The best small business loan broker will vary based on your specific needs and circumstances. However, many top brokers have a simple application process and a large network of lenders to provide multiple financing options. It’s also common for them to offer a combination of competitive rates, flexibility in qualification requirements, and a high level of customer service to guide you through the lending process.
We’ve researched multiple companies and narrowed down our picks of the best business loan brokers to six options.
- Lendio: Best overall for loan options and flexible qualifications
- Clarify Capital: Best for personalized service
- Smarter Finance USA: Best for vehicle and equipment financing
- 1West: Best for startups and low credit scores
- GoKapital: Best for high-risk industries
- National Business Capital: Best for high-revenue businesses
Get a business loan in 24-48 hours with Clarify Capital. |
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Best Small Business Loan Brokers at a Glance
Lendio: Best Overall for Loan Options and Flexible Qualifications
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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%-60%+ but 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, SBA loan, short-term loan, term loan, cash advance, equipment financing, commercial mortgage, startup loan, business acquisition loan, 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
Out of our list of the best business loan brokers, Lendio is our best overall because it has a large network of over 75 lenders and one of the largest loan program offerings in our guide. Qualification requirements vary by product but are generally flexible enough to finance startups, businesses with bad credit, and companies with lower revenue figures.
With Lendio, you can expect a five-star experience from start to finish. Once you complete a short online application, you’ll be paired with a funding specialist who will review your application to ensure you get the best funding for your needs. Your specialist will also walk you through any requirements and paperwork necessary to get approved and funded. With over 21,000 reviews and a 4.8-star rating on Trustpilot, you can rest assured that you’ll receive a high level of service.
In addition to helping with financing, Lendio can assist with other areas of your business. For example, it can connect you with resources for repairing credit, bookkeeping, and legal assistance.
Clarify Capital: Best for Personalized Service
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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 6-36 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
With a 4.9-star rating on Trustpilot and Google Reviews, Clarity Capital has demonstrated its ability to deliver excellent customer experiences consistently. Its guiding principles as a company revolve around delivering flexible terms, transparency, quick funding, and ongoing support even after your loan has been funded. For these reasons, it also made our list of the best working capital loans.
Like many other brokers, Clarify Capital assigns a dedicated advisor to each loan application. This individual will review your application, learn about your goals and circumstances, and match you with lenders suited to meet your needs. Applications can be completed online in just two minutes with no impact on your score or upfront costs.
Smarter Finance USA: Best for Vehicle and Equipment Financing
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Rates & Terms | |
Application Time | 5 minutes |
Approval Time | 1 to 2 days |
Funding Speed | 1 to 4 days |
Loan Amount | $10,000-$1 million |
Estimated APR | 10%-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 is a broker that specializes in business vehicle and equipment financing. Its standout feature is that it has no minimum requirements for your credit score, time in business, or revenue. Rather, it considers each application on a case-by-case basis, with the purpose of structuring it in a way that will increase the odds of approval with its network of nearly 40 lenders.
With that being said, we spoke with a representative at the company who stated that although there is no minimum credit score required, it can be especially difficult to find a lender willing to issue financing with a score under 600. Additionally, companies that exhibit multiple weaknesses in the application (such as poor credit combined with poor financial performance) may need several compensating factors such as a large down payment or significant financial reserves.
Examples of commonly financed vehicles and equipment include a variety of trucks and heavy equipment such as excavators, cranes, backhoes, and bulldozers.
1West: Best for Startups and Low Credit Scores
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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%-18%+ but varies by loan productiv> |
Repayment Term |
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Repayment Schedule | Varies |
Loan Types Offered | Unsecured term loans, real estate financing, SBA loans, A/R financing, business line of credit, 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’re looking for a general-purpose loan for working capital, 1West is an excellent option for businesses with bad credit or little time in business. Other lenders, by comparison, may only provide flexibility in qualifications on a limited number of loan programs.
1West is a broker with over 50 lenders in its network. A standout feature of this company is its ability to issue funding without requiring you to speak with a lending officer. It makes this possible with its Automated Business Lending Engine (ABLE), which accepts online applications 24/7 and can automatically match you with compatible lenders.
You can complete an online application in under 10 minutes. Commonly requested documentation includes three months of business bank statements, a voided check for your business bank account, and a copy of your government-issued identification, such as a driver’s license. There are no fees to apply, and you have no obligation to accept any loan offers you may be pre-qualified for.
GoKapital: Best for High-risk Industries
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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, ground up construction loans |
Qualifications | |
Credit Score | 680 recommended; varies by loan program |
Time in Business | Varies by loan program |
Annual Revenue |
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Why We Like GoKapital
A standout feature of GoKapital is its ability to work with companies in industries that may be deemed ineligible by other lenders. Cannabis and gun shop business loans are two examples of industries the broker can consider financing. If you’ve been turned down for financing because of the line of work you operate in, GoKapital may be able to help you.
It is also transparent with its rates, terms, eligibility criteria, and documentation requirements. It publishes these items on its website (see GoKapital’s real estate loan products and GoKapital’s business loan products). You can use this information to determine your eligibility and gather paperwork ahead of time to streamline your approval and funding timelines. Borrowers with questions can email or call the company using the contact information listed on its home page.
National Business Capital: Best for High-revenue Businesses
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Rates & Terms | |
Application Time | 2 minutes |
Approval Time | As fast as 24 hours |
Funding Speed | As fast as 24 to 48 hours |
Loan Amount |
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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 | Asset-based, contractor business loan, term loan, business line of credit, equipment financing, SBA loans, revenue-based financing, specialty financing, subordinated debt |
Qualifications | |
Credit Score | None, but may vary by loan program |
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. You can apply online in minutes.
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 based on your qualifications. Quite often, the initial application will only require a soft credit check so 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 permit a hard credit pull to move forward in the process. The best business loan brokers will also walk you through the steps involved in getting a loan.
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 submitting applications to multiple lenders. This can save time for businesses that are having trouble getting approved or searching for an uncommon type of loan. You should consider using a loan broker if you meet one of three common use cases.
- You work in a high-risk industry: Businesses in high-risk industries, such as cannabis, can have limited financing options. However, brokers such as GoKapital have lenders within their network that can finance these types of companies.
- You 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.
- You 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 and 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 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 range of industries get financing. These companies can match you with multiple lenders and loan types and cater to companies with different qualifications. Working with a good broker can save you time and money by improving your approval odds and providing multiple loan options.
