Clearco Reviews: e-Comm Financing with Strict Requirements
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- Min. Amount
- $5,000
- Max. Amount
- $1,800,000
- APR
- A flat fee of 4.25% to 22%
Our verdict
An invoice financing company helping e-commerce businesses access the cash they need to grow.
Clearco is a fintech invoice financing company that works with e-commerce businesses. Instead of paying your outstanding merchant invoices, Clearco pays them for you, and you pay Clearco back with smaller weekly repayments — allowing you to free up vital cash. Clearco accepts various types of invoices and uses a flat fee model based on revenue, so you know how much repayments will be.
Best for: E-commerce businesses with $10K+ in monthly revenue that need short-term working capital.
Pros
-
No minimum credit score requirement
-
Personal guarantee not required
-
Don’t have to give up equity
Cons
-
12+ months in business required
-
Must have at least $10,000 a month in revenue
-
Must connect your e-commerce accounts
Is Clearco legit?
Clearco is a legitimate business funding provider. Founded in 2015 (as Clearbanc) and based in Toronto, Canada, Clearco has funded over 10,000 businesses, providing more than $2.5 billion in capital. It’s backed by reputable investors and has a strong online presence, along with a physical headquarters.
Clearco also takes data security seriously. According to its privacy policy, it uses industry-standard encryption to protect sensitive information and has strict protocols to safeguard user data.
What makes Clearco shine?
If your business earns at least $10,000 a month, Clearco invoice financing can be an ideal way to free up cash to grow your business. Clearco pays your outstanding supplier and manufacturing invoices, so you can use your cash on hand for other needs — for example, to hire staff, buy more inventory or fund a time-sensitive marketing campaign.
With Clearco, your payments are linked to your revenue, and it caps weekly payments to ensure that you never pay back faster than your agreement. Clearco doesn’t charge interest — only a flat fee — and you can choose a repayment term (aka “an extension plan”) for up to six months.
Because it works on a flat fee, you know exactly how much your weekly payments are.
Unlike angel financing, which requires you to give up equity in exchange for funding, Clearco lets you access cash without sacrificing ownership. For founders, maintaining control over the direction of their business can be crucial.
Where Clearco falls short
Clearco’s fixed fee structure can be a drawback for some businesses. Unlike traditional loans with interest rates, it’s not always easy to translate its fees into an equivalent APR. And understanding your APR is crucial — it shows how much you’re really paying for funding.
If the effective APR is high (around 15% or more), it can take a big bite out of your cash flow. For businesses with tight margins, this could lead to a cycle of borrowing just to stay afloat.
Another drawback is the lack of transparency around funding limits. Clearco doesn’t specify exact caps. Instead, it bases your funding on your business’s revenue, which can leave you guessing about how much you might qualify for.
Clearco loan details
| Minimum credit score | N/A |
| APR | A flat fee of 4.25% to 22% |
| Loan amount | Not disclosed |
| Terms | 4 to 6 months |
| Approval turnaround | Approval in as little as 24 hours |
| Availability | All 50 states |
| Fees | None |
Clearco contact information
| Phone number | 415-610-5166 | |
| Customer service hours | Not provided | |
| support@clear.co | ||
| X, formerly Twitter | @getclearco | |
| @getclearco |
How to qualify for Clearco
To qualify for Clearco, you’ll need to meet the following minimum eligibility requirements:
- Revenue of $10,000 or more per month from connected sales platforms for at least 12 months
- Incorporated in the United States (including corporations, LLCs and LTD companies)
- Valid checking account at a US bank
- IRS-issued Employer Identification Number (EIN)
- Government-issued identification, such as a driver’s license or passport
How to apply
Here are the steps to apply for Clearco financing:
- Sign up for Clearco online.
- Enter details about your business.
- Connect your financial accounts and get a funding estimate.
- Submit your invoices or receipts.
- Choose your preferred extension plan.
- Receive your approved funding and finalize your payment schedule.
- Follow your weekly repayment plan.
How Clearco compares to other lenders
What is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
Clearco reviews and complaints
| BBB accredited | No |
|---|---|
| BBB rating | N/A |
| Trustpilot Score | 4.5 out of 5 stars, based on 342 customer reviews |
| Customer reviews verified as of | 03 January 2025 |
Clearco doesn’t currently have a profile on the Better Business Bureau (BBB) website. On Trustpilot, the company has an excellent rating, earning 4.5 out of 5 stars overall.
Customers who rate the company highly praise it for the fast approval process, clear terms and helpful customer service personnel. And while the majority of reviewers give the company an “excellent” rating, a fairly large percentage — 14% — give it just one star.
Dissatisfied customers report long wait times to resolve issues and poor support after funding. However, most complaints date back to 2022 and earlier, with just two complaints in 2024. This change could indicate that the company has resolved some of its biggest issues in the last couple of years.
What do people on Reddit say?
In a conversation in the Shopify subreddit, the OP asks if anyone has used Clearco. One Redditor said they have and that the company is legit with reasonable terms. In the same subreddit, another person posted looking for alternatives to Shopify Capital, and someone commented in response, offering Clearco as a suggestion.
Clearco is mentioned in other subreddits as well, with posters looking for guidance on how to fund their business. They list Clearco with another company or two and ask for advice on which is best. Commenters warn the OP against taking out any funding similar to a merchant cash advance without mentioning anything specific about Clearco.
Overall, it seems those Redditors who have personal experience with Clearco end up recommending its services.
Frequently asked questions
What kind of company is Clearco?
Clearco is a financial technology company that helps e-commerce businesses get the working capital they need to grow. Founded in 2016 by Michele Romanow and Andrew D’Souza from CBC’s Dragon’s Den (the Canadian equivalent of Shark Tank), Clearco is based in Toronto and focuses on supporting businesses that might not get funding elsewhere.
How does Clearco funding work?
Clearco provides funding by looking at your business’s sales data instead of relying on your credit score. They offer an upfront cash advance, and you pay it back through a small percentage of your future revenue, which means payments adjust if sales dip.
There’s no interest — just a flat fee — and you don’t have to give up equity or put up personal guarantees. It’s a simple way to get cash without giving up control of your business.
What types of invoices are eligible?
Invoices related to your business are eligible, including inventory, marketing, shipping and logistics, legal and financial.
How are invoices paid?
Clearco supports international and domestic wires or ACH payments to your vendors. If your vendor isn’t eligible for this payment type but is an approved Clearco vendor, funds can be sent to your bank account instead.
Your reviews
Christi Finder
Contributor
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