Wyn Financial Business Loans Review
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Pros and cons of Wyn Financial
| Pros | Cons |
|---|---|
| Same-day funding offered for some financing products Offers relatively affordable interest rates No fees associated with equipment financing transactions | Doesn’t disclose rates and terms or eligibility information online Long funding time for term loans (approximately 2 to 6 weeks) High annual revenue requirement ($180,000 to $240,000) |
Wyn Financial small business loans review
Wyn Financial is a nationwide lender that offers a variety of small business financing products, including term loans, lines of credit, equipment financing loans and merchant cash advances.
Its standout features include the potential for same-day funding, relatively affordable interest rates and an exceptional customer service reputation. The company has a 5.0 star rating on TrustPilot with nearly 300 reviews, as well as an A+ rating with the Better Business Bureau.
That said, it can be hard to tell if Wyn Financial’s loans will be a good fit for you. The company’s website doesn’t list any rate or term information, nor does it offer any insights on eligibility criteria — we got our information by contacting the lender directly. If you’re interested in getting a business loan from Wyn Financial, you’ll likely have to do the same.
- Businesses that need same-day funding. Wyn Financial offers same-day funding on its merchant cash advances and lines of credit — note, though, that funding time can vary based on your documentation and funding needs.
- Established businesses. Wyn Financial has stricter qualifying requirements — especially for annual revenue and time in business — compared to some competitors.
Wyn Financial small business financing at a glance
| Product | Max. loan amounts | Repayment term | Estimated interest rate range | Fees |
|---|---|---|---|---|
| Equipment financing | $350,000 | Up to 72 months | 6.00% to 12.00% | None |
| Line of credit | $500,000 | Up to 36 months | 6.99% to 18.99% | Not disclosed |
| Term loan | $500,000 | 36 to 120 months | 7.25% to 19.99% | Not disclosed |
| Merchant cash advance (MCA) | $1,000,000 | Up to 36 months | 10.00% to 30.00% | Not disclosed |
Equipment financing
When you need to purchase new equipment for your business, Wyn Financial’s equipment financing loan could be an excellent choice. Loan amounts up to $350,000 are available, with loan terms extending to 72 months. Plus, there are no extra fees attached.
Just remember that equipment financing loans are traditionally secured loans — this means that the equipment you purchase will likely serve as collateral for the loan, and can be repossessed if you default on your payments.
Line of credit
If you need flexible funding, Wyn Financial’s business line of credit can help you access capital whenever you need it most and you’ll only pay interest on what you’ve borrowed. It’s possible to access credit limits up to $500,000 with terms up to 36 months — plus, well-qualified borrowers can benefit from an affordable 6.99% interest rate.
Term loan
On the other hand, if you need a large, lump sum of funds to cover expenses like making renovations, buying inventory or consolidating debt, think about using one of Wyn Financial’s term loans. These are long-term business loans, with terms ranging from three to 120 months, allowing you plenty of time to pay back what you’ve borrowed.
Loan amounts go up to $500,000 and the interest rate range keeps pace with the prime rate, which is currently 7.25%.
Merchant cash advance
Business owners who make a high number of credit card sales each month may want to consider the company’s merchant cash advance. As the name suggests, this type of financing allows you to receive an advance payment in exchange for receiving a portion of your credit card sales on a regular basis.
Wyn Financial’s advance amount is especially high, going up to $1,000,000 and allowing up to 36 months to pay back what you’ve borrowed.
Wyn Financial borrower requirements
| Minimum annual revenue |
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| Minimum time in business |
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| Minimum credit score |
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Overall, Wyn Financial’s business loan requirements are fairly lenient for merchant cash advances. The company asks for just four months in business and a 500 credit score, suggesting that this product could be a viable alternative to a startup business loan if you have a high enough volume of credit card sales.
However, this company is stricter when it comes to its other products. Its annual revenue requirements are high, ranging from $180,000 to $240,000 — plus, it imposes long time-in-business requirements. All this suggests that Wyn Financial may be a good match for well-established businesses.
Alternatives to Wyn Financial
| Wyn Financial | Fundible | Platform Funding | |
|---|---|---|---|
| Minimum credit score |
| 580 to 650, depending on the loan type | 500 |
| Loan products offered |
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| Estimated time to funding |
| Same day to 2 business days for most products (SBA loans will take longer) | Same day to 2 business days |
| Starting rate |
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| Maximum loan size |
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| $5,000,000 |
| Minimum annual revenue |
| $96,000 | $120,000 |
Wyn Financial vs. Fundible
Wyn Financial and Fundible offer a fairly similar range of products, except that Wyn Financial offers MCAs, while Fundible offers invoice factoring and SBA loans. Available interest rates and loan amounts are also similar.
However, the eligibility requirements are where they differ. Fundible’s time in business requirement is much shorter (just six months) and the $96,000 annual revenue requirement will likely be attainable for more businesses. Fundible may be a better fit for startups, while Wyn Financial seems to be more suited to businesses with longer histories.
Wyn Financial vs. Platform Funding
Again, Wyn Financial and Platform Funding offer a similar array of products. Wyn Financial just offers equipment financing, while Platform Funding focuses on leasing. Platform Funding also provides asset-based loans, a form of accounts receivable financing, instead of merchant cash advances.
Still, the amount you can borrow with Platform Funding Funding is much greater, extending to $5,000,000 for all products. Its qualifying criteria are also much more lenient overall. However, Platform Funding Funding chooses to use a factor rate for most of its products, which can make it more difficult to compare its rates against other offers.
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