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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

SkyCap Financial


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


  • 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).


  • 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.


What is SkyCap Financial?

SkyCap Financial is a personal lender providing Canadians with alternative financing since 2013. Based in Kingston, Ontario, SkyCap Financial helps people with low or poor credit to receive the financial assistance they need. This company offers fast and affordable loans with an easy application process which can take about 5 minutes. Loans range from $500 to $10,000, with 9 to 36 months of loan amortization. The minimum and maximum APR is 12.99% and 39.99%. Easy loan eligibility criteria, low starting interest rate, affordable payments, and access to SkyCap University make this lender seem attractive to potential clients.

Who owns SkyCap Financial?

The lender does not provide this information, but the Internet says Jeremy Wilson is the Founder and President of SkyCap Financial.

How do you qualify for SkyCap Financial?

This lender has easy loan eligibility criteria. To get a loan from this company, a person must provide proof of income (1 most recent pay stub), the last 90 days of your bank statement, a void cheque or a pre-authorization debit form, and a piece of valid government-issued photo ID. However, it's necessary to note that not all applicants are approved. SkyCap reserves the right to approve or decline an applicant based on Skycap's internal underwriting guidelines and procedures. Basically, you must be a permanent Canadian resident and be at least the age of majority in your province or territory.

How much can you borrow from SkyCap Financial?

This lender gives their clients the flexibility they need. If approved, you can get a personal loan from $500 to $10,000 for different purposes (bills and expenses, debt consolidation, travel and leisure, and many others). The lender offers loan terms ranging from 9 to 36 months. The minimum and maximum APR is 12.99% and 39.99%.

Is SkyCap Financial a legitimate company?

Yes, it is a registered corporation, and the Better Business Bureau accredits it with an A+ rating. It was established in 2013 and is based in Kingston, Ontario.

Company documents

Terms of Use
Privacy Policy
Accessibility Policy

SkyCap Financial’s lending decisions are based on three factors: Credibility, Stability and Current Income.

© SkyCap Financial

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What to pay attention to when applying for a loan from SkyCap Financial

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes SkyCap Financial from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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