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NewtekOne business loans
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NewtekOne business loans isn't available on Finder right now. We recommend Lendio as an alternative.

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Min. Amount
Max. Amount
Starting at 6%

Our verdict

SBA 7(a) and 504 loans from this top online lender.

NewtekOne, formerly just Newtek, is one of the few SBA-preferred online lenders. And it works with industries that banks might consider high-risk, like wholesaling and construction.

Customer service is also its strong suit: It’s one of the few lenders that offers 24/7 customer support, and you’re assigned a personal account manager familiar with your case to provide direct assistance. Plus, it offers a wide range of products that extend beyond loans, from providing HR professionals to supplying point-of-sale terminals.

But it's not upfront about its rates or revenue requirements. And the turnaround of four to eight weeks means it’s not ideal for funding a quick, one-off expense.


  • Works with high-risk industries
  • 24/7 customer service
  • Wide range of loan amounts


  • Turnaround of four to eight weeks
  • Might require a down payment
  • Terms start at five years

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question


Product details

Min. Amount $1,000
Max. Amount $15,000,000
Loan term 60 to 300 months
Min. Credit Score 650
APR Starting at 6%
Requirements 650+ personal credit score, at least two years of tax returns.

NewtekOne rates, fees and terms

The rates, loan amounts and terms depend on the loan program. The SBA caps interest rates on its 7(a) loans at 8% and the bank portion of 504 loans at 9.75% — though this doesn’t include the SBA guarantee fee. You can borrow between $1,000 and $15,000,000 with terms from 5 to 25 years.

However, NewtekOne doesn’t disclose its rates upfront, and you may need to prequalify to see what rate NewtekOne offers you. Other factors like your personal credit score, time in business and revenue can affect the rate, term and loan amount you qualify for. You may also have to make a down payment on the business expense you want to fund.

You can use the calculator to find out how much your loan might cost you.

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How NewtekOne compares to other lenders

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American Express® Business Line of Credit
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American Express® Business Line of Credit
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500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements
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Fundera business loans
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$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months
Get connected with short-term funding, SBA loans, lines of credit and more.

NewtekOne reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 3.68 out of 5 stars, based on 114 customer reviews
BBB customer complaints 50 customer complaints
Trustpilot Score 4.4 out of 5 stars, based on 13 customer reviews
Customer reviews verified as of 17 October 2023

NewtekOne has mixed reviews on the Better Business Bureau. Most of the complaints center around unexpected fees, stalled approvals and lack of communication from customer service.

It fairs better on Trustpilot, where most reviews praised their account managers’ speed and professionalism. However, a few complaints also mention a lack of communication if their application was rejected.

How to qualify

You and your business must meet the following requirements for a NewtekOne term loan:

  • At least two years of tax returns
  • Based in the US
  • Cash flow to repay the loan

While NewtekOne prefers to work with business owners who have a 650 credit score, it can be flexible.

Be aware of SBA requirements

You also need to meet SBA requirements for the type of loan you’re applying for. This can include size standards that vary by industry and showing that you’ve been able to get funding elsewhere.

If an owner has a criminal record or has defaulted on a government loan, it could also affect your eligibility.

What information do I need to apply?

SBA loans typically come with a laundry list of documents and forms. This can include:

  • Personal financial statements for all owners
  • Two or three years of business tax returns
  • Business bank statements
  • Profit and loss statements
  • Financial projections
  • Business plan

You’ll likely need to provide additional documents, though it varies depending on the loan and business.

What industries does NewtekOne work with?

NewtekOne doesn’t list any restricted industries, but businesses in what are typically considered high-risk industries can qualify. This includes wholesalers, construction, retail, manufacturing and the service industry.

But you’ll need to meet SBA requirements, which can restrict businesses involved in gambling, adult entertainment, political activity and life insurance.

How the application works

To get started, you’ll need to prequalify for a loan online. NewtekOne requests your contact information and basic details about your company. A loan specialist should be in touch within one to two business days to discuss the loan amounts and rates you prequalify for.

Your loan specialist guides you through the rest of the application process, including submitting documents and providing additional information about your business. Lines of credit typically take less time — two to three weeks — while term loans can take four to eight weeks from start to finish.

SBA term loans come with fixed monthly repayments based on your loan amount, term and rate. Review your repayment options with your account manager to find one that meets your business’s needs.

What other business financing does NewtekOne offer?

In addition to term loans, NewtekOne also offers business lines of credit. These are secured by either your business’s accounts receivables or inventory.

Credit limits range from $50,000 to $5 million — or up to 85% of the value of your accounts receivable. Credit lines backed by inventory range from $50,000 to $5,000,000 — or 50% of your inventory’s value. Both come with renewable one-year terms.

What sets it apart?

NewtekOne is one of the most active SBA lenders and one of the few that operates wholly online. It offers loans in all 50 states, and in addition to loans, it offers a wide variety of other services, including merchant services and technology for your business.

Is NewtekOne legit?

Yes, NewtekOne is a legitimate lender. It’s been in business for over 24 years and has served more than two million companies.

It’s an SBA-preferred lender, which means the government has authorized it to process SBA applications itself. This can save on turnaround time. While there isn’t a lot of information online, its customer service team is ready to answer questions at any time.

It takes steps to protect your information from hackers by providing a secure website and storing information in password-protected servers. But like with any other website, there’s no way to guarantee the information you submit online is 100% secure.

Read our comprehensive guide to business loans to weigh the benefits of other lenders and learn more about the process.

Frequently asked questions

Does NewtekOne charge prepayment penalties?

Not always, but it ultimately depends on your loan application. Complete the preapplication form and ask your account manager if your business qualifies to avoid prepayment penalties.

Many business owners can pay off their loan early at no cost.

Does NewtekOne have any revenue requirements?

NewtekOne doesn’t disclose revenue requirements up front, but your business must prove it can afford the repayments.

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Anna Finder


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August 28, 2019

Do you operate in Canada?


Jhez Finder

August 28, 2019

Hi Peter,

Thank you for your comment.

Newtek is not available in Canada, unfortunately.



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