Currency Review

About Company

Currency, the financial technology arm of Sandhills Global, specializes in streamlined financing for heavy machinery, trucks, and aircraft. Through CurrencyFinance and CurrencyAir, it caters to construction, agriculture, transport, and aviation.

CurrencyFinance ensures swift equipment financing within 24 hours, benefiting buyers and empowering dealers. It covers assets from construction equipment to RVs. CurrencyAir simplifies aircraft financing, offering competitive rates and terms, even for older planes.

Currency's reputation rests on securing competitive financing—up to $500,000 with CurrencyFinance and loans starting at $25,000 with CurrencyAir. The company's success is reflected in serving 200,000+ businesses, funding over $1.275 billion with CurrencyFinance and $267 million with CurrencyAir.

For dealers, CurrencyFinance provides a user-friendly interface for on-site financing, streamlining applications, and finalizing sales. Customers appreciate the streamlined processes, evident in positive TrustPilot reviews and an A+ BBB rating.

Key Features

1. Swift Financing Solutions. Currency specializes in providing quick and efficient financing solutions for heavy machinery, trucks, and aircraft, ensuring buyers can secure funding within 24 hours in many cases.

2. Diverse Industry Coverage. Through its divisions, CurrencyFinance and CurrencyAir, the company caters to a wide range of industries, including construction, agriculture, transport, and aviation, offering tailored financing options for specific needs.

3. Dealer Empowerment. CurrencyFinance empowers dealers by offering on-the-spot financing options, expediting sales, building customer trust, and facilitating the application process through a user-friendly, cloud-based interface.

4. Comprehensive Asset Coverage. CurrencyFinance covers a diverse array of assets, from construction and agricultural equipment to heavy-duty trucks and trailers, turf maintenance, motor sports equipment, and RVs.

5. Competitive Financing Options. CurrencyFinance and CurrencyAir are known for securing competitive financing, offering options such as low fixed rates, financing with minimal or no money down, and flexible terms up to 72 months, providing financial flexibility for buyers.

6. Proven Track Record. With a track record of serving over 200,000 businesses, funding volumes exceeding $1.275 billion with CurrencyFinance and $267 million with CurrencyAir, and a dedicated team of over 75 members, Currency has established itself as a reliable and successful player in the financing industry.

Pros and Cons

Pros

Cons

Reliability

Currency has established itself as a reliable financial partner in the industry. With a proven track record of serving over 200,000 businesses and facilitating the funding of substantial volumes—exceeding $1.275 billion with CurrencyFinance and $267 million with CurrencyAir—the company has demonstrated its capacity to handle significant financial transactions. The positive TrustPilot reviews and an A+ rating from the Better Business Bureau underscore the company's commitment to ethical practices and customer satisfaction. By collaborating with leading organizations in the financing and leasing industry, Currency ensures that its clients benefit from the best possible service and access to a network of trusted lenders. This solid foundation positions Currency as a dependable choice for those seeking reliable and transparent financing solutions for heavy equipment, trucks, and aircraft.

How to Apply for a Сurrency Сapital Loan?

Apply for a Loan

1. Visit the Currency Website. Go to the official Currency Capital website to access their financing services.

2. Choose the Appropriate Division. Determine whether you are looking for equipment financing through CurrencyFinance or aircraft financing through CurrencyAir. Choose the division that aligns with your needs.

3. Explore Loan Options. Review the loan options available for your specific financing needs. Currency offers various financing solutions with different terms, rates, and eligibility criteria.

4. Click on the Application Link. Once you've identified the type of financing you need, look for the application link on the website. This is typically prominently displayed on the homepage or within the specific section related to the type of financing you are seeking.

5. Complete the Application. Click on the application link to access the online application form. Provide the necessary information, including details about the equipment or aircraft you're seeking financing for, your personal or business information, and financial details.

6. Submit Required Documents. Depending on the type of financing and the amount requested, Currency may require supporting documents. Be prepared to submit documents such as financial statements, proof of income, or details about the equipment or aircraft you intend to finance.

7. Review and Confirm. Before submitting your application, carefully review all the information you've provided. Ensure accuracy and completeness to expedite the processing of your application.

8. Wait for Approval. After submitting your application, wait for Currency Capital to review your request. The approval process may involve a credit check and verification of the information provided.

9. Communicate with Currency Capital. If needed, be responsive to any inquiries or requests for additional information from Currency Capital during the application review process.

10. Receive Funding. Once your application is approved, and all necessary steps are completed, you will receive the funding for your equipment or aircraft purchase.

Conditions and Requirements

Conditions

1. Approval Conditions. Currency Capital's approval process is contingent on various factors, including creditworthiness, financial stability, and adherence to specific eligibility criteria. Applicants must meet these conditions to secure financing.

2. Collateral Requirements. Depending on the type and amount of financing sought, Currency Capital may require applicants to provide collateral as a condition for approval. Collateral could include the financed equipment, additional assets, or other forms of security.

3. Documentation Verification. A critical condition for loan approval involves the verification of submitted documentation. Currency Capital rigorously assesses the accuracy and authenticity of the information provided by applicants before finalizing loan agreements.

4. Interest Rate Determinants. The interest rates offered by Currency Capital are subject to market conditions and various economic factors. Applicants should be aware that prevailing market conditions will influence the final interest rate determined for their financing.

5. Repayment Terms and Conditions. Currency Capital establishes specific repayment terms and conditions for each financing arrangement. Borrowers must adhere to these conditions, including monthly payment amounts, due dates, and any additional terms outlined in the financing agreement. Failure to comply may result in penalties or other consequences.

Requirements

1. Completed Application Form. Fill out the online application form on the Currency Capital website, providing accurate and detailed information about your financing needs.

2. Business Information. Submit business details, including contact information, legal entity information, and any relevant identification documents.

3. Financial Statements. Provide recent financial statements, including income statements, balance sheets, and cash flow statements. This helps Currency Capital assess your financial stability and creditworthiness.

4. Details of Equipment. Specify the details of the equipment you intend to finance, including make, model, year, and any other relevant information.

5. Proof of Income. Submit proof of income, such as tax returns, pay stubs, or business income statements, to demonstrate your ability to repay the loan.

6. Credit History. Currency Capital may conduct a credit check, so be prepared to provide information about your credit history. Some financing options may have minimum credit score requirements.

7. Business Plan (if applicable). For business financing, provide a comprehensive business plan outlining your objectives, operations, and financial projections.

8. Additional Documentation. Be prepared to submit any additional documentation requested by Currency Capital during the application review process.

Ways to Receive the Money

1. Wire Transfer. Currency Capital may transfer the approved loan amount directly to the borrower's bank account via a wire transfer. This is a quick and secure method, providing immediate access to the funds.

2. ACH (Automated Clearing House) Transfer. ACH transfers are electronic transfers between banks that are often used for routine financial transactions. Currency Capital may utilize ACH to transfer the approved funds directly to the borrower's bank account.

3. Check Issuance. In some cases, Currency Capital may issue a check for the approved loan amount. Borrowers can then deposit or cash the check through their respective banking institutions.

4. Electronic Funds Transfer (EFT). Similar to wire transfers, Electronic Funds Transfer (EFT) involves the electronic movement of funds between financial institutions. Currency Capital may opt for EFT as a secure and efficient method of delivering funds to borrowers.

5. Prepaid Debit Card. Some financing arrangements may allow for disbursement of funds onto a prepaid debit card. Borrowers can use this card to make purchases or withdrawals, providing a convenient way to access the funds.

Products

1. CurrencyFinance. CurrencyFinance specializes in providing financing solutions for a wide range of equipment, including construction and agricultural machinery, heavy-duty trucks and trailers, turf maintenance equipment, motor sports equipment, and RVs. Also CurrencyFinance offers dealers a cloud-based interface to extend on-the-spot financing options to customers, streamlining the sales process and enhancing customer satisfaction.

2. CurrencyAir. CurrencyAir focuses on simplifying the financing process for individuals seeking to purchase aircraft, including jets, pistons, and turboprop planes. The service collaborates with a trusted network of lenders to secure competitive rates and terms.

3. Consumer Lending Opportunities. Currency Capital extends its financing services to consumers, providing opportunities for individuals to secure funding for various purposes, including purchasing recreational vehicles (RVs), motorsports equipment, and other high-ticket items.

4. Working Capital for Businesses. In addition to equipment financing, Currency Capital offers working capital solutions for businesses. This can provide businesses with the necessary funds to cover day-to-day operations, expansion, or other financial needs.

5. Tax Benefit Opportunities. Currency emphasizes the potential tax benefits associated with financing heavy equipment and aircraft. This product feature is designed to help clients explore tax advantages, making their investments more financially advantageous over the long term.

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Alternatives

Wells Fargo

Wells Fargo's Construction Equipment Financing Program offers comprehensive financial solutions tailored for businesses in the construction industry. Leveraging their extensive experience and financial expertise, Wells Fargo provides funding options to acquire, upgrade, or maintain essential construction equipment. With a commitment to supporting the diverse needs of construction professionals, the program offers competitive rates, flexible terms, and efficient application processes. Wells Fargo's Construction Equipment Financing Program aims to empower businesses by providing the financial tools necessary for success in a dynamic and demanding industry.

Balboa Capital

Balboa Capital provides swift access to funds with the capability to issue construction and heavy equipment loans in as little as the same day. To qualify, a minimum credit score of 620, at least one year in business, and an annual revenue of at least $100,000 are required, catering to borrowers who may face challenges in securing traditional bank financing. Under Balboa's offerings, borrowers can acquire new or used equipment, with loan amounts reaching up to $500,000 and flexible terms spanning 24 to 60 months. The application process is streamlined, taking just minutes to complete, and for applications up to $350,000, only soft collateral, such as inventory, software, or intellectual property, is required.

Triton Capital

Triton Capital is an ideal choice for individuals with less-than-perfect credit. If you have a credit score of at least 600, Triton Capital could be a suitable option for your construction equipment financing needs. The lender offers equipment loans with a maximum limit of $250,000 and flexible repayment terms spanning from 12 to 60 months. Interest rates fall between 5.99% and 34.99%. The application process with Triton Capital is straightforward—simply submit a basic application along with your bank statements and an equipment quote. Remarkably, Triton can often approve loans within two to four hours, facilitating a speedy funding process that typically takes one to two business days.

Commercial Fleet Financing (CFF)

Commercial Fleet Financing (CFF) is a top choice for construction vehicle financing, specializing in funding solutions for trucks and heavy equipment. This lender focuses on semi truck financing, trailer financing, tow truck financing, and construction financing, offering a diverse range of options, including dump trucks, excavators, dozers, mixer trucks, and cranes from reputable brands like John Deere, New Holland, and Caterpillar. CFF stands out for its flexibility, providing loan and lease options with repayment terms ranging from 36 to 60 months, and in some cases, extending up to 108 months based on the equipment type. Additionally, CFF may offer zero-money-down financing, particularly beneficial for new businesses or those facing cash flow challenges. Applying is streamlined with a one-page application, and approval can be obtained in as little as two hours by providing a bill of sale. Following approval, funds may be accessible in as fast as 24 hours through a straightforward process facilitated by a CFF representative.

Loans like Currency

OppLoans

Apply for a Loan

OppLoans is a notable financial service provider that offers consumer loans varying from $500 to $4,000. They expedite the funding process to ensure that approved applicants receive the necessary funds promptly, which is advantageous for those dealing with immediate financial concerns. OppLoans offers adaptable repayment conditions, giving customers the choice between 9, 12, and 18-month loan terms. This adaptability allows borrowers to opt for a repayment plan that matches their financial ability, ensuring a seamless and manageable loan journey.

Rise Credit

Apply for a Loan

RISE Credit is a reliable online lender that provides loans up to $5,000. They have a streamlined application procedure, allowing borrowers to have funds transferred to their accounts as early as the next business day. They present the flexibility of choosing a payment schedule that fits with the financial preferences of the customers, although some state-based restrictions might apply. A notable feature of RISE Credit is its 5-Day Risk-Free Guarantee, which permits borrowers to revoke their loan and return the principal with zero fees or interest within the given period. Additionally, RISE Credit grants customers complimentary access to their credit score and credit monitoring alerts through Credit Score Plus, offering valuable financial insight.

OneMain Financial

Apply for a Loan

OneMain Financial stands as a distinguished and enduring lender, offering personal loans that range between $1,500 to $20,000. Boasting a century’s worth of experience in the financial sector, they have garnered the trust of a vast customer base. Their loan terms include fixed rates and fixed payments, offering a predictable and manageable repayment scenario to borrowers. OneMain Financial emphasizes personalized service, ensuring that the distinct needs of each customer are addressed. With a widespread network of approximately 1,400 branches, they provide easy access and convenience for individuals in search of financial aid.

Universal Credit

Apply for a Loan

Universal Credit requires applicants to have a minimum credit score of 560, thus excluding those with no credit history. It is appealing for its credit-enhancement features, making it suitable for individuals with fair or poor credit looking to better their scores. Providing larger loan amounts than Oportun and next-day funding upon approval, it emerges as a solid choice for significant, urgent financial needs. Universal Credit extends its loan services across all 50 states and Washington, D.C., offering a wide geographical coverage.

Editorial Opinion

Important

How to Choose a Lender

1. Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.

2. Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.

3. Carefully review all the terms and conditions of your payday loan contract.

4. Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.

5. Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.

6. Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.

Sources

• gocurrency.com

• Express Tech-Financing, LLC dba Currency.bbb.org