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CIT Direct Capital business loans review

Short-term funding with a fast turnaround — but watch out for daily or weekly repayments.

  • Best for fast, short-term financing.
  • Pick something else if you want to borrow over $250,000.
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Details

Min. Amount$1,000
Max. Amount$250,000
Loan Term6 to 18 months
APRAs low as
RequirementsCIT doesn’t disclose any hard eligibility requirements for its working capital loan. However, it considers factors such as your business performance and credit score.

How much will this loan cost me?

CIT working capital loans rates start 9.99% — and it’s unclear if it charges any closing fees. Loan amounts run as high as $250,000 with short terms of 6 to 18 months.

Use the calculator below to find out how much a CIT working capital loan might cost your business at different loan amounts, rates and terms.

Business loan calculator

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How it works

Generally, the lowest rates go to businesses that have been around for at least three years, have positive cash flow and owners with credit scores around 760 or higher.

What do I need to qualify?

CIT doesn’t disclose any hard eligibility requirements for its working capital loan. However, it considers factors such as your business performance and credit score.

What information do I need to apply?

Having the following information on hand can speed up the first part of the application:

  • Taxpayer identification number (TIN)
  • Personal and business information
  • Contact information for all owners

You may be required to submit additional documents if you make it through the first round. These typically include bank statements, tax returns and profit and loss statements.

What industries does CIT work with?

CIT doesn’t disclose which industries can and cannot qualify. But you might struggle to get approved if your business is in a high-risk industry, like insurance or auto sales.

What types of business financing does CIT offer?

CIT also offers the following types of financing for small businesses:

  • Equipment financing. Borrow up to $500,000 with rates starting at 5.49% APR and terms running from six to 72 months.
  • SBA loans. CIT offers SBA 7(a), 504 and conventional owner-occupied commercial real estate (CRE) loans to small businesses looking for larger amounts of financing — up to $13.75 million in some cases.
  • Franchise financing. Funding between $2,000 and $3 million tailored specifically to the needs of franchises.
  • Supply chain financing. Working capital to cover expenses while you’re waiting for payments from your clients to come through.
  • Factoring. Sell your business’s unpaid invoices to CIT to get the funds you need to cover business expenses — with options for international transactions.

Pros

  • Funding as soon as the same day
  • Rates start at 9.99% APR
  • Quick online application

Cons

  • Daily or weekly repayments
  • Short terms from 6 to 18 months
  • Limited information online

See other business loan options

Name Product Filter Values Loan amount APR Requirements

Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★

Fora Financial business loans
$5,000 – $500,000
Varies
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★

OnDeck short-term loans
$5,000 – $250,000
As low as 35%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

National Funding business loans
Finder Rating: 4.75 / 5: ★★★★★

National Funding business loans
$5,000 – $500,000
4% to 8%
Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.
Working capital loans and equipment financing, some high-risk industries may be eligible.

Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
$1,000 – $150,000
Not stated
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.
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Compare up to 4 providers

Is CIT Bank legit?

Yes, CIT Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means that it meets certain federal standards. While it might share your personal information with third parties, like credit bureaus, it won’t do so without your consent. It also publishes a list of potential scams that its customers should watch out for — like someone impersonating a CIT executive.

CIT Direct Capital reviews and complaints

BBB accredited No
BBB rating B-
BBB customer reviews 1.27 out of 5 stars, based on 15 customer reviews
BBB customer complaints 83 customer complaints
Trustpilot Score 4.6 out of 5 stars, based on 249 customer reviews
Customer reviews verified as of 13 October 2020

CIT Bank gets mixed customer reviews. The main point of contention? Customer service. Several customers state they were unable to get a straight answer from representatives or were misled about the terms of their loans. But many were pleased with their experience.

How do I apply?

You can apply by filling out a quick online form. Follow these steps to get started:

  1. Go to the CIT website and click Business in the main menu.
  2. Click Apply now.
  3. Fill out the form with basic information about yourself and the funds you want to borrow. Click Next.
  4. Complete the form with information about your business. Click Next.
  5. Provide additional information about yourself. If you aren’t the only owner, click Add owner and have them fill out their personal information. Click Next.
  6. Review your answers, clicking Edit if you notice any errors.
  7. Review the disclosures. Check the box agreeing to the disclosures and e-sign your application. Click Apply now.

What happens after I apply?

After you submit the application, wait for CIT to get back to you with further instructions to upload documents and provide additional information. After you review and sign the loan contract, you could get funded as soon as the same business day.

How do repayments work?

Depending on your contract, CIT deducts daily or weekly repayments directly from your business’s bank account. If you have any questions or concerns, reach out to customer service by calling 800-253-0157.

See how CIT Bank compares to similar products by checking out our guide to business loans.

Frequently asked questions

Review by


Shannon Terrell is a senior writer for Finder who has written over 400 personal finance guides. With a focus on investments and personal finance, she breaks down jargon-laden topics to help others make informed financial decisions. She studied communications and English literature at the University of Toronto.

Expert review

CIT is a bank that offers business loans online. Its working capital loans could be best for businesses that need last-minute funding to cover operating expenses. You can get funded as soon as the same business day, if you apply early enough.

But you’ll have to sign up for automatic daily or weekly repayments, making it less flexible than other options. And it isn’t very transparent about all rates and fees that might apply.

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