Currency Equipment Financing Review: Wide Variety of Options for All Borrowers

Currency
Currency

Currency Equipment Financing Review: Wide Variety of Options for All Borrowers

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

Editor's Rating

4.5/5.0

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Currency is an online equipment financing marketplace that provides a variety of loan and financing products through in-house financing as well as its partner lender network. 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?

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Loans from Currency are good for businesses that need to purchase equipment and may need larger loan amounts (up to $5,000,000 for some loan products). Currency currently offers equipment financing, business loans and business lines of credit.

Good for...Bad for...
  • Businesses that need to purchase equipment Business that need larger loans (up to $5,000,000)
  • Businesses that need funds for other reasons besides purchasing equipment

Currency has fewer eligibility requirements than other alternative lenders, but qualifying will depend on the type of loan you’re applying for. For instance, there are no requirements to qualify for accounts receivable financing, and short-term loans only require a minimum credit score of 475 to qualify.

One advantage of taking out a loan through Currency is the competitive terms offered. Loan amounts at Currency are significantly higher than those from other alternative lenders and are comparable to what banks can offer small businesses. APRs at Currency are also similar to those provided by traditional lenders, with APRs as low as 4.99% on long-term loans and 3% on lines of credit. However, you may only receive these rates if you have a strong application, like an excellent credit score (720+) or outstanding financials.

Currency requires monthly repayment, making it a better option for businesses that can’t afford the cash flow disruptions of weekly or daily payments. Currency also has longer terms than many alternative lenders, with terms up to 24 months for its long-term business loan (this is also comparable to terms offered by banks). You may also receive funding within one day when you apply for a long-term 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 is not ideal for businesses that need funds for other purposes. However, financing is available to businesses in all 50 U.S. states and most industries (except for adult, gambling or drug-related industries).

Currency Financing Product Features

Currency
Currency

Currency offers a variety of financing products, including equipment financing, both short and long-term business loans, and lines of credit.

Equipment Financing

Currency offers equipment financing of up to $5,000,000, which is comparable to what one can find at a bank but with much more lenient eligibility requirements.

How Do I Qualify for Equipment Financing with Currency?
  • Minimum credit score:
Line Amount Range$50,000 - $5 million
APR Range1.40% - 10.1%
FeesVary
Line TermsUp to 5 years
Repayment OptionsMonthly

Business Loan Features

Currency provides both short-term and long-term business loans. Short-term loans can be as large as $2,000,000, and long-term loans can be as large as $5,000,000.

How Do I Qualify for a Currency Business Loan?
  • Long-term loan:
    • Requirements vary
  • Short-term loan:
    • Minimum personal credit score: 475
    • Minimum annual revenue: $100,000
Loan Amount Range
  • Long-term loan: $5,000 - $5 million
  • Short-term loan: $3,000 - $2 million
APR Range
  • 4.99% - 20.00%
  • 8.00% - 36.00%
FeesVaries by business
Loan Terms
  • Long-term loan: 18 - 72 months
  • Short-term loan: 3 - 24 months
Repayment OptionsMonthly

Line of Credit Features

Business lines of credit are available for up to $5,000,000, with terms ranging from 12 - 24 months.

How Do I Qualify for a Currency Line of Credit?
  • Minimum credit score: 650
Line Amount Range$5,000 - $5 million
APR Range3.00% - 20.00%
FeesVary
Line Terms12 - 24 months
Repayment OptionsMonthly

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 contact information, the loan amount, age of your business, industry and monthly revenue. Currency’s technology can approve borrowers in less than 3 minutes and will put you directly in touch with a Currency representative to finalize your funding options. To complete the funding process, you’ll be asked to provide proof of business ownership, and depending on the product you’re applying for, you may also need to provide bank statements. Currency will also conduct a credit check when you apply.

Currency Application Process
Currency Application Process

How Does Currency Compare to Other Online Lenders?

While Currency offers a variety of financing products, you may be considering a loan from a different alternative lender. Let’s take a look at some of the competition.

Currency vs. Kabbage

Kabbage
Kabbage

If you’re looking for a larger line of credit and can meet the requirements, Currency is likely a better choice for your business than Kabbage. While Kabbage also has a line of credit, the maximum loan amount is only $250,000 and APRs can be much higher at 80%. One benefit Kabbage does have over Currency is that it requires no minimum credit score to apply (Currency requires at least 650 for its line of credit).

Currency vs. OnDeck

OnDeck
OnDeck

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 6 -month terms. APRs range up to 39.9%, and businesses must be at least 12 months old with $100,000 in annual revenue. Owners need a personal credit score of 600, which is higher than the score required by Currency.

Currency vs. Funding Circle

Funding Circle
Funding Circle

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. To qualify, you’ll need a credit score of 620 and your business must be incorporated or an LLC, and be 24 months old. APRs can range up to 33%.

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