Tento Reviews
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About Tento
Tento makes financial wellness tools to grow your business. From working capital to equipment financing and more, we're here to help you grow your business for the long-term and build good credit on the way.
- Fast approval times
- Data insights provided
- Business credit monitoring
- No interest for 30 days
- Only in business since 2022
- Only two loan products offered
- Fees and requirements unclear
Our editor’s take on Tento
Tento is a modern fintech company for businesses needing quick access to capital. Its reliance on data and analytics to drive financing decisions marks a shift from traditional lending.
But as a relatively new player in the market, Tento doesn't yet have a long history to back its services. Because of this, it’s best suited for business owners who are comfortable embracing newer, technology-driven financial services, as well as those who prioritize speed and flexibility over established industry presence.
Tento products
Tento offers two products: working capital loans and equipment financing.
- Working capital loans are designed to boost your business's everyday operations and have no usage restrictions. Rather than offer working capital loans directly, Tento searches over 50 business loan lenders to help you find the one with the best rates and terms.
- Equipment financing is for businesses that need funding to purchase new equipment or technology. Usually, rates are lower than working capital loans because the equipment itself serves as collateral if you can’t make your payments.
Working capital loans | Equipment financing | |
---|---|---|
Interest rate | Starts at 8% | Starts at 5.99% |
Loan amounts | Up to $500,000 | Up to $500,000 |
Loan terms | 12 to 36 months | 3 to 60 months |
Approval time | Within 2 hours | Within 4 hours |
Funding time | Same day | Same day |
Repayment options | Monthly, weekly or daily | Monthly, quarterly, annual, semi-annual or seasonal |
Tento rates
Tento makes borrowing accessible with competitive rates for its financial products. For working capital loans, rates start at 8%, while equipment financing begins at a lower rate of 5.99%. Plus, Tento offers an appealing 30-day no-interest period on its loans. The annual percentage rate (APR) you'll pay depends on factors like your FICO score and your business's overall stability.
Tento fees
Tento doesn’t disclose any information about fees on its website. It's always recommended to ask about potential fees upfront to avoid surprises later on.
How to apply for a Tento loan
To apply for a Tento loan, you’ll fill out a brief online application form and provide some basic documentation. For most loans, this includes the last three months of business bank statements. If you're applying for equipment financing, you'll also need a quote for the equipment you're looking to purchase.
Tento takes into account both your business and personal credit. While it doesn’t specify a minimum credit score, having a solid credit history could improve your chances of getting a better rate.
How does Tento compare?
While Tento offers lower rates, larger loan amounts and longer term lengths than some of its competitors, it lacks transparency regarding fees and eligibility. Here’s how Tento’s working capital loans compare to two other lenders, Credibly and OnDeck.
Company | Customer rating | Rate | Loan amounts | Loan terms | Min. credit score | Min. time in business | Min. annual revenue | |
---|---|---|---|---|---|---|---|---|
4.8 | Starts at 8% | Up to $500,000 | 12 to 36 months | 600 | 1 year (WC), 2 years (EQF) | $250,000 (WC), $350,000 (EQF) | Learn More | |
5.0 | Starts at 10% | $5,000 to $400,000 | 3 to 15 months | 500+ credit score | 6+ months in business | $180,000+ in annual sales | Learn more | |
1.1 | Average rate is 60.9% | $5,000 to $250,000 | 12, 18 or 24 months | 625+ credit score | 1+ year in business | $100,000+ in annual sales | Learn more |
Tento FAQ
What credit score do I need for a Tento business loan?
Tento doesn't specify a minimum credit score requirement for its business loans because it considers factors like your business performance and revenue. This approach allows the company to lend to a broader range of businesses.
What’s Tento’s phone number?
Tento doesn’t have a customer service phone number listed on its website, which means you won’t be able to speak to a representative if you have issues with your loan. Instead, it offers an email address for inquiries.
Does Tento do a hard credit pull?
No. Tento only does a soft credit check to determine your eligibility for a small business loan.
Is Tento legit?
Tento was founded in 2022 and is headquartered in San Diego, California. There is limited public information about the total amount of loans it's funded or how many loans it's approved. However, despite Tento’s short time in the industry, it appears to be a legitimate business lending service.
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- 4,568,019 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
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Tento Company Information
- Company Name:
- Tento
- Website:
- www.tento.co