Panther Lending Reviews: Don’t Get Scammed BEWARE !!!

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  • Post published:February 13, 2024
  • Post category:Reviews

Panther Lending is an alternative business lender that provides financing options like business loans and merchant cash advances to small businesses and startups. They market themselves as a technology company that uses data and algorithms to make fast lending decisions.

In this comprehensive guide, we’ll provide an in-depth look at Panther Lending, including:

  • An overview of their loan products and services
  • An analysis of their lending requirements, rates and fees
  • Panther Lending reviews from customers
  • Pros and cons of using Panther Lending
  • Tips for getting approved for a Panther Lending loan

By the end of this Panther Lending Review, you’ll understand how Panther Lending works and whether they’re the right lender for your small business financing needs.

Panther Lending Reviews (Overview)

Panther Lending provides two main types of business financing:

Term Loans: These are traditional installment loans with fixed monthly payments over a set period of time (typically 3-18 months). Loan amounts range from $5,000 – $500,000.

Merchant Cash Advances: With an MCA, you receive a lump sum of capital in exchange for a percentage of your future credit card sales. The payback amount is determined by your processing volume.

In addition to loans and MCAs, Panther Lending also offers:

  • Business lines of credit up to $100,000
  • Revenue-based financing
  • Equipment financing
  • Real estate loans

They market heavily to businesses that may not qualify for bank financing, such as startups, low revenue companies, and those with bad credit or high debt. Industries served include restaurants, retail, healthcare, construction, manufacturing, and more.

Panther Lending review is located in Fort Lauderdale, FL but they lend in all 50 states. They have provided over $200 million in small business funding since 2013.

Panther Lending Review: Rates and Fees Analysis

Interest Rates

Panther Lending does not disclose their interest rates publicly. Rates are determined on a case-by-case basis based on your business profile and credit history.

From customer reviews, their interest rates tend to range from 7% – 60% APR for term loans. Rates for merchant cash advances are similarly opaque; the amount you pay back is a multiplier of your credit card volume (e.g. 1.2x – 2x).

Their rates are generally higher than traditional bank loans, but competitive for alternative lenders catering to risky borrowers.

Origination Fees

Expect to pay an origination fee of 1-7% deducted from your loan amount. For a $100,000 loan, you may pay a $5,000-$7,000 fee.

There may also be application or processing fees of around $295.

Repayment Terms

Term loans are repaid with fixed monthly payments over 3-18 months. MCAs are repaid by a percentage of daily credit card sales until the payback amount is reached.

There are typically no early repayment penalties with Panther Lending.

Collateral Requirements

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Panther Lending will sometimes secure loans with collateral like business assets, property, or equipment. But many deals are unsecured based on your creditworthiness and ability to repay.

Having collateral generally allows you to get better rates and terms.

Panther Lending’s Lending Requirements

To qualify for financing from Panther Lending, you’ll need:

  • 6+ months in business
  • $10,000+ in monthly revenue
  • 600+ personal credit score
  • No recent bankruptcies

Panther uses alternative data sources to evaluate applications beyond just credit scores and income statements. They analyze business performance metrics, online reviews, social media, payment processing records, and accounting software. This allows them to extend credit to startups and high-risk sectors when traditional lenders won’t.

That said, the stronger your business fundamentals, the better your chances of getting approved at competitive rates. Having good personal credit scores, low debt-to-income, solid revenue history, and collateral also helps.

Panther Lending Review: Customer Reviews and Complaints

Panther Lending has mixed reviews from customers online:

Pros

  • Fast approvals and funding in as little as 24 hours
  • Higher approval rates for risky borrowers than banks
  • Simple online application process
  • Responsive customer support

Cons

  • Expensive interest rates and fees
  • Difficult to understand repayment terms
  • Aggressive collections tactics
  • Opacity around pricing and terms

Here are some examples of Panther Lending reviews from Trustpilot and other sites:

“Panther got me approved when no bank would. I needed emergency funding for inventory and got the money in 2 days. Was very easy to apply online and their team guided me through everything.”

“Stay away! I had no idea how expensive their rates were until after I got the loan. I had to shut down my business because their payments were killing my cash flow.”

“The salesperson promised me one rate but it ended up being much higher after I was approved. Felt scammed. Also nearly impossible to reach my account rep when I had issues.”

As you can see, experiences are polarizing. While Panther does provide easy access to financing, they have opaque processes around pricing that some borrowers felt deceived by. It’s important to read the fine print and get everything in writing before accepting a loan.

The Pros of Using Panther Lending

Fast funding: Panther advertises approvals in 24-48 hours and funding in as soon as 1 day. Their technology automates much of the lending process for speed.

High approval odds: Their alternative underwriting results in approx. 80% approval rates according to Panther. Many risky or unprofitable businesses are approved.

Multiple product options: You can get term loans, lines of credit, MCAs, and equipment financing all through one lender.

Good for emergencies: If you need money urgently for things like payroll, equipment repairs, or inventory, Panther can fund you quicker than a bank.

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Responsive support: Their customer service team is easily accessible and quick to resolve issues according to reviews.

No collateral required: Panther provides unsecured financing in many cases so you don’t tie up assets.

Simplicity: The online application takes just 10-15 minutes. Limited paperwork is required after approval.

The Cons of Using Panther Lending

Opaque pricing: Interest rates, fees, and repayment terms are not disclosed until after approval. It’s impossible to compare costs vs. other lenders.

Expensive: Annual interest rates from Panther are very high, ranging from 15% to as much as 60% APR. Their loans are expensive.

Aggressive collections: Some customers complain Panther uses harassment and threats for late payments. This causes serious cash flow issues.

Potentially predatory: Reviews suggest their salespeople sometimes use high-pressure and misleading tactics. Make sure you understand the terms.

No early payoff discount: With Panther’s expensive rates, it would help to pay off loans early but they don’t reduce the interest owed.

Repayment difficulties: MCA payback amounts based on card receipts can be problematic if business is slow.

Risk of over-borrowing: Because Panther approves almost anyone, it’s possible to get over-extended with debt. Borrow conservatively.

Not ideal long-term: Their expensive rates and fees make this a short-term financing source, not a long-term banking relationship.

Tips for Getting Approved by Panther Lending

If you need fast business financing, here are some tips to get approved by Panther:

Have your documents ready: Tax returns, bank statements, business licenses, and financial statements will help your case.

Show strong business performance: Provide revenue history and projections to show a healthy, growing business.

Keep personal credit scores above 600: Shoot for 650+ scores to get the best rates from Panther. Pay down debts and resolve errors first.

Have low debt-to-income: Your total business and personal debt payments should be less than 50% of revenue.

Get a cosigner: Ask a business partner or director with good credit to cosign to improve your chances.

Use collateral: Assets like equipment, invoices, and property allow bigger loan amounts and better terms.

Accept electronic ACH payments: Panther needs to debit payments electronically so don’t use cash-only.

Watch out for “guaranteed approval”: No reputable lender offers guaranteed instant approval. Be wary of scam offers.

Read contracts carefully: Understand exactly what you’re agreeing to in terms of rates, fees, and repayment before signing.

Consider alternatives: Compare options from other alternative lenders like Kabbage, CAN Capital, and OnDeck.

Following these tips will position you to get approved for the maximum amount at competitive rates relative to your situation.

Is Panther Lending Legitimate and Trustworthy?

Panther Lending is a legitimate online lender that’s accredited by the Better Business Bureau with an A+ rating. They are transparent about their lending practices and products.

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According to Panther, they’ve served over 10,000 businesses with $200 million in funding.

They are a direct lender, so they provide financing from their own capital as opposed to brokering loans. This gives them more flexibility than marketplaces but also means higher interest rates.

That said, some of their sales and collections practices described in negative reviews seem overly aggressive and potentially predatory. It’s important to proceed with caution.

Panther Lending is a viable alternative if you need emergency business financing and can’t qualify elsewhere. But the high cost of capital makes this a short-term solution, not a way to scale your company over the long-run.

Top 5 Panther Lending Alternatives to Consider

If you want to compare other alternative small business lenders beyond Panther, here are 5 top options:

  1. Kabbage: Offers lines of credit up to $250K and approves in minutes. Rates from 1.5% – 10% APR.
  2. CAN Capital: Provides financing up to $500K with average rates of 36% APR. Fast approvals.
  3. Lendio: A lending marketplace with 75+ lenders competing for your business. Wide variety of loan products.
  4. OnDeck: Term loans and lines of credit up to $500K with average 29% APR rates.
  5. Funding Circle: Term loans and lines of credit up to $500K. Rates from 5.99% – 29.99% APR.

I’d recommend getting quotes from at least 3-4 alternative lenders before moving forward with the best offer. Having options allows you to secure affordable financing for your business needs.

The Bottom Line: Is Panther Lending Right for You?

Panther Lending provides fast business financing for borrowers with poor credit or high risk. But their opaque processes and expensive loans suggest this should only be an option of last resort.

If you have good credit and healthy business financials, you can likely find more affordable financing from competitors like Kabbage, OnDeck, and Funding Circle. Even marketplace lenders like Lendio may get you better rates.

However, if you need emergency funding and can’t qualify elsewhere, Panther Lending is worth considering. Just make sure you understand the full terms and can afford the high payments over the short run.

With this comprehensive guide, you now have a complete picture of how Panther Lending works, their pros and cons, interest rates, fees, and what to expect as a borrower. Do your due diligence before choosing the right lender for your small business financing needs.

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