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TimePayment

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3.3

Overall Score

LAST UPDATED: March 14th, 2024

TimePayment Corporation is an equipment financing and leasing company founded in 1986 in Burlington, Massachusetts. The company provides financing for business equipment up to $1,000,000+ and offers affordable monthly lease payments. 

TimePayment serves small businesses to large corporations and works with all types of credit histories. The company's services are best suited for business owners needing quick access to capital for equipment acquisition.

Small business leases through TimePayment are primarily for equipment purchases and rentals for both commercial businesses and residential needs. The company works with all credit histories and all business sizes and types. Borrowers may buy the equipment in full at the end of the agreed lease or continue to rent on a month-to-month basis. 
 
Consumers that choose TimePayment should remember that they must have a credit score of 550 or higher.

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The Good

  • Available Equipment Lease Types
  • Customer Portal
  • Other Benefits

Available Equipment Lease Types

With TimePayment, businesses of varying size have the opportunity to apply and obtain equipment financing to help fund new or existing projects. Even startups are eligible for financing, which can't be said for many competing lenders.

So how does financing with TimePayment work? 

Borrowers have several lease structure options through TimePayment. Small business owners can choose a commercial lease from $500 to $1,000,000+ or a consumer lease for residential equipment up to $15,000. Lease terms range from 14 to 60 months. 

Borrowers can also choose from lease-to-own, fair market value, and split funding leases. Once a lease term ends, borrowers can buy the equipment in full or continue to rent monthly.

Customer Portal

Borrowers can manage monthly payments through an online customer portal account on the company's website. Customers are able to set up automatic billing payments, download leasing contracts, and view invoices and payment history.

This company also offers educational resources on its website and Customer Service Representatives are available by phone or email to answer any questions about the leasing process.

Other Benefits

Other benefits offered by TimePayment include the following: 

  • A broad credit window, which lowers the barrier to entry for lease programs 
  • Fast approval and funding within 24 hours
  • Fixed monthly payments
  • Lease payments may be tax-deductible
  • Several equipment leasing options
  • Manage payments through an online account
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The Bad

  • Equipment Needs Only 
  • Pre-Contract Fee Disclosure 

Equipment Needs Only 

As explained, TimePayment facilitates equipment financing only. 

Pre-Contract Fee Disclosure

Transparency is important to TimePayment, so lease contracts disclose all fees and other related terms and conditions for each lease including prepayment penalties, origination fees, monthly insurance and administrative fees, and closing costs. 

But for the first time equipment borrower with no prior knowledge of the pricing structure of an equipment lease, public disclosure on the website would be useful, even if full disclosure is not the norm for an equipment leasing firm.

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The Bottom Line

TimePayment is well-suited for any age or size business that needs equipment financing. Borrowers can choose from several lease types from 14 to 60 months and make automatic billing payments online. If you're interested in pursuing a lease, you can get a free quote through a lease calculator on the company's website.

While all potential fees are outlined in customer contracts before they are signed, be aware that multiple TimePayment reviews express a negative consumer experience leasing with this company on the basis of fees. If you work with TimePayment (or any lender or leasing company), make sure you understand all financing terms and conditions prior to signing a contract. 

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Star Rating

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1.2

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35 Reviews

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3%

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2 grade

3%

1 grade

94%

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Diana Owen Aurora, CO

They do not make it clear what you are getting yourself into. I paid 4256.94 on 8156.94 of equipment. And thought that I was financing the remaining 4300. Well as it stands now im paying the total invoice amount and my 4356. Went to nothing. This is rediculous and worse than a payday loan. And if I'm not mistaken they are going to make me pay 3 extra months of payments to actually own this equipment that I paid half of originally. In the end of it all I'll be paying 8156.94+ 4256.94+ 4300 + whatever they consider fair market value for the Equipment I thought I was financing not leasing. It is so unbelievably wrong how there are no number calculations on the paperwork. At all no balance of payments no showing what you owe. No numbers to clarify. And all they keep saying is you signed. Well they kept hounding me telling me I had 24 hours to sign. And multiple people calling me. I cannot believe I've been scammed like this. Way to do a small business totally wrong. I've heard of interests rates but this is ridiculous. And so wrong to do to the little guys trying to survive in this greedy corporate world that is so greedy with more money than they can spend taking it from my little struggling business. And when I ask that o thought I was only financing 4300 thay say you signed and agreed I didn't realize the things I was signing because there was no totals just a payment. And as of yet there still isn't any kind of ledger. And the account manager that I dealt with in 1 sentence he says finance and then a few sentences later says lease. So it is very confusing what you are getting into. Complete crooked dealings . It saddens me that people are so cruel and have no heart for the other people in this world how do you sleep knowing you are taking food from a child's mouth. How much money do you really need. It's blasphemy and a deadly sin GREED EVIL GREED. WITH ALL THE COMPLAINTS I wish we could file a class action suite. They do it to everyone .

4 months ago

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Tabatha Hale Rock Springs, WY

Would put 0 stars, but that's not a choice. This company along with Merchant Services are awful companies. They will contact you and claim that you are not compliant with any merchant services you are with (although not true). Then when you have a problem, you either wait on hold or are transferred over and over and never helped with the problem you call with. They give an email & it don't go through. They list a price in the contract & charge more then that, then add additional fees randomly stating that you have 30 days to respond or you will be charged that new fee amount. Then you don't know where to respond. Just a major scam! Extremely terrible contract to sign as it will be 48 months of terrible equipment and terrible service.

4 months ago

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Ton Ants

We financed with time payment through quickspark. Our salesman told us that we had the option of an early buyout after 5 month and there would be no interest. We payed extra every month so when we got to 5 months we could pay it off and be done with our loan. Once we got to the five month mark they gave us the original balance and said everything we paid up to that point doesn’t go toward paying off the original balance. That what you pay up to the 5 month buyout mark is forfeited. So all the extra money we put towards payment they just kept. They would not refund the extra payments. They stole my money. They use the contract a a manipulation tool to get you to pay them more. It states they charge you taxes and processing fees and they will just change the amount at there convenience because they can. This is not a legit company. Stay far Away!!!!

7 months ago

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Erik Emlinger Greenville, MI

Bought equipment and payed for 3 month deferment. After 2 months Feb 23 got a phone call from them (mind you they say there phone calls are all recorded) the women said I owed payment. I said I had the 3 month deferment. She then said you are correct. You do not owe. Then in July23 got a phone call saying I was one month behind. I explained the deferment and then was told I needed to pay a certain amount and I would be all caught up. So I did just that. Then two weeks later looked at my credit report and they have put late payments every month and refuse to to do anything about it. I just took care of all my debt in Oct22. And not only is this effecting my credit but my 150% disabled Vet father who has or had excellent credit. I have now reported this to the BBB. And will be finding an attorney.

8 months ago

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Donna Jones Conneaut, OH

STAY AWAY!! I 100% agree with EVERY comment on here! We had to close our store 2mths after my husband purchasing a printer, due to his health. Last month he had a toe removed due to diabetes. He has been off work, so we are in contact with them on this. Printer value is $3999.....we owe over $9000 now! I have contacted them several times about closing lease, we know we owe something for the printer, we expect that but got a NOPE! Lease can not be cancelled! They are NOT willing to work with us what so ever! I know this going on credit, but with him out of work, how can we make payment? Ooo yes!! The fees are ridiculous! How can these people work for such a sad company and sleep at night????? We have contacted the printer company and they have so many issues with this printer, but yes, we can return it to them but TimePayment still states we owe $8976.38 upon return of item!

1 year ago

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elijah mann Xenia, OH

I came across this predatory lender in July. They put on a friendly face so that you will sign anything that they want. This company failed to disclose the fact that the contract that I was signing was locking me in without any way out. When I asked to cancel my order that was paid through Timepayment Corp they said that it wasn’t possible. The contact was made before the 30 day mark and I was still told that I had to repay the money. I was also told that they would “try to get the money back from American Quality Health Products” and if they couldn’t then I would be responsible for the balance. The bikes original cost was $1508 if it isn’t paid down in 12 months then the cost more than doubles. This has to stop. This so called finance company is predatory and needs dismantled.

1 year ago

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Antoniello Family Brattleboro, VT

you would be better off sticking a hot knife in your eye... and then falling face first into molten lava than you would be working with these scam artists...Probably the best scam I have ever seen...and they found a way to be able to do it legally... Nothing but manipulation and lies... I always paid more than what my monthly fee was supposed to call for...and was never really given a good answer as to why.. 6 years of being screwed and now I am no better off than I was before.. They do not care about you or your business...The only thing they care about is getting your money and making you feel like a piece of turd throughout the entire process. . Even when COVID hit and I wasnt able to use the ATM, they wouldnt work with me at all...they didnt care...just wanted their money

2 years ago

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karen o Herndon, VA

DO NOT DO BUSINESS WITH THIS COMPANY! I've been in business for 20+ years and have never seen such deception in a leasing company! I paid off a $6k contract in 6 months to avoid paying interest fees (allegedly my contract was for 1-year 0% interest). They charged me several hundred $ over the lease cost, saying it was taxes -- this is absurd -- I've had numerous 0% deals over the past several years and have NEVER been charged over the principal amount if paid within the agreed period. In addition, they send a monthly invoice which only shows a credit on the account, failing to summarize principal, less payments equals BALANCE. I've never seen such absurdity ever!! AVOID this company!! They are loan sharks with hidden fees and no accountability when called out on their indiscretions. I'd be embarrassed to work for a company like this!!!!

3 years ago

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Hobart Pritchard Chicago, IL

The absolute worst loan company I've ever dealt with in my entire life! Hidden fees are absolutely ridiculous! If your card expires they hit that thing anyway three or four times at $20 a pop! $3 when they send an invoice home! You can't pay off early and save interest rate! The first day after the payment is due they are calling several times a day every day ! And the people you talk to are absolutely rude! Stay away from these people! I have been late 3 X first two times was unforeseeable didn't expect it the third time I called and told them and they still tried hitting my credit card and hit me multiple times with the $20 fee!

4 years ago

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Anon Trenton, NJ

Shady business. Non cancellation agreement. Listen, I had my product for less than a week, I called the product vendors they said speak to time payment, I call time payment they said speak to the product vendors. Time payment telling me that I CAN'T return the product! I called the vendors and let them know, this corp can charge me continuously I will not give them a dime. Its an emergency decision on my part. I have zero to give due to business not falling through, plus additional insurance? So I offered to return the product, and pay for shipping myself. As long as the product vendors return the money Time payment corp gave them. Otherwise it'll be FREE equipment, I don't want.

4 years ago

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Wanda Wilson Greensboro, NC

The lease process wasn't bad and customer service was always nice whenever I called. Problem- I paid the balance in full before the payment was due. Instead of the CSR telling me that the auto draft was still valid, she took the payment. The company ignored that the bill was paid in full and still drafted out the payment causing an overdraft for the other pending payments. I was told they don't reimburse for their error. I advise you to shop somewhere else for lease options. I will never use this company again.

5 years ago

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jaime Ashtabula, OH

Fees for everything if they call you if your late on a payment charge you $5.00. If you do not have insurance they charge you $20.00. There is not early pay off option your stuck with full amount so if you buy 2000.00 in stuff they charge 4000.00 and you want to pay it off in 6 months you still owe 4000.00. if i would have looked into this more i would have just not bought all at once but sales guy made it sound all so easy. They are not the nicest to talk to either took them 3 months to reset my online account so i could see what was going on then charged me $5.00 for paper statement. NEVER AGAIN ! THANKS FOR THE DIRECTION PET EDGE

5 years ago

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Andy Lopez Littleton, CO

Only because 0 is not an option. I “leased” a piece of equipment. I asked if there were prepay penalties upfront, at which point I was told no… not true. These people are scam artists. I am reporting them to the Attorney General in my state for usurious interest rates, and the ridiculous prepay penalty.

9 months ago

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Greg Graham Waconia, MN

All this company does is try to steal ever dollar it can from you. They have fees for eveything. You will never be able to pay off your loan because they will keep adding fees. PLEASE- Before you do business with this company see them on the Better Business Bureau website. You will thank me later

9 months ago

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Chris Las Vegas, NM

TimePayment aids Companies that specialize in scamming small businesses by providing overpriced equipment financing disguised as a lease/service agreement, I found this out after making $3.200.00 in payments for $1,300.00 worth of equipment that broke after 18 months with 42 months left on what I thought was a lease agreement but was actually a purchase contract. Do not trust anything associated with TimePayment.

1 year ago

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Sam Ayanam Manassas, VA

The worst experienced ever. I have similar experience as everyone here so far. I was paying almost $300.00 a month for an Oki machine of a market value of $700.00, but was leased for $3,395.00. The machine never worked and I couldn't return it. But I was still making the payments until my business went went down and I had nothing left in my account. They've now taken me to court stating that I owe them $9,000.00, for the machine and unpaid insurance fee for the machine (strange).

2 years ago

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Claude Williamsburg, VA

As many others have said, the terms are atrocious! No early pay-off, fees everywhere, and don't even think of returning your purchase. I wish I had performed more due diligence when working with this company. I purchased a 3D printer and some spools of filament to the tune of $1500, with interest I now owe them $2700! The only thing I can do is suck it up and pay. There should be a way to pay off the balance early minus the ridiculous interest. Never again will I do business with this company. Stay away as if your life depends on it!

3 years ago

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civilengineer42 Montgomery, TX

Worst Company I have ever dealt with. COVID19 has all but put me out of business. I am keeping my business going by propping it up from my regular job. I have never gone 30 days late on the payments. But they will not do anything about the out of this world late fees. To the the tune of 45% of the payment per month. And refuse to reverse or help in any way during this entire COVID Mess. STAY AWAY. RIP OFF. SCAM COMPANY. THERE IS NO WAY THIS COMPANY GOT ANY TYPE OF GOOD REVIEW. THAT IS WHY THEY HAVE ALREADY BEEN SUED AND LOST A CL%%%%%% ACTION LAW SUIT. MAYBE THEY NEED TO BE SUED AGAIN

3 years ago

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Todd Wilson Houston, TX

You would be better off buying equipment on credit card with highest interest you can imagine. Terrible company. After paying over twice the amount of purchase price then there is a "buyout" amount for even more. Read fine print and dont do business with them, look elsewhere!

1 year ago

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Kathy Baker GA

Can not change banking information with this company. My bank account got frozen due to fraudulent activity and this company refuses to change the banking information. I have called three times, two times straight up refusal and the third time I got hung up on!

1 year ago

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Redfishrex Hilton Head Island, SC

I was sold a false bill of goods so to speak. Terrible communication with emphasis on taking advantage of their clients. It would take a small/ short book to describe the misery and ineptitude. My review is simply a warning. Stay away or be prepared to be taken advantage of or as I like to say "ripped off".

2 years ago

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John Doe Big Rapids, MI

Like everyone else I was sold a line of xxxx. Was told I could pay off early without penalty. When I called to get pay off it’s the exact same as paying the loan out to term. The salesman promised me I could pay it off early and avoid the ridiculous interest charges. 20k will cost you 30k.

2 years ago

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Tenisha Marshall Chicago, IL

Do Not do business with TimePayment. Like others here I wanted to pay my loan off early and was told I would still have to pay full interest fees. Then they make me pay their insurance fees, along with every other fee they can give. I’ll be paying them for 4 years for something I could’ve paid for in 1 year.

2 years ago

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Jaz Carteret, NJ

I do not recommend financing with TimePayment. I am paying $5000 more than the equipment price on a 36-month lease. The equipment I purchased from Glownar barely works and I am not stuck with this equipment paying this high monthly payment. They have harassed and threaten me and I am just sick of them. Trust me -- it is not worth it at all.

2 years ago

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Carlisa Wheless Richmond, VA

they are a rip off. I was told i can pay off sooner if i did make higher payments . what i didnt know that im paying them $5,000 extra on top of intial equipment purchase and no one there could tell me why . None of this was shared with me . they misled me and tricked me. i wish i could leave No Stars they are horrible to work with

2 years ago

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Priscilla Greenville, SC

I leased a transportable power chair unknowingly. I thought that I was purchasing the chair, not leasing! The vendor did not clarify that this was a lease not purchase. I am wheelchair bound, on disability and social security. I cannot return and my lease can never be canceled. The vendors can’t be trusted!! Beware!!

3 years ago

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JT Petty ,

Time Payment is a terrible company to do business with. Their fees are insane. They charge a 10 fee each month for a statement that does not even have a date on it not when it was generated or when the next payment is due. Take your business elsewhere.

3 years ago

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Steve Kang Fullerton, CA

worst company tells lies and NEVER EVER use them guys... they told us 40% int rate accruing and charged it from day 1.,.. then reported late payments ... worst company ever... they also got sued for lying and had to pay all customers for fraud

4 years ago

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Gulfcoast Graphix Fort Myers, FL

Literally the worst financing company imaginable. They have tons of hidden fees. Also I had two $20 late fees in a four day period (my card expired). Also, the interest is added into your total at the beginning, and doesn't get taken off if you pay it off early. Be ready to pay 50% more than your loan. STAY AWAY!!!!

4 years ago

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J Fleeger Cordova, TN

It’s on me for not reading the line,” Non-Cancellable”. We are Moving to new city but will be stuck with paying for a service I no longer can use. No early cancellation fee nothing. You pay for it all no matter if you use it or not. I will never do any business with anyone that uses them. Ever.!!!!

5 years ago

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ramesh pothuru Morrisville, PA

best customer service and provided all required guide lines and required all supporting documents, flexible payment options.

2 years ago

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Erika Lirardi East Rutherford, NJ

Horrible predatory lenders. You will pay 3 to 5 times what you borrow from them you’ll make your payments and at the end of your contract he will still owe them money or have to send the equipment back

2 years ago

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Chaka Stewart Syracuse, NY

Worst company ever my sink was 2900 they charging me 7000 there nothing but scamming people out of money my payment was 129 they lie and said my pay is 155.00 they lie I reported to the better Business Bureau

2 years ago

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Sarah Martino Greenfield, MA

Terrible company!!!! Bought out our loan with 2 payments left. Raised our monthly payment with no explanation. Won't give us our buy out, won't return calls or emails, won't update website

2 years ago

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Josefina Martinez Los Angeles, CA

Please don't do business with this company the machine never works we speak with them and nothing work, they stole your money.

2 years ago