The Loan Source is an SBA-licensed Small Business Lending Company (SBLC) since 1994, offering SBA loan programs, PPP forgiveness servicing, and a business services marketplace.
Data compiled from public sources · Rating from CreditDoc methodology
The Loan Source, Inc. was established in 1994 and holds one of only 14 Small Business Lending Company (SBLC) licenses approved by the U.S. Small Business Administration. Unlike many competitors who have changed ownership or ceased operations, The Loan Source has remained under the same control and management since its founding, making it the oldest current holder of an SBLC license. This distinction reflects stability and continuity in the small business lending space.
The company primarily offers SBA loan solutions through multiple programs including 7(a), 504, Express, Micro, and Export loans. A significant portion of their current business involves PPP forgiveness servicing, where they help small business owners navigate the forgiveness process through their online portal and webinar support. Additionally, they operate a Business Services Marketplace in partnership with ACAP SME, LLC, connecting business owners with trusted service providers to address common operational challenges.
What distinguishes The Loan Source is their long tenure as an SBLC license holder and their focus on personalized support during complex processes. Customer testimonials highlight the clarity and accessibility of their PPP forgiveness services, webinar-based education, and step-by-step guidance through complicated application processes. Their partnership with ACAP SME, LLC extends their service capacity beyond lending into broader business support.
The company's primary strength lies in SBA loan eligibility and PPP servicing experience. However, the website provides limited detail on current loan terms, rates, application timelines, or eligibility requirements. Prospective borrowers must contact the company directly for specific loan product information, and the heavy emphasis on PPP forgiveness suggests this may be a legacy service area as demand normalizes.
Yes. The Loan Source, Inc is a registered company, headquartered in New York, NY.
Results vary by individual situation. Contact the provider to discuss expected timelines for your specific needs.
CreditDoc Diagnosis
The Loan Source is best for small business owners seeking SBA-backed financing from a stable, long-established lender, or those needing professional PPP forgiveness assistance. The main caveat is that the website lacks essential details on current loan products, terms, rates, and eligibility criteria—borrowers must initiate direct contact to obtain specific information about available loans and their qualifications.
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Read guide →New to credit and lending? Here are the key terms used on this page, explained in plain language with real-number examples.
The total yearly cost of borrowing money, including the interest rate plus any fees the lender charges. Think of it as the 'true price tag' on a loan.
Lenders must show APR by law (Truth in Lending Act) because the interest rate alone can hide fees. Comparing APR across lenders is the most reliable way to find the cheapest loan.
Example
You borrow $10,000 at 6% interest for 3 years, but there's a $300 origination fee. The interest rate is 6%, but the APR is 6.9% because it includes that fee. You'd pay $304/month and $946 total in interest.
The percentage a lender charges you for borrowing their money, calculated on the amount you still owe. It's the lender's profit for taking the risk of lending to you.
Even a 1% difference in interest rate can cost you thousands over a loan's life. Lower rates mean less money out of your pocket.
Example
On a $20,000 car loan for 5 years: at 5% you pay $2,645 in interest. At 8% you pay $4,332. That 3% difference costs you $1,687 extra.
A person who agrees to repay your loan if you can't. They're equally responsible for the debt, and their credit is affected by your payment behavior.
Cosigning helps people with thin credit get approved or get better rates. But it's a huge risk for the cosigner — they're on the hook for the full amount if you default.
Example
A parent cosigns their child's $30,000 student loan. The child stops paying after 6 months. The parent is now legally required to make the payments or face collections, lawsuits, and credit damage.
How long you have to repay the loan, measured in months or years. A shorter term means higher monthly payments but less total interest paid.
Longer terms feel more affordable monthly but cost much more overall. A 30-year mortgage costs almost double in interest compared to a 15-year mortgage on the same amount.
Example
Borrowing $200,000 at 6.5%: A 15-year term costs $1,742/month ($113,561 total interest). A 30-year term costs $1,264/month ($255,088 total interest). You save $141,527 with the shorter term.
A one-time fee the lender charges to process and set up your loan. It covers their costs for underwriting, verifying your information, and preparing paperwork.
Origination fees are usually 1-8% of the loan amount and are often deducted from your loan proceeds — so you receive less than you borrowed.
Example
You're approved for a $10,000 personal loan with a 5% origination fee. The lender deducts $500 upfront, so you receive $9,500 in your bank account but owe $10,000 plus interest.
The original amount of money you borrowed, before any interest or fees are added. It's the 'real' amount of your debt.
Your interest is calculated on the principal. Paying extra toward principal (not just interest) is the fastest way to reduce your total cost and pay off a loan early.
Example
You borrow $25,000 for a car. That $25,000 is your principal. Your first payment of $450 might split as $150 toward interest and $300 toward principal, bringing your balance to $24,700.
The process where a lender evaluates your finances — income, debts, credit history, assets — to decide whether to approve your loan and at what rate.
Understanding what underwriters look for helps you prepare a stronger application. They check your DTI ratio, employment stability, credit score, and the asset's value.
Example
You apply for a mortgage. The underwriter reviews your pay stubs (income), bank statements (savings), credit report (history), and orders an appraisal (home value). This takes 2-4 weeks.
Want to learn more? Read our Financial Wellness Guides for in-depth explanations and practical advice.
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