Camino Financial Review

Camino Financial is a lending marketplace that specializes in very short term loans for small businesses. Its focus is on helping businesses through tough times with quick injections of cash, up to a maximum of $30,000.

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3 /5
Rating
$ 300 /mo
Starting Price
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Table of Contents

    What Loans Camino Financial offers

    Camino only offers one type of product, an unsecured business loan.

    Its aim is to keep the process as simple as possible for businesses that need cash quickly. 

    How Camino Financial works

    As a short term lender, you’ll find interest rates that are a little higher than other, more long term, competitor products.

    On the plus side, though, its loans are approved quickly and can be in your account in just two business days. The basic terms are as follows:

    • Borrow between $5,000 and $30,000
    • Loan terms between six and 12 months
    • Interest rates between 24% and 45%

    You should also note that the lender can’t finance startups, and doesn’t work with those in the finance, public administration, insurance, or marketing industries.

    How do I qualify for Camino Financial?

    • Your business must have been registered and operating for at least nine months
    • You must be generating sales of at least $30,000 annually or $2,500 per month
    • You’ll need a credit score of at least 550

    In order to help out businesses that might be struggling, you won’t be required to show profitability.

    You can be losing money and still be accepted, as long as you meet the revenue criteria.

    Camino Financial Pros And Cons

    Pros

    • A good option for businesses that need a fast cash injection
    • You don’t need to be profitable to be accepted
    • Low monthly revenue requirements

    Cons

    • High interest rates
    • Short repayment terms
    • Origination fees can be quite high, usually between $500 and $1,500

    How do I apply for Camino Financial? 

    Simply fill out the online application form and you’ll get a pre-approval decision within 24 hours.

    Most will receive their funds just two business days after completing the application. 

    Documents I need to apply for Camino Financial 

    • You’ll need one form of photo ID,like a driver’s license or passport
    • A void business check
    • Business bank statements

    Camino Financial for bad credit

    With a minimum credit requirement of 550, Camino is a good choice for those with bad credit.

    It specializes in helping out those businesses that might need quick cash and those with poor credit.

    However, there are other lenders out there that have lower credit thresholds and more lenient interest rates.

    Camino Financial customer support

    You can send any queries via email, call the helpline or reach out through one of Camino’s social media accounts.

    Conclusion

    If you’ve hit a rough patch and need cash quickly to cover an emergency, then Camino could be a good choice for you.

    Although, with high interest rates, and short repayment terms, you’ll need to ensure you’re able to make your payments before you agree to the loan.

    Otherwise, you could find yourself stuck in a cycle of debt.

    Other lenders, such as National Funding, offer even more lenient credit requirements and lower interest rates, so you might want to start there.

    If the $30,000 limit is also a little restrictive, you should try OnDeck, which offers loans between $5,000 and $500,000 as well as quick turnaround on funding.