The Best Equipment Financing Companies

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Best Equipment Financing

Lendio carefully selects the lenders it works with in its marketplace. Then works with you to find the best equipment financing for your unique situation. Read on for stats on each lender and what each lender is best at.

Learn about our methodology for lender selection here.

Lender/Funder*Best Loan/Financing TypeLoan/FInancing AmountMin. Time in BusinessLoan/Financing TermMin. Credit ScoreTime to Funds
(After Approval)
BalboaEquipment Financing$2 millionAny7 years640
ClickLeaseEquipment Financing$15,000Any5 years520
4 Hour FundingEquipment Financing
Commercial Funding PartnersEquipment Financing
FinPacEquipment Financing
Global FinancialEquipment Financing
ParadigmEquipment Financing
South End CapitalEquipment Financing
Time PaymentEquipment Financing
OnDeckEquipment Financing

The Best Business Equipment Financing Options – All In One Marketplace

Continue reading for detailed information about the lenders listed above.
Ready to apply for a loan? Lendio works with 75+ lenders to find the right option for your business. Click “Apply Now” to fill out our simple application.

Best for Equipment Financing

Balboa – Equipment financing

APR range

4.99% simple interest

Funding amount

Up to $2 million

Term

7 years

Min. credit score

640

Time to funding

As fast as 24 hours after approval

Balboa Capital, a division of Ameris Bank, is a technology-driven financing company that
provides business owners and vendors with fast, hassle-free small business funding options to
fuel their growth and success. The company specializes in small business loans, SBA loans,
equipment financing, commercial financing, equipment vendor financing, and franchise
financing. Balboa Capital developed an intuitive online platform that simplifies the entire
financing process. Calculators provide instant estimates, applications can be completed and
submitted in a matter of minutes, and sophisticated credit scoring technology provides instant
decisions.

 

Pros:
  • Best for heavy machinery financing
  • Option to fund new or pre-owned equipment
  • No down payment required
  • Discount for early repayment
Cons: 
  • Requires equipment quote from vendor
  • Not upfront about their interest fees, could be potentially costly
  • Repayment schedule of weekly payments could be a challenge for some
balboa capital logo

Balboa – Equipment financing

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APR range

4.99% simple interest

Funding amount

Up to $2 million

Term

7 years

Min. credit score

640

Time to funding

As fast as 24 hours after approval

Balboa Capital, a division of Ameris Bank, is a technology-driven financing company that
provides business owners and vendors with fast, hassle-free small business funding options to
fuel their growth and success. The company specializes in small business loans, SBA loans,
equipment financing, commercial financing, equipment vendor financing, and franchise
financing. Balboa Capital developed an intuitive online platform that simplifies the entire
financing process. Calculators provide instant estimates, applications can be completed and
submitted in a matter of minutes, and sophisticated credit scoring technology provides instant
decisions.

 

Pros:
  • Best for heavy machinery financing
  • Option to fund new or pre-owned equipment
  • No down payment required
  • Discount for early repayment
Cons: 
  • Requires equipment quote from vendor
  • Not upfront about their interest fees, could be potentially costly
  • Repayment schedule of weekly payments could be a challenge for some

ClickLease – Equipment financing

APR range

Funding amount

$15,000

Term

60 months

Min. credit score

520

Time to funding

As fast as 24 hours after approval

Clicklease offers affordable payment plans to help you get the equipment your
business needs to grow. Clicklease provides instant approvals from $500 to $25,000.
Applications use a soft credit pull and have zero impact on your personal credit. Our
amazingly fast process can be completed in less than ten minutes.

 

Pros:
  • Best option for loan requests under $25k
  • Option to fund new or pre-owned equipment
  • No down payment required
  • Discount for early repayment
Cons: 
  • Requires equipment quote from vendor
  • Not upfront about their interest fees, could be potentially costly
  • Repayment schedule of weekly payments could be a challenge for some
Clicklease Logo

ClickLease – Equipment financing

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APR range

Funding amount

$15,000

Term

60 months

Min. credit score

520

Time to funding

As fast as 24 hours after approval

Clicklease offers affordable payment plans to help you get the equipment your
business needs to grow. Clicklease provides instant approvals from $500 to $25,000.
Applications use a soft credit pull and have zero impact on your personal credit. Our
amazingly fast process can be completed in less than ten minutes.

 

Pros:
  • Best option for loan requests under $25k
  • Option to fund new or pre-owned equipment
  • No down payment required
  • Discount for early repayment
Cons: 
  • Requires equipment quote from vendor
  • Not upfront about their interest fees, could be potentially costly
  • Repayment schedule of weekly payments could be a challenge for some

Best for Business Cash Advance

Fora – Business Cash Advance

APR range

Funding amount

Up to $750,000

Term

Up to 16 months

Min. credit score

500

Time to funding

1-2 Business Days

Fora Financial is a leading business financing lender that has provided over $2 billion to more than
25,000 business owners nationwide. Fora Financial makes the process of securing $5k to $750k in
working capital fast and easy, with approval in as little as 24 hours. Securing funding to use for
payroll, equipment, inventory, marketing expenses, or anything else your business requires, is a
simple application process. Upon approval, funds can be deposited into your business bank
account in as little as 72 hours. Fora Financial, here when you need Working Capital.

Pros:
  • Best for customer communication
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees
Cons: 
  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

Fora Logo

Fora – Business Cash Advance

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APR range

Funding amount

Up to $750,000

Term

Up to 16 months

Min. credit score

500

Time to funding

1-2 Business Days

Fora Financial is a leading business financing lender that has provided over $2 billion to more than
25,000 business owners nationwide. Fora Financial makes the process of securing $5k to $750k in
working capital fast and easy, with approval in as little as 24 hours. Securing funding to use for
payroll, equipment, inventory, marketing expenses, or anything else your business requires, is a
simple application process. Upon approval, funds can be deposited into your business bank
account in as little as 72 hours. Fora Financial, here when you need Working Capital.

Pros:
  • Best for customer communication
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees
Cons: 
  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

Kapitus – Business Cash Advance

APR range

Funding amount

$6,000 to $750,000

Term

6 – 36 months

Min. credit score

575

Time to funding

1 Business Day

Pros:
  • Best renewal experience
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees
Cons: 
  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

Kapitus Logo

Kapitus – Business Cash Advance

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APR range

Funding amount

$6,000 to $750,000

Term

6 – 36 months

Min. credit score

575

Time to funding

1 Business Day

Pros:
  • Best renewal experience
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees
Cons: 
  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

OnDeck – Business Cash Advance

APR range

Starting at 29.90%

Funding amount

$6,000 to $100,000

Term

12-month repayment term, resets after each withdrawal

Min. credit score

600

Time to funding

As fast as same day after approval

If you’re looking for a line of credit to help cover costs for your business for a short amount of time OnDeck’s product might be right for you. They can offer fast funding with no prepayment fees but beware that missing any repayments can hurt your credit score.

Pros:
  • Best online closing experience
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees
Cons: 
  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

OnDeck – Business Cash Advance

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APR range

Starting at 29.90%

Funding amount

$6,000 to $100,000

Term

12-month repayment term, resets after each withdrawal

Min. credit score

600

Time to funding

As fast as same day after approval

If you’re looking for a line of credit to help cover costs for your business for a short amount of time OnDeck’s product might be right for you. They can offer fast funding with no prepayment fees but beware that missing any repayments can hurt your credit score.

Pros:
  • Best online closing experience
  • Fast funding
  • Can help boost your credit because they report to the major credit bureaus 
  • No prepayment fees
Cons: 
  • Can harm your credit if you can’t make your repayments
  • Potentially high interest rates
  • Weekly payments

Monthly maintenance fee of $20

Best for Invoice Factoring

Raistone Capital – Invoice Factoring

APR range

Funding amount

Term

Unknown

Min. credit score

None, based on your accounts receivable

Time to funding

A world leading fintech backed by equity investments from a $30-billion-plus family
office, a $900 billion wealth manager, an international bank, and a FINRA-registered
broker-dealer, Raistone enables the financing of billions of dollars in transactions every
year.

Our best-in-class technology coupled with unparalleled access to institutional capital
allows us to extend financing to companies of all sizes. With Raistone, financing is fully
integrated with the same software platforms buyers and suppliers already use today. We
provide facilities from $50,000 to $500 million+.

Pros:
  • Best for large facility needs
  • Fast funding
  • Low time in business requirements
  • Large funding amounts available
Cons: 
  • Website is out of date and it’s hard to find information
  • Short term funding can be difficult to repay
  • Not available in certain states
Raistone Logo

Raistone Capital – Invoice Factoring

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APR range

Funding amount

Term

Unknown

Min. credit score

None, based on your accounts receivable

Time to funding

A world leading fintech backed by equity investments from a $30-billion-plus family
office, a $900 billion wealth manager, an international bank, and a FINRA-registered
broker-dealer, Raistone enables the financing of billions of dollars in transactions every
year.

Our best-in-class technology coupled with unparalleled access to institutional capital
allows us to extend financing to companies of all sizes. With Raistone, financing is fully
integrated with the same software platforms buyers and suppliers already use today. We
provide facilities from $50,000 to $500 million+.

Pros:
  • Best for large facility needs
  • Fast funding
  • Low time in business requirements
  • Large funding amounts available
Cons: 
  • Website is out of date and it’s hard to find information
  • Short term funding can be difficult to repay
  • Not available in certain states

Gillman-Baguley – Invoice Factoring

APR range

Factor rate as low as 1.09 ( They calculate factor rate = purchased amount ÷ advanced amount

Funding amount

Up to $10 million

Term

30 days

Min. credit score

None, based on your accounts receivable

Time to funding

GillmanBagley is a pacesetting provider of invoice financing and lines of credit to the
small business community. The financing solutions offered by GillmanBagley leverage
accounts receivable to provide liquidity up to $5,000,000 for B2B companies and
government contractors looking to improve working capital. Their customer first
approach and creative programs make them a top rated small business lender in the
Lendio network.

Pros:
  • Best for customer experience
  • More accessible to some businesses due to low credit score requirement
  • No personal collateral required 
  • Flexibility on funds use
Cons: 
  • Late payments will hurt your credit
  • Short terms that can be difficult for some businesses
  • Daily automatic payments to cover the repayment of the advance
  • Underwriting fee: A one-time 2.5% of the total advance amount set up fee is added to your balance at funding
  • Admin fee: $50 monthly payment
Gillman Bagley

Gillman-Baguley – Invoice Factoring

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APR range

Factor rate as low as 1.09 ( They calculate factor rate = purchased amount ÷ advanced amount

Funding amount

Up to $10 million

Term

30 days

Min. credit score

None, based on your accounts receivable

Time to funding

GillmanBagley is a pacesetting provider of invoice financing and lines of credit to the
small business community. The financing solutions offered by GillmanBagley leverage
accounts receivable to provide liquidity up to $5,000,000 for B2B companies and
government contractors looking to improve working capital. Their customer first
approach and creative programs make them a top rated small business lender in the
Lendio network.

Pros:
  • Best for customer experience
  • More accessible to some businesses due to low credit score requirement
  • No personal collateral required 
  • Flexibility on funds use
Cons: 
  • Late payments will hurt your credit
  • Short terms that can be difficult for some businesses
  • Daily automatic payments to cover the repayment of the advance

  • Underwriting fee: A one-time 2.5% of the total advance amount set up fee is added to your balance at funding
  • Admin fee: $50 monthly payment

Eagle Business Funding – Invoice factoring

APR range

A low as 1%

Funding amount

Up to $5 million

Term

No term, they take on your invoices

Min. credit score

None, based on invoices

Time to funding

As fast as 48 hours after approval

Invoice factoring allows you to sell your outstanding invoices to a company for a lump sum of cash. They of course take a percent of those invoices but then they handle the collection. Eagle Business Funding can do exactly that for your business if you decide to pass your invoices along to a third party.

Pros:
  • Best for transportation and trucking
  • No waiting around for your customers to pay
  • Quick cash for you
  • Few business requirements, easy to qualify for
Cons: 
  • Your customers know someone else has taken over invoice payment
  • Lose a percent of your outstanding invoices
  • Unknown fees

Eagle Business Funding – Invoice factoring

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APR range

A low as 1%

Funding amount

Up to $5 million

Term

No term, they take on your invoices

Min. credit score

None, based on invoices

Time to funding

As fast as 48 hours after approval

Invoice factoring allows you to sell your outstanding invoices to a company for a lump sum of cash. They of course take a percent of those invoices but then they handle the collection. Eagle Business Funding can do exactly that for your business if you decide to pass your invoices along to a third party.

Pros:
  • Best for transportation and trucking
  • No waiting around for your customers to pay
  • Quick cash for you
  • Few business requirements, easy to qualify for
Cons: 
  • Your customers know someone else has taken over invoice payment
  • Lose a percent of your outstanding invoices
  • Unknown fees

Our methodology

Wondering how we chose the best? Here’s how we went about evaluating the lenders in our network.

  • Lenders with fast funding time are those non-SBA loans that fund in under 1 week and SBA funding that funds in 2 to 3 weeks
  • Lenders with a maximum loan amount of $2 Million or less
  • Lenders with a minimum loan amount of $5,000
  • When it comes to fees, we looked at lenders with fees comparable to other similar lenders. Online lenders that have similar fees and traditional lenders with similar fees.
  • Requirements:
    • More flexible lenders:
      • Credit Score: 600
      • Time in Business: 6 months
      • $8,000 to $10,000 gross monthly revenue
    • Average lender:
      • Credit Score: 700
      • Time in Business: 1 to 2 years
      • $20,000 to $50,000 gross monthly revenue
  • Flexible repayment options
    • Early repayment options with daily, weekly, and monthly payment options
  • Reviews on external websites: We look for an average of 4.5 or higher on TrustPilot

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page. While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

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