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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.

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Details

Min. Amount$5,000
Max. Amount$500,000
Loan Term24 to 72 months
Min. Credit Score625
APR6% to 24%
Requirements625+ personal credit score, 2+ years in business, commercial credit history

Pros

  • Accepts fair credit
  • Terms as long as 72 months
  • Option to purchase directly from seller

Cons

  • 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.

Name Product Filter Values Loan amount APR Requirements

Biz2Credit business loans
Finder Rating: 3.75 / 5: ★★★★★

Biz2Credit business loans
$25,000 – $250,000
Starting from 8.99%
6+ months in business; $150,000+ monthly revenue; 500+ credit score
Get only the capital you need through secure, prescreened lenders with this highly rated company offering SBA, expansion, working capital and other loans.

OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★

OnDeck short-term loans
$5,000 – $250,000
As low as 35%
600+ personal credit score, 1 year in business, $100,000+ annual revenue, active business checking account
A leading online business lender offering flexible financing at competitive fixed rates.

Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★

Fora Financial business loans
$5,000 – $500,000
Varies
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

ROK Financial business loans
Finder Rating: 4.7 / 5: ★★★★★

ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
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Currency reviews are few — but mostly positive

BBB accredited No
BBB rating A+
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.

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