Updated · LoanHelp editorial team · Editorial policy
Starting with the bank or credit union that already holds your business deposits lets the banker see your history, then you can compare an online or specialty lender when you need a specific product or faster document workflow. Bring full financial statements for a bank or credit union; online lenders may ask for bank data and collateral files. When you're ready, LoanHelp passes one inquiry to our trusted financing partner.
Comparison table
Use the table to choose where to start conversations and what documents to gather.
Bank you already use
Typically weighs: Deposit history, existing balances, time with the bank, and full financial statements for larger requests
Decision style: Relationship bankers and credit committees — more weight on documented cash flow and collateral
Documentation: Tax returns, interim financials, debt schedule, and purpose of funds spelled out on the inquiry
Credit union
Typically weighs: Membership status, business purpose, and policies for member business loans under NCUA rules
Decision style: Member-focused underwriting with board-approved policies — may emphasize local knowledge of the member
Documentation: Similar business financials plus proof of membership; commercial loans follow credit union policy and examiner expectations
Online or non-bank lender
Typically weighs: Cash flow, bank statements, receivables or equipment collateral, and product-specific credit models
Decision style: Standardized workflows and specialty products — may move faster on narrow use cases but still underwrite each file
Documentation: Often bank data and digital uploads; asset-backed files still need quotes, titles, or invoice detail
Spot predatory or misleading offers
The FTC's advance-fee loan article notes that legitimate lenders won't guarantee a loan before checking your credit, that paying an up-front fee before you receive a loan is a cue to walk away, and that nobody legitimate says paying a fee guarantees you a loan — though the FTC notes real lenders can charge some fees, such as an appraisal fee, before they consider a loan. The CFPB's fraud information page covers warning signs of scams and how to report them.
Credit unions and member business loans
Credit unions lend to members under board-approved policies reviewed by NCUA examiners. The NCUA commercial and member business loans introduction describes how those loans fit into a credit union program — confirm product details with the credit union you join.
What national surveys report
The Federal Reserve's 2024 Small Business Credit Survey report on employer firms publishes how firms experience credit access and lender types.
Common questions
- Is an online business lender legitimate?
- Legitimate lenders disclose terms in writing. The FTC’s advance-fee loan article notes that real lenders won’t guarantee a loan before checking your credit, that paying an up-front fee before you receive a loan is a cue to walk away, and that nobody legitimate says paying a fee guarantees you a loan — though the FTC notes real lenders can charge some fees, such as an appraisal fee, before they consider a loan. The CFPB fraud page covers warning signs of scams and how to report them.
- Do credit unions make business loans?
- Credit unions offer member business loans under board-approved policies reviewed by NCUA examiners. The NCUA examiner guide introduction describes how commercial and member business loans fit into a credit union lending program.
- Should I always start with my bank?
- Starting with the bank or credit union that already holds your deposits lets the banker see your history and cash flow. Comparing a second channel can still make sense when the use of funds or collateral is clear.
- Will LoanHelp run a credit check when I submit an inquiry?
- LoanHelp does not perform a credit check when you submit an inquiry. Our trusted financing partner may request authorization for a credit inquiry later if you choose to move forward.