Crest Capital started in 1989 and is based in Atlanta, Georgia. The company provides small and medium-sized business loans and specializes in equipment, vehicle, and software financing with affordable fixed rates. Crest Capital is not a big bank and offers a simple application that doesn’t require tax returns or financial statements.
The company is a direct lender and provides 100 percent funding from $5,000 to $500,000. Crest Capital’s services boast being a quick and affordable alternative to big banks, and payments include: seasonal, skip, and ramp-up payments. Other benefits of the Crest Capital platform include:
Quick Application Process
The application process is simple, fast, and 100 percent secure. It is also completely free, and non-obligatory. Applying is especially simple for people financing less than $250,000, as no financial documentation at all is required.
Applying will not negatively impact one’s credit score, and applicants are not required to submit tax returns or other complicated financial documents. While most banks take weeks to give an approval, Crest Capital can notify clients of approval on the same day they apply.
The company also provides instant real quotes, and customers can use the free monthly payment calculator to get payment quotes emailed directly.
Small Business Loans
Because Crest Capital is not a big bank, its small business loans are more flexible and affordable. Customers do not have to worry about hidden fees.
The company offers 100 percent financing from $5,000 to $500,000, fixed rates, and terms from 24 to 72 months. All costs can be financed, from delivery to installation. The company does not require collateral and boasts lower upfront fees than big banks. Conveniently, people do not have to re-qualify with Crest Capital every year.
Equipment, Vehicle, and Software Financing
Crest Capital specializes in the following three types of small business loans:
- Equipment Financing: Crest Capital clients can get the equipment they need with no-hassle financing. It has an easy, no-paperwork application, and works with progress payments, re-finances, and payoffs.
- Vehicle Financing: This is helpful for people wanting a new or used van, specialty vehicle, or work-specific truck. There are no age restrictions on used trucks, no mileage limits, and no surprise fees. Even “private-seller” financing is ok.
- Software Financing: This allows clients to freely choose the software they would like, and Crest Capital can offer 100 percent financing. The company is Section 179 friendly and boasts fast approval within hours.
Crest Capital’s customer base is composed of companies that have around 5–75 employees. The company does not provide financing for bad credit or startup businesses. In addition, Crest Capital’s website does not explain interest rates. These limitations are further explained below:
Website Lacks Information
The website does not include any information on interest rates or fees. When calling the company, a phone representative stated that Crest Capital charges 5.85 percent on a $25,000, 60-month term loan. This is nothing special for the industry and is pretty average.
The company does not explain any details on an origination fee, closing fee, or the time it takes for funding to enter one’s bank account. Additionally, Crest Capital’s website does not state if services are available outside of Atlanta, Georgia.
While the website does not explain any information on fees, a phone representative stated that the company charges a $275 documentation fee. Crest Capital charges the documentation fee up front, along with the first month’s payment.
The company does have a filed complaint on Ripoff Report; the customer states paying Crest Capital and that the company later said it couldn’t fund. When the customer tried to get in touch for a refund, Crest Capital did not respond. It took weeks to get receive the refund. Other customers have also criticized the company for poor communication and responses.
Limited Funding Options
Crest Capital provides three different small business loan options but does not work with startup financing, or bad credit financing. The website also does not really provide specific details on each of the small business lo programs.