Newtek Small Business Loans Review

Where does Newtek Small Business Loans do business?

Newtek Small Business Loans is a business financing offering by Newtek Small Business Loans, based in Lake Success, NY. Founded in 1998, Newtek Small Business Loans offers access to business loans in 50 states (and Washington, DC).

What are Newtek Small Business Loans’s rates?

Newtek Small Business Loans offers a fixed APR business financing product but they do not disclose their rates.

Does Newtek Small Business Loans charge an origination fee?

Yes, Newtek Small Business Loans charges a loan origination fee starting at 0% of the loan amount. Newtek Small Business Loans deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does Newtek Small Business Loans set on the purpose of the loan?

Newtek Small Business Loans considers loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Inventory
• Lease Improvement
• New Location
• Product or Service Expansion
• Working capital

What types of business loans does Newtek Small Business Loans offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. Newtek Small Business Loans provides access to the following business loan types:

• Unsecured term loans
• Lines of Credit
• Commercial Real Estate

Does Newtek Small Business Loans charge prepayment fees?

No, Newtek Small Business Loans does not charge prepayment fees. This means you will not have to pay additional fees if you decide to pay the loan off early.

How much can you borrow from Newtek Small Business Loans?

Loan amounts start at $10,000 and go up to $100,000.

What is the maximum loan term you can get with Newtek Small Business Loans?

Newtek Small Business Loans offers business loans with a maximum term of 300 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for Newtek Small Business Loans?

Newtek Small Business Loans requires companies to be in business for at least 24 months. Businesses must have a minimum annual revenue of $9,900 to be considered.

Applicants with a credit score of at least 640 and up to 850 are eligible for Newtek Small Business Loans.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the Newtek Small Business Loans product fall outside of the MLA limits and as a result the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

Only U.S. citizens and permanent residents can apply for a loan.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of insurance