Newtek Reviews – UPDATED 2021 – Newtek PPP & SBA Loans

Newtek Reviews

Newtek Reviews
Newtek Reviews

Newtek Small Business Finance – Overview

Newtek is a direct lender marketed as “Your Business Solutions Company.” To order to stand out from the small business loan bundle, Newtek works on more than just offering loans. Instead, the firm works on customized strategies that address the unique requirements of each small business pursuing funding. 

You may obtain a term loan or line of credit via Newtek to extend your company. You will deal with a dedicated loan advisor who will help you find the right investment option for your company and can also fill out the paperwork and records. Many customers are pre-qualified for a financial product within 48 hours or less. 

No matter what kind of financial challenge you face, Newtek has solutions. Via the lending schemes, you will receive up to $15 million based on the amount of support you receive and how the proceeds will be spent. After its inception in 1998, the firm has helped borrowers receive more than $2 billion in business financing. Newtek has helped more than 100,000 companies not only gain support but also mitigate expenses, eliminate threats and raise sales.

Services Offered Include:

  • Term loans
  • Lines of credit

Newtek SBA Loan Requirements

Newtek SBA Loans
Newtek SBA Loans

Borrower credentials through Newtek are dependent on the form of funding you plan to obtain. Newtek’s term loans are ideally tailored to a company that: 

  • Is an established US-based organization 
  • Has adequate cash inflow to finance the payment of loans 
  • It’s for-profit 
  • Has two or three years of tax return 
  • Newtek’s term loans are suitable for engineering, services, retail, wholesale, building, special trades, and more

You would provide equity to protect the advance to obtain a revolving line of credit. Your credit line can be protected using: 

  • Unpaid invoices
  • Unperishable product 

Please notice that all of the creditor conditions mentioned here are minimum requirements. Additional criteria, including personal credit score and background, company credit score and history, minimum annual sales, and time of service, will need to be fulfilled to obtain a financial loan from Newtek.

Newtek Lending Application Process

To get going with Newtek, simply fill out the pre-qualification form on the firm’s official website. This form includes just a limited amount of personal details, including first and last name, business name, contact details, number of staff, and the total of the loan required. 

Upon receipt of the form, a member of the Newtek team may call to collect more details and explore financial options for your company. If you want to get the procedure underway instantly, you can skip the online form and easily connect to Newtek by phone. 

You will have a designated loan expert to complete all application paperwork for you. Pre-qualifications are usually available within 48 hours, and your loan advisor can continue to collaborate with you every step of the way to complete the loan.

Sales & Advertising Transparency

Newtek offers some basic background about the loans and insurance products and services it offers to small companies. That being said, to learn about the particular rates, terms, and products applicable to your company, you need to contact a credit specialist by phone or via the Newtek website.

Newtek Lending Customer Service & Technical Support

Newtek makes it convenient for new and current consumers to keep in touch. You may call Newtek by phone to begin the application phase or to talk about the company’s products and services. You may even request a call back via the Newtek website. 

If you don’t feel like getting on the phone, there are online choices open to you. You may submit your queries or feedback via email or launch a live chat via the company’s website. You may also submit your inquiries or find out more about the breaking news via Newtek’s social networking accounts on Facebook, Twitter, and LinkedIn.

Newtek SBA Loans Positive Reviews & Testimonials

Newtek has a range of 5-star reviews on its Facebook profile, but sadly, several users have refused to expand on what has led to their good experiences. 

Although certain consumers have left their thoughts to the organization, these comments are focused on other services offered, such as web hosting and credit card processing. Only a  total of nine people have suggested Newtek’s services via Facebook.

Negative Reviews & Complaints

Newtek has a 1/5 ranking based on nine consumer reports from the Better Business Bureau. The organization has closed two cases in the last four years and two grievances in the last 12 months via the BBB. The company’s Facebook profile has a 2.8/5 ranking based on 17 ratings. Popular Newtek concerns include: 

  1. Documentation Criteria: One of the most frequent concerns is linked to the documentation and paperwork requirements required to secure a loan. 
  2. Disorganization: Several consumers complained that the paperwork submitted to Newtek was misplaced and required resentment. Another concern was that there was uncertainty as to what documentation was required and where it needed to be submitted. 
  3. Lengthy Loan Process: While pre-qualifications can be obtained easily, some consumers had concerns regarding the period it took to complete the loan process. 
  4. Unable To Fulfill Requirements: Some reviewers state that, despite getting good credit ratings and good financial records, they were unable to obtain funding from Newtek.


Newtek’s pledge to pursue “financial options” instead of being yet another direct lender is attractive. What company doesn’t want to have a customized financial strategy that will help raise sales and save money? Newtek appears to offer a variety of lending choices, but opaque prices and conditions leave concerns that can only be addressed by calling the firm. 

The absence of favorable feedback on Newtek’s loans can also be a warning flag for prospective borrowers. Although the business has several 5-star scores, most reviews did not say what services they used. Positive scores were supplemented with feedback based on other market resources offered by Newtek. In the meantime, many concerns have been made concerning the company’s lending operation. 

Potential borrowers can ask by phone and online to find more about what Newtek has to offer, the possible expenses involved with its financial products, and the borrower’s criteria to decide if this loan is suitable for their small company.

If You need a loan we can offer up to $5000. Click here for apply.

Newtek Reviews – UPDATED 2021 – Newtek PPP & SBA Loans

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