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.
|Product Name||Direct Capital business loans|
|Loan Term||6 to 18 months|
|APR||As low as|
|Requirements||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.|
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.
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.
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
See how much you'll pay
|Loan terms (in years)|
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.
- Funding as soon as the same day
- Rates start at 9.99% APR
- Quick online application
- Daily or weekly repayments
- Short terms from 6 to 18 months
- Limited information online
See other business loan options
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 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:
- Go to the CIT website and click Business in the main menu.
- Click Apply now.
- Fill out the form with basic information about yourself and the funds you want to borrow. Click Next.
- Complete the form with information about your business. Click Next.
- 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.
- Review your answers, clicking Edit if you notice any errors.
- 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.