TimePayment
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TimePayment Corporation is an equipment financing and leasing company founded in 2003 in Burlington, Massachusetts. The company provides financing for business equipment up to $10,000 and offers affordable monthly payments. Borrowers are able to manage lease payments through an online account and can get a free quote through a lease calculator on the company's website. TimePayment serves small companies 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 purchases only.
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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 loans to help fund new or existing projects. Borrowers have several lease options through TimePayment. Small business owners can choose a commercial lease from $500 to $10,000, or a consumer lease for residential equipment up to $10,000. 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 of working with TimePayment include:
- 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
The Bad
- Low Amounts of Capital
- Undisclosed Fees
Low Amounts of Capital
TimePayment only offers equipment leasing and financing options for business loans. Borrowers are only able to apply for up to $10,000. Many other lending competitors offer other types of business loans plus equipment financing/leasing for much larger amounts. Consumers needing capital for other business needs will want to consider alternative lending options.
Undisclosed Fees
The company does not publicly disclose on its website its pricing structure for prepayment penalties, origination fees, or closing costs. The company also charges other fees as well. For example, the company charges a monthly insurance fee and administrative fees on various additional services.
The Bottom Line
TimePayment is best suited for any size business that needs small amounts of working capital exclusively for equipment. Borrowers can choose from several lease types and make automatic billing payments online. However, numerous customer complaints allege the company fails to properly record these payments and does not publicly disclose its fees. We do not recommend working with TimePayment at this time.
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User Reviews
Star Rating
2 Reviews
Review Breakdown
Sentiment Criteria
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.
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