SnapCap business loans review

First, do I qualify?

To qualify for a SnapCap business loan, your business must be at least six months old, based in the US and generate at least $8,500 in gross monthly revenue. You must also have a personal credit score of 500 or higher.

What is SnapCap?

Founded 2012, SnapCap specializes in providing financing solutions for businesses that include capital loans, inventory loans, expansion loans and equipment loans. Depending on your creditworthiness, you can borrow up to $600,000 with flexible repayment terms. Customers rate SnapCap an excellent 9.5 out of 10 on Trustpilot.

What makes SnapCap business loans unique?

SnapCap focuses on the overall health of a business, rather than merely an owner’s personal credit score. As a result, your business could qualify for a SnapCap loan even if you have less-than-perfect credit. Its Vanishing Interest Rate program is designed to reward its customers who manage repayments responsibly, offering lower rates to repeat borrowers.

Rates are simple interest, not APR. Because rates are fixed, they stay the same over the life of your repayment term. Most loans are offered at an interest rate of 12% to 15%, with the highest rate a borrower could expect at around 35%.

Compare SnapCap to other online business lenders

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Name	Product	Filter Values	Loan amount	APR	Requirements
Fora Financial business loans Finder Rating: 4.1 / 5: ★★★★★			$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.	Go to site More Info	Compare	loading Fetching your data…
Lendio business loans Finder Rating: 4.75 / 5: ★★★★★			$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.	Go to site More Info	Compare	loading Fetching your data…
OnDeck short-term loans Finder Rating: 4.6 / 5: ★★★★★			$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.	Go to site More Info	Compare	loading Fetching your data…
National Funding business loans Finder Rating: 4.75 / 5: ★★★★★			$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.	Go to site More Info	Compare	loading Fetching your data…
Fundbox lines of credit Finder Rating: 4.2 / 5: ★★★★★			$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.	Go to site More Info	Compare	loading Fetching your data…
Bitty Advance business cash advances Finder Rating: 2.8 / 5: ★★★★★			$2,000 – $25,000	Not applicable	$5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months, 450+ credit score	With APRs in the triple digits, this is best saved as a last resort.	Go to site More Info	Compare	loading Fetching your data…

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Benefits and drawbacks of SnapCap business loans

Am I eligible for a SnapCap business loan?

SnapCap isn’t licensed to offer business loans in all US states, though its site doesn’t specifically list the states it services. If you live in a state that doesn’t allow business loans, you could instead qualify for a merchant cash advance.

To qualify:

• Your business must be based in the US and at least six months old.
• Your business must generate at least $8,500 in monthly gross revenue.
• You must provide three months of business bank statements.
• Your personal credit score must be 500 or higher.

After you submit an application, SnapCap reviews your information to determines whether your business qualifies. In most cases, it provides a loan decision within 48 hours. In some cases, SnapCap may ask for additional documentation before it decides on your loan.

How do I apply?

Applying with SnapCap begins with completing an online preapproval application.

After you submit your review and upload required documentation, a SnapCap loan officer will call you for yet more information.

What documents do I need to apply?

SnapCap requires at least three months of business bank statements, along with personal and business details that can include at its discretion:

I got a SnapCap business loan. Now what?

Now that you’ve got your business loan, there’s not much more to do than make on-time repayments.

• Set up autopay. Avoid unnecessary fees and interest by scheduling automatic withdrawals from your bank account.
• Get support. If you have questions about your loan, contact SnapCap weekdays from 9 a.m. to 7 p.m. ET at 800-843-0130 or info@snapcap.com. Or connect with SnapCap on Facebook @snapcap or on Twitter @Snap_Cap.

Bottom line

If you own a startup and need business funding quickly, SnapCap could be an option. It offers short-term business loans of $5,000 to $600,000.

But if you have more time, you may be able to find a better business loan provider by comparing your options.

Frequently asked questions