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Currency business loans review

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Finance equipment for your business — but be prepared for a complex application.

  • Best for businesses that need financing for a specific piece of equipment.
  • Pick something else if your business needs flexibile access to funds.

$5,000

Min. Amount

$500,000

Max. Amount

Details

Product NameCurrency business loans
Min. Amount$5,000
Max. Amount$500,000
Loan Term24 to 72 months
Min. Credit Score585
APR6% to 24%
Requirements650+ personal credit score, generate revenue for 6+ months, $75,000+ annual revenue, net loss no greater than 10% over the past 12 months

Expert review

Shannon Terrell

Review by


Shannon Terrell is a writer for Finder who studied communications and English literature at the University of Toronto. On any given day, you can find her researching everything from equine financing and business loans to student debt refinancing and how to start a trust. She loves hot coffee, the smell of fresh books and discovering new ways to save her pennies.

Expert review

CurrencyFinance is a product offered by Currency, and is best for businesses that have already picked out a piece of equipment and are ready to apply for financing. While you can apply for funding before you shop, it’s usually applied for through a merchant that uses CurrencyPay — its payment platform.

That being said, its rates start relatively low, and your business only needs to be six months old to qualify.

However, you’ll need to meet decently strict credit score and annual revenue requirements to qualify, and there’s no online application. To get funding — and most loan or lease information — Currency requires you to go through a seller or contact its customer service team.

To find more flexible financing, compare even more business loans that can be used for working capital and equipment.

How much will this loan cost me?

Currency offers loans up to $500,000 for terms between 2 years and 6 years. But while it does have 0% financing programs available to some borrowers, your APR will likely range from 6% to 24% — although we weren’t able to get exact rates when we called. If you use Currency through a dealership, your APR may be higher or lower.

To determine how much your business can afford, use our calculator to estimate your monthly repayment.

Business loan calculator

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How it works

The underwriting process depends on your business’s finances and the type of equipment needed. If you meet its minimum requirements, you may be approved — but your rates will likely be above 20%. Established businesses with strong revenue and an owner with excellent personal credit could be able to borrow more at a lower rate.

But Currency isn’t necessarily a direct lender, which makes the financing process more difficult. Because you can work through a seller or dealership and finance through Currency, you may need to meet entirely different requirements — and end up with different rates and loan amounts. To clear up any confusion, we recommend reaching out to a Currency representative before getting started.

What do I need to qualify?

Currency requires you to meet a few basic criteria:

  • At least a 585 personal credit score
  • In business for at least six months
  • Annual revenue of at least $75,000

In addition to these requirements, your business must not have a net loss greater than 10% within the past 12 months.

What information do I need to apply?

Although Currency doesn’t list the specific information your business will need to apply, this information is commonly required by lenders:

  • Business plan outline purpose for funding
  • Proof of revenue
  • Proof of business checking account

What industries does Currency work with?

Currency doesn’t state which industries it works with. If your businesses is involved in a nontraditional or high-risk industry, such as cannabis or adult entertainment, reach out to a Currency representative to make sure it qualifies for funding.

Pros

  • Can purchase directly from seller
  • Financing and equipment leases available
  • Newer startups may be eligible

Cons

  • Loans limited to $500,000
  • No online application
  • May require lien on business assets

See other top business loan options

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
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
$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.
OnDeck small business loans
$5,000 – $250,000
As low as 9.99%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Compare up to 4 providers

Is Currency legit?

Yes, Currency is a legit payment platform that also offers financing for equipment. Its website and contact form are encrypted to keep your information safe, and its privacy policy covers what information it collects. To limit sharing, you can contact Currency by emailing customerservice@currencypay.com.

Currency reviews and complaints

BBB accredited No
BBB rating A+
BBB customer reviews 1.36 out of 5 stars, based on 11 customer reviews
BBB customer complaints 23 customer complaints
Trustpilot Score 4.1 out of 5 stars, based on 538 customer reviews
Customer reviews verified as of 13 October 2020

Currency receives poor reviews on its BBB page. Customers report struggling with Currency’s repayment system. Some have had their payments returned, while others have had trouble making payments or canceling automatic withdrawals. Complaints frequently cite predatory practices when a loan is in collections.

How do I apply?

Currency doesn’t have an online application. Instead, you’ll need to contact it directly to get started.

  1. Visit Currency’s website and click CurrencyFinance under the Products tab.
  2. Click the Contact us button, then enter information about yourself and your business.

If you apply through a seller or dealership, the application process may be different.

What happens after I fill out the contact form?

Currency will reach out to you and discuss the type of equipment you plan on buying, your business and your financing options. It may take anywhere from a few days to a few weeks to finalize your loan. It largely depends on if you already have a piece of equipment picked out and how quickly it can process your information.

How do repayments work with Currency?

You’ll make monthly repayments on your equipment loan. Currency offers automatic payments that you can set up by sending an authorization form and voided check by email. You can mail a check or money order directly to Currency’s headquarters or call its customer service team to make a payment by debit card.

If needed, Currency allows you to change your due date once during your loan term. You should review your loan agreement for late fees, prepayment penalties and other fees that can increase the cost of your loan.

Currency may be a good option for financing equipment, but there are other ways to fund your business that you should consider before working through its complex application process.

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