- Interest Rate
- 19.99% - 39.99%
- Loan Amount
- $500 - $10,000
- Loan Term
- 9 - 60 months
- Min. Credit Score
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 60 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
No prepayment penalties
Funding on the same day or next day
People with bad credit may not qualify
People with good credit can find lower rates elsewhere
SkyCap Financial was included in the Finder: Personal Loans Customer Satisfaction Awards 2023.
Overall customer satisfaction score: 78.38%
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.
Most recommended + Best-rated
SkyCap Financial made it to both the Top 15 Most Recommended and the Top 15 Best-Rated personal loan providers in the Finder: Personal Loans Customer Satisfaction Awards 2023.
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 amount||$500 – $10,000|
|Loan term||9 - 60 months|
|Interest rate||19.99% - 39.99%|
|Fees||No fees except a $50 NSF fee when applicable|
|Serviced provinces||All provinces and territories except Quebec and Nova Scotia|
|Basic eligibility criteria||Min. 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 - 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 relatively 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.
- 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 customer reviews||4.72 out of 5 stars, based on 363 customer reviews|
|Google customer reviews||4.6 out of 5 stars, based on 1,587 customer reviews|
|Trustpilot score||SkyCap Financial reviews not available|
|Customer reviews verified as of||August 15, 2023|
SkyCap Financial reviews from Finder survey
Am I eligible?
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.
- Head over to SkyCap's online application.
- Complete the application form, which includes providing your name, email address and other personal details.
- Attach your proof of ID and connect your bank account.
- Review and submit your application.
- 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, but will range between 19.99% - 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).
Calculate your monthly payments
|Loan terms (in years)|
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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.