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SkyCap Financial review

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

Borrow up to $15,000, with terms lasting as long as 60 months. SkyCap Financial is an online lender that approves applications based on a borrower’s credibility, stability and current income. If you have a less-than-perfect credit score, you can apply for a SkyCap loan.

Finder Rating: 4.1 / 5


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19.99% - 39.99%

Interest Rate


Max. Loan Amount


Min. Credit Score

SkyCap Financial at a glance

  • Strong alternative to banks and credit unions
  • Fast, easy application process
  • Helpful, understanding staff
  • Not for borrowers with an excellent credit score
  • Maximum rate of 39.99%

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 bad 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.

SkyCap loan features

Loan typeUnsecured
Loan amount$500 – $15,000
Loan term9 - 60 months
Interest rate19.99% - 39.99%
FeesNo fees except a $50 NSF fee
Serviced provincesAll provinces and territories except Quebec and Nova Scotia
Basic eligibility criteriaMin. income of $3,333 /month, full time employment/pension, min. credit score 600, free from bankruptcy
WebsiteGo to site

What we like about SkyCap Financial loans

  • Low starting interest rate. SkyCap’s loans start at 19.99%, which is lower than most other lenders in its category.
  • Decent loan amounts. You can apply for up to $15,000.
  • 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.
  • Flexible loan terms. Get a loan term between 9 - 60 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. However, compared to other lenders in the same category, it is lower.
  • 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.
  • Some provinces not serviced. You won’t be able to qualify for a loan if you live in Nova Scotia or Quebec.

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.

BBB accreditedYes
BBB ratingA+
BBB customer reviews4.67 out of 5 stars, based on 292 customer reviews
Google customer reviews4.6 out of 5 stars, based on 1,233 customer reviews
Trustpilot scoreSkyCap Financial reviews not available
Customer reviews verified as ofMay 18, 2022

How SkyCap compares to similar providers


Finder Rating: 4.6 / 5

Go to site


6.99% - 46.96%

Loan term

3 - 120 months

Loan amount

$100 – $50,000

Min. credit score


Eligibility Requirements

Currents debts must total less than 60% of income


Finder Rating: 4.5 / 5

Go to site


5.4% - 46.96%

Loan term

4 - 60 months

Loan amount

$300 – $50,000

Min. credit score


Eligibility Requirements

Steady source of income

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 $3,333.
  • Have a credit score over 600.
  • 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.

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, 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.

How much do SkyCap Financial Personal Loans cost?

The interest rate you’ll get on your loan will depend on personal factors. 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 16.99% has a monthly payment of $282. The total cost is $3,283 (with $283 interest).

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.

Compare SkyCap to other personal loans

1 - 8 of 8
Name Product Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
5.4% - 46.96%
$300 - $50,000
4 - 60 months
Requirements: min. credit score 300
SkyCap Financial Personal Loan
19.99% - 39.99%
$500 - $15,000
9 - 60 months
Requirements: min. income $3,333/month, full time employment/pension, min. credit score 600, no bankruptcy
Spring Financial Personal Loan
9.99% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
goPeer Personal Loan
8.00% - 34.00%
$1,000 - $25,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 650, min. 5-year credit history. (Avg. approved rate of 15.80%)
LoanConnect Personal Loan
6.99% - 46.96%
$100 - $50,000
3 - 120 months
Requirements: min. credit score 300
Symple Personal Loan
6.99% - 32.00%
$5,000 - $50,000
24 - 84 months
Requirements: min. credit score 650, min. income $50,000/year, no history of bankruptcies
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
Fairstone Secured Personal Loan
19.99% - 24.49%
$5,000 - $50,000
36 - 120 months
Requirements: must be a homeowner, min. credit score 560

Frequently asked questions

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