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SkyCap Funding small business loans review

With a quick application, you could borrow up to $500,000 in a matter of days.

SkyCap Funding offers loans in a wide range of amounts to cover a variety of business needs. After filling out a quick application, you might be able to get the funds you need in a few days.


Min. Amount$2,500
Max. Amount$500,000
Requirements6+ months in business, $6,000+ monthly revenue, no current bankruptcies

First, does my business qualify?

To be eligible for financing through SkyCap Funding, your business must:

  • Be at least six months old.
  • Make at least $6,000 in monthly revenue.

What is SkyCap Funding?

Founded in 2007, SkyCap Funding offers working capital loans between $2,500 and $500,000 for small business owners in the US and Canada. They work more like a merchant cash advance, than your traditional business term loan. Terms vary based on your business and revenue, but businesses typically qualify for 80% to 90% of their monthly revenue for the past three months.

SkyCap charges a 3% to 6% fee that covers underwriting, ACH transfers and processing if you accept your loan offer. It also doesn’t charge interest, but instead gives businesses a fixed fee that it adds to the loan balance.

Borrowers are required to make daily repayments Monday through Friday based on the amount it thinks your business will earn during the life of the loan.

What makes SkyCap Funding unique?

Depending on your creditworthiness, first-time borrowers might not qualify for the best terms or the highest loan amounts. However, SkyCap makes it easy to get access to lower rates over time. As soon as you’ve paid off 50% of your first loan, you become eligible to renew your loan.

What does this mean for you? When you renew, you’re treated as an existing customer. You can potentially increase your loan amount, get a longer term or lower your interest rate. If you need different terms but weren’t initially eligible for them, a loan renewal could give you access to a loan that better suits your business.

What are the benefits of a business loan from SkyCap Funding?

  • Quick preapproval. Before you fill out the full application, you can enter some basic information to see if your business is eligible.
  • Credit plays a small role. Your personal and business credit scores aren’t the only factor SkyCap considers.
  • Minimal paperwork. Unlike a traditional loan from a bank, SkyCap Funding doesn’t require large amounts of paperwork to fund your loan. Simply submit your business’s bank and credit card statements, and you’re ready to go.

What to watch out for

  • Limited information available. SkyCap Funding’s website doesn’t include vital information like credit requirements and potential fees. This means you’ll have to call customer service to learn more.
  • No online reviews. If you’re looking for what former customers have to say about borrowing with SkyCap Funding, you won’t find much. It doesn’t have a page with the Better Business Bureau (BBB) or Trustpilot.
  • Not always directly funded. SkyCap Funding funds some of its loans directly, but it might send you to a partner lender if you don’t meet its underwriting standards.
  • Not great for seasonal businesses. Businesses that don’t have regular cash flow could struggle to make SkyCap’s daily repayments.

Compare more business loan providers

Name Product Filter Values Loan amount APR Requirements

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Lendio business loans
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$500 – $5,000,000
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ROK Financial business loans
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ROK Financial business loans
$10,000 – $5,000,000
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Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.

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

OnDeck short-term loans
$5,000 – $250,000
As low as 35%
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Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
$1,000 – $150,000
Not stated
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Get flat rate, short-term financing based on the financial health of your business, not your credit score.

Compare up to 4 providers

SkyCap reviews and complaints

There isn’t much information to be found about SkyCap Funding online as of October 2020. It doesn’t have a page on the BBB or Trustpilot. We also couldn’t find any mentions on other online forums. No reviews isn’t necessarily a bad thing, but it does make it more difficult to predict how your loan experience will go.

If you’d like to browse other lenders that have more of an online presence, you can view your options in the table above.

How do I apply?

SkyCap Funding prides itself on a simple application, allowing its potential borrowers to apply online or by fax. Follow these steps to apply:

  1. Go to the SkyCap Funding website and click Go.
  2. Fill out the preapproval application by providing basic information about your business. If your business is eligible for preapproval, save your quote tracking number and continue to the full application.
  3. Complete the application with more information about your business, yourself and your property.
  4. Sign the document electronically or print out the application to sign and fax a physical form.
  5. Once your application has been signed, submit four to six months of bank and credit card processing statements.

After receiving your application, SkyCap Funding typically responds within 24 hours. If it’s able to provide financing and you agree to the terms, it’ll deposit the funds into your account within two to three business days.

How to apply step-by-step with screenshots

What documents will I need to apply?

SkyCap Funding requires minimal documentation to process your application, including:

  • Business bank statements.
  • Credit card processing statements, if applicable.

I got the business loan. Now what?

SkyCap Funding requires fixed repayments based on your estimated receivables that are taken directly from your account each day. Since it withdraws your repayments automatically, you don’t need to worry about manually transferring money to SkyCap each day. However, you should still keep an eye on your account and loan balance. If you notice something off, reach out to customer service by calling 888-250-5227.

Bottom line

With a simple application and large potential loan amounts for repeat customers, SkyCap Funding may be worth looking into if you anticipate needing several business loans over the coming years. However, the limited information on its website and its lack of customer reviews make it difficult to know exactly what you’re getting into.

As with all big financial decisions, compare your other business loan options before signing on the dotted line.

Frequently asked questions

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