About lender
SkyCap Financial is a personal lender, providing Canadians with alternative financing. The company focuses on providing loans to Canadians with low or poor credit. SkyCap Financial offers fast and affordable personal loans which can be used for different needs. They provide multiply types of loans: bills and expenses, home improvement, travel and leisure, automobile repair, debt consolidation, healthcare expenses, education expenses, funeral expenses, RRSP loans, moving expenses, payday loans, electronics expenses, car loans, wedding and honeymoon, furniture expenses, dental expenses, cash loans, and bad credit. In most cases, the application can be completed in 5 minutes.
SkyCap Financial was established in 2013 and is based in Kingston, Ontario. Its mission is to extend credit to a more significant proportion of Canadians. While other lenders don't give loans based on poor credit history, SkyCap Financial is an attractive option for the low-credit population. This lender specializes in helping people with low or poor credit get the financial assistance they need, offering short-term loans ranging from $500 to $10,000. SkyCap Financial makes it easier for clients to jumpstart with finances. They state that they are loyal to low-credit people: "We YES when Banks say NO," but that doesn't guarantee approval of your application. The length and amount of the term of your loan depend on your loan size and credit profile. Rates will depend on our assessment of your creditworthiness and can range between 12.99% - 39.99%. An approximate calculation of the percentage can be as follows: $1,000 borrowed for 12 months at 29.99%; the monthly payment is $97.48 with a total borrowing cost of $169.79. Loan Term: 9 to 36 months.
Pros and cons
Pros
Attractive to people with low or poor credit;
Loyalty and understanding to their clients;
Quick and easy process of getting a loan;
Approval in 24 hours;
Low starting interest rate;
Affordable payments;
Lax loan eligibility criteria;
No fees for early repayments;
Automatic withdrawal loan payments;
Access to SkyCap University (a free course to help you learn about money and finances).
Cons
Administrative Fee of up to $75 may be charged;
SkyCap Financial charges $50 for every non-sufficient funds (NSF) ;payment returned
Late $50 payment penalty;
Payment may include optional loan protection insurance fees, any applicable provincial sales taxes;
Not all applications are approved;
Bad reviews and complaints from some clients. It makes this lender seem less reliable.
It is worth saying that the company has both advantages and disadvantages. With nine years of experience providing financing services to Canadians, SkyCap strives to offer better lending services to low-credit populations with a fast and easy loan application process. The application takes less than five minutes in most cases and can be approved in 24 hours. Among other advantages, clients will get access to SkyCap University, a free online course to enhance financial literacy. In addition, this lender positions itself as one of the leading personal lenders in Canada. However, despite having all the advantages, it is necessary to consider possible disadvantages. For example, it is worth considering that this lender may also influence your credit history. SkyCap Financial may report your payment history to a credit bureau. That can improve your credit score as long as your scheduled payments are made on time or reduce your credit score if you miss a payment. Moreover, some negative customer assessments can be found on the Internet. That makes this lender seem less reliable.
Loan conditions
SkyCap Financial's lending decisions are based on trust, stability, and current income. The company needs your documents to verify your income to determine your ability to repay the loan. To apply for a SkyCap Financial loan, you need to provide the following documents:
Proof of income (1 most recent paystub);
The last 90 days of your bank statement;
Avoid cheque or a pre-authorization debit form and a piece of valid government-issued photo ID.
Methods of loan funding
Once you have completed the application form and sent copies of the requested documents, you can expect to hear back from the company within 24 hours and have money deposited directly into your bank account very soon after if approved.
