Wyn Financial Business Loans Review
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Pros and cons of
| Pros | Cons |
|---|---|
| Same-day funding offered for some financing products Offers relatively affordable interest rates No fees associated with equipment financing transactions | Doesn’t disclose rates and terms or eligibility information online Long funding time for term loans (approximately 2 to 6 weeks) High annual revenue requirement ($180,000 to $240,000) |
small business loans review
is a nationwide lender that offers a variety of small business financing products, including term loans, lines of credit, equipment financing loans and merchant cash advances.
Its standout features include the potential for same-day funding, relatively affordable interest rates and an exceptional customer service reputation. The company has a 5.0 star rating on TrustPilot with nearly 300 reviews, as well as an A+ rating with the Better Business Bureau.
That said, it can be hard to tell if ’s loans will be a good fit for you. The company’s website doesn’t list any rate or term information, nor does it offer any insights on eligibility criteria — we got our information by contacting the lender directly. If you’re interested in getting a business loan from , you’ll likely have to do the same.
- Businesses that need same-day funding. offers same-day funding on its merchant cash advances and lines of credit — note, though, that funding time can vary based on your documentation and funding needs.
- Established businesses. has stricter qualifying requirements — especially for annual revenue and time in business — compared to some competitors.
small business financing at a glance
| Product | Max. loan amounts | Repayment term | Estimated interest rate range | Fees |
|---|---|---|---|---|
| Equipment financing | Up to months | to | None | |
| Line of credit | Up to months | to | Not disclosed | |
| Term loan | to months | to | Not disclosed | |
| Merchant cash advance (MCA) | Up to months | to | Not disclosed |
Equipment financing
When you need to purchase new equipment for your business, ’s equipment financing loan could be an excellent choice. Loan amounts up to are available, with loan terms extending to months. Plus, there are no extra fees attached.
Just remember that equipment financing loans are traditionally secured loans — this means that the equipment you purchase will likely serve as collateral for the loan, and can be repossessed if you default on your payments.
Line of credit
If you need flexible funding, ’s business line of credit can help you access capital whenever you need it most and you’ll only pay interest on what you’ve borrowed. It’s possible to access credit limits up to with terms up to months — plus, well-qualified borrowers can benefit from an affordable interest rate.
Term loan
On the other hand, if you need a large, lump sum of funds to cover expenses like making renovations, buying inventory or consolidating debt, think about using one of ’s term loans. These are long-term business loans, with terms ranging from three to months, allowing you plenty of time to pay back what you’ve borrowed.
Loan amounts go up to and the interest rate range keeps pace with the prime rate, which is currently .
Merchant cash advance
Business owners who make a high number of credit card sales each month may want to consider the company’s merchant cash advance. As the name suggests, this type of financing allows you to receive an advance payment in exchange for receiving a portion of your credit card sales on a regular basis.
’s advance amount is especially high, going up to and allowing up to months to pay back what you’ve borrowed.
borrower requirements
| Minimum annual revenue |
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| Minimum time in business |
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| Minimum credit score |
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Overall, ’s business loan requirements are fairly lenient for merchant cash advances. The company asks for just four months in business and a credit score, suggesting that this product could be a viable alternative to a startup business loan if you have a high enough volume of credit card sales.
However, this company is stricter when it comes to its other products. Its annual revenue requirements are high, ranging from $180,000 to $240,000 — plus, it imposes long time-in-business requirements. All this suggests that may be a good match for well-established businesses.
Alternatives to
| Wyn Financial | Fundible | Platform Funding | |
|---|---|---|---|
| Minimum credit score |
| to , depending on the loan type | |
| Loan products offered |
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| Estimated time to funding |
| Same day to 2 business days for most products (SBA loans will take longer) | Same day to 2 business days |
| Starting rate |
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| Maximum loan size |
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| Minimum annual revenue |
| $96,000 | $120,000 |
Wyn Financial vs.
and offer a fairly similar range of products, except that offers MCAs, while offers invoice factoring and SBA loans. Available interest rates and loan amounts are also similar.
However, the eligibility requirements are where they differ. ’s time in business requirement is much shorter (just six months) and the $96,000 annual revenue requirement will likely be attainable for more businesses. may be a better fit for startups, while seems to be more suited to businesses with longer histories.
vs.
Again, and offer a similar array of products. just offers equipment financing, while focuses on leasing. also provides asset-based loans, a form of accounts receivable financing, instead of merchant cash advances.
Still, the amount you can borrow with Funding is much greater, extending to for all products. Its qualifying criteria are also much more lenient overall. However, Funding chooses to use a factor rate for most of its products, which can make it more difficult to compare its rates against other offers.
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