NewtekOne Review: SBA Preferred Lender with Some Cons
NewtekOne business loans isn't available on Finder right now.
- Min. Amount
- $1,000
- Max. Amount
- $15,000,000
- APR
- Not disclosed
Our verdict
This lender offers large loans to small businesses, but it’s not transparent about key loan details.
NewtekOne is an SBA-preferred lender (although it doesn’t particularly promote that) and offers term loans up to $15 million and business lines of credit up to $5 million. These loan amounts are on the high end for business lenders. It also offers a wide range of financial and technology solutions for businesses, potentially making it a one-stop shop for small businesses. But it's not up front about its rates, revenue requirements and other loan details. And the turnaround time can be lengthy, so it’s not ideal for businesses looking for fast funding.
Best for: Established businesses looking for large-term loans, lines of credit or SBA loans.
Pros
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Large loan amounts and longer terms
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Offers additional financial and technology solutions
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24/7 customer support
Cons
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Turnaround time could take weeks or months
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Doesn’t reveal rates and fees on its website
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May charge prepayment penalties
Is NewtekOne legit?
Yes, NewtekOne is a legitimate business lender, bank and technology company that was established in 1998 and went public in 2000 (NASDAQ: NEWT). To date, it has serviced more than two million companies in all 50 states. It’s also an SBA-preferred lender, which means the government has authorized it to process SBA applications itself.
NewtekOne takes steps to protect your information from hackers by using security measures that comply with federal law, including computer safeguards and secured files and buildings. It also maintains additional measures to secure your information and restricts access to your data to only the appropriate personnel. However, like with any other website, there’s no way to guarantee the information you submit online is 100% secure.
What makes NewtekOne shine?
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 banking, merchant services and technology for your business.
Where NewtekOne falls short
We’d like more transparency from Newtek regarding loan details on its website. For example, it doesn’t reveal even a range of interest rates or disclose any potential fees. Plus, it barely mentions SBA loans even though it’s an SBA-preferred lender, and the requirements to qualify for loans are unclear.
It’s also vague about whether it charges early repayment penalties and how long it could take to fund your loans. These are important considerations for businesses that hope to pay off their loan early or need fast turnaround funding.
NewtekOne business loan details
| Pros | Cons | |
|---|---|---|
Minimum credit score/credit range | Not disclosed | |
APR | Not disclosed | |
Loan amount | $1,000 to $15 million | |
Terms | 1 to 25 years | |
Approval turnaround | Within one month | |
Availability | Not available in: Hawaii | |
Fees | Not disclosed | |
Other fees | Not disclosed |
NewtekOne contact info
| Pros | Cons | |
|---|---|---|
Phone number | 855-763-9835 | |
Customer service hours | 24/7 | |
Email | Hello@NewtekOne.com | |
X, formerly Twitter | @Newtek_One | |
Facebook | NewtekOne |
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How to qualify for NewtekOne business loans
NewtekOne doesn’t reveal credit or revenue requirements, but this is the minimum criteria you’ll need to meet.
- Be a US-based business
- Provide two to three years of business tax returns
- Demonstrate ability to repay through earnings
Be aware of SBA requirements
You may also need to meet SBA requirements if that’s the type of loan you’re applying for. These requirements can include showing that you’ve been unable to get funding elsewhere and size standards that vary by industry.
If an owner has a criminal record or has defaulted on a government loan, it could also affect your eligibility.
How to apply
To get started, you’ll need to prequalify for a loan online. NewtekOne requests your contact information and basic details about your company, loan amount and purpose. 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 will guide 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 could take four to eight weeks or more from start to finish.
How NewtekOne compares to other lenders
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How we picked theseWhat is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
NewtekOne reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.25 out of 5 stars, based on 96 customer reviews |
| BBB customer complaints | 50 customer complaints |
| Trustpilot Score | 4.4 out of 5 stars, based on 30 customer reviews |
| Customer reviews verified as of | 02 January 2025 |
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 fares better on Trustpilot, where most reviews praise their account managers’ communication and professionalism. However, a few complaints mention a lack of communication if their application was rejected.
What do people on Reddit say?
Frequently asked questions
Does NewtekOne charge prepayment penalties?
Not always, but it ultimately depends on your loan application. After completing the preapplication form, ask your account manager if your business qualifies to avoid prepayment penalties. Many business owners may be able to pay off their loans 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.
NewtekOne business loans is not currently available on Finder
Have you considered Fundera business loans?
Get connected with short-term funding, SBA loans, lines of credit and more.
- No hard credit check to use
- Funding Advisor provides products tailored to your business
- Funding as fast as 1 business day
- Required time in business: 6+ months
- Required annual revenue: $60,000+
- Min credit score: 550+
Your reviews
Lacey Finder
Writer
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Jhez Finder
August 28, 2019
Hi Peter,
Thank you for your comment.
Newtek is not available in Canada, unfortunately.
Regards,
Jhezelyn
Peter
August 28, 2019
Do you operate in Canada?