Currency Finance Review (Formerly Currency Capital)

Pros

• Low credit score requirements
• High borrowing amounts
• Long-term financing options available
• No prepayment penalties

Cons

• Funds can take a while to disburse
• Website advertising is not informative

What Is Currency Finance?

Currency Finance (formerly Currency Capital) is an alternative financing company that offers a platform for connecting customers in the U.S. and Canada with third-party equipment loans and leases.

While Currency has a network of lenders that makes it easier to find funding, the funding process can still drag out, and many businesses continue to be turned away for poor credit. That said, Currency does manage to offer an impressive amount of equipment capital to new businesses.

Services Offered By Currency Finance

Currency Finance features a network of 30+ lenders that can connect businesses to equipment loans and leases up to $500,000.

Funds can be used to purchase heavy equipment, farm equipment, trucks and trailers, and even aircraft. Working capital loans are also available, although Currency Finance provides little information about these loans.

While it doesn’t provide other types of funding, there are many great opportunities available for businesses that want to make equipment purchases more manageable by paying over time and with little to no down payment required.

Borrower Qualifications

To qualify for equipment financing through Currency’s platform, you must have no recent bankruptcies and own at least 20% of your business.

While individual lenders on the platform will have different qualifications, Currency states that borrowers with 625+ credit scores, business credit history, and a time in business of at least two years will have the most funding opportunities.

Rates & Fees

Here is a snapshot of what Currency’s platform offers businesses seeking equipment financing:

Because Currency works with a network of lenders, term lengths, down payment requirements, and interest rates may vary. Your credit score, time in business, and other details will also impact what you qualify to receive (and how much you’ll be paying for it).

Currency’s partners deal in both loans and leases, so you should be able to find an equipment financing solution that suits your needs.

Currency can also help you get a working capital term loan if you need money for something other than equipment.

Note that your options for Currency loans may vary depending on which lenders are willing to extend credit to you.

Currency Finance Application Process

Currency Finance offers an online application that only takes a few minutes to complete. During this process, you’ll need to provide information about the equipment you plan to purchase (cost, make, model, etc.), your down payment (if applicable), personal information, and information about your business, including your business structure, contact details, and ownership information.

At this step in the process, a soft pull on your credit is performed. Once your application is submitted, Currency’s platform matches your credit profile and funding needs with dozens of lenders; it can initiate a loan process for a particular piece of equipment with a simple button click.

You may be required to provide additional information throughout the lending process, including proof of ownership, documentation showing how long your business has been in operation, and/or bank statements.

Sales & Advertising Transparency

Currency’s website primarily focuses on advertising, but there is an FAQ available that should be able to answer some basic questions. You won’t find any clear answers on issues such as rates and fees, however.

Beyond its website, Currency Finance is also active on its Facebook, X/Twitter, and LinkedIn profiles.

Customer Service & Technical Support

Currency Finance offers several ways to get in touch if you need assistance. You can call the company or submit an online form with your question or comment.

Currency also has a company blog, a collection of FAQs, and social media profiles.

Currency’s customer base generally describes the company as easy to work with, responsive, and having helpful employees. Some customers have reported frustrations with the process being more complicated than they thought it would be.

User Reviews

As is the case for many online lenders, Currency Finance reviews tend to be very polarized between customers who had excellent experiences and customers with complaints. Currency is accredited by the BBB, where it also holds an A+ rating and 3 out of 5 stars based on user reviews. Currency also receives a rating of 4.2 out of 5 (based on 290+ user reviews) on Trustpilot.

Negative Reviews & Complaints

While the bulk of Currency Capital’s reviews are positive, some customers had complaints about:

• Long time to funding
• Lack of communication throughout the loan process
• Getting billed for equipment that was never received

Positive Reviews & Testimonials

Most of Currency’s reviews are positive, with customers citing that they most like:

• Good customer service
• Easy application process
• High borrowing amounts
• Fewer documentation requirements than other lenders

Final Verdict: Is Currency Finance Worth It?

Currency seeks to stand out from its competition by bringing a modern approach to a very traditional industry. For the most part, it succeeds in streamlining some intimidating processes, though at the end of the day, we’re still talking credit checks, bank records, and pages of fine print.

The time to funding is also something that isn’t quite updated, with some borrowers having to wait two weeks or longer after submitting an application. Still, if you don’t meet the requirements of other lenders and want a more simplified loan process, Currency Finance is worth looking into, as it earned an overall rating of 3.7 out of 5 for this review.

Younger companies that don’t have an established relationship with an equipment financer should consider giving Currency a try, provided they manage to clear the minimum credit rating. The exchange rates are pretty decent, and the large battery of lenders can increase your chances of getting the money you seek.

If you’re on the fence or still shopping for your options, check out other top equipment lenders to find the option that’s best for your business.