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 they have more competitive terms than other alternative lenders.
- Review: Who Should Apply?
- Currency Product Features
- Application Process
- How Does Currency Compare to Other Online Lenders?
Currency Review: Who Should Apply?
Loans from Currency are good for businesses that need to purchase equipment and may need larger loan amounts (up to $15 million for some loan products). Currency currently offers business loans, lines of credit, accounts receivable financing and cash advances.
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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 and merchant cash advances 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’ll may only receive these rates if you have an excellent credit score and an established business.
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 six years 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 offers a variety of financing products, including business loans, lines of credit and cash advances.
Business Loan Features
Currency provides both short-term and long-term business loans. Short-term loans have terms up to two years, and long-term loans have terms up to six years.
|How Do I Qualify for a Currency Business Loan?|
|Loan Amount Range|
|Fees||Varies by business|
Line of Credit Features
Business lines of credit are available for up to $15 million, with terms ranging from one to two years.
|How Do I Qualify for a Currency Line of Credit?|
|Line Amount Range||$500,000 - $15 million|
|APR Range||3.00% - 20.00%|
|Line Terms||12 - 24 months|
Cash Advance Features
Businesses can advance up to $250,000 through Currency with terms from 3 to 24 months. APRs for cash advances start at 12% and go up to 35%.
|How Do I Qualify for a Currency Cash Advance?|
|Cash Advance Range||$3,500 - $250,000|
|APR Range||12.00% - 35.00%|
|Fees||Varies by business|
|Cash Advance Terms||3 - 24 months|
Currency Application Process
Currency’s online Express 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 Express 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.
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
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 $150,000 and APRs are higher at 20-80%. 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 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 six-month terms. APRs range from 13.99% to 39.90%, and businesses must be at least one year old with $100,000 in annual revenue. Owners need a personal credit score of 500, which is lower than the score required by Currency.
Currency vs. 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 five years. To qualify, you’ll need a credit score of 620 and your business must incorporated or an LLC and be 2 years old with $150,000 in annual revenue. APRs range from 8-33%.