Camino Financial Review 2021

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.

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.

• 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

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.

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.).

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.

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 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 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.

Camino Financial is in Fundera’s Lender Network. The Fundera team has carefully vetted Camino Financial and determined that their offering is one of the best in their product category. When working with Camino Financial, you can be sure you’re getting transparent, fair pricing on a best-in-class product.