LeaseQ Equipment Financing Review

LeaseQ Equipment Financing is a business financing offering by LeaseQ Inc., based in Burlington, MA. Founded in 2012, LeaseQ Inc. offers access to business loans in 50 states (and Washington, DC).

What are LeaseQ Equipment Financing’s rates?

LeaseQ Equipment Financing offers a fixed APR business financing product that ranges from 0% APR up to 99% APR.

Does LeaseQ Equipment Financing charge an origination fee?

Yes, LeaseQ Equipment Financing charges a loan origination fee.

What limitations does LeaseQ Equipment Financing set on the purpose of the loan?

LeaseQ Equipment Financing considers loan applications for business purposes, such as:

• Equipment Purchase

What types of business loans does LeaseQ Equipment Financing offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. LeaseQ Equipment Financing provides access to the following business loan types:

• Unsecured term loans
• ACH Cashflow Loans

Does LeaseQ Equipment Financing charge prepayment fees?

Yes, LeaseQ Equipment Financing charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.

What do you need to qualify for LeaseQ Equipment Financing?

LeaseQ Equipment Financing does not require borrowers to have been in business for a minimum number of years. Businesses don't have to meet a minimum annual revenue to be considered.

Applicants with a credit score of at least 500 and up to 850 may be eligible for LeaseQ Equipment Financing.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. APRs for the LeaseQ Equipment Financing product fall outside of the MLA limits, and as a result, the product cannot be issued to these applicants. Active duty service members and their covered dependents are considered “covered borrowers" under the Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by LeaseQ Equipment Financing. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity