SMALL BUSINESS LOANS REVIEWS
Read our review of

Taycor Financial Small Business Loans: 2024 Review

Written by
Michelle Honeyager
Edited by
Pippin Wilbers

Updated Aug 27, 2024

At a glance

Bankrate 2024 Awards Winner: Best small business loan for newer businesses

See offers Arrow Right Icon

Apply on BusinessLoans.com

4.2
Bankrate Score
Caret Down Icon
Accessibility
Affordability
Customer experience
Transparency
Flexibility
How Bankrate Scores work Arrow Down Icon

Overview

Taycor Financial offers a variety of small business loans, from equipment financing to working capital lines of credit. It’s available to business owners who need smaller loan amounts. It offers low personal credit score requirements, with minimums going as low as no minimum required for cash advances and 550 to 600 required for its other loans.

Lender Details

  • Money Bag Icon

    Loan amount

    $500-$5 million

  • Rates Icon

    Interest rate

    1.09-1.60 Factor rates | 4.99%-40.00% APR

  • Clock Wait Icon

    Term lengths

    2 months-7 years

  • Dollar Icon

    Min. annual revenue

    $96,000

  • Briefcase Icon

    Min. time in business

    3 months

Who Taycor Financial is best for

Taycor Financial works with established businesses and startups alike. Startups may find Taycor particularly appealing: There’s no time in business requirement for Taycor’s equipment financing, and its cash advance option requires as little as three months in business. 

Taycor Financial is also more accessible for companies with smaller borrowing needs. Its $500 minimum loan amount for equipment loans is much lower than many competitors, which may only offer loans of $25,000 and above.

Taycor can also be a solid option for businesses with lower credit. Requirements vary by loan type, but term loans have a minimum personal credit score of 550, with other loan types in the mid-500s to 600s.

Who Taycor Financial may not be best for

Taycor Financial small business loans might not be the best for you if you like to know all the details about a loan product before getting in contact or filling out an application. Its website is light on upfront information about financing amounts, interest rates, fees and other basics. You’ll have to call or start the application process to learn more.

Additionally, though starting interest rates on its equipment loans are highly competitive, Taycor Financial uses factor rates on its term loans and cash advances. Most lenders use interest rates on these loan types. Because of the way factor rates are calculated, you won’t benefit from paying these loans off early. If you’re eyeing these loan types, and especially if you think you might repay your loan early, you may want to consider other lenders.

Taycor Financial: in the details

Loan amount
$500-$5 million
Interest rate
1.09-1.60 Factor rates | 4.99%-40.00% APR
Term lengths
2 months-7 years
Fastest funding
1 business day
Min. annual revenue
$96,000
Min. time in business
3 months
Personal credit score
550

Taycor Financial pros and cons

Pros

  • Checkmark Icon

    Works with startups and established businesses

  • Checkmark Icon

    Live customer support for applicants

  • Checkmark Icon

    Low personal credit score requirements

Cons

  • Information online is limited

  • Factor rates may be high

  • Fees

Business loan types offered

Taycor has a special emphasis on equipment financing, but it offers many other business loan types, too. 

In addition to the loan products below, Taycor offers accounts receivable factoring in amounts from $5,000 to $5 million. Businesses must be operating for at least four months and have a minimum personal credit score of 530. Otherwise, details are scarce about this option — reach out to Taycor to learn more.

Loan quick facts

  • Amounts: $500 to $250,000
  • Terms: 6 to 36 months
  • Factor rate: 1.09 to 1.60

Taycor Financial business line of credit overview

Lines of credit offer revolving funding you can draw on and repay as needed. There are no usage requirements beyond making an initial draw. Applicants need at least six months in business, a minimum personal credit score of 600 and a monthly revenue of $4,200.

The loan requires a personal guarantee. There is also an origination fee of up to 3 percent. Payments can be weekly or monthly. 

Loan quick facts

  • Amounts: $10,000 to $1 million 
  • Terms: 4 to 60 months
  • Factor rate: 1.10 to 1.40

Taycor Financial term loan overview

If you need a lump sum of cash for expenses, term loans are available to businesses with six months in business, a minimum personal credit score of 550 and a monthly revenue of at least $8,000. Origination fees are 0 to 6.00 percent. A personal guarantee is required. Repayments can be daily or monthly. 

Loan quick facts

  • Amounts: $3,000 to $3 million 
  • Terms: 2 to 24 months
  • Factor rate: 1.15 to 1.60

Taycor Financial cash advance overview

A cash advance provides funding based on future sales. This option through Taycor is for businesses that have been operating for three months or more and make $4,000 in monthly revenue. It doesn’t require a minimum personal credit score, though it does require a personal guarantee. The origination fee is between 0 and 5 percent. Repayments are daily or weekly.

Loan quick facts

  • Amounts: $500 to $2 million
  • Terms: 24 to 84 months
  • APR: 6.75% to 40.00%

Taycor Financial equipment finance overview

Taycor Financial provides equipment financing, leasing and equipment buyback, which buys equipment from the owner and leases that equipment back to the same owner. The minimum personal credit score for any of these options is 550.

Payments are flexible and can be monthly, quarterly, semi-annual, seasonal, 90-day deferred or step-up payments. Taycor Financial charges a documentation fee and may require a personal guarantee. The lender doesn’t require a minimum annual revenue if the loan is under $250,000.

Loan quick facts

  • Amounts: $5,000 to $2 million
  • Terms: 12 to 84 months
  • Interest rate: 3.99% to 28.00%

Taycor Financial equipment lease overview

Taycor also offers equipment leases with the option to buy out the lease at the term’s end. Startups are also eligible for the equipment lease with a minimum personal credit score of 550.

There is a documentation fee of an undisclosed amount, and you may need to sign a personal guarantee. This loan offers the same flexible payment options as the equipment loan.

Loan quick facts

  • Amounts: $50,000 to $2 million 
  • Terms: 24 to 60 months
  • Interest rate: 6.50% to 28.00%

Taycor Financial equipment refinancing overview

If you’re looking for a better rate on an existing equipment loan, Taycor offers loan refinancing. Your company will need at least three years in business and a minimum personal credit score of 550. The minimum annual revenue amount is not disclosed.

Payment options are flexible. There is a documentation fee of an undisclosed amount, and you’ll need to sign a personal guarantee.

Loan quick facts

  • Amounts: $5,000 to $5 million 
  • Terms: 84 to 300 months
  • APR: Prime + 2.25% to Prime + 4.25%

Taycor Financial SBA 7(a) loan overview

SBA 7(a) loans are designed for small businesses. Taycor doesn’t specify a time in business or revenue requirement. But the credit score minimum is higher than for the lenders’ other loans, at 670. Taycor doesn’t list fees, though, like all SBA loans, it requires a personal guarantee.

Loan quick facts

  • Amounts: $5,000 to $350,000
  • Terms: 84 to 300 months
  • APR: Prime + 4.50% to Prime + 6.50%

Taycor Financial SBA Express Loan overview

SBA Express loans are named as such because approval can be shorter than other SBA loans, with application responses within 36 hours. The SBA Express also has a 670 minimum credit score and requires a personal guarantee.

Do you qualify? 

Taycor Financial does not lend to adult entertainment, gaming/gambling or marijuana industries. Aside from this restriction, check out Taycor Financial's qualification requirements for each loan product to determine whether you may qualify. 

The lender states that products are available across North America. 

What we like and what we don’t like

Below are several features that make Taycor stand out, as well as some potential drawbacks. 

What we like 

  • Works with startups: Taycor has a new business program, and certain lending products are available to startups.  
  • Live customer support for applicants: Most products except lines of credit have a minimum personal credit score requirement in the 500s. Its cash advance doesn’t consider credit score at all. 
  • Low credit score requirements: All products except the SBA loans have a minimum score requirement in the 500s.

What we don’t like 

  • Information online is limited: Taycor Financial’s website offers limited information on loan products, which can make it hard if you’re trying to compare them to other lenders before applying. 
  • Factor rates may be high: Factor rates can go up to 1.40 for term loans and 1.60 for cash advances. If you took out $10,000 for one year at a 1.36 factor rate, you’d repay $13,600 — equivalent to an interest rate of 70.00 percent. Make sure to calculate costs and compare them with interest rates from other lenders before committing.
  • Fees: The documentation and origination fees charged on some loans add costs to what may already be a costly loan.

How Taycor Financial compares to other lenders

Taycor Financial’s loans tend to be more accessible than offerings from many of its competitors. Whether it’s the low $500 minimum loan amount, the minimum personal credit score of 500 or the short time in business requirement, Taycor Financial offers easier approvals than many competitors.

Despite its easy approvals, Taycor Financial also has strong options for companies with good credit, having low interest rates and factor rates for some loans. Here’s how it compares to two similar lenders.

4.2

Bankrate Score

  • Loan amount

    $500-$5 million

  • Interest rate

    1.09-1.60 Factor rates | 4.99%-40.00% APR

  • Term lengths

    2 months-7 years

  • Min. time in business

    3 months

  • Min. business annual revenue

    $96,000

4.3

Bankrate Score

  • Loan amount

    $10,000-$500,000

  • Interest rate

    5.99%-74.99% APR

  • Term lengths

    6 months-7 years

  • Min. time in business

    1 year

  • Min. business annual revenue

    $350,000

Read our review Arrow Right Icon

on Bankrate

4.4

Bankrate Score

  • Loan amount

    $10,000-$10 million

  • Interest rate

    7.99% APR

  • Term lengths

    6 months-25 years

  • Min. time in business

    6 months

  • Min. business annual revenue

    $100,000

Read our review

on Bankrate

Taycor Financial vs. Triton Capital

Triton Capital is another lender that has relatively easy approval requirements, though it is more selective than Taycor Financial in some areas. Where Taycor Financial asks for a minimum personal credit score of 550 for most loans, Triton Capital wants 600. Triton Capital also has a minimum loan amount of $10,000, far higher than Taycor Financial’s $500.

One place where Triton Capital excels is with quick approvals and funding. You can get a lending decision in just a few hours and funds received within one to two days. That makes it a strong choice if you need quick cash.

Taycor Financial vs. SMB Compass

SMB Compass, like Taycor Financial, offers a variety of business loans, including SBA loans, lines of credit and equipment financing. But SMB Compass tends to focus on more established businesses than Taycor Financial.

Some of SMB Compass’ loans have a minimum time in business of two to three years. The term loan only asks for six months of operating history but demands $500,000 in annual revenue and a business credit score of 680.

If you have strong credit and a lot of revenue, SMB Compass may be an appealing choice, but Taycor Financial is the better fit for newer, less-established businesses.

How to apply for a loan with Taycor Financial

Taycor offers a simple online application that doesn't require any tax returns for amounts up to $400,000. Applying with Taycor Financial requires only a soft credit pull, which won’t hurt your credit score — though lenders that do this typically run a hard credit check upon acceptance of a loan offer.

To contact Taycor Financial, fill out their contact form, send them an email at info@taycor.com or call 800-747-9335. Application help is available from 10 a.m. to 7 p.m. EST, Monday through Friday.

Taycor Financial frequently asked questions

How Bankrate rates Taycor Financial

Overall Score 4.2
Accessibility 5.0 Taycor Financial offers a broad range of loan amounts, low minimum credit scores and fast funding times.
Affordability 3.9 High maximum factor rates and a couple of fees ding this score.
Transparency 3.8 Taycor performs a soft credit check. While its website is light on upfront details, they readily shared rates and qualification requirements with Bankrate.
Customer experience 3.6 Though Taycor’s application is online, borrowers can’t manage their loans through a web portal.
Flexibility 4.6 A broad array of loan types and easier documentation requirements for repeat customers make for a high flexibility score.

Methodology

Clock Wait Icon
47
years in business
Credit Card Search Icon
30+
lenders reviewed
Loan Icon
22
loan features weighed
Rates Icon
770+
data points collected

To select the top small business lenders, Bankrate considers more than 20 factors. These factors include loan amounts, approval and funding times, credit requirements, APR or factor rate ranges, fees, and easy-to-find rate and fee disclosures. Bankrate reviewed more than 30 lenders and gave each a rating, which consists of five categories:

  • Accessibility: Factors considered in this category include minimum loan amounts, approval and funding speed, minimum annual revenue and minimum credit score.
  • Affordability: This section measures interest or factor rates and fees.
  • Transparency: How easy it is to find important rates, fees and eligibility requirements are considered in this category.
  • Customer experience: Customer service hours, online applications and app availability are considered in this category.
  • Flexibility: This category considers factors like the number of loan products and ability to change payment due date.

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Up next

Read more Small Business Loan Reviews
Small Business Loan

Fora Financial

4.5 Bankrate Score
Small Business Loan

Lendistry

4.4 Bankrate Score
Small Business Loan

Accion Opportunity Fund

4.2 Bankrate Score
Small Business Loan

iBusiness Funding

4.6 Bankrate Score
Small Business Loan

SBA business loans

4.8 Bankrate Score
Small Business Loan

SMB Compass

4.4 Bankrate Score
Small Business Loan

Credibly

4.6 Bankrate Score
Small Business Loan

SmallBusinessLoans.com: 2024 Review

3.7 Bankrate Score
Small Business Loan

QuickBridge

4.2 Bankrate Score
Small Business Loan

National Funding

4.4 Bankrate Score