SkyCap Financial Review [Pros & Cons, Features & User Reviews in 2024]

According to the SkyCap Financial reviews, the company is one of the top personal lenders in Canada. In this article, we will provide you with all the necessary information about the company, including the latest SkyCap Financial loans reviews, as well as the SkyCap Financial ratings.

What Do I Need to Know About SkyCap?

SkyCap Financial is a non-bank lender, providing Canadians with alternative financing since 2013. Based in Kingston, Ontario, SkyCap Financial helps people with poor or bad credit to receive the financial assistance they need. They offer fast short-term loans that are usually approved in 24 hours.

SkyCap Financial offers fast and affordable unsecured personal loans, which means that they don’t require any collateral like the secured personal loans. They can be used for bills and expenses, home improvements, travel, dental expenses, or to cover some overdue college loans. The minimum and maximum APR is 12.99% and 39.99%.

In this review, we will cover:

• The features that SkyCap Financial provides
• Loan application procedure and terms
• Pros and Cons
• FAQ

Personal Loans Features

• Expected Loan Amount: $500 – $10,000
• APR: 12.99% – 39.99%
• Monthly Payment: Depends on the amount
• Loan Term: 9 to 36 months
• Fees and Penalties: Non-refundable administrative fee of $75, returned payment fee of $50 for every NFS (non-sufficient
• funds). There is also a prepayment penalty, as well as late payment penalty, but they are not disclosed on their website.
• Unsecured or secured loan: Currently, SkyCap Financial offers only unsecured loans (installment loans).
• Automatic withdrawal loan payments are available.
• Typical approval time: 24 hours
• Typical funding time: Within 24 hours of approval

Loan Eligibility

Here are the SkyCap Financial loan requirements:

• Over 18 or the age of majority in your province
• Canadian resident but bear in mind that SkyCap Financial doesn’t provide loan options in Nova Scotia and Quebec
• Minimum credit score of 660
• Monthly income threshold of at least $1200
• Minimum length of credit history: Last three months of banking transactions

How to Apply for a Personal Loan with SkyCap Financial?

As per SkyCap Financial reviews, the loan application process of SkyCap Financial is relatively simple and easy. You can apply at any time using the online application form. Another option to apply for a loan is to contact SkyCap Financial customer service. They work from Monday to Friday from 8 am to 10 pm EST and on Saturdays 9 am to 5 pm EST.

Step 1:

Go to the SkyCap Financial website – www.skycapfinancial.com and click on the “Get a Loan” button.

Step 2:

Choose your loan amount. You have to state the amount you need, answer whether you are an existing client and the purpose for which you need the loan.

Enter your personal information. Click to confirm that you have read and are consent to SkyCap’s Credit, Privacy Policy, and CASL Policy. Confirm that your information is correct and go to the next step.

Step 3:

Fill out some more personal information, such as your birthday, and your SIN (Security Identification Number), your current address, your apartment/suite number, city, province, postal code, how long you are staying at the current address, and choose your current status (Canadian citizen, Permanent Resident, Work Permit, Visitor, International Student, or Other)

Step 4:

Fill out your Employment Information, including your Employment Status.

Step 5:

Fill out the net pay that you are getting each pay period. The second field that you need to fill out is the frequency of getting paid.

Step 6:

Provide housing information.

Step 7:

Add credit card information and other debts.

Pros & Cons

Here are the pros of Skycap Financial, according to the SkyCap Financial reviews from 2021:

Privacy & Security Policy

SkyCap Financial is committed to protecting the confidentiality of all personal information they collect. Their website supports the strongest 128-bit encryption.

SkyCap Financial Personal Loans Reviews & Feedback

We did an overview of what people are saying about Skycap, and here are the latest SkyCap Financial customer reviews we found.

• On BirdEye, there are 1,231 SkyCap Financial credit reviews, and the average grade is 4.8 stars. Up to 981 people have voted with 5 stars, about 216 with 4 stars, and 34 people with 3 stars.
• On Clutch.co, there are 6 SkyCap Financial loans reviews, and all of them are 5-star reviews, speaking a lot about the quality of their service.
• On the company’s official website, there are plenty of SkyCap Financial lending reviews that give it an average rank of 4.8.
• SkyCap Financial BBB reviews are also positive. The lender has 4.69 out of 5 stars.

SkyCap Alternatives

If you somehow don’t qualify for a SkyCap Financial loan, there are other good alternatives that you could turn to. One of them is Mogo. You can get preapproval for a loan in 3 minutes, and you’ll get free credit reports every month. Another option is Fairstone. They provide quick loans up to $20,000.

Wrap Up

SkyCap Financial makes it easy for people with poor or low credit to access fast and secure financial solutions. Flexible repayment terms, no personal collateral, and high loan amounts are just a few of the reasons why SkyCap Financial is one of the top personal loan lenders in Canada, which is confirmed by many SkyCap Financial reviews.