How this ranking was built
Every lender here has a full written review, scored on our seven-part funder method. The list order is simply the score order. We mixed SBA banks, online lenders and one marketplace on purpose, because owners searching for a small business loan are usually choosing among all three.
- Cost disclosure, 20%: is a rate, APR or fee schedule on the lender's own site?
- Post-signing conduct, 25%, and payoff treatment, 10%: what borrowers report after closing, and whether paying early saves money.
- Contract matches the quote, 15%; total cost, 15%; customer evidence, 10%; lead handling and support, 5%.
Cost is measured against the market for the same product: online term loans run 14% to 99% APR, while bank small business loans averaged 6.37% to 10.98% [14]. A lender that publishes nothing gets a neutral 2.5 on cost, not a reward for silence.
Requirements, cost and speed compared
| Lender | Min credit | Time in business | Revenue | Cost shown | Speed |
|---|---|---|---|---|---|
| SmartBiz (SBA) | Above 680 [2] | 3+ years [2] | Not a minimum | Prime + 3% to 4.75% [1] | 4 to 6 weeks over $150,000 [15] |
| Fora Financial (term) | Not published | 2+ years [3] | Not published | Not published | Within 3 days of approval [3] |
| Live Oak Bank (SBA) | 680 [4] | 2 years for Express [5] | Not published | 9.50% to 10.50% APR, Express [5] | 30 to 45 days to approve and close [4] |
| Credibly | 550 [6] | 6 months [6] | $20,000 a month in deposits [6] | Factor-priced; $6,750 on $50,000 example [6] | Not published for this product |
| OnDeck | 625 [7] | 1 year [7] | $100K a year [7] | 53.2% average APR [7] | As soon as same day [7] |
| Lendio | Set by lender | Set by lender | Set by lender | As low as 6% listed [9] | As soon as 24 hours [9] |
| Rapid Finance | Not published | Not published | Not published | Not published | Not published |
| Biz2Credit | Not published | Not published | Not published | Not published | Decisions as fast as 24 hours [11] |
SmartBiz is inconsistent about credit: its approval page says typically above 680, while its requirements page says above 660. We show the higher figure. Try any offer in our loan payment calculator to see the monthly payment and total interest.
An SBA loan or a fast online loan: the real trade
The gap in cost is large. At today's 7.00% prime rate [16], SmartBiz's formula works out to 11.75% for loans up to $150,000 and 10.00% above that [1]. OnDeck's average term loan APR for loans made in the first half of 2026 was 53.2% [7]. SmartBiz's SBA loan also comes with 10-year repayment terms [19], so the monthly payment is far smaller too.
What you give up for the lower rate is time and paperwork. SmartBiz says loans over $150,000 typically take 4 to 6 weeks [15], and Live Oak says SBA approval and closing take 30 to 45 days [4]. OnDeck can fund the same day [7]. If your need can wait a month, the SBA route usually wins on cost; see our SBA loans vs business loans guide.
SBA fees come off the top
SmartBiz charges a one-time $2,500 packaging fee and closing costs of about $600 [1]. The SBA's own upfront guarantee fee is added on top. Ask for the cash you will actually receive, not just the loan amount.
Prepayment rules differ more than rates do
- SmartBiz: no prepayment penalty on its SBA working capital and refinance loans [1].
- Live Oak Express: no prepayment penalties [5]. SBA loans of 15 years or longer carry the SBA's own prepayment fee in the first three years [17].
- OnDeck: unless you qualify for its 100% prepayment benefit, you still owe 75% of the remaining unpaid interest when you repay a term loan early [8].
- Credibly's working capital loans are factor-priced, so ask in writing what is owed if you pay early.
Five questions to ask any lender on this list
A score tells you how a lender has behaved in public. These questions tell you how your own offer is built. Ask them in writing and keep the answers with the contract.
- What is the APR, and what is the total I will repay in dollars? OnDeck already publishes an average APR [7]; any lender can give you yours.
- How much cash lands in my account after fees? Origination, packaging and SBA guarantee fees all come out before you see the money [1][8].
- How often are payments taken, and from which account? Daily and weekly debits feel very different from one monthly payment [6].
- What do I owe if I pay it all off in month three? Get the formula, not a promise [8].
- Is there a personal guarantee or a lien on business assets, and when is the lien released after payoff?
If two offers are close on cost, pick the lender whose answers came back fastest and clearest. How a lender handles questions before you sign is a fair preview of how it handles problems after.
For New Jersey borrowers
SBA lending is busy here. In fiscal 2025, lenders approved 2,830 SBA 7(a) loans worth $1.2 billion for New Jersey projects, by our count of SBA's loan file [12]. Live Oak was second in New Jersey by dollars that year, with 77 loans worth $79.8 million [12]. Our New Jersey SBA lenders page lists the local banks that make the most.
New Jersey also has state programs through the NJEDA. See our NJEDA loans guide before you settle on an online lender.
A note on our funding service
This ranking does not include Batch Capital, our funding service, which compares offers from funding partners. We earn money when a deal it arranges is funded, which is why it is kept off the list.