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.
Currency Finance equipment loans review
- Min. Amount
- Max. Amount
- 6% to 24%
This online service specializes in equipment financing with options for fair credit business owners with terms of up to 72 months. But other providers offer higher maximum loan amounts, have more lenient credit requirements and are more upfront about their fees. It may be worth shopping around.
Best for: Fair credit business owners in need of equipment financing.
Same-day financing available
Accepts 625+ credit scores
Terms as long as 72 months
Option to purchase directly from seller
Not available to startups
Low $500,000 maximum loan amount
Fees not clearly stated
|Loan term||24 to 72 months|
|Min. Credit Score||625|
|APR||6% to 24%|
|Requirements||625+ personal credit score, 2+ years in business, commercial credit history|
What makes Currency shine
Currency Financial is a financial technology company that connects business owners with companies that sell equipment and offers financing for the purchase. It’s one of the few companies that specializes in equipment financing, making it a good option for business owners that need assistance with this type of loan.
As an online business lender, it can approve and fund your loan faster than traditional banks, depending on your circumstances. Many businesses can qualify for same-day financing — though it may take longer to receive your equipment. Currency also boasts strong reviews where customers often mention their representative by name and highlight their responsiveness, professionalism and dedication.
Currency also verifies that the equipment you’re purchasing costs as advertised before funding the loan.
Where Currency falls short
Currency’s standard business loans max out at a low $500,000. Other marketplaces, like Lendio, offer equipment financing up to $5,000,000 — and only require a 500 personal credit score. Since the average small business loan is over $600,000, this low maximum loan amount may not be ideal for all companies.
Currency also doesn’t provide much information about its partners and their fees on its website. You’ll need to complete an application to learn more about your options and how much a loan will cost you.
To find more flexible financing, compare other business loan providers that offer equipment financing.
Currency business loans
Finance construction, agricultural, trucking and other types of commercial equipment through Currency’s business loan product.
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.
|Minimum credit score/credit range||625+ personal credit score|
|APR||6% to 24%|
|Loan amounts||Up to $500,000|
|Terms||Up to 72 months|
|Approval turnaround||Typically 1-2 business days; funding in 2-3 business days.|
|Fees||Vary depending on the lender|
CurrencyAir business loan
Currency features a separate business loan if you’re financing an aircraft for commercial purposes.
|Minimum credit score/credit range||680|
|APR||Typically 3.5% to 6.5%|
|Loan amounts||Starts at $25,000|
|Terms||Up to 20 years|
|Approval turnaround||Not stated|
|Fees||Vary depending on the lender|
To see how much your business might pay every month, use our business loan calculator.
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How to qualify for a Currency business loan
Currency requires you to meet a few basic criteria to use its services.
- At least two years in business
- Personal credit score of 625 or higher
- Established commercial credit history
Like most business lenders, Currency also requires owners with a 20% stake in the company to meet credit requirements and cosign the loan.
And while you must have an established business credit history, Currency doesn’t advertise a minimum business credit score — only a personal one.
How to apply for a Currency loan
Follow these steps to apply for financing:
- Visit Currency’s site and select Apply today.
- Provide information about the type of equipment needed.
- Enter personal contact details and information about your business.
- Submit the application and wait for a decision.
Currency doesn’t disclose how long it typically takes to receive funding. Instead, it states it reaches out as soon as possible, but approval times can vary depending on the type of financing requested, if it needs additional documentation and whether the application is completed during or after business hours.
How Currency compares to other lenders
Enter your loan amount, revenue, time in business and credit score range to browse lenders best suited to your financial needs. Then, narrow down these lenders by minimum loan amount, maximum loan amount and more, or select Compare for up to four products to see their benefits side by side.
Currency reviews and complaints
|Trustpilot Score||4.4 out of 5 stars, based on 185 customer reviews|
|Customer reviews verified as of||20 March 2023|
Most Currency reviews are from customers who are happy with the quality of customer service, simple application and speedy approval. However, a few complain about being denied for a loan despite strong credit scores and several years in business.
There are no reviews on the Better Business Bureau and only one complaint in the last three years.
Is Currency legit?
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, so look into the provider Currency connects you with before you sign your loan contract.
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