Taycor Financial Review

Who Is Taycor Financial Best For?

Taycor Financial may be a good fit for:

• Startups that need equipment financing or leasing

• Businesses with less-than-perfect credit

• Companies purchasing or leasing business equipment

• Borrowers seeking equipment refinancing

• Businesses needing short-term working capital

• Borrowers who want to prequalify without affecting their credit

• Businesses that value having several financing products available through one company

Taycor Financial may not be the best fit for:

• Borrowers primarily seeking the lowest available financing cost

• Applicants who want complete pricing information before prequalifying

• Businesses that qualify for lower-cost or traditional bank financing

• Borrowers uncomfortable with factor-rate financing

• Applicants who prefer lenders with a large volume of customer reviews

Qualification requirements vary considerably by product. Some equipment financing and leasing options are available to businesses with no operating history, while equipment refinancing may require roughly three years in business. Term loans may be available with credit scores starting around 500.

Taycor Financial: Key Facts

Note: Actual rates, financing amounts, terms, and eligibility requirements depend on the financing product and applicant qualifications.

Taycor Financial Review: Editorial Rating

Trusted Company Reviews Rating: 8.5

Taycor Financial stands out for its wide selection of financing products, flexible equipment financing requirements, and accessibility for some who have lower, or less than perfect, credit scores or limited business histories.

However, pricing transparency shortcomings and potentially high financing costs are significant drawbacks for potential customers. Origination and documentation fees, based on product, sometimes apply, and some costs aren't disclosed or available until after beginning the qualification process. 

• Wide selection of business and equipment financing options

• Startup-friendly equipment financing and leasing

• Potentially high costs and limited upfront fee transparency

How We Calculated Our Taycor Financial Rating

We use the same weighted rating criteria to fairly and systematically evaluate each business loan provider we review. Each category reflects a different part of the borrowing experience, with greater weight given to factors that have the biggest impact on borrowers, including pricing, value, and trust.

• Pricing & Value (25%): 7.2/10

• Reputation & Trust (20%): 8.3/10

• Financing Options & Features (15%): 9.9/10

• Accessibility & Approval Requirements (15%): 9.7/10

• Customer Satisfaction (10%): 7.8/10

• Application, Funding & Borrower Support (10%): 8.7/10

• Editorial Opinion Score (5%): 8.8/10

The weighted scores produce an overall Taycor Financial rating of 8.5/10.

What Makes Taycor Financial Different?

Taycor Financial is different than much of its competition because of its multiple and varied equipment financing options and willingness to work with newer businesses. Some equipment financing and leasing products have no minimum time-in-business requirement, making Taycor an option for startups that may struggle to qualify elsewhere.

The company also offers considerably more than equipment financing. Its product lineup includes term loans, lines of credit, cash advances, equipment financing, equipment leasing, equipment refinancing, equipment leasebacks, and accounts receivable (invoice) factoring.

Taycor Financial Financing Options

Taycor offers multiple business financing products to potentially meet the needs of varied customer types. 

• Term loans: $5,000 to $1 million with terms from 4 to 60 months. Factor rates generally range from 1.1 to 1.6, with qualification potentially available to businesses with credit scores around 500, three months in business, and $96,000 in annual revenue.

• Business lines of credit: Up to $1 million, with terms generally between 6 and 18 months. 

• Cash advances: Up to $3 million with terms from 2 to 24 months. Businesses may qualify with approximately three months in operation and $48,000 in annual revenue.

• Equipment financing and leasing: Financing may start around $500 and reach $2 million, with terms up to 84 months. Some options are available to startups with no minimum operating history.

• Equipment refinancing: Allows businesses to refinance existing equipment financing. This option generally requires a longer business history.

• Equipment leaseback: Businesses can sell qualifying equipment and lease it back to access capital while continuing to use the equipment. Financing ranges from approximately $100,000 to $1.5 million, with terms from 24 to 60 months.

• Accounts receivable factoring: Available from approximately $5,000 to $5 million. Businesses may qualify with relatively short operating histories and lower credit scores, although pricing isn't disclosed upfront.

Taycor Financial Features and Benefits

Taycor's primary advantage is the variety of financing available to businesses with different funding needs, credit profiles, and operating histories.

• Multiple business financing products

• Equipment financing and leasing for some startups

• Prequalification without a hard credit inquiry

• Financing starting around $500

• Financing up to $5 million for some products

• Credit requirements around 500 for some financing

• Factor-rate and interest-rate financing available

• Terms up to 84 months

• No prepayment penalties

• Funding within 24 hours may be available

Pricing and Value

Taycor Financial's borrowing costs vary considerably by product and borrower qualifications. Some products use factor rates, while equipment financing and related products generally use interest rates. Factor rates generally range from approximately 0.96 to 1.6 on applicable products.

• Interest rates start around 4.99% on applicable equipment financing.

• Origination fees can reach 5% for some products.

• Lines of credit may include origination fees of up to 3%.

• Documentation fees may apply to equipment financing products.

• Some documentation fee amounts aren't disclosed until after prequalification.

• Taycor doesn't charge prepayment penalties.

Taycor Financial Reviews and Customer Complaints

Taycor Financial's current customer-review picture is mixed. The company has a 4.0 out of 5 rating on Trustpilot based on just a handful of available reviews. The distribution is unusually polarized: 55% of reviews are five-star, and 45% are one-star, with no reviews between those extremes. 

Positive Trustpilot reviews commonly mention helpful representatives, professionalism, and smooth financing experiences. Negative reviews tend to cite communication issues, financing costs, qualification decisions, and loan-term clarity. Given the small sample size, the Trustpilot rating alone shouldn't be considered broadly representative of Taycor's customer base.

Taycor holds an A+ rating with the Better Business Bureau but isn't BBB accredited. 

Taycor Financial Alternatives

Taycor Financial appears in our overview of the best private lenders for business loans and startups, but businesses seeking different qualification requirements, financing structures, pricing, or funding amounts may want to compare several alternatives.

• LendingTree: An online lending marketplace that allows business owners to compare potential financing offers from multiple lenders rather than applying with only one provider.

• Credibly: Offers several types of business financing and may appeal to established businesses seeking fast funding or borrowers with less-than-perfect credit.

• Fundbox: Specializes primarily in business lines of credit and may be useful for businesses seeking flexible access to working capital.

• Fora Financial: Offers financing for established businesses with strong revenue, including funding amounts up to $1.5 million.

• National Funding: Offers working capital and equipment financing and may be worth comparing directly with Taycor for businesses primarily financing equipment.

I would use the same existing internal URLs from the Credibly/Fora reviews when you load these.

Taycor Financial Information and Data

Should You Choose Taycor Financial?

Taycor Financial is worth considering for startups, newer businesses, borrowers with imperfect credit, and companies that need equipment financing but don't meet traditional lending requirements.

• Consider Taycor Financial if: You need equipment financing, operate a relatively new business, have less-than-perfect credit, or want access to several financing products from one provider.

• Probably not if: You qualify for inexpensive traditional financing, want complete pricing transparency before prequalification, or prefer a more well-known lender with a larger volume of customer reviews and feedback.