and options designed to fit the unique needs of its customers. Whether you’re managing a business or personal finances, the bank’s repayment structures are built to help you stay on top of your obligations without unnecessary stress.
One of the key features is the ability to set up automatic payments directly from your Cross River Bank checking account or savings account. This not only streamlines the repayment process but also helps you avoid late fees and maintain a strong credit rating. By linking your accounts, you can ensure that payments are made on time, giving you peace of mind and helping you manage your debt more effectively.
Cross River Bank’s financial products, including credit lines and various loan options, come with competitive interest rates and flexible terms. This means you can choose a repayment plan that aligns with your business cash flow, whether you prefer shorter terms to pay off debt quickly or longer schedules to keep monthly payments manageable. The bank’s commitment to offering competitive rates ensures that you’re not overpaying compared to other financial institutions, making it easier to achieve your financial goals.
Cross River’s traditional banking services are enhanced by its innovative fintech solutions, providing customers with both reliability and modern convenience. The bank’s website offers detailed information on repayment schedules, interest rates, and any applicable fees, allowing you to research and compare options before making a decision.
Cross River Bank combines traditional banking services with fintech innovation to streamline lending and customer services. Its operational model revolves around:
Cross River Bank offers various loan products tailored for small businesses with competitive rates and terms. Key products include:
| Loan Product | Key Features | Best For |
|---|---|---|
| SBA Loans | Loan amounts from $50,000 to $5 million, terms up to 25 years, backed by the Small Business Administration | Businesses seeking government-backed financing with longer repayment terms |
| Term Loans | Fixed-rate loans with set repayment schedules | Funding specific projects or investments |
| Lines of Credit | Flexible credit lines allow firms to draw funds as needed | Managing cash flow and unexpected expenses |
| Merchant Cash Advances | Lump sum upfront in exchange for a percentage of future sales | Businesses needing quick access to capital |
| Equipment Financing | Loans for purchasing or leasing equipment necessary for operations | Companies requiring new equipment without significant upfront costs |
| Commercial Real Estate Loans | Financing for purchasing or developing business properties | Companies expanding facilities or investing in property |
| Construction Lending | Funding for construction projects with structured draws | Developers and businesses managing large-scale projects |
For example, a small business might use an SBA loan to purchase new inventory and expand business operations, benefiting from longer repayment terms and lower interest rates. Another example is a manufacturer using equipment financing to acquire updated machinery, spreading the cost over several years to preserve cash flow.
Business loan interest rates at Cross River Bank reflect current market conditions, making them competitive within the financial services landscape. Approval timelines for loans can range from a few days to several weeks, depending on the complexity of the application.
Beyond lending, Cross River Bank provides traditional banking services:
These features allow Cross River to compete with other banks in offering accessible deposit products alongside its lending portfolio.
Businesses applying for funding must meet specific eligibility criteria. Cross River Bank requires a minimum credit score of 660 for most loan products. Businesses must generally be operational for at least two years to qualify for most loan products at Cross River Bank.
Some programs at Cross River Bank, such as SBA 7(a) loans, may require a minimum annual revenue of $100,000 or more for eligibility.
Implementing effective budgeting practices can help businesses meet these eligibility criteria and manage loan repayments more efficiently.
Cross River adheres to prudent underwriting practices, ensuring applicants demonstrate a strong financial history before approval.
Borrowers should carefully review loan terms, interest rates, and repayment structures. While Cross River Bank’s fee structures are generally transparent, borrowers should be aware of potential hidden costs that could arise.
Approval timelines may vary, so planning is critical. Borrowers are also encouraged to compare offers from multiple lenders, as better rates may be available at other banks.
Credit tightening in the broader market can affect borrowing options and interest rates, making it essential for businesses to assess their financial readiness before applying. Borrowers should inquire about all potential charges, including fees for early repayment or changes in payment schedules, when dealing with Cross River Bank loans. Cross River Bank has been criticized for potentially facilitating predatory lending practices and failing to maintain transparent communication with borrowers.
Cross River Bank does not offer a direct business loan affiliate program. Instead, it functions as a financial infrastructure provider that partners with funding providers. ISOs and business loan brokers should look for a different partner program.
Before starting the application process, applicants should conduct a thorough search for the best loan or deposit products to ensure they find the most competitive rates and services.
The application process is relatively standard, though applicants may experience delays. Here’s how it works:
Review minimum credit score, revenue, and time-in-business requirements before applying.
Gather financial statements, tax returns, and a detailed business plan outlining how you’ll use the funds.
Select between SBA loans, term loans, credit lines, or equipment financing depending on your needs.
Apply online through Cross River Bank’s digital platform or via a fintech partner.
The bank will assess your creditworthiness and business history. Approval can take several days to weeks.
Once approved, funds are disbursed directly into your business account.
Repayment terms vary by loan type. Cross River Bank offers various repayment options to accommodate different business cash flow situations, which is crucial for businesses experiencing seasonal revenue fluctuations.
After making your final payment, confirm that your loan account is marked as paid and promptly follow up with the lender if there are any issues with account settlement.
Currently, we are unable to find information regarding early payment discounts, prepayment penalties, or renewal policies. Borrowers should request this information before finalizing loan agreements.
Cross River Bank offers a diverse range of financial products, including SBA loans and equipment financing, providing small businesses with flexibility in their funding choices. Its fintech partnerships mean faster access to innovative financing options compared to many traditional banks.
Competitive rates and terms make its products attractive, while its integration of technology helps streamline application processes. For businesses that qualify, the range of options can be a strong fit.
Despite its strengths, customer satisfaction with Cross River Bank remains low. The overall rating of Cross River Bank on Trustpilot is 1.4 out of 5 stars based on 42 reviews, suggesting significant customer dissatisfaction.
Many users report issues with poor customer service, particularly with communication and loan applications. In addition, many customers report difficulties reaching support representatives by phone. Reviews frequently cite delays, lack of updates, and challenges with PPP loans. The bank has also faced regulatory scrutiny, which may raise concerns for risk-averse borrowers.
Pros:
Cons:
Yes, Cross River Bank is a legitimate financial services provider. It is a New Jersey state-chartered and FDIC-insured financial institution. It operates under federal compliance laws and continues to expand its partnerships with fintech companies, despite regulatory scrutiny.
User experiences with Cross River Bank are mixed, showing strong performance in its advertised financial products but frequent negative customer experiences with service. Customer reviews on various platforms reflect mixed experiences, particularly regarding loan processing and communication.
On Trustpilot, the bank has an overall rating of 1.4 out of 5 stars, indicating significant concerns about customer satisfaction. Many reviewers mention substantial delays and issues with the application and funding process, particularly for PPP loans.
Some customers praise Cross River Bank for its competitive financial products and ability to provide access to SBA loans and other financing. Certain reviewers highlight supportive customer representatives who helped them navigate applications successfully.
Many customers express frustration over communication issues and loan processing delays, particularly related to PPP loans. Common complaints include poor customer service, inadequate communication, and problems with loan applications and funding. Many reviews indicate difficulties reaching customer support representatives and obtaining clear information about their applications.
If Cross River Bank denies your application, it’s often due to not meeting minimum credit score requirements, insufficient operating history, or a lack of required revenue. If the company does decline your loan application, the denial letter should explain why, along with details on how to improve your application and when you can apply again. If not, or if you need information, contact Cross River Bank directly.
Fortunately, small business owners have many lenders to consider if Cross River Bank doesn’t meet their needs. Most lenders offer similar products, while alternative business lenders often provide faster funding with more lenient qualifications. Many small business lenders and business loan marketplaces (like UCS) focus exclusively on business funding products, providing a more direct and personalized experience.
You may be interested in one of the following small business loans:
Cross River Bank offers various loan products tailored for small businesses with competitive rates and terms. Its fintech-forward model provides unique advantages compared to other banks. However, poor customer service reviews, processing delays, and regulatory concerns cannot be overlooked.
Cross River Bank may be a good fit for established businesses with strong credit and the ability to navigate a sometimes slow application process. On the other hand, businesses needing rapid funding, clear communication, or more personal support may find better options with other financial institutions.
Based on the available information, we rate Cross River Bank 2.5 out of 5. The company has solid financial options, but the customer reviews are a significant concern.
Disclaimer: The Cross River Bank trademark is owned by CRB Group Inc., and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from CRB Group Inc.
