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CanaCap business loan review

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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
Please note: All information about CanaCap business loan has been collected independently by Finder and this product is not available through this site.

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?

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.

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.

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.

Compare other business loans

Name Product Interest Rate Loan Amount Loan Term Minimum Revenue Minimum Time in Business Loans Offered
SharpShooter Funding Business Loan
Fee based, Prime pricing starting at 9.00%
$500 - $500,000
6 months - 5 years
$10,000 /month
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SharpShooter Funding offers loans up to $500,000 for small business owners who have been business for at least 6 months and can show a minimum of $10,000 in monthly deposits.

Who it might be good for: Business owners looking for a fast and simple application process.
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
OnDeck offers loans up to $300,000 for small business owners working in approved industries who have been in business for at least 6 months with a minimum monthly revenue of $10,000.

Who it might be good for: Business owners looking to receive funds in as little as 24 hours.
Merchant Growth Business Loan
12.99% to 39.99%
$5,000 - $500,000
3-12 months
$10,000 /month
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Unsecured Term, Line of credit, Merchant cash advance
Merchant Growth offers loans up to $500,000 for small business owners who have been business for at least 6 months and can show a minimum of $10,000 in monthly sales.

Who it might be good for: Business owners looking for flexible financing options.
Loans Canada Business Loan
Prime Pricing from 9.00%, Long term financing from Prime + 2.00%
$2,000 - $350,000
3 months - 5 years
$4,166 /month
100 days
Unsecured Term, Secured Term, Line of credit, Merchant cash advance, Equipment financing
Loans Canada connects Canadian small business owners to lenders offering up to $350,000. Borrowers 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).

Who it might be good for: Business owners looking to use a broker to compare different financing options.
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