Triumph Business Loans Review

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Interest range: Not disclosed

Loan amounts: Minimum of $250,000 for equipment financing

Our verdict: With loan amounts starting at $250,000, Triumph often works with larger trucking businesses that need financing. The company offers same-day funding, but isn’t very open about rates or eligibility requirements and has relatively poor ratings on consumer review sites.

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Pros and cons of Triumph

Pros

Potential for same-day funding for invoice factoring
Fuel discount program
No invoice minimums
Open to startups
Non-recourse factoring options available

Cons

Only offers funding for select industries and is primarily focused on trucking
Website doesn’t provide details about rates or fees
Poor customer reviews from Trustpilot and the Better Business Bureau

Triumph small business loans review

Triumph (formerly known as Triumph Business Capital) is a small business financial services company serving the trucking industry. It focuses primarily on invoice factoring and payment tools, but also offers trucking insurance, equipment financing and a few other commercial lending and banking solutions. The company doesn’t require a minimum invoice amount, and it offers non-recourse factoring options.

Triumph also offers same-day funding, though that timeline is for transferring to your Loadpay account, which comes with a linked debit card. Transferring to your bank can take longer.

Other benefits include access to a fuel savings program and tools to help shippers and brokers track their performance. These unique perks may help offset the factoring fees.

However, Triumph’s website doesn’t include important details about qualification criteria, rates and fees. You’ll need to fill out a form and wait for a call to get a quote. Also, keep in mind that Triumph gets a fair number of poor reviews on the Trustpilot and BBB websites.

Who is Triumph best for?

You’re in the trucking industry and have cash flow problems. Invoice factoring allows you to sell your invoices and get cash as soon as the same day, and you may prefer to work with a lender that’s familiar with your industry.
You own a midsize or large fleet. Triumph also offers equipment financing, but the $250,000 minimum loan size means they’re more suited to brokers and shipping companies than most independent truck owners.

Triumph small business financing at a glance

Product	Loan amounts	Repayment term	Estimated APR range	Fees
Invoice factoring	N/A	N/A	Not disclosed	Not disclosed
Equipment financing	$250,000+	24 to 60 months	Not disclosed	Not disclosed
Asset-based lending	Not disclosed	Not disclosed	Not disclosed	Not disclosed
Lines of credit	Not disclosed	Not disclosed	Not disclosed	Not disclosed

Invoice factoring

With invoice factoring, you’re given an advance payment against your unpaid invoices. Then, the factoring company — in this case, Triumph — will collect payment from your customers on your behalf.

Triumph then forwards you 100% of the invoice amount as soon as the same day. However, keep in mind that factoring funds are sent to a LoadPay account, where it can then take up to five days to transfer the amount to your business bank account.

There is no minimum invoice amount, and non-recourse factoring options, which let you off the hook if your customers default on their payments, are available.

Equipment financing

Traditionally, equipment financing is a type of secured business loan that uses the equipment that you purchase or lease as collateral, meaning that the lender can repossess the asset if you default on the loan. Generally, these types of loans have more affordable interest rates because they are secured.

Triumph offers equipment financing for new and used equipment with a minimum loan size of $250,000, paid off over 24 to 60 months. To qualify, your business needs to earn at least $2 million in annual revenue. Triumph focuses on loans secured by transportation equipment.

Asset-based lending

Triumph offers asset-based lending, which is a form of accounts receivable financing. In this case, instead of being approved for a loan based solely on the strength of your financial profile, you’ll be approved based on how much the asset you use as collateral is worth.

Triumph does not offer any further details about its asset-based financing products.

Lines of credit

A business line of credit functions like any other credit account. You can borrow against it, up to a preset limit, and you’ll only pay interest on the amount that you borrow. Sometimes these accounts are revolving and let you accumulate a balance, while sometimes each draw against the line of credit acts as a separate installment loan.

Triumph offers lines of credit, but doesn’t disclose any details about this particular product.

Triumph borrower requirements

Minimum annual revenue	Not applicable for invoice factoring $2 million for equipment financing Not disclosed for other financing products
Minimum time in business	Not applicable for invoice factoring Not disclosed for other financing products
Minimum credit score	Not applicable for invoice factoring Not disclosed for other financing products

For the most part, Triumph chooses not to disclose its business loan requirements. You’ll have to contact the lender directly to find out if you qualify for small business financing with the company.

However, keep in mind that invoice factoring works a little differently. Here, the lending criteria is based on your customers’ creditworthiness, or how likely they are to repay their invoices, rather than your own. If your customers repay on time, you could be a decent candidate for invoice factoring funds, even if you are a startup or have a poor credit score.

Alternatives to Triumph

	Triumph	Commercial Fleet Financing	Bank of America
Minimum credit score	Not disclosed	Typically 640	700 for unsecured lending products Not disclosed for other products
Loan products offered	Invoice factoring Equipment financing Asset-based lending Lines of credit Term loans	Equipment financing Equipment leasing	Secured and unsecured term loans Secured and unsecured lines of credit Cash-secured lines of credit Business auto loans Equipment financing Commercial real estate loans SBA loans
Time to funding	As soon as same day	As quick as 24 hours	Not disclosed
Starting rate	Not disclosed	Not disclosed	Unsecured term loans: 6.50% Secured term loans and equipment financing: 6.50% Unsecured lines of credit: 8.75% Secured lines of credit: 8.50% Business auto loans: 5.79% APR APR includes the cost of the interest rate and any other standard fees Commercial real estate loans: 6.00% SBA loans: Rates vary, subject to SBA maximums
Maximum loan size	Not disclosed	$1,000,000	Not disclosed
Minimum annual revenue	$2 million for equipment financing Not disclosed for other financing products	Not disclosed	Cash-secured lines of credit: $50,000 Unsecured products: $100,000 All other conventional loan products: $250,000

Triumph vs. Commercial Fleet Financing

If you’re a trucker who needs to purchase or lease equipment, Commercial Fleet Financing may be a better fit. It doesn’t offer invoice factoring, but it does offer loans and leases, and it offers loans at lower amounts. While Triumph’s equipment financing starts at $250,000, Commercial Fleet Financing offers loans starting at $10,000, making it a better fit for individual truckers.

Triumph vs. Bank of America

Bank of America is a traditional bank that works with business owners in many different industries, not just transportation. It also offers a wide range of small business financing products, including some options that aren’t offered by Triumph, such as SBA loans and commercial real estate loans. However, if you need invoice factoring, that’s missing from the bank’s list.

Still, Bank of America does disclose some of its qualifying requirements, which may make it easier to tell if you’re a good fit for one of the funding options that the bank offers.

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Pros and cons of Triumph
Triumph small business loans review
Triumph’s financing at a glance
Borrower requirements
Alternatives to Triumph