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CanaCap business loan review

Borrow up to $250,000 with a small business loan or merchant cash advance from CanaCap. 

CanaCap offers two main types of loans for businesses that are at least six months old. You’ll need to have $10,000 in gross revenue per month to qualify for most loans
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If you’re struggling with your cash flow or need an extra injection of cash to fund your day-to-day expenses, CanaCap has got you covered. This trusted private lender offers business loans and merchant cash advances with fixed and flexible repayment schedules. You can borrow up to $250,000 and you won’t need collateral to secure your loan.

Find out more about what loans CanaCap offers as well as whether or not you may be eligible for funding.

What types of loans does CanaCap provide?

CanaCap offers two main types of loans for businesses that are at least six months old. You’ll need to have $10,000 in gross revenue per month to qualify for most loans.

  • Business loan. You can get a business loan for anywhere between $5,000 and $250,000. You’ll get a fixed interest rate on the amount you borrow (starting at 29%) and you’ll need to pay back the total amount of your loan in 4 months–6 monthsmonths.
  • Merchant cash advance. With a merchant cash advance, you can get up to $250,000 with a flexible repayment schedule based on your daily credit card and debit sales. You’ll typically need to pay a fee for this type of service even though you may not be required to pay interest on the full amount of your loan.

Quick comparison of loan types

TypeBest forHow it worksSales needed to qualifyAmount of loanInterest rates
Business loanCovering a large, one-time expenseBorrow a lump sum and pay it back with interest over 4 months–6 monthsAt least $10,000 per monthBetween $5,000 and $250,000Starting at 29%
Merchant cash advanceeFunding daily expenses with future sales incomePay back the money you borrow with a percentage of your daily credit/debit card salesAt least $10,000 per monthBetween $5,000 and $250,000No interest charged but you may incur a fee for service

What should I know before I apply?

Pros and cons

Pros

  • Instant funding.
    Your money will be available to you in as little as 24 hours if you’re approved.
  • High loan amounts.
    You can apply for as much as $250,000 based on the quality of your application.
  • Fixed or flexible repayment.
    Term loans offer fixed payments based on a set amount while merchant cash advances have flexible payments based on sales.
  • No collateral required.
    You won’t need to secure your loan against an asset like your home or vehicle.
  • Bad credit doesn’t matter.
    Your credit won’t typically factor into your loan decision as long as you meet the minimum monthly revenue requirements.
  • High approval rating.
    Up to 90% of businesses that apply for funding get approved.

Cons

  • Short terms.
    Terms are between 4 months and6 months which can make them difficult to repay if you’ve taken out a large amount.
  • Costs of doing business.
    You’ll have to pay up to 29% interest on fixed loans and undisclosed fees on merchant cash advances.
  • High monthly sales needed to qualify.
    Your monthly sales have to be At least $10,000 per month to qualify.
  • Startups can’t apply.
    You won’t be eligible for funds if your business is less than six months old.
  • Limited information online.
    There’s not much information available about rates, fees and eligibility requirements on CanaCap’s website.

Compare other business loans

Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
SharpShooter Funding Business Loan
Prime pricing from 9.00%
$500 - $250,000
6 - 120 months
$10,000 /month
100 days
Unsecured Term, Merchant Cash Advance, Invoice Factoring
To be eligible, you must have been in business for at least 100 days with a minimum of $10,000 in monthly deposits.

SharpShooter provides capital to small businesses that are underserved by banks and credit unions. It measures overall business health and potential rather than focusing strictly on traditional metrics. Fill out a simple application and get pre-approved in minutes. Receive your funds within 24 hours.
Swoop Funding Business Loan
4.00% - 25.00%
$1,000 - $5,000,000
3 - 60 months
$10,000 /month
24 months
Term, MCA, LOC & more
To be eligible, you must have been in business for at least 24 months and have a minimum of $100,000 in annual revenue.

Swoop partners with banks and alternative lenders to match your business with the right funding options. Register for free and browse your offers without affecting your credit score.
Lending Loop Business Loan
Starting at 4.96%
$10,000 - $500,000
3 - 60 months
$8,500 /month
12 months
P2P
To be eligible, you must have been in business for at least 12 months and have a minimum of $100,000 in annual revenue.

Lending Loop is Canada’s first regulated peer-to-peer lending platform. Complete an application in 5 minutes. Once you accept your loan offer, investors will begin to fund your loan on the marketplace. Your loan will be transferred to your bank account when it is fully funded.
OnDeck Business Loan
8.00% – 29.00%
$5,000 - $300,000
6 - 18 months
$10,000 /month
6 months
Secured Term, Line of Credit, Merchant Cash Advance
To be eligible, you must have been in business for at least 6 months with a minimum monthly revenue of $10,000.

OnDeck offers fast and simple financing. Apply in less than 10 minutes with your basic business information and see your loan offers without hurting your credit score. Get approved within 1 business day, and choose your term, amount and payback schedule once approved.
Loans Canada Business Loan
Prime Pricing from 9.00%
$2,000 - $350,000
3 - 60 months
$4,166 /month
100 days
Unsecured Term
To be eligible, you must have been in business for at least 100 days, have a credit score of 410+ and show a minimum of $4,166 in monthly deposits ($50,000/year).

Loans Canada connects Canadian small business owners to lenders offering financing up to $350,000. Complete one simple online application and get matched with your loan options.
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How to apply for a CanaCap business loan

If you think you’re a good candidate for a CanaCap loan, you can apply in a couple of easy steps.

  1. Fill out the online application with your personal details and send in proof of ID and relevant documentation.
  2. Review and submit your application.
  3. Get verified and approved in as little as 24 hours if you’re eligible for a loan, with funding typically distributed in less than 2 days.

Bottom line

CanaCap offers quick and affordable access to cash you can use to expand your business or cover your daily expenses. Apply online to find out if you qualify for a loan or merchant cash advance and get approved for up to $250,000 today.

Frequently asked questions

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