Currency Finance Review 2024

Currency Finance is an online business loan marketplace that was formerly known as Currency Capital. They specialize in business loans that are designed to help you purchase equipment and they also offer medium-term traditional loans. Currency Finance helps verify the quality of the equipment purchased.

At a Glance:

• Loans up to $500,000
• Competitive rates and relatively low APR when compared to similar loans
• Streamlined application process is easy and straightforward
• Online marketplace specializing in equipment loans and medium term loans
• Several fees may apply especially when borrowers have lower credit scores or show risk in other ways

Currency Finance Pros and Cons

PROS

• Competitive rates and comparatively low APR
• Variety of loan options available

CONS

• Early payment fees may apply
• Personal guarantee and business lien needed

Currency Finance Business Loan Rates and Fees

	3.5/5 Compare Loans
APR:	Varies depending on borrower
Loan term:	Up to 72 months
Loan amounts:	Up to $500,000
Hidden fees:	Varies, loans may require origination fees, prepayment fees, late fees, etc.
Minimum credit score required	620
Extra perks:	Verification of equipment quality for equipment loans
Fund availability	As early as one business day but may require more time

What type of business loans does Currency Finance offer?

Equipment Financing: Equipment financing allows business owners to receive a lump sum that they are to use to pay for any equipment they may need. If the borrower defaults on this type of loan, the equipment purchased would be repossessed as it is considered the collateral for the loan. Those who qualify for Equipment Financing through Currency Finance typically have an annual revenue over $75k, a personal credit score of at least 585, and have been in business for at least six months. Best for business owners who need new equipment or machinery.

Medium-Term Business Loans: Medium-term business loans are quite literally business loans designed for medium term uses as they include fast financing and medium repayment term lengths. Those who qualify for Short-Term Business Loans through Currency Finance typically have an annual revenue over $75k, a personal credit score of at least 585, and have been in business for at least six months. Best for emergency situations.

What are some of the benefits of using Currency Finance’s Services?

There are a variety of lenders available through Currency Finance.

As Currency Finance is an online marketplace you will be able to weigh several options from a variety of lenders when you submit your one application. Currency Finance will show you multiple options that you may qualify for in one place so you can compare and contrast so you can make sure you are picking the best one.

The lenders Currency Finance recommends will be able to competitive rates and comparatively low APRs.

The lenders you will be matched with when you apply with Currency Finance will offer you great rates which are often better than you would get otherwise. The APR range is between 6% - 24% so even on the higher end it is quite competitive.

What are some of the downsides to using Currency Finance Business Loans?

You will need a personal guarantee and business lien.

Currency, like other lenders, requires a personal guarantee for all business lines of credit, which means you (the borrower) will be personally liable for repayment if your company defaults on a loan. To secure the line of credit, borrowers must consent to a general lien on their business assets which means that your business or aspects of it may serve as collateral should you default on the loan.

Early payment fees may apply.

There are many online lenders who will not charge you a fee for paying off your loan early but many of the lenders that you’ll be matched with through Currency Finance will. You’ll be able to enjoy other financial perks like lower interest rates but you will not be able to save any money by paying off your loan early and you may be charged a flat fee simply for making that early pay off.

Currency Finance’s website is sparse.

While Currency Finance is a reputable lender, the lack of information on their website can be a deterrent for customers who like to research companies before they work with them. Their website does not include general financial advice and apart from basic answers to FAQs, you will likely need to contact them directly to receive answers to most of your questions.