Advantage Leasing is an equipment financing company founded in 1992 in Milwaukee, Wisconsin. It now refers to itself as Advantage+ after the company decided to change its name in 2014. The company specializes in the leasing and financing of business equipment for manufacturers, franchises, restaurants, and distributors across the United States. The company does not offer any other lending options, such as SBA Loans or lines of credit.
Typical borrowers through Advantage Leasing are small business owners that need capital for purchasing equipment. Borrowers should have excellent credit histories to avoid high-interest rates and be in business for more than three years with consistent income. In order to be approved for a small business loan, applicants must be prepared to submit both personal and business collateral. Borrowers are expected to select business equipment prior to submitting a completed application for a short-term lease through Advantage Leasing.
Small business loans from Advantage Leasing are typically used for the purchase of business equipment.
- Three or More Years in Business
- Good Personal and Business Credit History
- Personal and Business Collateral Required
The Advantage Leasing platform is a resource for small businesses to obtain the loans they need to get started or launch a new product or service. Benefits of the Advantage Leasing lending options include the following items:
Pros of Advantage Leasing Small Business Loans
- No Prepayment Penalty
- Fast Approval
- Funding within 24 Hours
- Low Interest Rates
- No Closing Fees
Full Lender and Fee Disclosure
The company provides a full list of trusted lenders it works with on its corporate website. Full details are disclosed on the website and the company is transparent with its loan application process. Interest rates appear to be low for the industry and payback terms are under two years. Borrowers are also able to calculate monthly payments based on the length and amount of the desired equipment lease.
Positive Customer Feedback
Third-party reviews regarding the company’s customer service experience are mainly positive. The financial services company also offers results from surveys conducted with past customers for the last six years. The company also spotlights customer service experiences on its website.
The Advantage Leasing program has created lending opportunities for small business, but there are concerns that need to be pointed out as well. Business owners should be aware of the following limitations prior to signing a loan with Advantage Leasing:
Limited Leasing Options
Borrowers are only able to apply for funding for equipment only up to $200,000. This amount may not be enough and other types of funding may also be needed for some business types.
Strong Application Requirements
Small business owners are required to be operating for three or more years, which is a lengthier time than required by many other online lenders. Borrowers will need to have good-to-excellent credit to qualify for an equipment lease.
Potential Credit and Overpayment Issues
While customer reviews are mainly positive, a couple of complaints have been posted online that may be of concern for a potential borrower. One customer has issues with credit inquiries that the company acknowledged was their fault. The company stated in an online response on Yelp that the issue arose when a customer service representative failed to follow through “in a timely manner.” Another customer overpaid for leased equipment, which the company attempted to resolve to customer satisfaction.
Frequently Asked Questions
How long will it take to receive funds from Advantage Leasing?
The company is able to approve and transfer funds within approximately 24 hours.
Does Advantage Leasing require collateral with its loans?
The company requires both business and personal collateral.
Does Advantage Leasing have prepayment penalties?
The company does not have any prepayment penalties after 12–18 payments made on-time.
Does Advantage Leasing charge origination fees?
The company charges a 4 percent origination fee due at closing.
Does Advantage Leasing charge closing fees?
The company does not charge a closing fee.
How can I contact Advantage Leasing?
Consumers can contact the company by phone at 1-800-949-7040.
Types of Loans Offered
Equipment Loans and Leases, Short-Term Working Capital up to $200,000
The Borrowing Process
Small business owners first pick out the necessary equipment they need and then fill out an application for funding. A company representative will contact the borrower to discuss available lending options. The approval process will then begin and results will be delivered within one business day. If the applicant is approved, lease documents are then signed and the company works with the vendor to pay for the selected equipment. Company representatives are available to answer potential questions and provide other assistance as needed.
How to Apply
Small business owners first select the equipment they need and then fax or email the company with a completed leasing application. The application can also be filled out online through the corporate website. A company representative will then contact the borrower by phone to discuss available options. Borrowers are able to apply for equipment leasing amounts between $15,000–$75,000. If borrowers require funding that exceeds these amounts, they will need to speak with a customer service representative by phone.
The underwriting process can be completed along with funds transfer in less than 24 hours once approved. Advantage+ will then email the lease documents to the borrower and request an invoice directly from the equipment vendor. When the lease documents are signed and returned back to the company, a pre-funded purchase order is sent to the vendor and the company emails a check to the vendor when equipment delivery and installation is completed.