Triumph Business Loans Review
Not disclosed
Minimum $250,000 for equipment financing
Open to startups with creditworthy customers
Undisclosed for factoring and asset-based lending; $2 million+ annual revenue for equipment financing
Pros and cons of Triumph
| Pros | Cons |
|---|---|
| Same-day funding for invoice factoring Fuel discount program, tire savings and free business support No invoice minimums Open to startups Factor month-to-month with no contract required | Only offers funding for select industries and is primarily focused on trucking Website doesn’t provide details about rates or fees Online chat is unresponsive and you need an account to speak with a representative Poor customer reviews from Trustpilot and the Better Business Bureau |
Triumph small business loans review
Triumph (formerly known as Triumph Business Capital) is a small business financial services company serving the trucking industry. It focuses primarily on invoice factoring, but also offers trucking insurance, equipment financing and asset-based lending. The company doesn’t require a minimum invoice amount or an ongoing contract, and once you’re a client, you can get same-day funding.
Other benefits include a free year of transportation management software, a fuel discount card and complimentary office support, including free credit checks on potential clients. These unique perks may help offset the factoring fees.
However, Triumph’s website doesn’t include important details about qualification criteria, rates and fees. You’ll need to fill out a form and wait for a call to get a quote. Also keep in mind that Triumph gets low ratings on the Trustpilot and BBB websites.
Who is Triumph best for?
- You’re in the trucking industry and have cash flow problems. Invoice factoring allows you to sell your invoices and get cash as soon as the same day, and you may prefer to work with a lender that’s familiar with your industry.
- You’d prefer to avoid taking on debt: You won’t risk damaging your credit with invoice factoring, and Triumph offers a non-recourse program, which means you won’t owe the company even if your clients fail to pay.
- You can’t get approved for a traditional bank loan: If you don’t meet the requirements for a traditional business loan, you can get a large loan against your high-value assets from Triumph or get money for your unpaid invoices based on your clients’ creditworthiness.
Triumph small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Invoice factoring | N/A | N/A | Not disclosed | Not disclosed |
| Equipment financing | $250,000+ | 24 to 60 months | Not disclosed | Not disclosed |
| Asset-based lending | Not disclosed | Not disclosed | Not disclosed | Not disclosed |
Invoice factoring
With invoice factoring, you sell your unpaid invoices to Triumph and allow Triumph to collect payment from your clients directly. You choose which of your customers you’d like to receive faster payment from, and if Triumph approves, you’ll submit all of your invoices for this customer to Triumph directly.
Triumph then forwards you 100% of the invoice amount as soon as the same day, which you’ll presumably use to repay the factoring fee within a certain amount of time. There is no minimum invoice size.
Equipment financing
Triumph offers equipment financing for new and used equipment with a minimum loan size of $250,000, paid off over 24 to 60 months. To qualify, your business needs to earn at least $2 million in annual revenue. Triumph focuses on loans secured by transportation, construction and environmental equipment.
Asset-based lending
Triumph offers asset-based loans that may be easier to qualify for than other types of financing, since Triumph primarily focuses on the quality of the collateral when approving applicants. However, the company still considers your financial statements and other criteria during underwriting. The minimum loan utilization is usually $3,000,000. Asset-based loans can be used for a wide variety of purposes, including working capital, acquisition and debt consolidation.
Triumph borrower requirements
Invoice factoring is different from most other types of small business financing, such as small business loans, because it relies on your customer’s creditworthiness instead of your own. That means there’s no minimum credit score or time in business to get started.
Triumph makes money when your customers pay their invoices, so if your customers reliably do this — even if that takes longer than is convenient for you — then you may be a good candidate for invoice factoring.
Required documents
Triumph will require you to submit the following documents so it can verify you meet their business lending requirements for invoice factoring:
- Invoice examples
- Current invoice aging report
- Articles of incorporation, organization or other business formation documents
Alternatives to Triumph
| Triumph | Commercial Fleet Financing | Elevation Capital | |
|---|---|---|---|
| Minimum credit score | N/A | 640 | 500 to 600, depending on financing type |
| Loan products offered |
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|
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| Time to funding | As soon as same day | As quick as 24 hours | As quick as 24 hours |
| Starting APR | N/A | Not disclosed | 1.12 to 1.28 for invoice factoring |
| Maximum loan size | N/A | $1,000,000 | $3,000,000 |
| Minimum annual revenue | N/A | Not disclosed | $150,000 |
Triumph vs. Commercial Fleet Financing
If you’re a trucker who needs to purchase or lease equipment, Commercial Fleet Financing may be a better fit. It doesn’t offer invoice factoring, but it does offer loans and leases. Funding can be very fast, but if you can afford to wait and you’re already an established trucker, then other options like SBA 504 loans can be much cheaper.
Triumph vs. Elevation Capital
Elevation Capital works with business owners in several industries, including the transportation industry. Along with invoice factoring, it provides two other services that Triumph does not: merchant cash advances and purchase order financing, although truckers may not have quite as much use for these two options. For its invoice factoring option, you’ll need to submit a minimum volume of $5,000 of invoices to Elevation Capital each month in order to be eligible.