Taycor Financial vs. Triton Capital: Which small business lender is right for you?

If you are a newer business or don’t have great credit and are looking for business financing, you may want to consider Taycor Financial or Triton Capital as lenders. Both online lenders have more lenient qualification requirements than traditional lenders.

Both lenders offer equipment loans, along with a few additional types of business loans. Taycor Financial offers equipment financing, cash advances, business lines of credit and business term loans. Triton Capital offers equipment loans, SBA loans and working capital loans.

Taycor Financial vs. Triton Capital at a glance

At a glance, Triton Capital offers quick funding, but Taycor Financial has lower interest rates and more flexible repayment terms.

Taycor Financial business loans

Taycor Financial offers small business lending products that are accessible to newer businesses. For some loan types, Taycor Financial only requires a minimum of three months in business and a personal credit score of 550.

With Taycor Financial, you have access to two different types of equipment financing. Equipment loans and leases don’t require a down payment, as Taycor Financial provides 100 percent financing. Their equipment loans can finance costs as low as $500 and are available for all types of equipment, including vehicles, software, furniture, machinery or used equipm.

If you are looking for a different type of loan, Taycor Financial also offers cash advances, term loans and business lines of credit. Cash advances offer short-term funding to help you get funding when you need it quickly. Business term loans and business lines of credit offer two different ways to get longer-term business financing.

Pros

• Works with startups
• Low personal credit score requirement
• Wide range of loan amounts available

Cons

• Slow funding process
• High annual revenue requirement
• High maximum interest rate

Triton Capital business loans

Triton Capital offers working capital loans, SBA loans and equipment loans. The lender caters to borrowers with a credit score of at least 600. But, for some borrowers, its requirement of at least $350,000 in annual revenue may be difficult to meet. Especially since it’s significantly higher than typical revenue requirements for online lenders.

There is a lot of freedom with a working capital loan from Triton Capital. Loan funds can be used to fund almost anything that benefits your business. Working capital loans can be up to $250,000 and have interest rates starting at 8.99 percent.

You may find more favorable interest rates with an SBA loan from Triton Capital, though. Rates for the lender’s SBA loans range from 6.25 percent to 14.87 percent. Their SBA loan amounts can be anywhere from $30,000 to $350,000. Their equipment loans have the best rate options — starting at 5.99 percent for amounts up to $250,000.

Pros

• Fast funding
• Short time in business requirement
• SBA lender

Cons

• High maximum interest rate
• High annual revenue requirement
• Limited customer service access

How to choose between Taycor Financial and Triton Capital

Both lenders offer funding with lower credit score requirements and lower time in business requirements than competitors. But Taycor Financial and Triton Capital excel as lenders in different areas. Taycor Financial wins for low-interest equipment loans, while Triton Capital takes the award for quickest funding between the two.

Choose Taycor Financial for low-interest equipment loans

Both Taycor Financial and Triton Capital offer equipment financing options, but Taycor gives the best interest rates between the two lenders for equipment loans, and they offer a variety of equipment lending options.

Interest rates for equipment loans from Taycor Financial start as low as 4.99 percent APR. That said, it’s important to note that the best interest rates will go to businesses with an established financial history and high credit scores.

Additionally, Taycor Financial equipment financing offerings are flexible to the needs of the business. Borrowers can choose an equipment lease or an equipment loan, depending on what fits best. These options can help finance equipment that is both new and used.

Choose Triton Capital for quick funding

Triton Capital wins for quick funding. The lender approves loans within two to four hours after applying. Approved applicants can then expect to receive funds within one to two days of approval. Combined with offering loan amounts as low as $10,000, it’s a great option for short-term funding if businesses need working capital or to take advantage of a time-sensitive opportunity.

Taycor Financial competes with this timeline for equipment loans but doesn’t provide specifics about the funding timelines of its other loans.

Alternatives

Taycor Financial and Triton Capital aren’t the only two lenders for small business loans, and they may not meet the needs of your business.

If you are interested in another lender offering equipment loans, consider Creditfy. Their minimum credit score requirement is 500, lower than Taycor Financial and Triton Capital. They also cater to startups and offer loans up to $5 million.

Another option to finance your business is opening a business credit card. These can be a great way to get short-term financing through a revolving line of credit. Business credit cards often come with introductory APRs or other perks like cash back. Additionally, if you pay your balance in full every month, you won’t be charged interest.

SBA loans

When it comes to SBA loans, you also have options outside of Triton Capital. You can find different types of SBA loans through a variety of lenders. Microloans are a great SBA loan option if you just need a small amount of funding under $50,000. Community Advantage loans cater to business owners from underserved communities to address lending bias.

Like all business loans, consider different lenders for SBA loans. While the SBA sets interest rate caps for their loans, some lenders offer quicker timelines for loan funding, may have different terms and requirements or may offer different types of loans. For example, Live Oak Bank is an SBA Preferred Lender — meaning they can offer faster funding —  with multiple types of SBA loans.

Bottom line

Taycor Financial and Triton Capital are online lenders that offer a variety of business lending options for newer businesses or those with poor credit. But Triton Capital’s annual revenue requirements may be difficult for new businesses to meet. If you have a strong credit score, you can likely find a better interest rate elsewhere. That said, be sure to look at multiple lenders to ensure you find the best funding for your business’s needs.

Frequently asked questions

• Can a loan be used to buy equipment?

  Yes, there are several types of loans that can be used to purchase equipment for your business, but the most common are equipment loans. Typically, these loans treat your equipment as collateral for the loan, often making it easier for businesses to qualify for than other types of business loans.
  

• Can I get a small business loan with no capital?

  While it depends on the lender, it is possible to get a small business loan with no capital. Business credit cards, microloans, and equipment loans are all types of funding that you may be able to get with no capital.

• What disqualifies you from a small business loan?

  Typical requirements for a small business loan include at least two years in business, a fair to excellent credit score and an annual revenue of at least $100,000. If you have a poor credit score or no business revenue or you’re a brand new business, you may have difficulty getting a small business loan. But requirements vary between lenders with online and alternative lenders typically having less stringent requirements.