Time Payment Corporation is an equipment financing and leasing company founded in 2003 in Burlington, Massachusetts. The company provides financing for business equipment up to $100,000 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.

According to complaints filed with the Better Business Bureau, the biggest problem consumers have is the company receiving and recording monthly lease payments. Time Payment 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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Typical Borrowers

Small business loans through Time Payment are only for equipment purchases and rentals. The company works with all credit histories and all business sizes and types. Equipment leases are available for both commercial and residential business owners. Borrowers may buy the equipment in full at the end of the agreed lease or continue to rent on a month-to-month basis. Full details on all equipment leasing options can be found on the company’s website.

Best Uses

Leases from Time Payment are typically used for residential and commercial business equipment purchases.

Minimum Qualifications
  • Documentation Fee Required
  • Terms Based on Credit History
  • Advance Payment Required

The Good

Pros of Time Payment Loans
  • Fast Approval and Funding within 24 Hours
  • Fixed Monthly Payments
  • Lease Payments May Be Tax Deductible
  • Minimal Upfront Costs
  • Several Equipment Leasing Options
  • Manage Payments Through an Online Account
Available Equipment Lease Types

Borrowers have several lease options through Time Payment. Small business owners can choose a commercial lease from $500 to $100,000, or a consumer lease for residential equipment up to $10,000. Borrowers can also choose from lease-to-own, fair market value, $1buyout, 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.

The Bad

Low Amounts of Capital

Time Payment only offers equipment leasing and financing options for business loans. Borrowers are only able to apply for up to $100,000. 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.

Negative Customer Feedback

Numerous filed complaints with the Better Business Bureau allege the company fails to record received monthly lease payments from borrowers. Other complaints are in regards to issue with other additional fees that the company charges and the equipment buyout option.

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.

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The Bottom Line

Time Payment 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.

Compare to Other Business Loans

Frequently Asked Questions

How long will it take to receive funds from Time Payment?

Time Payment is able to have funds available to use within approximately one day.

Does Time Payment require collateral with its loans?

The company does not require collateral in order to receive a loan.

Does Time Payment have prepayment penalties?

The company does not disclose prepayment penalties on its website.

Does Time Payment charge origination fees?

The company does not disclose origination fees on its website.

Does Time Payment charge closing fees?

The company does not disclose closing fees on its website.

How can I contact Time Payment?

Consumers can contact the company by phone at 1-866-994-7832.

More Information

Types of Loans Offered

Equipment Leasing and Financing

Rates Offered

Rates Are Not Publicly Disclosed

Term Lengths

Term Rates Vary Depending on Equipment Lease

The Borrowing Process

Borrowers can access equipment loans from $500 to $100,000. The company decides to lease terms based on the borrower’s credit history. Monthly payments are at a fixed rate and may be tax-deductible. To qualify, consumers need to submit an online application, an advance payment, and a documentation fee. The company typically approves loans in less than four hours and provides access to funds within the same day. Lease payments are made through an online customer portal. It is unclear what other fees may be involved, as these are not disclosed to the general public on the corporate website.

How to Apply

Borrowers need to submit an online Consumer Equipment Application or Commercial Equipment Application. These documents are available directly on the company’s website. Loan approval results are typically sent by email within four hours. Smaller loan amounts under $10,000 are generally processed within minutes. Once a loan application is approved, a company representative will contact the borrower to discuss program options and leasing terms. These terms will be based on the borrower’s credit history.

Borrowers are able to sign the lease documents electronically on any computer or mobile device and email them back to the company. Borrowers are expected to make an advance payment and documentation fee before the application process can be completed. When the documents are completed, borrowers can pick up their equipment from their selected third-party vendors. Payments can be managed through an online account located on the Time Payment website and any questions may be answered by contacting the company either by phone or by email.

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