Detailed information
About lender
Peel Financial is a Canadian equipment financing provider serving businesses across various industries.
Peel Financial claims to be Canada’s most significant equipment financing source. Founded in 2002, the company has gained over 20 years of experience providing financing solutions. Peel Financial offers loans and leasing options for various types of equipment, including transportation, construction, industrial, medical, and commercial.
According to their website, Peel Financial strives to be the most customer-focused leasing company supporting small to mid-sized businesses. Honest and genuine long-term relationships with clients are their priority as well. The company’s mission is to ensure an easy and transparent leasing process and find the best leasing solution tailored to a client’s needs.
Features
Peel Financial provides the following services:
Lease and loan
Refinancing
Engine repairs
Factoring
Equipment line of credit
The company serves businesses of all sizes across various industries. With Peel Financial, you can source multiple types of equipment, including:
Transportation Equipment
Construction and Industrial Machinery, including CNC
Medical Equipment
Restaurant Equipment and Food Truck
Office & Small Business
Manufacturing & Warehousing
As stated on the website, Peel Financial offers low-interest rates and a fast turnaround for its financing solutions. In addition, they provide to fill in the form on their website to get a free quote.
Pros and cons
If you need to source equipment for your business, Peel Financial might be a good option for you. Here are the pros of working with this company:
Access to a variety of financing options from a vast network of partner lenders
The highest approval rate among the Canadian equipment financing companies
Dedicated leasing professionals working with clients to ensure the best financing deals for them
Easy online application, quick approval, and same-day funding
Availability of both secured and unsecured loans
Flexible leasing payment options — choose between a 10% payout, fixed payout, or fair market value
An opportunity for seasonal businesses to skip lease payments in the slow times
Interest-only payments for up to 6 months
Larger payments at the beginning of the lease if the down payment is too high all at once
Flexible interest rates defined based on your credit score and cash flow
Along with the pros, there are potential drawbacks to be aware of:
The company operates mainly in Ontario and British Columbia, so its services may not be available across the whole country
With a poor credit record, you won’t be eligible for an unsecured loan, and the loan conditions will be worse
A variety of financing options, quick and easy application and approval, and flexible repayment plans are definite advantages of Peel Financial. However, disadvantages are potentially limited availability across Canada and dependence of financing conditions on credit history and cash flow.
Conditions
With Peel Financial, leases and loans can obtain the required equipment.
With leasing, Peel Financial offers a variety of payment structures tailored to your business’ need:
For seasonal businesses, there is an option to skip payments in the slow times
For up to 6 months, you can pay only the interest until the equipment starts bringing income
In case the down payment is too high, you can opt for larger payments at the beginning of your lease
Peel Financial offers both secured and unsecured loans. To get a secured loan, you must have an asset as collateral. With an unsecured loan, you don’t need collateral. However, your credit record and cash flow should be eligible to qualify for a loan.
The interest rates start at 2.5%. You can borrow from $5.000 for 2-10 years.
Methods of loan funding
Peel Financial doesn’t specify loan funding methods on the website. You can contact their customer care service to clarify this information:
Phone — +1 (905) 456-8989
Email — [email protected]
However, according to an alternative source, funding can be performed via EFT, Direct Deposit, or Cheque. The funds are delivered within one week.
