Detailed information
About lender
Econolease is a Canadian organization specializing in restaurant equipment financing. The company has been around for more than 30 years. Initially, they leased necessary equipment to restaurants, but now they have expanded the list of services adding such financial solutions as renting, business loans, 0% financing, and payment processing. Now they cooperate with more than 3,000 restaurant owners each year to help them achieve their goals.
Econolease provides businesses with short-term loans up to $300,000 for the period from 6 up to 12 months. However, their primary service is leasing. The company delivers equipment leasing solutions from $1,000 to $2 million. The leasing terms range from 24 to 48 months.
Features
One of the most significant features of Econolease is that the company operates in the restaurant financing industry. They offer leasing services and provide loans for kitchen equipment purchases. Other services Econolease offers include renting, 0% financing or BuyNowPayLater, and payment processing. Through Econolease’s partnership with Fiserv Canada, it pledges to provide a significant upgrade on payment processing needs.
A customer must fill out the specific application form to apply. For each service provided, Econolease has developed a unique application form. Usually, it doesn't take much time. According to the information on their website, the approval turnaround time is 24 hours or less.
The company already has more than $825 million in processed applications. Also, they declare a pretty high approval rating: 90%. Thus, more than 30,000 customers took advantage of Econolease’s services.
The interest rate starts from 6% up to 20%.
Pros and cons
Like any other company, Econolease has its advantages and drawbacks.
Pros
Econolease offers a long list of services for restaurant holders;
The company has a pretty high approval rating;
The application form is simple, and approval usually doesn’t take more than 24 hours;
The range of borrowable amounts is ample;
The company has an impressive experience in this industry and cooperates with such corporations as Starbucks and TacoTime;
Econolease provides penalty-free loans.
Cons
This company’s specialization is too narrow. They work only with restaurant holders;
The interest rates can reach 20%;
The company’s website doesn’t contain sufficient information such as required documents or loan conditions;
The customer can’t choose the repayment option so that they can repay their loan only weekly.
On the other hand, there are some disadvantages. The company’s specialization is too narrow, and its services will not suit business people from other industries. Also, their website doesn’t contain enough critical information.
Loan conditions
The customer will need to fill out the application form on their website, which doesn’t take much time.
To be approved by Econolease, the customer must comply with several basic requirements:
must be 18 years or older;
be a Canadian citizen;
have an established business of at least two years.
Also, customers must indicate their business, asset and personal information. Other necessary documents will be asked for in the application form. Then, customers must choose the desired service and fill out the specific application. But firstly, they will need to register on the website. To complete this procedure, customers must enter their email address to receive the verification link. After that, they can start with the form. Usually, loan approval takes not more than 24 hours.
Methods of loan funding
The approval process starts as soon as the customer completes the application form. Upon approval, customers typically receive the borrowed amount by direct deposit.
