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SkyCap Financial personal loans review

Get reasonable rates and affordable repayments on your next personal loan with this reputable online lender.

Borrow up to $10,000, with terms lasting as long as 36 months.

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12.99% - 39.99%

Interest Rate

$10,000

Max. Loan Amount

550

Min. Credit Score

Details

Product NameSkyCap Financial Personal Loan
Benefit DescriptionMin. credit score: 550
Interest Rate12.99% - 39.99%
Min. Loan Amount$500
Max. Loan Amount$10,000
Loan Term9 - 36 months
Turnaround Time24 hours
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SkyCap Financial lets you borrow up to $10,000 to cover personal expenses, even if you have bad credit. The process to apply is quick and easy, but you may pay slightly higher interest rates than you would with the bank. SkyCap Financial Personal Loans are most suitable for borrowers who need money fast or are having trouble qualifying for a bank loan.

What makes SkyCap Financial Personal Loans unique?

SkyCap Financial loans are unique because you can borrow up to $10,000 and the money is easy to qualify for. You don’t need collateral to secure financing, and you can get a loan even if you have bad credit. You can fill out an application in less than 5 minutes and you may even get approved for financing in as little as 24 hours.

What are the benefits of a SkyCap Financial Personal Loan?

SkyCap Financial Personal Loans come with the following benefits:
  • High loan amounts. You can apply for up to $10,000 in one shot, which is more than many other lenders offer.
  • Longer terms. It’s possible to lock in a term lasting as long as 3 years so that your payments are more affordable.
  • Easy to qualify. You can qualify for a SkyCap Financial Personal Loan with bad credit and you won’t need to use your assets as collateral to secure your loan.
  • Early loan repayment. You can pay off your balance at any time without an extra fee.

What to watch out for

  • Minimum monthly income. You’ll need to make over $1,200 per month to qualify.
  • Late payment fee. You’ll be stuck with a late payment fee every time you don’t make a payment on time.
  • Some provinces not serviced. You won’t be able to qualify for a loan if you live in Nova Scotia or Quebec.

Am I eligible?

Eligibility requirements

To apply for a SkyCap Financial loan, you need to meet the following criteria:

  • Be at least 18 years old (and 19 in some provinces).
  • Be a citizen or resident of Canada.
  • Have a net monthly income of at least $1,200.
  • Be free from bankruptcy or other forms of unmanageable debt.

Required documents and information

  • Government-issued ID. You’ll have to show identification such as your driver’s licence or passport to verify your ID.
  • Void cheque. You should bring a void cheque to give SkyCap Financial access to your bank account for direct deposit and payment deductions.
  • Proof of income. You’ll be required to show your most recent pay stub and the last 90 days of your bank statement.

Compare personal loans

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
Go to site
More Info
An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
ConsumerCapital Personal Loan
19.99% - 32.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 540
Go to site
More Info
An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
No min. income or employment requirements
Min. credit score: 400
Go to site
More Info
An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Min. income of $15,000 /year
Min. credit score: 600
Go to site
More Info
Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
Go to site
More Info
An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
Go to site
More Info
An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
Mogo Personal Loan
5.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 540


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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More Info
An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $20,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
Go to site
More Info
An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
Go to site
More Info
A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Must be a homeowner
Min. credit score: 560
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More Info
Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
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How much do SkyCap Financial Personal Loans cost?

The interest rates you’ll get on your loan will vary depending on factors such as your credit score and the length of time you need to pay back your loan. Your rates may be higher than those advertised by the bank, but it will be much easier to qualify for funding with SkyCap Financial.

How do I apply?

If you tick all the boxes outlined above and you’re ready to apply for a loan with SkyCap Financial, you can get started in a couple of easy steps.

  1. Click the green ‘Go to site’ button above to be securely redirected to the online application.
  2. Complete the application form, which includes providing your name, email address and other personal details.
  3. Attach your proof of ID, pay stubs, bank statements and a void cheque.
  4. Review and submit your application.
  5. Get verified and negotiate the terms of your loan if you meet the eligibility requirements.

I got the SkyCap loan. Now what?

Once you get your SkyCap loan, you can spend it on whatever you want or put it in the bank until you need it. You’ll then repay your loan with automatic withdrawals from your bank account. You’ll make repayments with interest until your loan is paid back in full.

  • Repayment amounts. Your repayment amounts will be outlined in your loan contract and will vary based on how much you borrow and the length of your term.
  • Early repayments. You won’t be penalized or have to pay fees for making early repayments.
  • Late payments. You may have to pay a late payment fee of if you fail to make a payment on time.

Bottom line

SkyCap Financial can give you easy access to quick cash with affordable repayments. Find out what you need to apply for a loan and start your application today to see if you qualify. Compare other loan products if you’re not sure that SkyCap Financial Personal Loan are right for you.

Frequently asked questions

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