Currency Finance equipment loans review

What makes Currency shine

Currency Financial is a financial technology company that connects business owners with companies that sell equipment and offers financing for the purchase. It’s one of the few companies that specializes in equipment financing, making it a good option for business owners that need assistance with this type of loan.

As an online business lender, it can approve and fund your loan faster than traditional banks, depending on your circumstances. Many businesses can qualify for same-day financing — though it may take longer to receive your equipment. Currency also boasts strong reviews where customers often mention their representative by name and highlight their responsiveness, professionalism and dedication.

Currency also verifies that the equipment you’re purchasing costs as advertised before funding the loan.

Where Currency falls short

Currency’s standard business loans max out at a low $500,000. Other marketplaces, like Lendio, offer equipment financing up to $10,000,000 — and only require a 500 personal credit score. Since the average small business loan is over $600,000, this low maximum loan amount may not be ideal for all companies.

Currency also doesn’t provide much information about its partners and their fees on its website. You’ll need to complete an application to learn more about your options and how much a loan will cost you.

To find more flexible financing, compare other business loan providers that offer equipment financing.

Currency business loans

Finance construction, agricultural, trucking and other types of commercial equipment through Currency’s business loan product.

A Currency representative told us that if you use Currency through a dealership, your APR may be higher or lower. Fees also vary depending on the lender.

CurrencyAir business loan

Currency features a separate business loan if you’re financing an aircraft for commercial purposes.

To see how much your business might pay every month, use our business loan calculator.

How to qualify for a Currency business loan

Currency requires you to meet a few basic criteria to use its services.

• At least two years in business
• Personal credit score of 625 or higher
• Established commercial credit history

Like most business lenders, Currency also requires owners with a 20% stake in the company to meet credit requirements and cosign the loan.

And while you must have an established business credit history, Currency doesn’t advertise a minimum business credit score — only a personal one.

How to apply for a Currency loan

Follow these steps to apply for financing:

1. Visit Currency’s site and select Apply today.
2. Provide information about the type of equipment needed.
3. Enter personal contact details and information about your business.
4. Submit the application and wait for a decision.

Currency doesn’t disclose how long it typically takes to receive funding. Instead, it states it reaches out as soon as possible, but approval times can vary depending on the type of financing requested, if it needs additional documentation and whether the application is completed during or after business hours.

How Currency compares to other lenders

Enter your loan amount, revenue, time in business and credit score range to browse lenders best suited to your financial needs. Then, narrow down these lenders by minimum loan amount, maximum loan amount and more, or select Compare for up to four products to see their benefits side by side.

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Updated regularly

Product USFBL	Finder Score	Min. Amount	Max. Amount	APR	Requirements
Olympus Business Capital	Finder score 9 Excellent	$500	$250,000	Not stated	Been in business for 6 months registered with the state, active and open bank account in business name, have $10,000 of revenue each month	No credit needed. Funding up to $250,000 with a variety of finance options to best fit your business needs.	Go to site Compare	loading Fetching your data...
Lendio business loans	Finder score 9.6 Excellent	$1,000	$10,000,000	Varies by lender	Operate business in US or Canada for 6 months or more, have a business bank account, minimum 520 personal credit score, at least $8,000 in monthly revenue.	Submit one simple application to potentially get offers from a network of over 75 legit business lenders.	Go to siteMore Info Compare	loading Fetching your data...
Fundera business loans	Finder score 8.6 Great	$2,500	$5,000,000	Varies based on lenders	$60,000+ of annual revenue, 550+ personal credit score, in business for 6+ months	Get connected with short-term funding, SBA loans, lines of credit and more.	Go to siteMore Info Compare	loading Fetching your data...
Fora Financial business loans	Finder score 8.8 Great	$5,000	$1,500,000	Varies	6+ months in business, $25,000+ gross monthly sales, no open bankruptcies	Get qualified for funding in minutes for up to $1,500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.	Go to siteMore Info Compare	loading Fetching your data...
National Funding business loans	Finder score 9.6 Excellent	$5,000	$500,000	Undisclosed	In business 6+ months and make at least $250,000 in annual sales. Other loan types have additional requirements.	Working capital loans and equipment financing, some high-risk industries may be eligible.	Go to site Compare	loading Fetching your data...
American Express® Business Line of Credit	Finder score 8 Great	$2,000	$250,000	N/A	Minimum FICO score of at least 660 at the time of application, have started your business at least a year ago, and an average monthly revenue of at least $3,000	Access lines of credit for your small business even if you aren't currently an Amex customer.	Go to siteMore Info Compare	loading Fetching your data...

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Currency reviews and complaints

Most Currency reviews are from customers who are happy with the quality of customer service, simple application and speedy approval. However, a few complain about being denied for a loan despite strong credit scores and several years in business.

There are no reviews on the Better Business Bureau and only one complaint in the last three years.

Is Currency legit?

Currency is licensed as a loan broker under the name Express-Tech Financing — in the states that require it. You can find a list of licenses on the Currency website. Or, look up the license through the department that regulates businesses in your state.

But it doesn’t issue loans itself, so look into the provider Currency connects you with before you sign your loan contract.