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 loan options and flexible qualifications
- Clarify Capital: Best for personalized service
- Smarter Finance USA: Best for equipment financing
- 1West: Best for startups and low credit scores
- Creditfy: Best easy high-limit credit line
- National Business Capital: Best for high-revenue businesses
- GoKapital: Best for high-risk industries
Best Business Loan Brokers at a Glance
Lendio: Best Overall for Loan Options and Flexible Qualifications
Why We Like Lendio
Lendio is a business loan broker with over 75 lenders in its network. Borrowers who decide to work with it are assigned a dedicated funding specialist who will guide you through the process and match you with lenders best suited for your circumstances and needs. With a 4.8-star rating on Trustpilot and over 21,000 reviews, you can be sure you’ll receive a high level of customer service.
The broker has designed its application process to be simple and transparent; its online application can be completed in under 15 minutes. Required documentation is typically minimal and can be uploaded via its online portal. There are no fees to apply, and there is no obligation to accept a loan offer. Lendio also provides assistance with things like credit repair, bookkeeping services, and legal assistance.
Visit the Lendio website to apply, learn more about its products, or contact the company with any questions you may have.
Clarify Capital: Best for Personalized Service
Why We Like Clarify Capital
With a 4.9-star rating on Trustpilot and Google Reviews, Clarity Capital has demonstrated the ability to deliver an excellent experience for its customers 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.
To learn more or to submit an application, visit the Clarify Capital website. Applications can be completed in just two minutes with no impact on your score and no upfront costs.
Smarter Finance USA: Best for Equipment Financing
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. All applications are reviewed 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 more likely 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, semitrucks, 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
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.
Creditfy: Best Easy High-limit Credit Line
Why We Like Creditfy
Creditfy offers a small business line of credit that has an easy application process and one of the highest limits in our guide. The company also touts a high approval rate of 90%, so you’ll have a good chance of being approved as long as you meet the minimum qualification requirements.
As with most brokers, working with a company like Creditfy means you’ll have a dedicated specialist to match you with a lender best suited for your circumstances. Creditfy does, however, require all of its lending advisors to have a minimum of two years of industry experience, ensuring you’ll get expert guidance.
Creditfy states that it provides funding to 99% of industries within the US, and its application process can be completed in under five minutes. Once that step is complete, you’ll typically be able to review your financing options with one of its loan advisors within a few hours. Funding can then occur within 24 to 48 hours.
To apply or learn more, visit the Creditfy website.
National Business Capital: Best for High-revenue Businesses
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 the following:
- 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 High-risk Industries
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 that the broker can consider for 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.
To apply, visit the GoKapital website. Borrowers with questions can also email or call the company using the contact information listed on the company’s home page.
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 for the following use cases:
- 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.
- If 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.
- If 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 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 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 to choose from.
