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
Speed: Bad
Pricing: Awful
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.”
— Monika
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.”
— Christilisa
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.
Accion Pricing
| Interest Rate | 8.99%-15.99% 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.
Compare Accion Competitors
Not sure if Accion is the right short-term loan provider for you? Check out our comparison of three top providers: Kabbage, OnDeck and PayPal.
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It is very hard to find something that ACCION does well, simply because they do so much that is incorrect and have a very poor platform for service. What I remember is how badly I have been treated.
See above
This company is not service oriented, the lack of good customer service is the number one fault. Erroneous charges, late fee’s when it is not late, and no one can corroborate a story because no one stays long enough to do so. Its poorly run, and managed.
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I am writing this as a clear WARNING of how I was manipulated over the last 30 days and it’s direct impact on my personal and business life. As I am in bewildered awe, of not only how unprofessional it was handled, but the complete lack of contact, and by complete I mean absolutely none, with the exception of my calls to this organization, with the final exception of one returned call. One.
I have been diligently working to structure my business and expand it in a fashion of profitability, a planning years in the works, instrumental for a number of factors, even more so as my daughter went off to University this past August.
In mid December I was referred to Accion for a number of factors, including my low credit score as a result of identity theft. Secondly I believe perhaps, my race of Portuguese/Brazilian which is often called into question locally, although I did earned my bachelors degree in Economics and Marketing from studying both hear and abroad.
After applying on December 29th, I contacted your organization the first week in January to follow up, explained my situation, and I was told that my application was being processed and approved, that as long as I had my information on identity theft, information on income from my company, for the past 6 months to 1 year, I was eligible and would have a positive result in a week, with an amount undetermined at that time. I had not received an email, or call, of receipt of my application, or of it’s pending result, or have I to this day. I called again the second and third week of January with no returned call. Finally, I called a main number I believe in DC, and was referred to a number in Boston, I had the opportunity to speak to a woman for about 5-10 minutes, and told I would receive a call back later that day or within a few hours. I did receive a message to call someone back and did so, I left a message on Friday January 26, 2018.
I had the opportunity to speak to someone TODAY and was informed that my application was denied on Friday, after my conversation with someone last Friday, January 26th, after I was informed otherwise, on more then one occasion. After I confirmed I could go forward, with expanding and investing what little I had back into the business. I was told my application was denied THAT DAY, and an email was sent to me on Saturday the 27th. I never received any such email.
Let me be direct in informing you of the impact of what the incompetence that Accion has had on my life now. As of Today, I have no choice but to consider giving up my residence and moving in with family temporarily. I have to start making serious immediate cut backs before the first. Therefore as a result of there incompetence I may be essentially homeless, at 51 years old with my daughter in college. Although I will recover, hopefully before she comes home for break. I should have never put out the funds I did, with the expectations of getting proceeds before the end of the month, to find out now I am completely denied. Just like that, oh well type of a response today on the phone.
I was recently approved to sell my items on Amazon Prime. I very large if not huge expansion for my company. A process I have been working on for months. I must continue my focus on that, and other aspects of my business while, this major set back, has absolutely devastated my life. I hope going forward, your organization will take matters far more serious, as you hold peoples lives at stake, this is not just an application, or a phone call, or an email. It’s a life, a lively hood, a career path, a sense of stability, your organization put not only at risk, but jeopardized and directly devastated.
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Samuel Beard
This company’s loan process is horrible. Do not waste your time with them. They do not loan money. The underwriters even laugh at you even when you have good credit. they are terrible to deal with, worse than tryin to buy a house. And still will not loan a cent. They suck!
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tony
hey Samuel,
i am in the process of getting the paperwork together to send out when i came across your review. did you wind up paying the $2500 fee? how far did you get? my lending adviser is extremely nice and very helpful & informative. i did speak to a biz owner that received a loan from them almost 2 years ago and he was very happy. i know the interest rate is on the high side but when you have no other resources available to get you biz started anything is better than nothing. you can email me at anthonycardile@yahoo.com if you have any other tips or info for me thx
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micheal cantu
Well let me first start off by saying, that my loan was approved. I signed the documents, and then they come back and say your loan is denied due to UCC liens. I have great credit all being new, and then told oh you have 4 liens. I told Jennifer Siegel , no I have never had a lien. I pay everything on time. She stated oh, it’s not on your credit report, but we have to get it resolved. I am going all the way with this. I intend to contact every legal authority regarding this loan. I do not want to see this happen to anyone else. She has all of my personal information. I’m not sure why my loan went to Denver Colorado , and not Dallas Texas. Very strange, Then after I sign the loan documents. I am told that you did not get approved because of collateral. Well know did she forget that I did not need collateral which is in an email she sent. I do not think that they should receive federal money and abuse those that are in the community to grow their business.
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Why
Don’t go the company for a loan they full Bull they accept people with bad credit but I got good credit and they denied me twice because my business wasn’t a home based then came back and said I was approved then came back and said well you have medical bill almost seven years old denied and my lender placer was like that’s unusual for them and it’s a mark on my credit.
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