Ascentium Capital Review 2021

Ascentium Capital describes themselves as an equipment financing company, but they also offer more traditional business loans that can be used for other business-related expenses beyond equipment or technology. This alternative lender offers working capital loans of up to $250,000 and equipment financing up to $2 million with a simple, one-page application. 

If you previously worked with Copperline Capital for your funding needs, you’ll find that their website now redirects to Ascentium Capital. While they offer similar types of loans, whereas Copperline Capital extended credit by invitation only, you are able to apply for funding directly through Ascentium Capital’s website.

Ascentium Capital doesn’t provide a lot of specifics around what a business needs in order to qualify for their funding. They will consider your time in business, bank and financing references, and business and credit bureau ratings. They also leverage third-party databases to acquire sufficient credit information during the application process, so you may not need to provide much in the way of documentation when you apply.

If you’re interested in their equipment financing product, you will, of course, need to be purchasing or leasing some type of equipment or technology in order to qualify. Before applying, you should decide what piece of equipment you want so you have cost and vendor information upfront. For equipment financing of $250,000 or less, you’ll only need to submit their quick credit application—of course, if you need a larger loan, you will have to undergo a more stringent application and underwriting process.

To start, you can fill out a credit application directly on Ascentium Capital’s website, or you can select the paper copy option if you prefer to complete it by hand. You’ll need to provide basic business information, including your company name, address, EIN, number of employees, time in business, annual revenue, industry, and legal structure. 

If you’re applying for equipment financing, you’ll also need to include the vendor’s name, address, contact information, type of equipment, whether it’s new or used, cost, and desired terms. For their working capital loan, you will simply provide the amount you’re looking for and purpose for the funds. 

Next, you’ll include bank information, including the name of your bank, a contact and their phone number, account number, and average daily balance. 

Lastly, you and any other owners of the business will need to provide your name, title, address, contact information, social security number, and ownership percentage.

For loan amounts up to $250,000, Ascentium Capital can approve your application in as little as two hours. As we mentioned above, they’ll gather information about your business from third-party databases to confirm what you self-report on your application, so not much documentation is required on your end. For amounts over $250,000, you can expect a longer and more involved process, although the specifics aren’t clearly defined on Ascentium’s website.

If you’re approved for funding, be sure to carefully read through the loan agreement before accepting the offer. While Ascentium doesn’t have an application fee, they do charge a one-time documentation fee for processing and expenses related to credit reports, UCC filings, and more. 

Based on this fee, it’s clear that Ascentium Capital will file a UCC lien against your business if you fund with them. They also require a personal guarantee. 

Since they’re not transparent about the interest rates they charge, be sure to pay close attention to your loan agreement for this information and compare their rates to other lenders to make sure you’re getting the best deal possible.

Like their interest rates, Ascentium’s repayment terms are just as opaque. However, they do state that you can use a credit card to make your payments (with associated processing fees), and they won’t charge a prepayment penalty if you pay off your loan ahead of schedule.

Ascentium Capital’s offices are located in Kingwood, Texas. They offer a variety of phone numbers and email addresses to contact for support, depending on whether you have credit application questions, existing contract questions, or vendor or partner inquiries. Visit their contact page to find the right point of contact for your specific questions.

Ascentium Capital has been accredited by the Better Business Bureau since 2015 and has an A+ rating. However, this rating doesn’t mean their feedback is all positive. Ascentium currently has 47 complaints on the site; however, the company works to resolve them. From over 100 customer reviews, their average rating is 3.94 out of 5 stars. However, their Yelp reviews are far from favorable. With such mixed reviews, borrowers should proceed with caution. Do your due diligence before signing an agreement to ensure this is the right financing for you.

On the positive side of things, highlights include quick and responsive sales reps and fast, painless funding. Other positive reviews mention competitive interest rates. 

However, borrowers who had less positive experiences call Ascentium a scam, where they were unable to get in touch with a representative, weren’t shown the full contract before signing, or had important information sent to the wrong address. 

With such an array of polar-opposite reviews, be sure to exercise caution when proceeding with this, or any, lender. You should always compare multiple options and don’t hesitate to have a business attorney review your loan agreement before signing. If you feel pressured by a lender to sign paperwork before you feel ready, they’re likely not the right lender for you.

Ascentium Capital is not in Fundera’s Lender Network. The Fundera team carefully vets all of the lenders in our network, and have determined that Ascentium Capital either doesn’t have the technology to work with Fundera or does not offer a financing product that competes with the other lenders in its product class. We suggest considering another lender in this product class.

See if you qualify for similar products in Fundera’s Lender Network.