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 2023:
- Lendio: Best overall for multiple loan options and easy qualification requirements
- Clarify Capital: Best for smaller loan amounts and large network of lenders
- Creditfy: Best for high loan approval rates
- National Business Capital: Best for high-revenue businesses
- GoKapital: Best for real estate loans
- Smarter Finance USA: Best for vehicle and equipment financing
- 1West: Best for startups and low credit scores
Best Business Loan Brokers At a Glance
Maximum Loan Amount | Estimated Starting Annual Percentage Rate (APR) | Minimum Credit Score | Required Annual Revenue | Minimum Time in Business | |
|---|---|---|---|---|---|
 | $5 million | 3% to 36% | 560 | $50,000 | 6 months |
 | $5 million | 6% and up | 550 | $120,000 | 6 months |
 | $5 million | 6.49% to 12.49% and up | 600 | $100,000 | 6 months |
 | $5 million-plus | Varies | None | $500,000 | 1 year |
 | $50 million | 4% to 50% | None | $50,000 | None |
 | $1 million | 7% to 20% | None | None | None |
 | $20 million | 5% to 18%-plus | 500 | $120,000 | 3 months |
Lendio: Best Overall for Multiple Loan Options and Easy Qualification Requirements
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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 |
|
Estimated APR | 3% to 36%, varies based on loan type |
Repayment Term | 1 to 30 years, varies based on loan type |
Repayment Schedule | Varies by loan product |
Loan Types Offered | Accounts receivable (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, and business credit card |
Qualifications | |
Credit Score | 560 |
Time in Business | 6 months |
Annual Revenue | $50,000 |
Why We Like Lendio
Lendio is our pick as the overall best broker because it has a network of over 75 lenders and over 10 different loan programs. Qualification requirements vary based on the type of loan you apply for, but Lendio can consider financing for startups, businesses with bad credit, and those with low annual revenue.
When you apply, you’ll work with a dedicated personal funding manager, who will learn about your business goals and qualifications to help match you with a lender well-suited to your needs. It’s a good way to save you time from having to apply separately to different lenders. Doing so can not only increase your approval odds but can also give you the best chance of getting the most competitive rates available.
Since Lendio offers a wide variety of loans, it can continue to grow with you as you progress through different stages of your business. It can even help connect you with credit repair services, bookkeeping services, and legal assistance.
To apply, you can visit the Lendio website where an online application can be completed in under 15 minutes.
Clarify Capital: Best for Smaller Loan Amounts and Large Network of Lenders
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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 $750,000 (SBA loans up to $5 million) |
Estimated APR | As low as 6% |
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 under 2 minutes.
Creditfy: Best for High Loan Approval Rates
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Rates & Terms | |
Application Time | 5 minutes |
Approval Time | As fast as 24 hours |
Funding Speed | As fast as 24 hours |
Loan Amount |
|
Estimated APR |
|
Repayment Term |
|
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 | 600 (640 for SBA loans); may vary by loan type |
Time in Business | 6 months (2 years for SBA loans); may vary by loan type |
Annual Revenue | $100,000, but may vary by loan type |
Why We Like Creditfy
Creditfy touts a loan approval rate of 90%. It also has easy qualification requirements, making it a good option for businesses with concerns about getting financing with low revenue or bad credit and as a newer business.
This broker requires all of its loan representatives to have a minimum of two years of industry experience. As a result, you can rest assured that you’ll work with someone knowledgeable and experienced when it comes to recommending the best loan for your business. Creditfy also has exclusive partnerships with lenders that other brokers may not have. This makes it a good option if you’re looking for more loan options, lower rates, or better approval odds.
To apply or learn more, you can head over to the company’s website. 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.
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 | $10,000 to $5 million-plus; varies by loan type |
Estimated APR | Varies by loan type |
Repayment Term | 6 months to 10 years, 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
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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 |
|
Estimated APR |
|
Repayment Term |
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Repayment Schedule | Varies by loan product |
Loan Types Offered | Hard money, bridge loan, rental investment, commercial mortgage, construction loan, MCA, revenue-based financing, equipment financing, startup loans, SBA loans, and term loans |
Qualifications | |
Credit Score | None |
Time in Business | None |
Annual Revenue |
|
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.
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.
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 |
|
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 |
|
Time in Business |
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Annual Revenue | $120,000 |
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.
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 providing you with multiple loan options from which to choose.
