- Min. Amount
- Max. Amount
- 6.50% to 19.00%
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.
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
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
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 score||N/A|
|APR||6.50% to 19.00%|
|Loan amounts||$5,000 to $1.8 million|
|Terms||4 to 6 months|
|Approval turnaround||2 to 5 business days|
|Availability||All 50 states|
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:
- Sign up for Clearco online.
- Enter details about your business.
- Connect your financial account(s) 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
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.
$5,000 – $1,800,000
6.50% to 19.00%
4 to 6 months
Eligible online business, average of $10,000 monthly revenue, 6 months of revenue, LLC or corporation.
Lendio business loans
Finder rating 4.75 / 5
$1,000 – $5,000,000
Starting at 3%
2 to 25 years
Operate business in US or Canada for 6 months or more, have a business bank account, 500 personal credit score, at least $8,000 in monthly revenue
National Business Capital business loans
Finder rating 4.3 / 5
$100,000 – $10,000,000
Starting at 1.5%
6 to 120 months
1+ Year in Business, $500,000 in Annual Revenue
Clearco reviews and complaints
|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.
Ask a question using your email below.Ask a question
You are about to post a question on finder.com:
- Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
- finder.com is a financial comparison and information service, not a bank or product provider
- We cannot provide you with personal advice or recommendations
- Your answer might already be waiting – check previous questions below to see if yours has already been asked