The best business loan brokers will be able to save you time and improve your approval odds by providing you with multiple loan options with a single application. They should also have a combination of easy qualification requirements, low rates, and excellent customer service that can help match you with the best loan based on your specific business circumstances and needs.
Here are our picks for the seven best small business loan brokers for 2024:
- Lendio: Best overall for multiple loan options and easy qualification requirements
- Creditfy: Best for high loan approval rates
- Clarify Capital: Best for smaller loan amounts and large network of lenders
- 1West: Best for startups and low credit scores
- Smarter Finance USA: Best for vehicle and equipment financing
- National Business Capital: Best for high-revenue businesses
- GoKapital: Best for real estate loans
Best Business Loan Brokers At a Glance
Maximum Loan Amount | Estimated Starting APR | Minimum Credit Score | Required Annual Revenue | Minimum Time in Business | |
---|---|---|---|---|---|
$10 million | 3% to 60%-plus | Varies | Varies | Varies | |
$5 million | 6.49% to 12.49%-plus | 530 | $100,000 | 3 months | |
$5 million | 5% and up | 550 | $120,000 | 6 months | |
$20 million | 5% to 18%-plus | 500 | $120,000 | 3 months | |
$1 million | 7% to 20% | None | None | None | |
$10 million-plus | Varies | Varies | $500,000 | 1 year | |
$50 million | 4% to 50% | Varies | $50,000 | Varies | |
Lendio: Best Overall for Multiple Loan Options and Easy Qualification Requirements
Rates & Terms | |
Application Time | 10 to 15 minutes |
Approval Time | As fast as 24 hours but varies based on loan type |
Funding Speed | As fast as 24 hours but varies based on loan type |
Loan Amount |
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Estimated APR | 3% to 60%-plus, varies based on loan type |
Repayment Term | Varies based on loan type |
Repayment Schedule | Varies by loan product |
Loan Types Offered | A/R financing, business line of credit, Small Business Administration (SBA) loan, short-term loan, term loan, cash advance, equipment financing, commercial mortgage, startup loan, business acquisition loan, and business credit card |
Qualifications | |
Credit Score | Varies by loan product |
Time in Business | Varies by loan product |
Annual Revenue | Varies by loan product |
Why We Like Lendio
If you’re looking for a wide range of loan options, Lendio is an excellent option. It has over 10 different types of loans and a network of over 75 different lenders. With this many options, you have a good chance of finding a loan with rates and terms well-suited for your business needs.
Working with a broker like Lendio can save time as you’ll get access to multiple lenders with just a single application. Your odds of getting the best rates—as well as finding a lender willing to issue an approval—can also be greatly increased. A big tradeoff, however, is that terms, qualifications, and rates can vary greatly. As a result, you’ll need to apply first to get a better idea of what you might be able to get.
If you’re unsure where to start, Lendio gives you the ability to work with a dedicated funding manager who can help educate and guide you through the available loan programs. They will also help walk you through the loan approval process and match you with lenders that are a good fit for your business. Lendio has consistently delivered a high level of service to its customers this way, evidenced by its over 20,000 reviews on Trustpilot and rating of 4.8 out of 5.
Additional perks offered by Lendio include the ability to connect you with services such as credit repair, bookkeeping, and legal assistance. To apply, you can visit the Lendio website where an online application can be completed in less than 15 minutes.
Creditfy: Best for High Loan Approval Rates
Rates & Terms | |
Application Time | 5 minutes |
Approval Time | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Loan Amount |
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Estimated APR |
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Repayment Term |
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Repayment Schedule | May vary by loan type |
Loan Types Offered | Business line of credit, equipment financing, term loan, invoice financing, bridge loan, and SBA loans |
Qualifications | |
Credit Score |
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Time in Business |
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Annual Revenue |
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Why We Like Creditfy
Creditfy states that it has a loan approval rate of 90%. That’s one of the highest in our guide, which makes this lender an excellent option if you’re concerned about your chances of getting approved. If you’ve had a tough time getting approved elsewhere, it also has loan programs with easy requirements for things like credit scores, revenue, and time in business.
A unique aspect of Creditfy is that it requires all of its loan specialists to have at least two years of industry experience. This translates to better abilities of providing its customers with a high level of service and giving better insights and suggestions when it comes to matching you with the best type of loan. Creditfy also has exclusive partnerships with certain lenders, something that can further boost your odds of getting the best loan for your company.
To apply or learn more, you can head over to the company’s website. Online applications can be completed in less than 5 minutes. Creditfy offers an online submission form where you can contact the team with your questions. Customer service is available 24/7, and you can also schedule a return phone call.
Clarify Capital: Best for Smaller Loan Amounts and Large Network of Lenders
Rates & Terms | |
Application Time | 2 minutes |
Approval Time | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Loan Amount | Up to $5 million |
Estimated APR | As low as 5% |
Repayment Term | Typically, 6 to 36 months but may vary by loan type |
Repayment Schedule | Varies by loan type |
Loan Types Offered | Term loan, business line of credit, invoice factoring, SBA loans, equipment financing, working capital, and merchant cash advance (MCA) |
Qualifications | |
Credit Score | 550 but may vary by loan type |
Time in Business | 6 months but may vary by loan type |
Annual Revenue | $120,000 but may vary by loan type |
Why We Like Clarify Capital
Clarify Capital is another broker with over 75 lenders in its network. Although similar to Lendio, it may be a better fit for businesses needing $750,000 or less in funding. This company also made our list of the best working capital loans due to the flexibility of its qualifications and competitive rates.
Many of Clarify Capital’s financing options are limited to $750,000, with the exception of its SBA loans, which offer up to $5 million. By comparison, Lendio offers more financing options in excess of $750,000. However, Clarify Capital offers a slightly lower credit score requirement, making it a good option.
As is the case with Lendio, you’ll work with a dedicated loan advisor to learn about your business so that you can be matched with the right lender and loan type. To apply or learn more, check out the Clarify Capital website, where you can complete an online application in less than 2 minutes.
1West: Best for Startups and Low Credit Scores
Rates & Terms | |
Application Time | 5 to 10 minutes |
Approval Time | As fast as same day but varies based on loan type |
Funding Speed | Typically 48 to 72 hours |
Loan Amount |
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Estimated APR | 5% to 18%-plus; varies by loan product |
Repayment Term |
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Repayment Schedule | Varies |
Loan Types Offered | Unsecured term loan, real estate financing, SBA loans, accounts receivable financing, business line of credit, and equipment financing |
Qualifications | |
Credit Score |
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Time in Business |
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Annual Revenue | $120,000 but may vary by loan program |
Why We Like 1West
If you are a startup or have bad credit, you may have better approval odds with 1West. While other brokers have lower requirements, they often limit that flexibility to a handful of loan programs. 1West, however, has multiple loan programs available to newer businesses and those with lower credit scores.
It offers you the ability to get matched with multiple loan options using its Automated Business Lending Engine, which it calls ABLE, for short. This allows you to apply at any time during the day or night, without needing to wait for a loan officer to manually review your loan application. The broker has a network of over 50 lenders it has partnered with to give you your loan options.
Online applications can be completed in as little as 5 to 10 minutes, and there are no fees or obligations to accept a loan offer once you’re given your matches. Once you choose from your loan options, you can upload any required documents and get funded in as little as 48 to 72 hours.
Smarter Finance USA: Best for Vehicle and Equipment Financing
Rates & Terms | |
Application Time | 5 minutes |
Approval Time | 1 to 2 days |
Funding Speed | 1 to 4 days |
Loan Amount | $10,000 to $1 million |
Estimated APR | 7% to 20% |
Repayment Term | 2 to 5 years |
Repayment Schedule | Weekly, monthly, seasonal, and deferred |
Loan Types Offered | Equipment financing |
Qualifications | |
Credit Score | None but 600 is recommended |
Time in Business | None |
Annual Revenue | None |
Why We Like Smarter Finance USA
Smarter Finance USA specializes in vehicle and equipment financing. It has no hard minimum requirements for credit score, time in business, or revenue. This is because it reviews each application on a case-by-case basis to maximize your odds of approval.
With that being said, the stronger your business finances and credit, the easier and likelier it is that you’ll be matched with a lender willing to issue you funds. The company has also stated that while there is no minimum credit score, it can be especially challenging to get approved with scores below 600.
Smarter Finance has a network of nearly 40 lenders. It can finance different types of trucks, including dump trucks, tow trucks, semi-trucks, and box trucks. It can also finance heavy equipment, such as excavators, cranes, backhoes, and bulldozers.
To learn more or to apply, head over to the Smarter Finance USA website.
National Business Capital: Best for High-revenue Businesses
Rates & Terms | |
Application Time | 2 minutes |
Approval Time | As fast as 24 hours |
Funding Speed | As fast as 24 to 48 hours |
Loan Amount | Up to $10 million-plus; varies by loan type |
Estimated APR | Varies by loan type |
Repayment Term | Typically, 8 to 60 months but may vary by loan type |
Repayment Schedule | Varies |
Loan Types Offered | Term loan, business line of credit, equipment financing, SBA loans, revenue-based financing, and specialty financing |
Qualifications | |
Credit Score |
|
Time in Business | 1 year but may vary by loan type |
Annual Revenue | $500,000 but may vary by loan type |
Why We Like National Business Capital
National Business Capital has the highest annual revenue requirement on our list, which can make it difficult to qualify for. However, eligible businesses can get fast funding, large loan amounts, and competitive rates.
Keeping in mind the minimum requirements listed above, National Business Capital typically works with clients that have $500,000 to $30 million in annual revenue. The common industries it works with include:
- Construction
- Ecommerce
- Manufacturing
- Retail
- Restaurants
- Medical
- Transportation
- Cannabis
National Business Capital also offers specialty financing, such as franchise financing, asset-based funding, purchase order financing, and commercial mortgages.
If you have questions about the loan process or whether the company can offer financing for your scenario, the company provides a phone number on its website where you can speak with one of its financing experts. If you decide to submit an application, it can be done online in a matter of minutes.
GoKapital: Best for Real Estate Loans
Rates & Terms | |
Application Time | 2 minutes |
Approval Time | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Loan Amount |
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Estimated APR |
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Repayment Term |
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Repayment Schedule | Varies by loan product |
Loan Types Offered | Revenue-based financing, MCA, equipment financing, personal and startup loans, SBA loans, term loans, hard money, bridge financing, rental investment property loans, commercial mortgages, and ground-up construction loans |
Qualifications | |
Credit Score | Varies by loan program |
Time in Business | Varies by loan program |
Annual Revenue |
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Why We Like GoKapital
GoKapital offers the largest funding amount out of the companies we’ve selected in our guide, making it an excellent option for real estate loans. It’s also highly transparent with its loan requirements as they are published on its website.
The broker offers hard money bridge loans, rental investment loans, commercial property mortgages, and ground-up construction loans. Each has its own unique criteria for things like down payment requirements, repayment terms, interest rates, prepayment penalties, and documentation requirements.
GoKapital also offers business loans, which includes:
- MCAs
- Business lines of credit
- Equipment financing
- SBA loans
- Startup business loans
You can visit the GoKapital website to learn more or apply.
How We Chose the Best Small Business Loan Brokers
We considered the following items when determining the best business loan brokers:
- Size of lending network
- Number of loan programs offered
- Interest rates and estimated APRs
- Loan qualification requirements
- Application time, approval speed, and funding speed
- Loan amounts offered
- Customer reviews and ratings
What To Expect Working With a Business Loan Broker
When you apply with a loan broker, it will take the information on your application and check its network of lending partners to find the best fit for you based on what you’re qualified for. Quite often, the initial application will only require a soft credit check so that your credit score isn’t impacted.
You’ll be given options for loans, and if you like the terms of a loan and decide to move forward, you may need to give permission for a hard credit pull to continue moving forward in the process. The best business loan brokers will also walk you through the steps involved in getting a loan.
If you need a guide, you may refer to our article on how to get a small business loan. It also covers how to improve your chances of getting approved at a low rate.
Who Should Work With a Business Loan Broker
Working with a business loan broker can be a good idea if you want to get more loan options without having to submit applications to multiple lenders. This can save time for businesses that are having trouble getting approved or are searching for an uncommon type of loan.
You should consider using a loan broker if you:
- Work in a high-risk industry: Businesses in high-risk industries, such as cannabis, can have limited options for financing. However, brokers, such as GoKapital, have lenders within their network that can provide financing to these types of companies.
- Have been denied financing: If you’re having trouble getting approved for a loan, using a broker can help. Brokers have a large network of lenders, many of which can have more flexible qualification requirements.
- Are unsure of what loan you need: The best loan brokers are knowledgeable in the loan products offered through their network of lending partners. If you’re unsure what type of financing you need, you can work with a lending specialist to discuss your goals so that you can be matched with the right loan.
Frequently Asked Questions (FAQs)
A broker can give you multiple loan options from more than one lender with just a single loan application. This can save you time from applying separately to different banks. It can also improve your chances of getting approved and at the most competitive rates available.
Some loan brokers may charge a fee of up to 2% or more of the loan amount, depending on the type of loan you’re getting. The best brokers are transparent about what fees are charged. Even if you are charged a fee, however, you could still be saving money if the broker can get you a loan with a low rate.
You should consider your approval odds, the broker’s loan offerings, and the broker’s reputation. Many leading brokers are transparent about the types of businesses they specialize in, what to expect from the loan process, qualification requirements, and fees. You should also research the broker’s licenses, applicable certifications, and prior customer reviews.
Bottom Line
The loan brokers we’ve selected can help businesses in a wide range of industries get financing. These companies can match you with multiple lenders and loan types and also cater to companies with different qualifications. Working with a good broker can save you time and money by improving your approval odds and provide you with multiple loan options to choose from.