Skycap Financial Review (February 2024) – Pros, Cons, Features, & Pricing

This Skycap Financial review will examine the company’s background, loan products, eligibility requirements, the application process, and customer reviews.

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Last Updated: Feb 21, 2024

Skycap Financial

  • Borrow $500 to $10,000
  • Terms up to 5 years
  • Affordable payments

Borrow up to $10,000 with easy repayments - Claim this offer

We’ll also compare Skycap Financial to other lenders and discuss its pros and cons. But first, let’s briefly overview what Skycap Financial is all about.

Skycap Financial offers personal loans from $500 to $10,000 with flexible approval criteria and up to 60 months of repayment terms.

While it provides quick access to funds and the opportunity to rebuild credit, its interest rates are relatively high, and late payments incur penalties. Skycap Financial is a reputable option for individuals who need funds despite having poor credit.

By the end of this Skycap Financial review, you should understand whether Skycap Financial is the right lender for you. So, If you’re considering a Skycap Financial personal loan, read on to learn more about them!

What makes Skycap Financial a good option?

Skycap Financial is a Canadian lender founded in 2013, offering two types of loans: secured and unsecured. Secured loans require collateral, such as a car or home equity, while unsecured loans do not. These loans have fixed interest rates, so the rate you receive at approval will remain the same throughout the term.

There are many reasons why Canadians choose this loan provider. According to most Skycap Financial reviews, here are some reasons the company stands out:

Loan amount and terms

Skycap Financial offers a variety of loan options that can cater to the specific financial needs of borrowers.

Whether you need to borrow a small or a more significant sum, the company offers loans ranging from $500 to $10,000. Additionally, the loan terms are flexible, with options ranging from 9 to 36 months, which can help borrowers manage their payments more effectively.

Adjustable interest rates

Another advantage of choosing Skycap Financial is the adjustable interest rates offered by the company. Consumers can expect interest rates between 12.99% and 39.99%, depending on their creditworthiness.

This means borrowers with a good credit history can benefit from lower interest rates, making their loans more affordable.

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Pros and cons of Skycap Financial

This section of Skycap Financial review will summarize Skycap Financial’s pros and cons based on industry experts and consumer feedback.

Pros of Skycap Financial

1. Quick approval

Skycap Financial’s online or phone loan application process is fast and easy. Borrowers who need funds immediately may find this helpful, especially when they must pay for unexpected costs or make a big purchase.

2. Flexible repayment terms

Borrowers can select a repayment plan ranging from nine to 36 months based on their financial situation. Skycap Financial also allows early payments without penalty, saving borrowers money on interest.

3. Easy qualification requirements

Skycap Financial doesn’t require a lot of paperwork or a high credit score. Instead, they focus on a borrower’s ability to repay. This means Skycap Financial may lend to people with poor credit. Borrowers can also apply without collateral or a co-signer.

4. Fixed interest rates that can be easily adjusted

Borrowers can pick a fixed rate that suits them and adjust it as needed. The company’s competitive interest rates may also save consumers money over time.

5. High loan amounts

Skycap Financial loans $500–$10,000, more than most lenders. Its large loan amounts can do more than just speed up the process of reaching your goals and give you more options.

Cons of Skycap Financial

1. Fees aren’t displayed upfront

Skycap Financial does not disclose its interest rates, according to most reviews. Thus, borrowers may not be aware of additional fees after applying for a loan. Due to this lack of clarity, borrowers can’t compare loan costs or understand what they’re paying.

2. High-interest rates

Interest rates are higher for people with financial troubles. This makes borrowing more expensive for financially troubled people. High-interest rates may also make it harder for borrowers to repay their loans on time and in full.

3. Minimum monthly income of $1200 per month

If a borrower’s monthly income is less than this amount, Skycap Financial may be unable to give them a loan. People with low incomes or part-time jobs might find it harder to get a loan because of this requirement.

4. Services are only available in some provinces and territories

Skycap Financial works in six Canadian provinces: British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, and Quebec. If you live outside of these provinces or territories, you won’t be able to apply for a loan with Skycap Financial.

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Skycap Financial products and services

Skycap Financial has a variety of loan products and services to meet the needs of different customers. Their loan products are made to be flexible and fit the specific needs of each borrower.

In this section of our Skycap Financial review, we’ll delve into the significant services offered by the company and what makes them unique.

1. Personal loans

Canadians can get personal loans from Skycap Financial for home improvements, car repairs, health care, and travel.

These loans come with flexible repayment terms of 9–36 months and loan amounts ranging from $500 to $10,000. The loan application process is quick and easy, with a turnaround time of up to 24 hours (depending on business hours).

Borrowers can also benefit from fixed interest rates that can be easily adjusted and early repayment options.

However, it’s worth noting that the company charges a loan protection plan fee and high-interest rates. To get a loan, a person must live in one of the approved provinces or territories and make at least $1200 per month.

2. Debt consolidation loans

Skycap Financial helps people consolidate high-interest debt into one affordable monthly payment with debt consolidation loans.

Customers can reduce their debt and save money on interest by consolidating debt. Customers can borrow up to $10,000 and pay interest rates from 12.99% to 39.99% on debt consolidation loans.

Furthermore, customers can choose a repayment plan from 9 to 36 months to suit their financial situation. You can apply for a debt consolidation loan online or by calling Skycap Financial.

Skycap Financial requires applicants to be 18 years old, earn $1,200 per month, and live in a province or territory where they operate.

3. Financial education

Customers are given a Skycap Financial login, allowing them to take its free online course at Skycap University, to improve their financial literacy.

The course is designed to help clients learn basic economic concepts such as budgeting, managing credit and loans, and retirement planning. After completing the course and having a spotless payment history, clients might get a lower loan interest rate.

Skycap Financial product and service quality

Skycap Financial is a reputable and reliable financial service provider that operates with a high level of professionalism and integrity.

The company is registered and licensed in Canada, with headquarters in Kingston, Ontario. Skycap Financial is also a member of the Canadian Lenders Association, which sets ethical standards and shares best practices.

Skycap Financial also uses advanced encryption technology to protect its clients’ personal and financial data. Its high client and industry ratings reflect its commitment to professionalism, quality products and services, privacy, and security.

Personal loans, debt consolidation loans, and other loans are available from the company. Skycap Financial also improves credit scores, teaches money through SkyCap University, and provides ongoing financial advice. Customers’ feedback and ratings on Skycap Financial are primarily favourable.

How to get started with Skycap Financial

This Skycap Financial Review wouldn’t be complete without a step-by-step guide to help you through the application process. Follow these steps to apply:

  1. Visit the Skycap Financial website: Start by visiting the Skycap Financial website, which can be found at www.skycapfinancial.com. Once there, you can explore the loan options available and review the terms and conditions.
  2. Fill out the online application: To apply for a loan with Skycap Financial, you’ll need to complete an online application. This can be done through the Skycap Financial website, and the application typically takes only a few minutes to complete. You’ll need to give some fundamentals about yourself, like name, address, income, and employment.
  3. Submit the required documents: After submitting your online application, you must provide additional documentation to complete your loan application. This includes:
    • Some form of government-issued photo identification (passport, driver’s license, etc.)
    • The most recent copy of your pay stub (or other evidence of income or employment).
    • Your most recent bank statements (evidence of an active bank account) dating back no more than 90 days.
    • A blank postdated check or pre-authorized debit form (for loan deposit and payments).
  4. Wait for a decision: Once you’ve completed your application and provided all the necessary documentation, you’ll need to wait for a decision from Skycap Financial. This typically takes only a few hours but can sometimes take up to a day or two.
  5. Receive your funds: If your loan application is approved, you’ll receive your funds via direct deposit. Skycap Financial typically deposits funds within one business day of approval, so you can quickly get the money you need.

To qualify for a loan with SkyCap Financial, you must be a Canadian permanent resident above 18. You must also have sufficient income to cover the loan costs and live in one of the provinces or territories where they operate.

These include Alberta, British Columbia, Manitoba, Newfoundland, New Brunswick, Northwest Territories, Nunavut, Ontario, Saskatchewan, and Yukon.

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Alternatives to SkyCap Financial

Perhaps you feel that Skycap isn’t a good fit after reading this Skycap Financial review. If so, we’ve proposed a few alternatives you could opt for.

1. Skycap Financial vs Symple Loans

This online lending company aims to make personal lending in Canada more straightforward and accessible. Symple Loans offers fast and easy personal loans from $5,000 to $50,000 with starting APRs as low as 6.99% to approved applicants. You’ll receive personalized loan offer details within 60 seconds of completing a brief questionnaire.

Pros of Symple Loans

  • Fast and easy personal loans up to $50K
  • Personalized rates as low as 6.99%
  • No early repayment penalties

Cons of Symple Loans

  • A credit score of 600+ required
  • Not available in Quebec, Saskatchewan, Nova Scotia

2. Skycap Financial vs iCash

iCash is an online lender that helps Canadians get payday loans, cash advances, and personal loans quickly and flexibly. You can borrow up to $1,500, and repay for up to 62 days, depending on your province of residence. iCash’s loans are available to individuals with bad credit, and you can receive funds within 2 hours of approval.

Pros of iCash

  • Fast and flexible payday loans, cash advances, and personal loans
  • Available to individuals with bad credit
  • Receive funds within 2 hours of approval

Cons of iCash

  • High APRs
  • Additional fees may apply

3. Skycap Financial vs Friendly Lender

Friendly Lender is a Canadian online lender that offers loans ranging from $100 to $1,000 with an APR range of 29.99% to 46.96%. The loan application process is entirely paperless and can be completed quickly, with funds being transferred to your account in as little as 24 hours.

Pros of Friendly Lender

  • Fast and paperless loan application process
  • Funds can be e-transferred to you
  • Most credit types accepted

Cons of Friendly Lender

  • No long-term financing is available
  • Interest rates may be higher for those with poor credit
  • Not available in all provinces

Skycap Financial review conclusion

SkyCap Financial is a legitimate lending company with positive customer reviews and BBB accreditation. They offer personal loans to Canadian residents with reasonable terms and manageable repayment plans. Their online application process is straightforward, and clients can receive their funds as soon as the next business day.

However, potential clients should note that there are eligibility requirements, including a credit check and minimum income. Still, SkyCap Financial is a reliable and easy-to-use option for those who meet the requirements and need financial help.

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FAQs about our Skycap Financial review

Is SkyCap Financial legit?

SkyCap Financial is a legitimate lender registered and regulated by the Canadian government. Its credibility is evident from most Skycap Financial reviews provided by customers.

How long will it take to get approved?

The approval process for a SkyCap Financial loan is typically quick, with applicants receiving a decision within 24 hours.

Who is eligible for a SkyCap Financial loan?

To be eligible for a SkyCap Financial loan, you must be a permanent resident of Canada. You must be over 18 in a supported province or territory and earn enough to repay the loan.

Can you apply for a SkyCap Financial loan with a bad credit score?

Yes, SkyCap Financial considers applications from individuals with bad credit. However, the interest rate charged may be higher than those with good credit.

How can you contact Skycap financial?

You can contact SkyCap Financial through their website by filling out the online contact form or emailing info@skycapfinancial.com. You can also enquire by calling Skycap Financial's contact number. Their customer service team is available Monday to Friday, 9 am to 5 pm Eastern Time.

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Skycap Financial

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March 5, 2023
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