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Equipment Financing by LendSpark

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LendSpark’s creative, ethical financing solutions fuel growth for businesses of all sizes and stages. They provide fast, secure and flexible options to grow your business while protecting your personal credit. Great when purchasing new and used equipment or using existing, free and clear equipment.

Nav's Verdict

Cost

LowHigh

Effort to Apply

EasyDifficult

Funding Speed

MonthsMinutes

Repayment Terms

MonthsYears

8/10

Bottom Line

Equipment financing is an excellent source of capital to securing essential use equipment. If you are looking for a large loan amount and can wait a few weeks for financing, this is a great option.

Pros

High funding amounts and potentially low interest rates. Can be used with a startup.

Cons

Slower funding speeds than other equipment financing options.

Qualification requirements

Time in Business

At least 2 years in business. No startups.

Cashflow

Be break-even or be close to reaching break-even

Other Requirements

No recent late payments on mortgage or auto. No open bankruptcies. No open judgments or collections.

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Cost

6% - 35% APR

Repayment Terms

Monthly payments up to 60 months

Funding Amount

Up to $2 million

Origination Fee

None

Funding Speed

1 - 2 weeks

Application Fee

None

Reviews

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For complete information, see the terms and conditions on the credit card, financing and service issuer’s website. In most cases, once you click “apply now”, you will be redirected to the issuer’s website where you may review the terms and conditions of the product before proceeding. While Nav always strives to present the most accurate information, we show a summary to help you choose a product, not the full legal terms – and before applying you should understand the full terms of products as stated by the issuer itself.

Personal FICO credit scores and other credit scores are used to represent the creditworthiness of a person and may be one indicator to the credit or financing type you are eligible for. Nav uses the Vantage 3.0 credit score to determine which credit offers are recommended which may differ from the credit score used by lenders and service providers. However, credit score alone does not guarantee or imply approval for any credit card, financing, or service offer.

Editorial Disclosure

Any personal views and opinions expressed are author’s alone, and do not necessarily reflect the viewpoint of Nav. Editorial content is not those of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities.

Reviews are not provided or commissioned by the credit card, financing and service companies that appear in this site. Reviews have not been reviewed, approved or otherwise endorsed by the credit card, financing and service companies and it is not their responsibility to ensure all posts and/or questions are answered.