Is Ready Capital legit?
Yes, Ready Capital is a legitimate lender. Established in 2011, it’s a publicly traded company that has funded over $35 billion since its founding. As an SBA preferred lender, Ready Capital has been vetted by the Small Business Administration, meeting higher standards than typical SBA lenders.
It’s also accredited by the Better Business Bureau with an A+ rating, though it has several complaints lodged against it on the site.
What makes Ready Capital shine?
Ready Capital stands out for offering high loan amounts, a range of real estate financing options and benefits for veteran-owned businesses. If you’re looking for large SBA, USDA B&I or commercial real estate loans, it’s one of the best options out there.
Ready Capital offers SBA 7(a) loans up to $5 million and USDA B&I loans up to $25 million, with long repayment terms of up to 25 and 40 years, respectively. It also provides real estate loans up to $75 million with terms extending to 20 years, making it a great choice for companies financing large-scale projects.
Another big advantage is its SBA preferred lender status, which allows Ready Capital to process and approve SBA loans faster than many banks. While SBA loans still take time, working with a preferred lender can help cut down on delays in getting approved.
Veteran-owned businesses also get an extra boost with lower down payment requirements and waived packaging fees on SBA loans. That means veterans can save on upfront costs, making it easier to secure financing and invest in their businesses.
Where Ready Capital falls short
One major drawback is the high minimum loan amount of $350,000, which makes Ready Capital a poor fit for businesses looking for smaller loans. While it’s faster than most SBA lenders thanks to its preferred lender status, it’s still not a quick source of funding — online lenders often provide faster approvals and same-day funding. Another downside is the lack of transparency on rates and fees, as Ready Capital doesn’t disclose this information online.
Applying can also be a bit of a hassle since there’s no online application — you have to speak with a representative to get started. This adds an extra step compared to lenders that let you apply and check rates online. For borrowers who need smaller loans, quicker funding or a more streamlined application process, alternative lenders may be a better fit.
Ready Capital loan details
| Loan Amount |
|
| Loan term |
|
| Min. Credit Score |
|
| Requirements |
|
| Turnaround | The application process can take several weeks, with funding as fast as a few days after approval. |
| Fees | Vary by loan type. May include loan origination fees, packaging fees, closing costs, exit fees, extension fees and NSF fees. |
| Availability | All 50 states |
Ready Capital contact information
| Phone number | 855-462-4240 |
| info@readycapital.com | |
| X, formerly Twitter | @Ready_Capital |
| @ReadyCapital |
How to qualify for Ready Capital
Ready Capital offers a variety of loan products, each with its own set of requirements. Here’s an overview of the qualifications for the various loan types:
SBA 7(a) Loans
- Credit score of 680 or higher
- Must be a for-profit business in the U.S.
- Needs to meet SBA small business size rules
- Down payment of 10%–20%, depending on the loan
- Debt service coverage ratio (DSCR) of 1.15x to 1.30x (This means that your business must have a net operating income equal to at least 1.15 times the amount of debt in its name while repaying the loan.)
USDA Business & Industry (B&I) Loans
- Business must be in a rural area (population under 50,000)
- Commercial real estate that is less than 51% owner-occupied
Commercial Real Estate Loans
Ready Capital offers a wide range of commercial real estate loans, including bridge loans, multifamily loans and construction loans. The requirements vary, but here’s an idea of what you can expect:
- Debt service coverage ratio (DSCR) of 1.10x to 1.40x
- Collateral typically required
How to apply
The loan application can begin online, but you’ll need to speak to a company representative to complete the process. Here’s what to expect:
- Select your loan type and submit a quote request. From Ready Capital’s website, navigate to the page for your preferred loan program and fill out the contact form with basic details about your business and financing needs. You can also call the company directly if you prefer to start the conversation by phone.
- Speak with a representative. A loan specialist will reach out to discuss your options, walk you through the qualification requirements and explain what documents you need to submit.
- Complete the application and provide documents. Once you’ve chosen a loan, you’ll formally apply and submit paperwork such as tax returns and financial statements. Depending on the loan type, you may also need to provide collateral details or additional financial records.
- Final approval and funding. After Ready Capital reviews your application, it finalizes the loan terms and lets you know if you’re approved. If everything checks out, it disburses funding according to your loan agreement.
How Ready Capital compares to other lenders
What 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.
Read the full Finder Score breakdown
Ready Capital reviews and complaints
| BBB accredited |
Yes |
|---|---|
| BBB rating |
A+ |
| BBB customer reviews |
1 out of 5 stars, based on 15 customer reviews |
| BBB customer complaints |
7 customer complaints |
| Trustpilot Score |
4.2 out of 5 stars, based on 1,102 customer reviews |
| Customer reviews verified as of |
25 February 2025 |
Customer reviews for Ready Capital are mixed. On the Better Business Bureau (BBB) website, the company has a low 1-star rating, but that’s not unusual since the BBB is mostly used for complaints. Many negative reviews mention slow processing times, poor communication and issues with loan terms, especially for SBA loans. Some were also frustrated by strict qualifications and documentation requirements.
On Trustpilot, Ready Capital has a much stronger rating, with many customers praising helpful loan specialists and a smooth application process. Business owners who successfully secured funding said the team was responsive and guided them through every step. However, a few negative reviews mention delays and higher-than-expected costs.
What do people on Reddit say?
Most Reddit posts about Ready Capital are three to four years old and focus on PPP loans, which aren’t relevant today. A lot of users were frustrated with delays, lack of communication and loans being canceled unexpectedly during that time.
There isn’t much discussion about current loan offerings, so if you’re looking for recent experiences, you may have better luck checking other review sites.
Frequently asked questions
What credit score do you need for Ready Capital?
For most loans — including SBA 7(a) loans — you’ll need a credit score of at least 680 to qualify. Some commercial real estate loans may have slightly lower requirements, but Ready Capital doesn’t publicly list exact credit score cutoffs for every loan type.
Is Ready Capital an approved SBA lender?
Yes, Ready Capital is an SBA approved lender and holds Preferred Lender Program (PLP) status, meaning it can process and approve SBA loans faster than standard lenders. It’s also one of the most active SBA 7(a) loan providers in the country
What are the terms for Ready Capital’s SBA 7(a) loans?
Ready Capital’s SBA 7(a) loans range from $350,000 to $5 million with repayment terms of up to 25 years. The maximum interest rate for loans of this size is the prime rate plus 3%, which means the highest possible rate would currently be 10.5%. However, the actual rate is negotiated between you and the lender, so it could be lower.
Are there faster alternatives to Ready Capital?
Yes, if you need funding quickly, online lenders often provide faster approvals and funding than Ready Capital, which specializes in SBA and commercial real estate loans that can take weeks or months to process. If speed is a priority, you might want to explore alternative lenders that offer same-day or next-day funding.
