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Lantern Credit Review

Find a customized quote easily

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Patrick Sather
Patrick Sather
Feb. 10, 20224 min read

Lantern Credit summary

Founded in 2013, Lantern Credit is an online finance company owned by SoFi. Available in all 50 states, it provides users with free, personalized quotes for small business loans and insurance coverage. Loan types include SBA, personal, and term loans, line of credit, startup, invoice, and equipment financing. Although it offers limited ways to personalize your quote, rates are available in minutes and don’t affect your credit score.


  • Free to use
  • Quotes do not affect your credit score
  • Available in all 50 states


  • Limited loan quote comparison options
  • No phone or chat support
Lantern Creditat a glance

Editorial score

Online experience

Good online resources, but no mobile app


Customer services and support

Limited ways of reaching lender


Variety of loan types

Offers all loan types


Loan amount range

Loan amount $500K+



Doesn't cover bad credit, low revenue, new businesses


Lantern Credit Lantern Credit Visit Lantern Credit


A subsidiary of SoFi, Lantern Credit is a review and quote aggregator that can help you find a small business loan or insurance coverage. With its quote aggregator, you can simultaneously compare multiple rates from different lenders including Bluevine, Fundera, Funding Security, Lendio, On-Deck, and Seek Business Capital. Loan types include SBA (504, 7(a), and SBA Express), personal, and term loans, line of credit, merchant cash advance, invoice, equipment, and startup financing. Quotes are available in minutes for free and do not require a hard credit check. Although it offers limited ways to customize your quote, Lantern features articles and resources to help you find the top loan for your business.

Why Lantern Is Good For Your Business

Lantern is a top lender for new or established small business owners in the early stages of shopping for a loan. With its online quote tool, you can simultaneously compare multiple rates to find the top available offer. It also features resources and articles that can help you decide which loan type and term is most suitable for your business. To qualify for a loan, you will want to have good or excellent credit. Otherwise, you may not receive any rates for comparison. 

Loan Features

With Lantern, you can compare rates for small business loans and insurance coverage. Available loan types include SBA, personal, and term loans, line of credit, merchant cash advance, and invoice, equipment, and startup financing. Rates at terms vary by lender, credit score, loan amount, and loan type. That said, most SBA loans offer 10-25-year terms and require borrowers to have good to excellent credit. At most, Lantern offers quotes up to $2,000,000 and does not provide rates for loans under $1000.

  • Loan types: SBA, personal, and term loans, line of credit, cash advance, and financing
  • Terms: Varies, typically 10-25 years
  • APR: Varies by loan type, loan amount, lender, and credit score 
  • Minimum credit score: Good-Excellent (no disclosed minimum)
  • Loan amount: $1000-$2,000,000

Application Process

To apply, simply visit Lantern Credit’s website and request a quote for a small business loan. It will ask you to supply information about your business including:

  • Your loan amount
  • Business name
  • Years in business
  • Reason for funding
  • Industry classification
  • State 
  • Monthly revenue

In addition to your business information, you will need to provide Lantern with personal information so it can send you personalized rates. Expect to include information such as:

  • Your email address
  • Name
  • Phone number
  • Credit score

Depending on your answers, Lantern will either show you all available offers or direct you to ways that you can improve your application. If you receive a qualifying offer, Lantern will show you details about the lender and rate before directing you to apply on the lender’s website.

How Much Can You Borrow?

Loan amounts vary according to your business information and by lender. That said, Lantern does restrict quotes to an upper and lower limit. At most, you can compare rates for loans of $2,000,000, while the minimum loan amount required to receive a personalized rate is $1000. 

Repayment Terms

Repayment terms vary according to loan type and lender. In general, terms for SBA loans range between 10 and 25 years. As of February 2021, typical rates for SBA loans include:

  • 7(a) loan: 5.5%-8% (variable), 9.25%-11.25% (fixed)
  • Economic Injury Disaster Loan (EIDL): 3.75% (2.75% for non-profits)
  • Paycheck Protection Program: 1%
  • Microloan: 8%-13%
  • 504 loan: Starting at 2.21-2.4%
  • SBA Express: 7.75%-9.75%

How Safe Is It?

According to its website, Lantern Credit takes steps to secure its users’ personal information. However, it does not disclose what security measures it takes to protect your personal and financial data. In addition, Lantern is not accredited with the Better Business Bureau. While it lists customer reviews on its website, few third-party reviews exist that corroborate these testimonials. 

Help & Support

If you need assistance, you can contact customer support via email through Lantern’s internal message function on its website. At this time, Lantern does not provide support over the phone. In addition, it does not indicate its hours of operation. That said, you can expect a reply to inquiries within 1-2 business days. 


Since 2013, Lantern Credit has helped people nationwide to find affordable small business loans and insurance coverage. With its quote aggregator, you can compare rates for free from some of the top lenders in the country without a hard credit check. Loan types available include SBA, personal, and term loans, line of credit, merchant cash advance, and invoice, startup, and equipment financing. While rates are available for all 50 states, availability and terms will vary by lender, loan type, and income and credit factors. In addition, although it offers email support, Lantern does not offer assistance over the phone or via chat.  

Physical Address

100 Bayview Cir #3000, Newport Beach, CA 92660

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Patrick Sather
Written byPatrick Sather

Patrick Sather is an award-winning personal finance writer and licensed broker who has worked for some of the largest financial firms in the United States, including TD Ameritrade and Pacific Life. A graduate of the University of Nebraska in both Economics and International Trade and English, his articles on life's most common financial decisions and quandaries are straightforward, practical, and always easy to understand.

Lantern Credit
Lantern Credit

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