Sign up & start saving!
Get our weekly newsletter for the latest in money news, credit card offers + more ways to save
Finder makes money from featured partners, but editorial opinions are our own. Advertiser Disclosure
1West business loans review
Get multiple offers for free from this highly rated service, but watch out for strict repayment terms.
No reviews yet.
Write a review
$5,000
Min. Amount
$1,000,000
Max. Amount
Pros and cons
Pros
- High ratings from customer reviews
- Works with over 50 lenders
- Get your funding within 48 hours of approval
- Variety of financing options
Cons
- Details around loan terms are unclear
- Not a direct lender
- Interest rates high, compared to a bank
- Requires daily or weekly repayment
Our take on 1West
1West is a lending marketplace — sometimes called a connection service — that allows you to apply for the loan you want once and get multiple offers from the lenders associated with the service.
And in that lane, 1West has a lot to offer: It works with over 50 lenders and offers funding within 48 hours for some of its products. The service also has great reviews from its customers and offers a Price Match Guarantee that can help ensure you get the best interest rate on your loan.
But 1West isn’t a direct lender, meaning it can only supply you with the general details surrounding the loan products its lenders offer. And if you’re looking for an unsecured working capital loan, you should be sure that daily or weekly repayments align with your business budget.
1West’s rates, fees and terms
This service offers a variety of business financing options but only three loan products — unsecured term loans, lines of credit and SBA loans. And while 1West lists some approximate starting interest rates and base loan terms, the details of your loan depend on the lender whose offer you accept.
This is especially true for the fees you’re charged. 1West offers its service for free, but your lender fees may widely vary. Some customer reviews have complained of only getting offered loans with high APRs, or loan programs that didn’t match their needs.
So, check to ensure the information is up to date before you apply.
How 1West compares to other lenders
If this marketplace isn’t right for your business needs, take a few minutes to compare these connection services. Select Go to site or Read Review to learn more about the requirements and options these services offer.
1 - 6 of 6
1West reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 3 out of 5 stars, based on 6 customer reviews |
| Trustpilot Score | 4.5 out of 5 stars, based on 132 customer reviews |
| Customer reviews verified as of | 01 July 2022 |
The vast majority of customers rave about their experiences with 1West, specifically calling out the representatives they worked with and the help they secured for their businesses.
Complaints include insulting or lackluster customer service from individual representatives, and 1West staffers advising applicants to apply despite being ineligible.
How to qualify
Your eligibility depends on the type of loan you need and the amount you request, but you can expect to face the following minimum requirements:
| Loan type | Minimum FICO | Minimum time in business | Minimum gross monthly sales |
|---|---|---|---|
| Unsecured working capital loans | 500 | 3 months | $10,000 |
| SBA loans | 650 | 3 years | $25,000 |
| Lines of credit | 500 | 3 months | $10,000 |
How the application works
1West claims its application process can take as little as 15 minutes and doesn’t include a hard credit pull.
- Create an account and apply. Start by creating an account, but you must complete the entire application before you can really explore the logged-in parts of the site. There’s no fee to apply, but you’ll need to supply the following information:
- Business contact information
- Number of employees, entity type and tax ID
- Ownership information, including your personal Social Security number
- Three to six months of bank statements uploaded as PDFs
- Your business debt schedule
- Two years of business tax returns
- Two years of personal tax returns
- A profit and loss statement
- Choose a loan type. You may already know what kind of financing you’re looking for, but if you need some help, 1West has a series of question-and-answer prompts to help you find the product you need.
- Compare your offers. Your application should result in offers from the lenders in the 1West network. If you have any questions about the offers or need help, call a service representative during business hours.
1West offers rate-matching
1West has one special promotion to take advantage of if you decide to go with this lending marketplace: a price-match guarantee.
If you get approved for a loan of $20,000 or more with 1West and another lender offers you a lower interest rate, 1West will either offer a better rate or give you a $500 Amazon gift card.
Is 1West legit?
1West finance is a legit lending marketplace that outlines how it uses the information it gathers to connect you with lenders in its service.
Its website is encrypted and secure, and its privacy policy covers a variety of details on how and why your information is collected and shared. The company is headquartered in New York City, New York.
1West Unsecured Working Capital is not currently available on Finder
Have you considered Lendio business loans?
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
- Large network of 75+ lenders
- Quick & easy application
- May receive funding in as little as 24 hours
