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.
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!
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
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.
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.
Monika
Going to Accion was the worst experience I had 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.
Christilisa
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.
Glad to hear that, thanks for sharing Christilisa! Did you get funding for a startup?