In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews
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SkyCap Financial Personal Loan
3.0
★★★★★
Finder score
3.7
★★★★★
APR Range
12.99% - 39.99%
Loan Amount
$500 - $10,000
Loan Term
9 - 36 months
Min. Credit Score
575

Our verdict

Get affordable repayments on your personal loan with this reputable lender.

SkyCap is a solid option for people who are looking for a personal loan and may not qualify with a bank. It offers fast approval and funding as well as friendly, helpful customer service.

Borrow up to $10,000 with terms lasting as long as 36 months. If you have a fair to good credit score, you can apply for a SkyCap loan, but consider banks and credit unions first if your credit is on the higher end.

Best for: People with fair credit looking for a quick personal loan

Pros

  • Established lender
  • No prepayment penalties
  • Funding on the same day or next day

Cons

  • People with bad credit may not qualify
  • People with good credit can find lower rates elsewhere

In this guide

  • Our verdict
  • Frequently asked questions
  • Your reviews

What is SkyCap Financial?

SkyCap Financial is an online lender that serves as an alternative to banks and credit unions when you need a personal loan. It has been operating since 2013 and is based in Kingston, Ontario.

SkyCap specializes in helping borrowers with fair to good credit. When reviewing your application, rather than fixating on your credit score, it will take on a more holistic approach by looking at various factors, such as your credit history, employment and income. This lender has a solid online presence and has received positive feedback from its clients.

Is SkyCap Financial legit?

It is. SkyCap Financial is a registered corporation and is accredited by the Better Business Bureau with an A+ rating. It is also a member of the Canadian Lenders Association.

Finder Awards

In 2023, we completed the Finder: Personal Loan Consumer Satisfaction Awards — an annual ranking of personal loan providers in Canada based on customer satisfaction feedback. In 2024, we completed the Finder: Personal Loans Best-in-Class Awards, which recognizes the best personal loan brands in Canada based on our data-driven methodology.

SkyCap loan features

FeatureDetails
Loan typeUnsecured
Loan amount$500 – $10,000
Loan term9 - 36 months
APR12.99% - 39.99%
FeesNo fees except a $50 NSF fee when applicable
Serviced provincesAll provinces and territories except Quebec and Nova Scotia
Basic eligibility criteriaMin. income of $1,666.67/month, full time employment/pension, min. credit score 575, free from bankruptcy

What we like about SkyCap Financial loans

  • Affordable payments. SkyCap will only approve you for an interest rate, loan amount and loan term that you can manage.
  • Fast. Get an instant decision and get official approval in as little as 24 hours.
  • Decent loan amounts. You can apply for up to $10,000.
  • Flexible loan terms. Get a loan term between 9 - 36 months.
  • Early loan repayment. You can pay off your balance at any time without any fees.
  • Unsecured. You don’t need to provide collateral to get approved.
  • Increase your financial knowledge. If you’re a client, you gain access to a free course on personal finances.

What to watch out for

  • High maximum rate. You could get a rate up to 39.99%, which is high.
  • Loan protection plan. This is insurance to cover your payments in the event of a job loss, death or illness. It’s completely optional, and if you decide to get it, it’ll add to the cost of your loan.
  • Poor credit may not qualify. Although SkyCap is more lenient than banks, you may not get approved if your credit score is too low.

Summary of SkyCap Financial reviews

SkyCap Financial reviews have been consistently positive. People have complimented SkyCap Financial on its fast, simple application and helpful, understanding staff.

FeatureDetails
BBB accreditedYes
BBB ratingA+
Google customer reviews4.6 out of 5 stars, based on 1,702 customer reviews
Trustpilot scoreSkyCap Financial reviews not available
Customer reviews verified as ofMarch 12, 2024

SkyCap Financial reviews from Finder survey

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 $1,666.67
  • Have a credit score over 575
  • 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.
  • Bank verification. You’ll need to send SkyCap read-only copies of your bank statements via instant bank verification.

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. Head over to SkyCap's online application.
  2. Complete the application form, which includes providing your name, email address and other personal details.
  3. Attach your proof of ID and connect your bank account.
  4. Review and submit your application.
  5. Get verified and negotiate the terms of your loan if you meet the eligibility requirements.

How much do SkyCap personal loans cost?

The interest rate you’ll get on your loan will depend on personal factors, but it will be between 12.99% - 39.99%. SkyCap’s rates may be higher than those advertised by banks, but it will be easier to qualify for funding from them.

As an example, a $3,000 loan with a loan term of 12 months at 19.99% has a monthly payment of $278. The total cost is $3,335 (with $335 interest).

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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.
  • NSF fee. You’ll pay $50 if there’s not enough money in your bank account on the day payment is due. This is in addition to the NSF fee your bank will charge.

Bottom line

SkyCap Financial stands out as an alternative lender because it strives to be friendly and helpful to current and potential clients. SkyCap will only approve you based on what you can afford, and it has a quick and simple application process. Before you apply though, it’s worth comparing your personal loan options to find the best fit for you.

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