Accion is a microlender that provides small, short-term loans with a lower than average APR to startups and small businesses. Since lending to startups is riskier than lending to established businesses, Accion performs an extensive check on both personal and business finances before approving an application.
We compiled reviews from our own website plus user reviews from around the web to determine what Accion customers think about the company. We also checked the fees that are most applicable for small business owners.
Accion Customer Reviews
Customer Service: Bad
Summary of User Reviews
We scoured hundreds of reviews and found that Accion has generally negative ratings. Here’s what we found:
What Accion does not do well:
Several users of the service complained about Accion’s methods when conducting background searches. Most financial institutions investigate applicants when they’re applying for a loan, but many users felt that Accion’s investigation bordered on invasion of privacy.
What Accion does well:
However, people who gave positive reviews felt the process was easy enough for their new business to get approved. Users also said that once your loan was approved, they release the money to you quickly.
Most Helpful Negative User Review
“Going to Accion was the worst experience I have ever had looking for a small business loan. They invade your personal life asking for a ton of information and when you provide it they want more. They called my references, my landlord and still sent me an army of additional questions. This was for a very small amount of $9000. I wind up cancelling my loan application. This felt like an invasion, literally. I highly recommend that Accion be your last resort when looking for business financing.”
Most Helpful Positive User Review
“My loan advisor went above and beyond for me. I was blown away at how quick and easy the process was. I would recommend Accion in a heartbeat.”
Other Accion User Reviews From Around the Web
Here are a few other resources for finding helpful Accion customer reviews. We rated the review sites on a scale from poor to excellent based on how trustworthy and useful the reviews seemed.
*Average rating as of date article was written: Jan. 31 2017
How We Determined Quality of User Review Websites
- Yelp may only have a few reviews on the service, but the website has a great system for getting reputable reviews. You can click on the reviewer’s name to see their profile, how long they’ve been reviewing on Yelp, and how many reviews they’ve given to check how reliable they are. The service itself can reply to these reviews to resolve complaints or clarify issues.
- BestCompany is a lesser known review website with few visitors. However, their staff review on the service is detailed and informative.
Average = 12.99%
|Closing Fees||3% to 5% of loan amount
Average = 5%
|One-time Processing Fee||$135|
|Payout||$500-$2,500 (startups with little or no credit history)
$1,000-$10,000 (businesses with less than 6 months of sales history)
$500-$50,000 (more established businesses)
|Repayment Period||6 to 60 months|
Unlike its competitors, Accion doesn’t have a “one size fits all” loan type. Their loan offers change depending on what state you live in, and how successful your business is. For startups or those with no credit history, Accion offers a payout of $500-$2,500, while larger, stable businesses who have been in the industry for a long time can get $500-$50,000. They also adjust their requirement leniency according to their client’s situation.
Upon securing a loan, you have to pay a closing fee of 3-5% of the loan amount, plus a one-time processing fee of $135. Accion gives its clients anywhere from 6 to 60 months to repay the loan, where borrowers pay the principal amount plus an interest of 8.99%-15.99%. As with most loans, it’s better to opt for a shorter repayment period if your business can handle it as this means you pay less in the long run.
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