Currency Finance equipment loans review
Equipment financing to help your business grow — but you’ll have to get in touch for basic information.
Bottom line: This online service specializes in equipment financing with options for fair credit business owners. But with limited information available on its website, it’s difficult to compare with other similar providers. Read our full review or get our 30-second take.
- Accepts fair credit
- Terms as long as 72 months
- Option to purchase directly from seller
- No online application or phone number online
- Limited information about rates, fees or how it works
- Everyone with 10% ownership or more must cosign the loan
Our take on Currency Finance business loans
Currency Financial is the lending branch of Currency, a financial technology company. Previously known as Currency Capital, Currency Finance can connect you with lenders that offer equipment financing. It’s made several changes to its financing options in response to COVID-19 — like ending its working capital program and working with a wider range of equipment dealerships. Currency has also started accepting applications from consumers.
However it doesn’t provide much information about changes to rates and fees on its website. And despite being a fintech company, there’s no online application immediately available. To apply or get more information about its current offers, you'll need to set up an appointment with its lending team.
To find more flexible financing, compare other business loan providers that offer equipment financing.
Currency isn’t transparent about rates fees and terms
Currency has undergone several changes since we were able to confirm the rates and fees available through its partners. But here's what it used to offer as of October 2020:
- Loan amounts range from $5,000 to $500,000
- Rates typically run from 6% to 24% APR
- Terms are available from 24 to 72 months
A Currency representative told us that if you use Currency through a dealership, your APR may be higher or lower. Fees also vary depending on the lender.
To determine how much your business might pay each month, use our calculator.
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How Currency compares to other online providers
Here’s how Currency compares to other online providers. Fill out the form with information about yourself and your business to see personalized options.
Currency reviews are few — but mostly positive
|Trustpilot Score||4.3 out of 5 stars, based on 16 customer reviews|
|Customer reviews verified as of||17 September 2021|
Currency only has a handful reviews from borrowers on sites like Trustpilot and the Better Business Bureau. Most Currency reviews are from customers who are happy with the quality of customer service and the simple application. However, a few complain about a slow application process and one mentions higher-than-average rates.
Currency Finance requires fair credit and an established business
Currency requires you to meet a few basic criteria to use its services.
- Personal credit score of 625 or higher
- At least two years in business
- Established business credit history
Most business lenders only require owners with a 20% stake in the company to meet credit requirements and cosign the loan. However, Currency considers the credit of everyone with a 10% stake in the company.
And while you must have an established business credit history, Currency doesn’t advertise a minimum credit score.
Set up an appointment to get started
To apply for a business loan through Currency, set up an appointment with a member of its finance team. Since it doesn’t have a phone number on its website, the only way to get in touch is by filling out a form on its website with your contact information.
Currency doesn’t disclose how long it typically takes to receive funding. But it likely has a longer turnaround than business lenders that don’t require an appointment.
Not much sets Currency Finance apart
Currency has slightly tighter credit requirements, a lower maximum loan amount and is less transparent than other equipment loan providers. It’s possible to find an online equipment lender that accepts personal credit scores below 625 and many won’t consider your business credit history.
But it still may be worth setting up an appointment if your business can qualify. Customers appear to be mostly happy with their experiences and it’s possible you’ll find competitive rates if your business isn’t eligible for a bank loan.
Currency is a legitimate loan broker
Currency is licensed as a loan broker under the name Express-Tech Financing — in the states that require it. You can find a list of licenses on the Currency website. Or, look up the license through the department that regulates businesses in your state.
But it doesn’t issue loans itself. Also look into the provider Currency connects you with before you sign your loan contract.
Currency may be a suitable option for financing equipment. But there are other ways to fund your business that you should consider before working with this broker.