Taycor Financial reviews are lacking compared to some of its competitors. However, the company offers features and benefits that are worth investigating, especially for startups and business owners with less-than-perfect credit scores. That said, it’s also important to understand the company’s shortcomings and evaluate whether working with Taycor Financial is worth it.
Taycor Financial offers multiple business financing tools designed for startups and established businesses. Borrowers can choose from eight distinct funding options. Taycor’s products all have specific requirements, amounts, terms, and other factors that distinguish them from one another and provide various solutions for almost any business funding need.
Borrowing costs with Taycor Financial are comparable with its online lending counterparts. The company uses factoring rates between 0.96 and 1.6 for some products and interest rates between 4.99% and over 36% for others.
Taycor ranks well in our business startup loan review. We’ll take a look at what makes this company stand out from the crowd and how to decide if it’s right for you.
Pros
No business age requirement to qualify for equipment financing
Numerous financial products are available
Low credit scores may qualify for some products
24-hour funding available
Pre-qualify without affecting credit score
Cons
Origination or documentation fees may apply
Potentially high borrowing cost
Customer complaints exist
Taycor Financial Reviews: Features and Benefits
Despite some low Taycor Financial review scores, the company provides a long list of features and benefits that can work well in startup or poor credit situations. Additionally, the company appears responsive to customer complaints as they happen.
Taycor Financial’s products are available on its website and through Lendingtree. Lendingtree is an online lending marketplace and can be a resource for answering tough business loan questions.
- Many borrowing options are available
- No minimum business age for some products
- Pre-qualify without a hard credit check
- Charges factor rates for some products
- Factor rates from 0.960 to 1.60
- Interest rates from 4.99% to 36%+
- No prepayment penalties
- Loan amounts of up to $5 million
- Minimum loan amount of $500
- Two to 84-month terms based on financing product
- Origination fees of up to 5% may apply to some products
- Documentation fee applies to some products
- Undisclosed documentation fees
- Minimum credit score of 500 for term loans
- Minimum revenue to qualify is $48,000 annually for cash advances
- Funding within 24 hours in most cases
Taycor Financial Reviews: Editorial Rating
Trusted Company Reviews Rating Score for Taycor Financial: 8.3
While Taycor Financial offers multiple business financing products designed to cater to many small business and startup needs, it has some flaws to consider.
What We Like
When researching Taycor Financial, we were impressed by the company’s wide array of products and low qualifying requirements for those with bad credit. Additionally, Taycor offers relatively low starting rates for borrowers with better-than-average credit and longer business histories.
As long as your business isn’t in the marijuana or gambling industries, Taycor likely has a lending product useful for your situation. Taycor stands out from the competition with its flexible product line, which includes cash advances and term loans as well as several equipment financing solutions.
The company also scored points for providing a pre-qualification step for applicants that allows them to see what they could qualify for without affecting their credit score or taking a hard inquiry hit on their report.
How Could Taycor Improve?
Taycor Financial stacks up well with its competitors in terms of borrowing costs. However, we deducted points for the company’s tendency to charge up to 5% origination fees for some of its products.
Additionally, Taycor asks for a documentation fee for all its equipment financing options. However, the company doesn’t disclose the fee amounts until after pre-qualifying for the product.
To increase its chances of moving up in our ratings, we’d like to see Taycor Financial be more upfront and transparent with its fees and increase its customer review ratings by addressing the causes of problems cited in existing reviews.
| Funding Type | Rates | Terms |
| Term Loans, Lines of Credit, and Cash Advance | 0.96 – 1.6 factor rate | 2 – 60 months |
| Equipment Financing Products | 4.99% – 36%+ interest rate | 12 – 84 months |
About Taycor Financial
Taycor Financial is a direct lending organization with multiple borrowing options. Its products are available on its website or through the Lendingtree marketplace, where other products include the best personal loans and the best debt consolidation loans.
The company provides up to eight financial products, including cash advance loans, term loans, credit lines, accounts receivable factoring, and several equipment financing options. Depending on your chosen loan product, borrowing amounts with Taycor range from $500 to $5 million, with terms ranging from four to 84 months.
Taycor’s products feature differing qualification requirements, terms, fees, and interest or factoring rates. In some cases, qualifying for Taycor Financial lending is possible with a credit score as low as 500, and brand-new businesses are eligible for some funding products.
Prequalification is available through the company and Lendingtree. The step allows you to see the potential loan terms and costs with only a soft credit inquiry that won’t affect your credit score or appear on future inquiries. However, Taycor will likely perform a hard inquiry upon formal loan application.
Taycor Financial Products
Taycor Financial customers can choose from many available financial products, each designed for specific goals with specific repayment options to fit almost any situation.
Line of Credit
Lines of credit through Taycor are available in amounts between $10,000 and $1 million. They feature repayment terms of between six and 18 months and may include an origination fee of up to 3% for some borrowers. Taycor Financial applies factor rating to its credit line product. Factor amounts range from 0.96. To 1.6.
Term Loans
Taycor Financial term loans are available in amounts between $5,000 and $1 million and with terms between four and 60 months. They can be used for almost any business funding need and feature factor rating costs of between 1.1 and 1.6.
Cash Advance Loan
Cash advances from Taycor are available for businesses at least three months old. This product from Taycor has the lowest financial requirement for qualifying—An annual revenue of just $48,000 is needed for approval in some cases. Cash advances have two to 24-month terms and feature factor ratings to establish the borrowing cost.
Equipment Financing, Leasing, and Refinancing
Taycor Financial offers several ways to borrow the necessary funding for equipment. Equipment financing, leasing, and refinancing products are available with various terms between 12 and 84 months.
Equipment financing and leasing options are available to startups with no business history. Interest rates are used to calculate borrowing costs, and an undisclosed documentation fee applies.
Equipment Leaseback
A unique product of Taycor Financial, its equipment leaseback program, allows customers to sell equipment to Taycor for immediate cash and lease the equipment back from the company. Equipment leaseback features terms from 24 to 60 months with interest rates between 7.50% and 36%+.
Accounts Receivable Factoring
Accounts receivable factoring is available through Taycor Financial. However, pre-qualifying for the product is necessary to unlock individual rates and terms, as the company doesn’t provide information regarding either. Amounts available for this product range from $5,000 to $5 million.
| Cost and Fees | Amounts | Terms | Qualifying Requirements | |
| Line of Credit | Up to 3% origination fee and factor rating of 0.96 to 1.6 | $10,000 – $1,000,000 | 6 – 18 months | Min. annual revenue of $50k / 6-month business age / 560 credit score |
| Term Loans | Up to 5% origination fee and factor rating of 1.1 to 1.6 | $5,000 – $1,000,000 | 4 – 60 months | Min. annual revenue of $96k / 3-month business age / 500 credit score |
| Cash Advance | Up to 5% origination fee and factor rating of 1.15 to 1.6 | $5,000 – $3,000,000 | 2 – 24 months | Min. annual revenue of $48k / 3-month business age / no minimum credit score |
| Equipment Financing, Leasing and Refinancing | Documentation fee and interest rate between 4.99% and 36%+ | $500 – $2,000,000 | 12 – 84 months | 0-month business age / 550 credit score |
| Equipment Leaseback | Documentation fee and interest rate between 7.5% and 36%+ | $100,000 – $1,500,000 | 24 – 60 months | 12-month business age / 550 credit score |
| Accounts Receivable Factoring | None | $5,000 – $5,000,000 | Unavailable | 4-month business age / 530 credit score |
Taycor Financial Reviews
Taycor Financial reviews were the most significant factor that cost the company points in our ranking. While scoring low review points always carries weight when evaluating companies, the nature of the complaints against Taycor caused concern.
Despite being in business since 1997, the company has fewer online reviews than expected. While many of the reviews are positive, an equal number are negative and focus on issues such as perceived deception, high costs, and lack of communication.
However, Taycor Financial appears to take these complaints seriously and is graded A+ at the Better Business Bureau for its active responses to customer concerns.
Taycor Financial scores well on Yelp, with a 3.6-star average rating. However, the company’s scores are just one and two stars at the BBB and on Trustpilot.
Of additional concern is a warning letter from the Federal Trade Commission in 2020. The letter stated that parts of Taycor Financial’s advertising strategy during the pandemic may have been “unfair or deceptive acts or practices in or affecting commerce.” The FTC required Taycor Financial to remedy the situation immediately.
5-star
“I had a great experience working with Taycor. They have been very friendly and I did not feel like they were pushing their service on me once (which I did feel with other finance companies). The process was explained to me very calmly and the whole process was super smooth and easy. It didn’t even feel like I was talking to an employee because he made me feel so comfortable and our conversation was actually fun! I definitely recommend this company to anybody looking for working capital or equipment leasing!!” – Ji, Yelp
1-star
“Steer clear of this company if you desire transparency and honest communication about loan terms. This company will not put interested rates in their contracts or emails – only over the phone. They use a back door approach to to explain loan terms…” – Rodney, Trustpilot
Who Is a Taycor Financial Business Loan Best For?
Taycor Financial offers a long list of financial tools designed to meet the needs of nearly any borrower. Customers with low credit scores or short business histories will likely benefit the most from the company’s offerings. Businesses with slightly longer histories can benefit from Taycor’s equipment refinancing and term loan products.
However, when deciding if working with Taycor Financial is right for your situation, be sure to read the fine print and understand the fees, costs, terms, customer complaints, and restrictions before committing to borrowing from the company.
Because of the typically high cost associated with borrowing through many online lenders, potentially including Taycor, borrowers with longer business histories and higher-than-average credit scores will likely find less costly options with a more traditional lender.
Find Taycor Financial at Lendingtree.
Frequently Asked Questions
Is Taycor Financial Legit?
Is Taycor Financial a direct lender?
Source
Image Sources: taycor.com – trustpilot.com
Deane Biermeier
