Let’s Clear Up One Thing First: This Is Not a Lender
- SmartAdvances matches borrowers with lenders. Independent reviewers say it is not a lender itself.
- Reviewers report matching in about one business day, with some lenders funding as soon as the next business day.
- Costs come from the lender you are matched with, and they can be high for borrowers with weaker credit.
- The link we were given opens a login page, so we could not read the company’s public pages. This review uses independent reviews.
- Mixed review scores mean you should read the terms of any offer carefully.
What Is It, Exactly?
SmartAdvances describes itself, through third party reviewers, as a lending network. You fill in a request. The service shares it with lenders in its network. Lenders decide whether to make an offer, and you pick one or walk away.
A reviewer at BadCredit.org compares it to a matchmaker that tries to set you up with a suitable lender the first time. Another review says a loan request through the service does not affect your credit score, and that a hard credit check happens only when you apply with a specific lender. Confirm that with the lender before you proceed.
Why a Business Owner Might Look at a Matching Service
Cash flow gaps happen. A customer pays late, a machine breaks, or a seasonal order needs stock. A matching service can save time, because one request reaches several lenders, instead of you filling in many forms.
But there is a catch. A matching service is a doorway, not a destination. The terms you get depend entirely on the lender behind the door.
What the Independent Reviews Say
| Source | What It Reports |
|---|---|
| BadCredit.org review | The service is not a lender, turnaround is about one business day |
| RealReviews | 68% of reviewers recommend it, with mixed sentiment |
| Fox Chronicle | Approval and funding can take as little as 24 hours, and rates can be high |
| Trustpilot (a different company) | A similarly named firm, Advance Smart, has a high score, but it is not the same business |
Be careful with look alike names. A search for the brand also brings up Advance Smart Business Loans and Smart Business Funding, which are different companies. Always check the exact web address before you share any data.
Deals and Promotions in SmartAdvances
We did not find a public coupon or promotion for SmartAdvances. The typical selling points are free to request, no impact on your credit score for the request, and fast matching. Ignore any site that offers a promo code for a loan, since interest rates and fees come from the lender, not from a coupon.
How the Process Works
- Submit a request. You give basic details about yourself and your needs.
- Get matched. The service passes your request to lenders, and reviewers report this takes about a day.
- Review offers. Look at the amount, the APR, the repayment period, fees and any early payment rules.
- Accept or decline. You can decline without cost, according to reviewers.
- Get funded. Some lenders fund as soon as the next business day.
Compare Lender Offers Carefully
Four Things to Check in Any Offer
1. The APR, Not Just the Payment
APR is the yearly cost of borrowing, including fees. A low weekly payment can hide a very high APR. Ask for it in writing.
2. Total Repayment
Add up every payment. If you borrow a small amount and repay a much larger one, the loan is expensive, even if the term is short.
3. Fees and Penalties
Check for origination fees, late fees and early repayment charges. Some loans cost more if you pay them off early.
4. Whether It Is a Personal or Business Loan
Reviewers describe SmartAdvances mainly as a personal loan matching service. Third party reviewers also mention using funds for a small business. A personal loan means you are personally responsible for repayment, which matters for sole traders and small company owners.
A Quick Cost Example
Imagine you borrow 5,000 dollars and the lender asks you to repay 6,500 dollars over six months. The extra 1,500 dollars is the cost of the loan. That works out to a very high yearly rate, because you pay it back in half a year.
Now compare a bank loan of the same size with a total repayment of 5,400 dollars over a year. The monthly payment may look higher or lower, but the total cost is far lower.
The numbers above are made up to show the method, not offers from any lender. The lesson is simple: always compare total repayment and APR, never just the monthly payment.
What Works in Your Favor
- Speed. Reviewers report matching in about one business day, and some lenders fund as soon as the next business day.
- One request, several lenders. You fill in one form instead of many, which saves time when cash is tight.
- Low risk to look. One review says a loan request does not affect your credit score, so you can see offers before you decide.
- Room for weaker credit. Reviewers describe the network as useful for people a bank may turn down.
- Flexible use. One review says the money can go to many purposes, including a small business.
- Easy exit. Reviewers say you can decline an offer at no cost.
Prepare Before You Request
A few minutes of preparation can improve your results. Have your recent bank statements, your income details and your business registration details ready. Decide the exact amount you need, since asking for more than you need adds cost.
Write down how you will repay. For a business, that means looking at cash flow for the next three to six months, not hoping for a big sale. If the numbers do not work, the loan is the wrong tool.
SmartAdvances Next to Other Options
| Category | SmartAdvances | LendingTree | Upstart | A local bank or credit union |
|---|---|---|---|---|
| Model | Loan matching network | Loan marketplace | Online lender | Direct lender |
| Request affects credit | Reported as no | Check site | Check site | Check with the bank |
| Speed | About 1 business day, per reviewers | Check site | Check site | Often slower |
| Cost | Set by the lender | Check site | Check site | Check with the bank |
| Best known for | Fast matching, including weaker credit | Comparing many offers | Online personal loans | Relationship lending |
Competitor details are general and change often, so check each provider before you decide.
Who Might Use, and Who Should Skip It
It may fit a business owner who needs money fast, wants to compare offers and understands the cost. It also fits someone who has been turned down by a bank and wants to see alternatives.
It does not fit someone who has time to wait and good credit, since a bank or credit union may offer a lower rate. It also does not fit someone who has not worked out how they will repay the loan.
Questions People Ask Before Applying
Is SmartAdvances a lender?
Independent reviewers say it is not. It matches you with lenders.
How fast is the process?
Reviewers report matching in about one business day, with some funding the next business day.
Will a request hurt my credit?
One review says a loan request does not affect your score. A lender may run a hard check when you apply.
Is there a promo code?
We found no public promotion.
What should I do if I am unsure?
Compare at least two other offers, and ask a licensed advisor for help.
Final Verdict
SmartAdvances can help you reach lenders quickly, but the cost and terms come from the lender, and reviews are mixed. Compare APRs, read every fee, and borrow only what you can repay.
