Overview – The first loan payment will be due the month after loan closing. To discuss options and details before you apply, please contact any Advantage+ team member.
The final terms for your loan will be set when we talk with you and complete our approval process, which will usually be within a day of receiving your application information. We’ll then email you our commitment for you to compare to other options.
Guidelines – We lend $5,000 to $200,000 for 24-60 months to finance business equipment and related costs. Related costs may include freight, installation, sales tax, and closing costs.
Direct loans may be prepaid without penalty at any time. Broker originated loans may be prepaid at any time after making half the scheduled payments.
Interest Rates – Interest rates range from 9% to 15%. Rates will vary based on the loan amount, loan term, and borrower’s credit. The average rate on the Advantage+ portfolio on May 31, 2019 was 10.90%.
Closing Costs – Closing costs (3% to 6%) and referral fees may be paid at closing or included in the financing. Doing so will increase the amount financed and your monthly payment.
For example, if a customer is getting a 60-month, 9% loan to purchase equipment that costs $25,000, and chooses to finance the 4% closing costs ($1,000), the amount financed would increase to $26,000. Although the interest rate on the amount financed remains at 9%, the annual percentage rate (APR), based only on the equipment cost ($25,000), would be 10.7%.