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
- Easy qualification requirements
- Fast funding
- Will take second position
- Generous renewal policy
- High interest rates
- Additional fees
$10,000 - $400,000
24 - 60 months
12% - 24.75%
Personal Credit Score
Time in Business
$25,000 - $75,000
24 - 36 months
25.5% - 40%
Personal Credit Score
Time in Business
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.).
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
Term loans; merchant cash advances
1.15 to 1.48 factor rate
Minimum credit score required
Products OfferedTerm loan; lines of credit
Products OfferedTerm loans; merchant cash advances
Products OfferedMerchant cash advances; short term loans
Products OfferedLines of credit
Interest ratesStarting at 35.1%; 31%
Interest rates1.15 to 1.48 factor rate
Interest ratesFactor rates starting at 1.11
Interest ratesStarting at 4.66% (of draw amount)
Minimum credit score required600
Minimum credit score requiredNo minimum
Minimum credit score required550
Minimum credit score required500
|Apply NowRead Full Review||Read Full Review||Apply NowRead Full Review||Apply NowRead Full Review|
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.