iCapital business loan review
Enjoy competitive rates on your small business with fixed or flexible repayment options with an iCapital business loan.You can get an iCaptial business loan for anywhere between $5,000 and $100,000. You’ll pay back a fixed interest rate or “fee” on the amount of money you borrow (starting at 6.75%), and you’ll be able to pay that money back over a term of 3 to 24 months
If you need access to fast cash to grow your business, then you might want to check out an iCapital business loan. This top-rated private lender can approve you for up to $250,000 in less than 24 hours, depending on how well you meet the eligibility criteria You won’t need to put up any collateral to secure your loan and you can qualify for rates as low as 3 months, depending on the length of your term.
Learn more about what types of loans iCapital offers and find out how you can get approved in a couple of easy steps.
What types of loans does iCapital provide?
iCapital offers quick approval for small business loans and merchant cash advances. To qualify for these loans, your business will need to have been operational for a minimum of six months.
- Business loan. You can get an iCaptial business loan for anywhere between $5,000 and $100,000. You’ll pay back a fixed interest rate or “fee” on the amount of money you borrow (starting at 6.75%), and you’ll be able to pay that money back over a term of 3 to 24 months
- Merchant cash advance. With a merchant cash advance, you can borrow between $5,000 and $250,000 in return for a daily percentage of your credit card and debit sales. You’ll have to submit your financial statements so that iCapital can decide how much it wants to lend you as well as how much you should repay every month.
Quick comparison of loan types
|Type||Best for||How it works||Required sales||Amount of loan||Interest rates|
|Business loan||Covering a large, one-time expense||Borrow a lump sum and pay it back plus interest in 3-24 months||Annual gross sales of $100,000||Between 5,000 for merchant cash advances and $100,000||Starting at 3 months|
|Merchant cash advance||Funding daily expenses with future sales income.||Borrow money and pay it back plus a fee with a percentage of your future revenues.||$5,000 for merchant cash advances+||Between 5,000 for merchant cash advances and $250,000||No interest charged but you’ll incur a fee for service.|
What should I know before I apply?
- To apply for an iCapital business loan, you need to meet the following criteria:
- Own a business that has been operating in Canada for at least six months.
- Be at least 18 years old (and 19 in some provinces).
- Have at least $100,000 in total revenue in the past 12 months for business loans or 5,000 for merchant cash advances in monthly sales for merchant cash advances.
- You can’t have any open bankruptcies.
- Your business must have a storefront or professional office space, so home-based businesses can’t apply.
Required documents and information
- Government-issued ID. You’ll need to submit a piece of ID like your licence or passport to prove your identity.
- Business bank statements. You’ll have to show that you meet the requirements for annual or monthly income, based on which kind of loan you want to take out.
- Other financial documents. Depending on how much you’re asking for, you may be asked to supply other official documents (like your company tax returns).
- Business plan. It might also help to develop a business plan to show how you plan to grow your business and your revenue, although this isn’t required.
How to apply
If you think that an iCapital business loan is the right fit for you and your business, you can apply for a loan quickly and easily.
- Complete the online application, which includes providing your name, email address, personal details, proof of ID and relevant documents.
- Review and submit your application.
- Get an automatic estimate to show how much you would have to pay back each day.
- Get verified and approved in as little as 24 hours if you’re eligible for a loan.
Pros and cons
- Instant funding. You can get approved in under 24 hours and have the money in your bank account in less than two days.
- High loan amounts. You’ll be able to apply for up to $100,000 for a business loan and $250,000 for a merchant cash advance.
- Decent interest rates. You may be able to qualify for rates as low as 3 months, although your rate may be affected by the length of your term and the amount you borrow.
- No collateral required. You won’t need to secure your loan against an asset like your home or vehicle.
- Bad credit doesn’t matter. As long as you can show that you make the required monthly or annual sales, your credit won’t factor in.
- Free estimate. You’ll get an estimate when you apply so you can see how much your interest rates will be before you go through the application process.
- Short terms. You can only qualify for terms up to two years, which can lead to large payments (which are debited from your bank account daily).
- Administration fees. The fee you’ll pay on your loan will vary based on factors like your credit history, type of business and how much you make each year.
- High sales requirements. You’ll need to make $5,000 in credit/debit sales each month to get a merchant cash advance and $100,000 in annual revenue for a business loan
- No home-based businesses. Businesses without a storefront or professional office space aren’t able to qualify.
- Startups can’t apply. You won’t be eligible for funds if your business is less than six months old.
iCapital specializes in quick and affordable loans and merchant cash advances for established businesses. You can apply for a free estimate to find out how much you can qualify for and what you’ll have to pay in interest over the course of your term.