Camino Financial Review 2021

Overview

Camino Financial is an online business credit marketplace specializing in short-term loan and microloan products. Applicants submit an online application, and Camino will let them know if they’ve been approved for a small business loan within 24 hours. Compared to banks, Camino Financial has easier eligibility criteria for credit and cash flow.

Camino Financial Business Loan Details

Pros and Cons

Green checkmarkPros
  • Easy qualification requirements
  • Fast funding
  • Will take second position
  • Generous renewal policy
Red X markCons
  • High interest rates
  • Additional fees

Short-Term Loan

  • Loan Amount

    $10,000 - $400,000

  • Loan Terms

    24 - 60 months

  • Interest Rate

    12% - 24.75%

Qualifications

  • Annual Revenue

    $30,000

  • Personal Credit Score

    550

  • Time in Business

    9 months

Microloan

  • Loan Amount

    $25,000 - $75,000

  • Loan Terms

    24 - 36 months

  • Interest Rate

    25.5% - 40%

Qualifications

  • Annual Revenue

    $30,000

  • Personal Credit Score

    550

  • Time in Business

    9 months

Camino Financial Borrower Eligibility

To qualify for funding through Camino Financial, your business should have no bankruptcies in the last 12 months. You’ll need to be current with creditors and have no past due payments on any existing debt obligation. And you must own at least 50% of the business

Camino Financial prefers but does not require you to have a business bank account. They can work with you if you only have a personal bank account. They also require you to have made at least three deposits per month into your bank account.

Additionally, Camino Financial requires your business’s debt service coverage ratio to be at least 1.

Camino Financial does not work with businesses that are in certain excluded industries, such as finance, insurance, public administration, and multilevel marketing, as well as businesses located in New Jersey, North Carolina, Hawaii, or Puerto Rico, or those looking for funds to purchase real estate. Finally, they can’t work with businesses that have tax liens exceeding $500.

What You Need to Apply

  • Must grant Camino Financial access to bank account
  • Last six months’ worth of bank statements
  • Your most recent business and personal tax returns (only for loans of $50k or above)
  •  Proof of business registration and business license
  • Voided business check
  • Copy of driver’s license

How to Get a Loan With Camino Financial

If Camino Financial sounds right for your business, read on to learn more about their application, underwriting, and post-funding processes, as well as what types of fees and collateral will be required.

Application and Underwriting Process

Applying for a loan with Camino Financial is as easy as filling out their online questionnaire. The form asks for basic information about the business and owner. In most cases, you’ll find out if you’ve been pre-approved for a loan within 24 hours.

The next step is to upload financial documents online or send them directly to a Camino loan specialist. At that point, Camino will underwrite your business. As part of that process, they will do a soft credit pull. If you qualify, Camino will match you to one of their loan products that’s best suited for your business. Final loan approval takes between one and eight business days.

They will send you an offer containing the interest rate, repayment schedule, and other information. If you accept the offer, Camino will wire the funds to your account within two days. All in all, the entire application, underwriting, and approval process takes about three to 10 business days for their short-term products and about two to four days for microloans.  

If you have questions about your loan status throughout the process, you can call Camino’s Financial Hotline with questions. Should Camino deny you for a loan, you can reapply at any time once you’ve addressed the reason for the denial (e.g. increased your credit score or annual revenue, etc.).

Post-Funding Process

Once you’ve signed your loan agreement with Camino, your repayment schedule will go into effect. Depending on when the funds hit your account, you’ll have to make an installment payment on every 5th, 15th, or 25th day of the month.

Camino has a pretty generous renewal policy. You have the option to graduate to a second loan for a higher amount and better rates after nine months of timely payments

Camino reports payment activity to Experian, so you can build credit with timely payments. This will enable you to qualify for more attractive loan products (lower interest rates and longer terms) down the road.

Fees and Collateral

Camino Financial charges a closing fee of 5% of the loan amount for their short-term loans and 6.99% for microloans. However, if you’re able to pay off your balance early, you won’t be charged a prepayment fee.

While Camino Financial does not require traditional collateral, they will file a UCC-1 blanket lien on your business immediately upon funding. They also require a personal guarantee from anyone who owns 20% or more of the business, plus the spouse of the business owner. It’s also worth noting that Camino will take second position to another lender.

Camino Financial Customer Service

Camino Financial is located in Los Angeles, California, and can be reached by phone, email, fax, or by submitting a short form directly on their website.

Camino Financial Customer Reviews

Camino Financial has been accredited by the Better Business Bureau (BBB) since 2015 and has an A+ rating. They have only received one customer complaint, which the company addressed.

Generally, Camino Financial gets resoundingly positive reviews. Customers especially appreciate the level of personalized service, as well as how simple the process is. Reps walk them through the entire loan process and are available for any questions along the way. Reviews from business owners who were rejected for bank loans but were able to qualify for financing through Camino Financial are also very positive toward the company—and overall, helping business owners who wouldn’t normally qualify for traditional funding find the money they need is what Camino Financial has built their brand around.

Top Alternatives to Camino Financial

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Fundera Score

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Fundera Score

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Fundera Score

3

Fundera Score

4

Products Offered

Term loan; lines of credit

Products Offered

Term loans; merchant cash advances

Products Offered

Merchant cash advances; short term loans

Products Offered

Lines of credit

Interest rates

Starting at 35.1%; 31%

Interest rates

1.15 to 1.48 factor rate

Interest rates

Factor rates starting at 1.11

Interest rates

Starting at 4.66% (of draw amount)

Minimum credit score required

600

Minimum credit score required

No minimum

Minimum credit score required

550

Minimum credit score required

500
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Frequently Asked Questions

Is Camino Financial in Fundera's Network?

Camino Financial is not in Fundera’s Lender Network. The Fundera team carefully vets all of the lenders in our network, and have determined that Camino Financial 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.

See Your Business Loan Options
Senior Contributing Writer at Fundera

Priyanka Prakash, JD

Priyanka Prakash is a senior contributing writer at Fundera.

Priyanka specializes in small business finance, credit, law, and insurance, helping businesses owners navigate complicated concepts and decisions. Since earning her law degree from the University of Washington, Priyanka has spent half a decade writing on small business financial and legal concerns. Prior to joining Fundera, Priyanka was managing editor at a small business resource site and in-house counsel at a Y Combinator tech startup.

Read Full Author Bio