Our Methodology: How Lender List Researches and Rates Lenders

Every Lender List review is researched from the lender's own pages, public data and third-party reviews, and every number in it is logged with its source and the date we checked it. This page explains where the numbers come from, how we estimate APR, which lenders we list and how often we update.

Where our numbers come from

  • The lender's own website first. Product, pricing, FAQ and terms pages, plus the site footer for legal name, licenses and the bank that originates loans.
  • Public data. For SBA lenders we use the SBA 7(a) FOIA loan data (currently FY2020 to present, as of June 30, 2026) for loan counts, median loan size, median starting rate, term and states served. For banks and credit unions we confirm charter and status with FDIC BankFind or the NCUA.
  • Third-party reviews. Sites such as NerdWallet, Trustpilot and the Better Business Bureau, used to fill gaps and to check the lender's claims. When a third-party figure differs from the lender's, we show the lender's figure first and the third-party figure in parentheses.
  • Court and regulatory records where relevant, for example recorded merchant cash advance contracts or enforcement actions.

Each review ends with a Sources list and a "Last verified" date.

How we estimate APR

Many business lenders quote a flat fee or factor rate instead of an APR, so we convert their pricing into an estimated APR you can compare. We take a realistic example for the product type, lay out every payment and fee, and calculate the annualized rate from that cash-flow schedule (an internal rate of return).

  • Lines of credit, term loans and revenue-based financing: a $25,000 or $50,000 draw at the lender's published or reported price.
  • Invoice factoring and purchase order financing: a $100,000 invoice or order held for the lender's typical period.
  • SBA and bank loans: a $350,000, 10-year loan at the lender's median starting rate, including the SBA guaranty fee.
  • Merchant cash advances: $50,000 at the funder's factor rate, repaid daily or weekly over the stated term.

The faster you repay a flat fee, the higher the APR. Estimates are labeled "Lender List est." and are not offers. Try your own numbers with the factor rate to APR calculator.

Which lenders we list

  • Direct lenders and funders that offer business financing to U.S. companies and have a working website and a named legal entity.
  • Loan marketplaces are listed only if they are established (at least 500 Trustpilot reviews or 500 monthly branded searches) and are labeled "loan marketplace, not a direct lender."
  • We do not list brokers or ISOs that resell applications, lenders we cannot verify, or lenders that have shut down, been absorbed or left the product. Those are held, not published.
  • SBA lenders must have approved SBA 7(a) loans in the last 12 months of SBA data.

How we review and update

  1. A writer researches the lender, logs every figure with a source URL and date, and drafts the review.
  2. A separate reviewer checks each figure against the sources, the math in the worked example and the wording, and flags anything unverified.
  3. Unverified figures are removed or shown with a caveat. Nothing is published with an open finding.
  4. Reviews are re-verified when the lender changes pricing, when new SBA data is released, or when a borrower or lender reports an error.

Independence

Lender List is free for borrowers and we never sell borrower information. Lenders cannot pay to change a review, a rating or an estimated APR. See how we make money. Lenders can claim their profile to correct facts; corrections still need a source.

Report an error

If a figure is wrong or out of date, contact us with the page and a source, and we will re-verify it. Updated 2026-10-27.