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Camino Financial business loans review

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Camino Financial small business loans and microloans
Min. Amount
$5,000
Max. Amount
$400,000
APR
18.75% to 24.75%

Our verdict

Bad credit won't necessarily keep you from a business loan — but be ready to pay a steep APR.

Camino Financial is a direct lender that provides small business loans. It offers loans that range from $5,000 up to $400,000, and is willing to work with owners that have credit scores as low as 550. And you won't face prepayment penalties if you pay off your loan early.

However, Camino Financial advertises its interest as a monthly rate of 1% to 2.5% — though the customer service representative I spoke to said it goes up to 3.3%. But the full cost works out to an APR of 18.75% to 24.75%. This is on the higher end, as some lenders can start as low as 6%.

But what it has in high fees, it might make up for in its extra benefits. By borrowing from Camino Financial, you get access to business consultations, workshops, events and discounted business services and products.

In this guide

  • Our verdict
  • Details
    • Product details
  • Your reviews
  • Ask a question
  • Best for business owners without the best personal credit.
  • Pick something else if you can qualify for a lower rate elsewhere.

Details

Product details

Min. Amount $5,000
Max. Amount $400,000
Loan term 24 to 60 months
Min. Credit Score 550
APR 18.75% to 24.75%
Requirements $2,500+ in monthly revenue or $30,000+ in annual revenue, 9+ months in business, current on all debts, 550+ credit score

Pros 

  • Minimum credit score of 550
  • Customer service chat available
  • Two-day turnaround time
  • Available in most states

Cons

Camino Financial rates, fees and terms

While it’s billed as a monthly interest rate of 1% to 2.5%, the actual APR for a small business loan from Camino Financial is 18.75% to 24.75% — this includes all costs, including the closing fee of 5% which is taken out of the total loan amount. Terms range from 24 to 60 months.

Camino Financial also offers microloans from $5,000 to $75,000 with rates from 24.25% to 24.75%, including an origination fee of 6.99%. Terms range from 24 to 36 months on these loans.

Use our calculator to find out what your monthly costs might be.

What do I need to qualify?

To qualify for a loan from Camino Financial, you must meet the following criteria:

  • Personal credit score of 550 or higher
  • Annual sales of at least $30,000, or monthly of $2,500
  • In business for at least nine months
  • Current on all debts and rent or mortgage payments
  • Not located in Hawaii, New Jersey or North Carolina

What industries does Camino Financial work with?

A full list of industries it does or doesn’t work with isn’t available online, but the customer service representative I spoke to confirmed that the following businesses aren’t eligible for loans:

  • Cannabis
  • Car dealerships
  • Multilevel
  • Nonprofits
  • Real estate

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Camino Financial reviews and complaints

BBB accredited Yes
BBB rating A+
Trustpilot Score 4.4 out of 5 stars, based on 44 customer reviews
Customer reviews verified as of 21 October 2020

Despite being in business since 2014, there’s little in the way of customer reviews online for Camino Financial. What is online mostly exists on its Trustpilot page, where customers praise the application simplicity and service responsiveness. I can confirm that when I contacted customer service over chat, the agent was extremely responsive each time and not pushy.

How do I apply?

Applying for a loan with Camino Financial is easy. You can call 800-852-0655 or fill out its online application. You will need to follow these steps and provide this information.

  1. Go to Camino Financial’s website.
  2. Click Get a quote.
  3. Fill in your name, email, phone number, business name, loan amount and purpose. Then tap Continue.
  4. Add your business’s street address, legal entity type, industry, gross sales, loan payments, time in business and number of employees. 
  5. Select whether you reported a positive net income on your last tax return, then hit Continue.
  6. Add your personal address, how long you’ve lived there and the monthly payment, your date of birth and Social Security number. Tap Submit.

What happens after I apply?

Once you fill out and submit the application, you’ll be contacted by a small business loan representative. If your application is accepted, they’ll go over the details of your loan and provide a final offer. Funds should be available within two days of approval.

How do repayments work with Camino Financial?

The terms of your loan will be laid out in the loan agreement before you sign it. Payments will be monthly, and can be made online. 

In fact, Camino Financial allows automatic payments. If you do set up autopay, occasionally check in on your account to ensure everything is working as intended.

To compare other small business loan options, check out our full guide to business loans.

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Rhys Finder

Editor

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