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Ready Capital SBA loans review

Last updated:  

Funding for everything from startups to expansion — but look elsewhere if you want to apply online.

  • Best for businesses that want a loan from an SBA Preferred Lender.
  • Pick something else if you want transparency around fees.

$350,000

Min. Amount

$5,000,000

Max. Amount

Details

Product NameReady Capital SBA loans
Min. Amount$350,000
Max. Amount$5,000,000
Loan TermUp to 300 months
Min. Credit Score680
RequirementsMust meet SBA requirements, 0% to 20% down payment, 680+ credit score

Expert review

Rhys Subitch

Review by


Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

Expert review

Ready Capital is a nonbank, Small Business Administration (SBA) Preferred Lender that offers both secured and unsecured business loans. It funds startups, business acquisitions, equipment, real estate, working capital and more.
If you need a business loan outside the SBA program, choose a different lender — Ready Capital doesn’t offer any other types of business loans. It also isn’t very forthcoming with information on its website, so you won’t find fees or a list of industries it doesn’t work with. You also can’t apply online, and it only has offices in 10 states.
Want to get a quote online? Check out more lenders before you apply.

First, do I qualify?

Unlike some other types of business loans, it’s up to the SBA to decide if your business qualifies for a 7(a) loan — not Ready Capital. You must meet the SBA’s minimum requirements, including the following:

  • A for-profit business in an eligible industry
  • Meet the business size requirements of the SBA
  • Not eligible for funding elsewhere
  • Located in the US

What makes an SBA loan from Ready Capital unique?

Ready Capital stands out from other lenders by offering funding to newly established businesses. It's also an SBA Preferred Lender, meaning it can approve your application rather than having to send the entire application to the SBA, which can take weeks. Instead, it simply has to get eligibility approval from the SBA — a turnaround of as little as 24 hours.

Pros and cons

Consider all of what Ready Capital has to offer and where it falls short before applying.

Pros

  • SBA Preferred Lender, which means underwriting is done in-house
  • Loan amounts up to $5 million
  • Loan terms up to 25 years

Cons

  • Not transparent about fees that it may charge
  • No online application — must visit a branch in person or call

See other business loan options

For an even faster turnaround, compare more business loan providers.

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Varies
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

How do I apply?

Ready Capital doesn't support online applications. You can visit a branch in person, or follow these steps to submit a request:

  1. Go to the Ready Capital website.
  2. Click Loan programs then Small business.
  3. Select Submit a request.
  4. Fill out your name, contact info, city and state and a message. Then click Submit.

You'll then receive a call from a Ready Capital loan specialist to talk over your options.

What documents do I need to apply?

Ready Capital doesn't list what documents you'll need to apply. But you can prepare what the SBA requires. Some of what you'll want to gather includes:

  • How much you want to borrow
  • How the funds will be used
  • Personal information for business owners
  • Financial projections and statements
  • A business plan
  • Loan history
  • Profit and loss statements

How do repayments work? 

Ready Capital doesn't offer any information about how repayments can be made on its website. But you may be able to get a term of up to 25 years.

If it's available, you may want to sign up for automatic repayments. It frees up time in your schedule that you would have to dedicate to making another repayment. But keep an eye on your bank account and reach out to customer service if you notice anything amiss.

Not sure an SBA loan from Ready Capital is right for you? Compare other business loans by reading our guide to business loans.

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