Clicklease Small Business Financing Review

Things to consider.

Fast funding times.

If you’ve ever applied for small business financing before, you probably know it can be quite a lengthy, rigorous process. With Clicklease, you can get approved for an equipment loan nearly instantly and receive your funding the same day. That way, you’ll be able to purchase the equipment you need quickly.

Financing range for smaller purchases.

Clicklease can offer instant approvals for funding amounts between $500 and $20,000, making Clicklease a great option for small businesses looking to make smaller equipment purchases. 

Typical fees & rates.

Clicklease has a one-time documentation fee that typically ranges from $79-$499 depending on the lease’s size. It’s important to note that this fee is not a down payment, but it is instead an underwriting tool.

Tax benefits

Since the financing agreement is structured as a lease, your monthly payments can be deducted as a business expense.

Flexible loan requirements.

Clicklease doesn’t impose a minimum operational duration or monthly revenue threshold, making it accessible even to newer businesses. Additionally, business owners with credit scores starting at 520 may still qualify. 

However, it’s crucial to acknowledge the exceptions; Clicklease excludes certain industries from financing, notably those in the cannabis sector. Also, businesses situated in North Dakota fall outside Clicklease’s serviceable regions.

Repayment options

Clicklease equipment financing terms typically range from 2 to 5 years, depending on the piece of equipment purchased, its cost, and other business factors. Clicklease also provides the option to repay your equipment loan early with a 5% discount.

Good customer reviews.

Clicklease has an A+ rating from the Better Business Bureau, and, on average, their reviews are 4 out of 5 stars.

Evaluation

Clicklease is best for:

• Small businesses looking for equipment without a significant upfront cost: This option is ideal for startups and small enterprises that need equipment to start or expand their operations but are constrained by limited capital. 
• Businesses in need of fast approvals and flexible payment plans: Companies that require quick acquisition of equipment to meet operational or growth demands will find Clicklease’s rapid approval process and adaptable payment options particularly beneficial, ensuring they can get the tools they need without delay.

Where Clicklease may fall short.

While Clicklease offers numerous advantages for small to medium-sized businesses, it’s important to consider where it may not meet every company’s needs. Some limitations include:

• Limited to equipment financing: Businesses seeking more generalized or comprehensive financial solutions may find Clicklease’s focus on equipment financing too restrictive.
• Not suitable for very large enterprises: Larger companies with substantial capital may find the financing rates less competitive compared to traditional financing options available to them.
• Geographical restrictions: Clicklease services are not available in all areas, limiting access for some businesses based on their location.

How to apply for financing from Clicklease through Lendio.

Applying for financing through Clicklease via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If Clicklease is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
4. Finalize the deal: If you decide to proceed with Clicklease, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents.

The bottom line.

Clicklease can be a great option for small businesses looking to receive quick and flexible funding for equipment purchases. The simplicity of Clicklease’s application process, coupled with the adaptability of payment plans, ensures that businesses can remain focused on their core operations while seamlessly integrating new technologies and tools.

Ready to compare Clicklease with other financing options? Check your eligibility and get multiple financing offers for your small business in one place.

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