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Lender
Rating by Finanso®
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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's pay off

Finanso.Multilogin™

Repayment of loan

After having money deposited into your bank account, the repayment installments laid out in the loan agreement will be automatically deducted from your bank account at regular intervals that each borrower can choose themselves. SkyCap takes care of its clients by offering automatic payments on their pre-authorized payment plan to automatically withdraw your loan payments from your bank account when your payments are due. So, with automatic payments, you will not forget or miss your payments. The repayment period ranges from 9 months to 36 months.

Conditions of loan extension

SkyCap Financial's loans do not automatically renew after the original term has expired. While customers can increase their loan or the term (subject to maintaining their loan and having a good payment history), all additional requests such as this are subject to the discretion of SkyCap Financial's internal underwriting procedures.

Early payoff

Early repayment of a personal loan or making overpayments can help borrowers settle their debts more rapidly. SkyCap Financial doesn't charge an early repayment fee, so you don't need to worry about repaying or overpaying your loans. Free early loan repayment is another advantage that makes this lender an attractive option for getting a loan. Pay off the debt quickly without any risk of taking out overpayments. You can request an early settlement at any time with no fees. Pay off your balance at any time without any extra cost.

FAQ

How do I make a payment on SkyCap Financial?

SkyCap Financial offers automatic payments on their pre-authorized payment plan to automatically withdraw your loan payments from your bank account when your payments are due. That means you don't risk forgetting or missing a payment. The repayment installments laid out in the loan agreement will be automatically deducted from your bank account at regular intervals that each borrower can choose themselves.

What happens if you don't pay back SkyCap Financial?

If any cheque or other payment method is not honored due to insufficient funds, you will be charged a $50 fee per event. As per the terms and conditions of any loan agreement, SkyCap Financial will contact all customers in arrears of their payment schedule through several methods (SMS, electronic mail, ordinary mail, registered mail, phone, etc.). SkyCap Financial may also direct 3rd collection agent parties to assist in any collections matters.

Can you pay SkyCap Financial early?

Yes, you can pay early with no fees. One of the advantages is that SkyCap Financial is trying to provide better services and doesn't charge an early repayment fee. Early Loan Repayment is free. You can request an early settlement at any time with no fees. Make early payments without repaying or overpaying on your loans. 

Can SkyCap Financial sue you?

In the event of non-payment SkyCap Financial may direct 3rd collection agent parties to assist in any collections matters.

Calculate loan payments in SkyCap Financial

SkyCap Financial calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

CAD
CAD
500 $
10000 $
Loan term
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Specify the loan term for the calculation

months
days
9
36

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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All SkyCap Financial’s reviews by September 2022
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