Many small businesses require financing for various business needs and goals. One of the most expensive needs is business equipment, such as computers, machinery, tools, etc.
Fortunately, many equipment financing options exist. Clicklease is an equipment financing company that specializes in fast approvals.
However, it might not be the right fit for every small business. This Clicklease review explores the benefits, drawbacks, and application process to help you decide if it’s right for your business. Specifically, we’ll answer these questions and more:
Clicklease LLC is a financial services company that specializes in using technology to provide equipment leasing solutions for small businesses. It offers various products, such as lease-to-own options for equipment like computers, office furniture, and machinery.
Clicklease was founded in 2018 and is based in W Valley City, UT. The company has grown rapidly since its inception, catering to the needs of small and medium-sized businesses looking for flexible financing options for their equipment purchases. It has around 200 employees in Utah and Costa Rica.
Clicklease primarily focuses on providing equipment vendors with a financing option to close more sales. Small business owners can complete an application on the Clicklease website, but the company refers business owners to an equipment vendor that supplies their needed machinery.
The company’s equipment lease product is lease-to-own, meaning the business will own the equipment at the end of the lease term. This could be reflected in higher monthly payments and a low purchase price at the end of the term or a lower monthly payment with the option to purchase at market value.
Submitting a lease application to Clicklease involves providing business credit information and undergoing bank verification. This step ensures that the applicant’s financial background aligns with the financing requirements.
Clicklease stands out by offering instant approvals for equipment financing, making the approval decision process quick and efficient. This feature benefits businesses by providing them with timely access to the funds they need.
The registration process with Clicklease is straightforward. It includes signing lease agreements and selecting a purchase option for the equipment being financed. This flexibility allows businesses to choose a payment structure that suits their needs.
Businesses needing assistance during the application process or with questions about lease payments can easily reach out to Clicklease. The company provides support and guidance to ensure a smooth and transparent financing experience for its customers.
Clicklease doesn’t set minimum qualifications for time in business, credit score, or annual revenue. Some online reviews suggest borrowers need a minimum credit score of 520. However, the Clicklease website states all FICO scores are welcome to apply.
The company only performs a soft credit pull when reviewing your application. This means your credit score won’t be affected when you apply.
The company prides itself on quick applications and fast approvals. It states that small business owners can complete the application in under three minutes and receive an approval decision in seconds.
Once the application is approved, the company can fund equipment purchases on the same day. The entire purchase process can sometimes be completed in 10 minutes, per the Clicklease website.
Equipment sellers can offer white-label financing through Clicklease directly on their company website. The process simplifies how small business owners can apply for equipment financing when purchasing from a vendor that works with the company.
However, business owners cannot apply directly to Clicklease. They can fill out a form on the company’s website to receive equipment offers from vendors that work with Clicklease.
Understanding lease agreements is crucial before signing to ensure you comprehend the terms and obligations. Make sure to review all the details carefully. Some online reviews complain about high interest, payment issues, and significant payoff amounts to own the equipment.
Be aware of the lease payment schedule and amounts due. It’s essential to budget accordingly for these expenses.
Familiarize yourself with the purchase options available at the end of the lease term. This knowledge helps you plan ahead and make informed decisions.
The company offers a business loan referral program to help equipment vendors close more sales. However, it doesn’t provide much detail on rates. ISOs and business loan brokers should contact the company for more information.
Small business owners can complete the “Get Started Section” to see equipment vendors who can offer them leasing terms through Clicklease.
Equipment vendors can submit equipment purchasers for financing with the following steps:
Small business owners complete the financing application directly on the equipment seller’s website. Vendors can also submit the application via email or fax. Clicklease will provide an instant decision.
Once Clicklease approves an application, the equipment vendor sends the purchaser a contract to finalize the lease.
Once the customer signs off on the offer, the equipment vendor sends the invoice to Clicklease, which then pays the vendor for the invoice amount.
After securing equipment financing through Clicklease, reviewing the lease agreements meticulously is crucial. Understand lease payments, due dates, late fees, and purchase options provided.
Most equipment leasees have monthly payments due. There might be an early payment discount of as much as 5%. However, it depends on the lease agreement. Ensure you verify early payment options with Clicklease.
Clicklease doesn’t report lease payments to the business credit bureaus, so this type of financing won’t build business credit. However, it may be possible to self-report in some cases.
Clicklease offers instant approvals, ensuring businesses can swiftly secure equipment financing without delays. This quick approval process is crucial for companies needing to acquire equipment promptly.
Businesses benefit from flexible lease payments with Clicklease, allowing them to customize payment schedules based on their income and cash flow. This flexibility aids in better financial management.
One notable advantage of Clicklease is the purchase option provided to businesses at the end of the lease term. This option gives companies the opportunity to own the equipment, adding a sense of ownership and flexibility.
Clicklease stands out for its commitment to transparent lease agreements, ensuring that businesses have a clear understanding of all terms and conditions upfront. This transparency helps avoid any surprises or hidden fees down the line.
Beware of potential high late fees associated with Clicklease lease agreements. Some customers have raised concerns about hidden charges and fees when leasing equipment through Clicklease.
Small businesses should carefully review the purchase options at the end of the lease term to avoid unexpected costs. Instant approvals may sound appealing, but some complaints suggest that the financing terms may not be favorable for all businesses.
In addition, the company’s financing options only go up to $20,000. While that’s suitable for some business equipment, companies seeking more expensive equipment must find a different financing company.
Pros:
Cons:
Yes, Clicklease is a legitimate financial services company. It is Better Business Bureau (BBB) accredited with an A+ rating on the watchdog site. In addition, the company’s website has an up-to-date SSL certificate, indicating that your data is protected.
You might see some customer reviews referring to the company as a scam, but these reviews are from customers who are frustrated with the cost of financing. Even so, given the accusations, you should ensure you fully understand the repayment process before committing to Clicklease.
Clicklease has solid customer reviews overall, but the negative reviews are a concern. The company has a 4.35 out of 5 rating on over 1,100 BBB reviews and a 4.6 out of 5 rating on over 2,600 Google Reviews. However, it has a 2.2 out of 5 rating on 8 Trustpilot reviews.
Customers often appreciate the ease of the instant approval process for equipment financing with Clicklease. The quick approval decision and minimal documentation requirements stand out. Many customers highlight the flexibility of lease agreements, especially in terms of lease payments and purchase options.
Positive experiences with Clicklease’s customer service are frequently mentioned in reviews. Customers express satisfaction with contacting the company for inquiries or assistance regarding their account or lease agreements.
Negative customer reviews for Clicklease often focus on issues such as hidden fees, poor customer service, slow approval processes, and difficulty canceling contracts. Customers have expressed frustration with unexpected charges, lack of transparency, unresponsive support staff, and delays in receiving funding.
Some have also mentioned dissatisfaction with the overall leasing experience and felt misled by the company’s advertising. Negative reviews highlight concerns about Clicklease’s reliability and communication with its customers.
Clicklease may deny an equipment lease application for various reasons, such as issues with cash flow, credit history, or the equipment being financed. The denial letter should explain why you weren’t approved. If not, you can contact them directly for more information.
Fortunately, there are many options for equipment financing if Clicklease doesn’t work for your needs. Many alternative and online lenders offer quick and easy application processes with fast approval and funding times.
Additionally, many lenders offer business funding options beyond equipment financing. You may be interested in one of the following small business loans:
Clicklease can be a viable option for equipment sellers seeking third-party financing or equipment buyers needing help finding a vendor and financing. It’s also a good fit if you only want equipment financing up to $20,000.
Business owners looking for a direct equipment financing option or those seeking more than $20,000 must find a different lender. Additionally, highly qualified equipment buyers can likely find lower-cost alternatives or companies offering more equipment loan and leasing options.
Based on the available information, we rate Clicklease at 3 out of 5. It can be a decent option for equipment sellers, but complaints of high costs and a lack of other financing options limit its score. Small business owners should carefully review any Clicklease offers and compare them with other equipment financing offers before signing a lease.
Disclaimer: The Clicklease trademark is owned by Clicklease, LLC, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from Clicklease LLC.
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