Working with a loan broker can save you time and money when shopping for financing options. The best small business loan brokers will vary based on your specific needs and circumstances. However, many 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.
I’ve researched multiple companies and narrowed down my 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
- 1West: Best for startups and low credit scores
- Smarter Finance USA: Best for vehicle and equipment financing
- GoKapital: Best for high-risk industries
- National Business Capital: Best for high-revenue businesses
Quick comparison of the best small business loan brokers
Lendio: Best overall for loan options and flexible qualifications
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Rates and 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%+, 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 I like Lendio
Lendio leads the roundup of the best small business loan brokers. It was chosen for its large network of over 75 partnering lenders and offers one of the largest loan program options in this guide. A wide variety of financing solutions can benefit your small business, and what’s even better is that you can compare all of your applicable options at once, saving you time and money.
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.
Qualification requirements vary by product but are generally flexible enough to finance startups, businesses with bad credit, and companies with lower revenue figures. 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.
You can learn more and apply for financing options by visiting the Lendio website.
Clarify Capital: Best for personalized service
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Rates and 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; 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, MCA |
Qualifications | |
Credit score | 500, 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 I like Clarify Capital
Clarify Capital goes the extra mile in terms of its customer service. In fact, it’s my pick for borrowers looking for personalized service, as you’ll get to work with a dedicated loan advisor when submitting your loan application. Together, you can discuss your financial circumstances and goals and review applicable lenders that match your needs. Its advisors will keep you in the loop through the entire process, along with being available to answer any questions you may have.
It has a large lending network that can provide you with various financing options applicable to a wide variety of business needs. Similar to Lendio, it has over 75 partnering lenders that may be able to work with your business financing needs. Applications can be completed online in just two minutes, with no impact on your score or upfront costs.
With a 4.9-star rating on Trustpilot, Clarity Capital has demonstrated its ability to deliver excellent customer experiences consistently. The company’s guiding principles 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.
Read our Clarify Capital review to learn more about its products, services, and application process.
1West: Best for startups and low credit scores
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Rates and 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%+, but varies by loan product |
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 I like 1West
1West is a broker that makes the lending process smooth as can be. This is especially true if you need a little wiggle room in terms of qualifications. It makes the list as my pick as the best broker for startups or those with low credit scores, as it can work with various businesses and offer numerous loan programs. Other lenders, by comparison, may only provide flexibility in qualifications on a limited number of loan programs.
It has over 50 lenders in its network, which is fewer than Lendio or Clarify Capital but still mighty in its partnership range. A standout feature is 1West’s 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 application online in about 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.
Smarter Finance USA: Best for vehicle and equipment financing
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Rates and 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 I like Smarter Finance USA
If you’re looking for financing specific to vehicles or equipment, I recommend Smarter Finance USA as a broker. In fact, when compared with other companies in this guide, it’s the only broker with this designated specialty. 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 your odds of approval with its network of nearly 40 lenders.
It is worth noting that while there is no minimum credit score required, it can be especially difficult to find a participating lender willing to issue financing with a score under 600, so you should aim to meet this benchmark at a minimum. Additionally, companies exhibiting multiple weaknesses in the application (e.g., 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. To learn more or submit an application, you can visit the Smarter Capital USA website.
GoKapital: Best for high-risk industries
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Rates and 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, equipment, personal, startup, SBA, term, bridge funding, rental investment, commercial mortgage, construction financing |
Qualifications | |
Credit score | 680 recommended; varies by loan program |
Time in business | Varies by loan program |
Annual revenue |
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Why I like GoKapital
GoKapital is a loan broker with a wide variety of partnering loan program options suitable for numerous types of industries. One of its advantages is its ability to work with companies in certain industries that may be considered ineligible for financing by other lenders.
For example, cannabis and firearm sales business loans are industries the broker can consider financing, which is uncommon with other brokers. If you’ve been turned down for financing because of the line of work you operate in, GoKapital may be able to help you.
A great factor about Go Kapital is that it’s transparent about 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 for more details.
This information can help you determine your eligibility and gather paperwork ahead of time to streamline your approval and funding timelines. If you have questions, 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 and 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 I like National Business Capital
If you’re an established business looking for a boost in funding, National Business Capital might be the top choice for you. While it has the highest annual revenue requirement in this roundup, I chose it since eligible businesses can get access to fast funding, large loan amounts, and competitive rates across a wide variety of financing types. In fact, it has the highest loan amount compared with other brokers on the list.
Keeping the minimum requirements listed above in mind, National Business Capital typically works with clients with $500,000 to $30 million in annual revenue. The common industries it works with include the following:
- Construction
- Ecommerce
- Manufacturing
- Retail
- Restaurants
- Medical
- Transportation
- Cannabis
It also offers specialty financing, such as franchise financing, asset-based funding, purchase order financing, and commercial mortgages — all of which help diversify its loan program offerings. If you have questions about the loan process or whether the company can offer financing for your scenario, it provides a phone number on its website where you can speak with one of its financing experts. If you choose to move forward with an application, you can complete one online in just a few minutes.
How I chose the best small business loan brokers
When reviewing the best business loan brokers, I considered a wide variety of factors, which included key details that would be most important to a business sourcing financing. I also analyzed options that I think would meet the necessary criteria and be applicable to a wide small business audience.
- Size of lending network: The more lending partnerships the broker has in its network, the more opportunities you have for approval.
- Number of loan programs offered: For borrowers considering numerous loan types, the best brokers should have lenders that provide multiple loan programs to ensure all of your bases are covered.
- Interest rates, fees, and estimated APRs: I took into account whether starting rates and fees were favorable and suitable for a wide variety of budgeting needs.
- Qualification requirements: While qualifications will vary per loan type and lender, I factored in minimum qualifications that make financing accessible for a large business audience.
- Loan amounts offered: While this can also vary per lender, I checked to ensure that the broker partners with lenders that can suit both small and large financing needs.
- Application, approval, and funding speeds: Some borrowers will need a speedy timeline when going through the loan process, so I took into account average funding times and application and approval speeds.
- Ease of application: To ensure funding is accessible, I considered the ease with which an application can be completed without requiring too much supplemental information.
- Documentation requirements: To ensure the overall process is simple, I chose brokers with minimal documentation requirements so that the borrower doesn’t feel like they have to jump through hoops to get started.
- Company info and customer ratings: I gathered my information directly from the broker and also took into account customer ratings to ensure that they have a good track record and are transparent.
What to expect when working with a business loan broker
When working with a loan broker, you can apply for various types of financing with a single application. The broker then handles this application to work with its network of partnering lenders and find applicable options based on your business needs and qualifications. Quite often, the initial application will only require a soft credit check, so your credit score isn’t impacted.
If approved, you’ll be presented with your loan options and given the next steps if you choose to proceed. These typically include performing a hard credit pull, providing necessary documentation, and working with the lender to facilitate the loan and receive loan funds.
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 numerous applications with multiple lenders. This can save time if you are having trouble getting approved or searching for an uncommon type of loan. Generally, 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 networks 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 providers. It can also improve your chances of getting approved at the most competitive rates available.
Using a broker means that there may be varying qualification requirements and expectations among lenders. You also won’t know what you’ll be offered for financing until after you apply. In comparison, lenders may have more consistent qualifications and loan offerings.
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. However, even if you are charged a fee, you could still save money if the broker can get you a loan at 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.
It depends on your business financing goals. A broker can be a suitable option if you’re looking to compare multiple financing options all at once, whereas a lender may be the better choice if you want to work directly with a provider. Both have varying advantages and disadvantages, but both are worth exploring.
Bottom line
Working with a loan broker can help you find financing options faster and often saves you time and money. The loan brokers reviewed in this guide were chosen specifically to help a wide range of businesses get access to funding, with the goal of working with a broker that can match you with multiple lenders and loan types based on your business needs and qualifications. As such, this can increase your approval odds and help you obtain financing within your budget.
