Currency Equipment Financing Review: Loans for Construction and Agriculture Businesses

Currency Equipment Financing Review: Loans for Construction and Agriculture Businesses

Editor's Rating

Loans from Currency are good for businesses that need to purchase equipment and may need larger loan amounts (up to $5 million for some loan products). Currency currently offers equipment financing, business loans, and lines of credit.

Good for

  • Businesses that need to purchase equipment
  • Businesses that need larger loan amounts (up to $5 million)

Bad for

  • Businesses that needs funds for other reasons besides purchasing equipment
on Currency's secure website
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Compare Small Business Loans

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Editor's Rating

Loans from Currency are good for businesses that need to purchase equipment and may need larger loan amounts (up to $5 million for some loan products). Currency currently offers equipment financing, business loans, and lines of credit.

Good for

  • Businesses that need to purchase equipment
  • Businesses that need larger loan amounts (up to $5 million)

Bad for

  • Businesses that needs funds for other reasons besides purchasing equipment
on Currency's secure website
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Currency is an online equipment financing marketplace that provides a variety of loan and financing products to businesses in the agriculture and construction industries. Businesses in other industries may also be eligible for financing through one of Currency's partner lenders. If you’re looking to finance an equipment purchase, particularly for expensive equipment, Currency is a good option, as it has more competitive terms than other alternative lenders.

Currency Review: Who should apply?

Loans from Currency are good for businesses that need to purchase equipment and may need loan amounts from $10,000 to $100,000. Currency offers equipment financing, although it can help match you up with partner lenders for other types of financing.

Good for...
Bad for...
  • Businesses that need to purchase equipment
  • Business that need loans of $10,000 to $100,000
  • Businesses in the agriculture or construction industries
  • Businesses that need funds for other reasons besides purchasing equipment
  • Businesses that need loans larger than $100,000
  • Businesses that are looking to pay off their equipment for more than 60 months

Currency equipment financing has fewer eligibility requirements than other alternative lenders. For instance, equipment loans require 24 months' time in business, a minimum credit score of 625 to qualify and you must apply with all business owners who have a 10% stake or more in the company.

One advantage of taking out a loan through Currency is the competitive terms offered. APRs at Currency are also similar to those provided by traditional lenders, with APRs ranging from 7.5% - 12.5%. However, you may only receive these rates if you have a strong application, like a good credit score (670-739) or outstanding financials.

Currency offers flexible repayment options. You may be able to choose between making monthly, quarterly, semiannual and annual payments. Currency also has longer terms than many alternative lenders, with terms up to five years for its equipment loan, which is also comparable to terms offered by banks. You may also receive funding within one to three days if you are approved for a loan. If you are unable to qualify for a bank loan or need money more quickly than a bank can provide, then Currency is a good choice.

Because Currency focuses on equipment financing, it may not be suitable for businesses that need funds for other purposes. However, financing is available to businesses in all U.S. states except for Tennessee and Vermont. If you live in those two states or need financing for other industries, Currency does work with other lenders that it can connect you with.

Currency product features

on Currency's secure website
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Currency offers equipment financing for businesses in the construction or agriculture industries.

Equipment financing

Currency offers equipment financing of $10,000 - $100,000, which is comparable to what you can find at a bank but with much more lenient eligibility requirements.

How do I qualify for equipment financing with Currency?
  • Minimum credit score: 625
Loan amount range$10,000 - $100,000
APR range7.5% - 12.5%
Fees$125 documentation fee, plus any other title or filing fees for the equipment.
Loan terms2 to 5 years
Repayment optionsMonthly, quarterly, semiannual or annual

Currency application process

Currency’s online application process only takes a few minutes to complete. When you start the application, you’ll need to enter your requested loan amount, your down payment size, what type of equipment you're buying and personal details about yourself including your name and contact information. After submitting your application and undergoing a soft credit check, Currency will put you in touch with a representative to finalize your funding options.

How does Currency compare to other online lenders?

While Currency offers equipment financing for construction or agriculture businesses, you may be considering a loan from a different alternative lender. Let’s take a look at some of the competition.

Currency vs. Kabbage

on Kabbage's secure website
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If you’re looking for a line of credit or a larger loan and can meet the requirements, Kabbage is likely a better choice for your business than Currency. With Kabbage, the maximum loan amount is $150,000 but APRs can be much higher at 36%. Kabbage is currently only available to customers of American Express and previous Kabbage customers.

Currency vs. OnDeck

on OnDeck's secure website
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OnDeck may be a better option if you need a short-term line of credit or don’t need to purchase equipment. OnDeck offers lines of credit up to $100,000 for 12-month terms. Average APRs are 47.14%, and businesses must be at least 12 months old with $100,000 in annual revenue in annual revenue. Owners need a personal credit score of 600, which is lower than the score required by Currency.

Currency vs. Funding Circle

on Funding Circle's secure website
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If you don’t need to purchase equipment for your business, Funding Circle is another solution for funding. Funding Circle offers business loans up to $500,000 with terms up to 60 months and business lines of credit up to $100,000. To qualify, you’ll need a credit score of 660 and your business must be 24 months old.

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

on Currency's secure website
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