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Clearco
4.8
★★★★★
Finder score
Min. Amount
$5,000
Max. Amount
$1,800,000
APR
6.50% to 19.00%

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 inventory, marketing, shipping and logistics invoices, and it uses a flat fee model based on your revenue, so you know exactly what your 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
  • Flat fee based financing with predictable payments
  • Supports four currencies (EUR, USD, CAD, GBP)
  • Personal guarantee may 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
  • 0.5% commission for non-USD payments
  • No same-day funding
  • Weekly repayments only

In this guide

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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. The way it works is that Clearco pays your outstanding supplier and manufacturing invoices, so you can use your cash on hand for other needs — for example, to fund a time-sensitive marketing campaign, to hire staff or to buy more inventory.

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 “extension plan,” 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 your company in exchange for funding, Clearco lets you access cash without giving up equity in your company. This can be important for founders who want to keep control over the direction of their business.

Where Clearco falls short

While Clearco’s weekly repayments linked to your business’ revenue are capped, fees can run high with this type of financing. And because Clearco charges a fixed rate, some customers have complained that it’s difficult to calculate the equivalent APR they’re actually paying.

APRs are important because they can impact your cash flow. If the equivalent APR you’re paying is around 15% to 20% or more, it may become challenging to retain positive cash flow, as so much of your revenue is going to service debt. This could lead to a cycle of additional borrowing.

Clearco loan details

Minimum credit scoreN/A
APR6.50% to 19.00%
Loan amounts$5,000 to $1.8 million
Terms4 to 6 months
Approval turnaround2 to 5 business days
AvailabilityAll 50 states
FeesN/A
Other feesN/A

How to qualify for Clearco

To qualify for Clearco, you’ll need to meet the following minimum eligibility requirements:

  • 12+ months of revenue greater than $10,000 a month from connected sales platforms or limited liability companies
  • Incorporated status in the United States of America
  • Valid US checking bank account

How to apply

Here are the steps to apply for Clearco financing:

  1. Sign up for Clearco online.
  2. Enter details about your business.
  3. Connect your financial account(s) and get a funding estimate.
  4. Submit your invoices or receipts.
  5. Choose your preferred extension plan.
  6. Receive your approved funding and finalize your payment schedule.
  7. Follow your weekly repayment plan.

How Clearco compares to other lenders

Compared to other business lenders, Clearco offers one type of financing: invoice financing for e-commerce businesses. It doesn’t offer other types of business loans that you might find with a bank, credit union or online lender, like term loans, SBA loans, lines of credit or other short-term financing options.

If you’re not an e-commerce business with a connected sales platform or earn less than $10,000 a month, consider other lenders. Here are some top online business lenders that offer invoice financing plus a wider range of business loan options.

Clearco logo

Clearco

★★★★★

Finder rating 4.8 / 5


Loan amount

$5,000 – $1,800,000


APR

6.50% to 19.00%


Loan term

4 to 6 months


Requirements

12+ months of revenue greater than $10,000 a month from connected sales platform, valid US checking bank account

Lendio business loans logo

Lendio business loans

★★★★★

Finder rating 4.8 / 5

Go to site


Loan amount

$1,000 – $5,000,000


APR

Varies by lender


Loan term

3 months to 25 years


Requirements

Operate business in US or Canada for 6 months or more, have a business bank account, minimum 500 personal credit score, at least $20,000 in monthly revenue

Fundible logo

Fundible

★★★★★

Finder rating 4.9 / 5

Go to site


Loan amount

$1,000 – $10,000,000


APR

Rates start at 1% per month


Loan term

3 to 60 months


Requirements

500+ FICO score, $200,000 annual revenue, 6 months in business, most recent business bank statements

Clearco reviews and complaints

BBB accredited No
BBB rating N/A
Trustpilot Score 3.6 out of 5 stars, based on 310 customer reviews
Customer reviews verified as of 15 November 2023

Clearco, formerly Clearblanc, gets an “average” rating from over 300 customers on Trustpilot. While the majority of reviewers give the company an “excellent” rating, a fairly large percentage — 15% — give it just one star.

Satisfied customers mention good customer service and fast approval and funding that make it ideal for e-commerce businesses. Less happy customers report long wait times to resolve issues and poor support after funding.

Is Clearco legit?

Yes, Clearco, formerly Clearbanc, is legit. Established in 2017 and headquartered in Toronto, Canada, the company has provided over $2.5 billion in funding to over 10,000 businesses to date.

Frequently asked questions

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.

Does Clearco have a US phone number?

Yes, it’s 415-610-5166.

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