We have partnered up with top funding channels to bring this solution to you. Here are the answers to our most Frequently Asked Questions. To qualify you need to be in business for 1 year and have good credit history and a 630 minimum credit score. Also, if there is more than one owner that owns more than 30% they need to apply.
Equipment Financing
A better way to obtain equipment financing
Lendinero makes equipment financing easy.
Will my personal credit have an inquiry when I apply?
Nope. We can make a decision without an inquiry showing up on your credit report. You need a 630 credit score or higher and good credit history; that means no collections, no high balances on credit card limits, no charge-offs, banktrupcy, etc.
What transaction sizes do you finance?
From small ($5,000) to large ($500,000-plus).
What are your finance rates and Terms?
The finance rates we offer are competitive with a typical bank business loan. Rates can range from 8% to 18% annual and terms can range from 6 months to 2 years. Your final interest rate may be lower or higher. Payments are monthly or weekly ACH.
Do you have the restrictions that a bank has, like blanket liens and similar?
No, we do not. Our fixed-rate loans require no equipment liens, and we also do not require a compensating bank balance. Nor do you have to re-qualify for the loan annually. Assuming you make your payments, we’ll leave you alone.
What about applying – do I need boxes of tax returns and other forms?
As a matter a fact, the answer is “No”. First, if your transaction size is under $250,000, then all you need to do is fill out the application. You can apply online.
Once we apply, how fast is your approval process?
SAME DAY APPROVALS; MAX 2 DAYS. FAST AND SIMPLE.
Do you provide financing for the entire transaction?
Yes, we provide 100% financing as long as you qualify. Can we can also provide you with a hybrid solution which means 20% with another solution and 80% with our equipment financing program. Moreover, we are flexible. For instance, if the cost of the equipment is $100,000 and under the equipment financing program you qualify for $80,000; we can get you the $20,000 with another loan.
Do you finance (insert type of equipment)?
Of course, we will finance almost any type of equipment, vehicle and software a business needs to conduct operations. Not to mention, financing is available to purchase from heavy equipment to office furniture to electronic equipment to pretty much everything else.
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