Taycor Financial Business Financing Review
Taycor Financial Business Financing Review
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Taycor Financial offers working capital for business owners with low credit and have limited time in business, as well as equipment financing for more established companies. A wide range of available amounts and repayment terms may make Taycor Financial an attractive option for businesses with steady monthly revenue, though fast, sometimes daily, payments may be difficult to keep up with.
- What Taycor Financial offers
- Who is eligible for funding from Taycor Financial?
- Taycor Financial review: Pros and cons
- FAQs
What Taycor Financial offers
Taycor Financial provides several working capital and equipment financing options. Here’s a look at your choices.
| Amount | Term | Rates | Fees | |
|---|---|---|---|---|
| Term loans | $5,000 to $1 million | 4 to 60 months | Factor rates from 1.1 to 1.38 | Origination fee up to 5% |
| Line of credit | $10,000 to $1 million | 6 to 18 months | Factor rates from 1.1 to 1.35 | Origination fee up to 5% |
| Merchant cash advance | $5,000 to $500,000 | 2 to 24 months | Factor rates from 1.15 to 1.45 | Origination fee up to 5% |
| Accounts receivable factoring | $5,000 to $5 million | Not provided | Not provided | Not provided |
| Equipment financing and leasing | $5,000 to $2 million | 12 to 84 months | 4.2% to 28% APR | Documentation fee (amount not disclosed) |
| Equipment sale-leaseback | $100,000 to $1.5 million | 24 to 60 months | 6.5% to 28% APR | Documentation fee (amount not disclosed) |
Term loans
Taycor Financial’s term loans are available between $5,000 and $1 million with repayment terms between four and 60 months. Taycor Financial uses factor rates to calculate interest on working capital products including loans, lines of credit, accounts receivable factoring and advances. To determine the total cost of financing, you would multiply the factor rate by your loan amount. Factor rates for term loans range from 1.1 to 1.38. For example, if you borrow $100,000 at a factor rate of 1.1 (100,000 x 1.1), you’d owe $110,000 over the life of the loan. Term loans also come with an origination fee up to 5%. Borrowers would need to make daily or monthly payments.
Line of credit
Business lines of credit are available from $10,000 to $1 million. A line of credit would allow you to borrow money as needed from a set amount of funds. Terms are between six and 18 months with a weekly or monthly repayment schedule. Factor rates for lines of credit range from 1.1 to 1.35. Lines of credit also have an origination fee up to 5%.
Merchant cash advance
Businesses with a relatively large volume of credit card sales could take out a merchant cash advance between $5,000 and $500,000. A cash advance comes in the form of a lump sum of funding and Taycor Financial would take a set percentage of the business’s daily or monthly credit card sales as repayment. Terms span two to 24 months and factor rates range from 1.15 to 1.45. Cash advances have an origination fee up to 5% of the advance amount.
Accounts receivable factoring
Similar to a merchant cash advance, accounts receivable factoring would give borrowers access to a lump sum of money in exchange for selling your invoices to Taycor. As they’re paid, Taycor Financial would collect a portion of the invoice amounts as a fee and send the remainder to you. Accounts receivable factoring is available between $5,000 and $5 million, but the company does not disclose additional details about the cost of factoring or repayment terms. Lenders typically fund up to 80% to 90% of invoice value.
Equipment financing and leasing
Taycor Financial offers equipment financing and leasing between $5,000 and $2 million with repayment terms between 12 and 84 months. Interest ranges from 4.2% to 28% APR. Taycor Financial also charges a documentation fee based on individual financing agreements.
Equipment sale-leaseback
A sale-leaseback generally allows business owners to sell equipment and then lease it back from the purchaser. You’d be able to sell the equipment for cash but make lease payments to continue using the equipment. Taycor Financial’s sale-leaseback agreements are available between $100,000 and $1.5 million with lease terms from 24 to 60 months. APRs range from 6.5% to 28%. Borrowers also must pay a documentation fee.
Who is eligible for funding from Taycor Financial?
Eligibility requirements vary by product, but businesses generally need to be operational for a few months and generate consistent monthly revenue to qualify for financing. Here’s a breakdown of Taycor Financial’s minimum requirements:
Term loan
- 500 personal credit score
- $8,000 in monthly revenue
- Three months in business
- 620 personal credit score
- $15,000 in monthly revenue
- Six months in business
- No minimum credit score
- $5,000 in monthly revenue
- Five months in business
- 530 personal credit score
- No minimum revenue
- Four months in business
- 550 personal credit score
- No minimum revenue
- No minimum time in business
- 550 personal credit score
- No minimum revenue
- One year in business
- Agriculture
- Audio/visual
- Automotive repair
- Business and commercial vehicle
- IT and computers
- Manufacturing
- Medical
- Construction
- Franchise
- Health and fitness
- Industrial equipment
- Printing
- Restaurants
- Software
- Packaging equipment
Nearly all financing options require business owners to provide a personal guarantee. A personal guarantee makes the borrower personally liable to repay debt if the business defaults. Accounts receivable factoring, merchant cash advances, equipment financing and leasing are the only funding options that may not require a personal guarantee.
Taycor Financial review: Pros and cons
Before applying for funding from Taycor Financial, consider these potential positive aspects and downsides.
| Pros | Cons |
|---|---|
| Several types of funding are available with low credit requirements. | Product listing unclear on the lender’s website. |
| Small and large amounts offered. | Equipment loans exceeding $400,000 may require additional documentation. |
| No prepayment penalties on some financing options. | Time to funding would be based on your loan amount. It may take longer for Taycor Financial to review applications for larger amounts. |
FAQs
- Does Taycor Financial require a down payment for equipment financing?
Taycor Financial provides 100% equipment financing for eligible business owners. However, an equipment lease would require you to pay the first and last payment in advance.
- Can I pay off my debt early?
Yes, Taycor Financial allows borrowers to repay equipment financing early. You wouldn’t owe prepayment penalties and you may be able to save in interest by paying early.
- Are there flexible repayment terms available?
Equipment financing does have several repayment options: monthly, 90-day deferred, seasonal, quarterly, semi-annual and step-up payments. A step-up schedule would allow you to make smaller payments at the start of your lease or loan and gradually increase the amount over time.
- Where is Taycor Financial located?
Taycor Financial is based in El Segundo, Calif. The lender also has offices in Irvine, Calif., and Boston. Taycor Financial has nearly 30 years in business lending to borrowers nationwide.
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