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SkyCap Financial Personal Loans
3 Aug 2018

SkyCap Financial Personal Loans

If you’ve got lackluster credit and have put a purchase on hold due to lack of funds, SkyCap Financial personal loans may be able to help you.

Get a loan up to $10,000 in 24 hours! You’ll pay it back between 9 and 36 months.

You are interested if

You are a non-traditional candidate for a loan but need a small to moderate amount of money that you can get with little hassle and on fair terms.


Key Points

Brief Description SkyCap Financial personal loans are medium-term loans that you can use to take care of some urgent financial needs even if you might not otherwise be able to get a loan at all.
Limits and Deadlines You can borrow anywhere between $500 and $10,000, and you’ll pay it back over anywhere between 9 and 36 months.
Urgency If all goes well during processing, you can receive your money within just 24 hours.
APR Range Between 12.99% and 39.99%.
Closing/Origination Fees None.
Early Payment Fees None.
How to Contract the Product All you have to do is complete a 5-minute online application (including the needed documentation) and send it off for evaluation. It will be reviewed as soon as possible and you may be funded in as few as 24 hours.
Main requirements You must be over 18 years old and have a net monthly income of at least $1200. You must derive this income from either a full-time or part-time job, a pension, or a regular disability payment (seasonal employment, employment insurance, Child Tax Credit and social assistance income will not be considered). You will be asked to provide one piece of photo ID, a void cheque, any bill from the past 60 days, the last 90 days of your bank statements, and your 2 most recent pay stubs.

About SkyCap Financial Personal Loans

Main Features

SkyCap Financial personal loans are flexible financial products that can be used to finance a want or need in your life or even just to improve your credit standing. Their target demographic is individuals who do not have the credit score necessary to be considered for most typical loans.

There are a few reasons you might choose to borrow from this company over others. For one thing, the loans themselves are available on rather good terms. They can be of fairly substantial size and can be financed fairly inexpensively in comparison to the offerings of other similar lenders. SkyCap is also very open to working with customers who have gone through a bankruptcy or consumer proposal in the past (although applicants cannot have active problems like this and still be considered), something which isn’t true of even all bad credit lenders.

Potential applicants should know that SkyCap does not provide loans in either Nova Scotia or Quebec; residents of all other provinces should be able to apply. Loans are repaid through an automatic system that requires no oversight from the borrower, making repayment entirely effortless as long as you have the money available for it. If you don’t, you may be charged a $45 fee for insufficient funds. Overpayments may also incur an administration fee of up to $75.

How Does It Work?

Applicants can find a 5-minute online form to fill out on SkyCap’s website. Once they’ve completed this form and sent copies of the requested documents, they can expect to hear back from the company within 24 hours and have their money deposited very soon after if approved. After that, the repayment installments that were laid out in the loan agreement will be automatically deducted from their bank account at regular intervals that each borrower can choose themselves.


SkyCap Financial personal loans strike a happy medium between affordable interest rates and openness to customers with a less than ideal credit profile. With a moderate APR range and respectable loan amounts, they make themselves an attractive option for the low-credit population.

Their automated repayment system can potentially get you into trouble if your bank account runs too low, but you can set the payment frequency to a level that will hopefully allow you to avoid that.

SkyCap is also willing to help find a solution for customers who fear they will miss a payment provided that those customers take the initiative to approach them first. These precautionary measures make them even more friendly to those who have had credit problems in the past.

SkyCap Financial:

SkyCap Financial has been in business since 2013 and is based in Kingston, Ontario. As an alternative lender, they are on a mission to extend credit to a greater proportion of Canadians. They offer their services both online and through dozens of brick-and-mortar outlets scattered across the provinces. Borrowers might also like to know that SkyCap participates in charitable activities throughout the year, most notably their annual toy drive during the holiday season.

What We Think

Like most bad credit loans, SkyCap Financial personal loans are not determined by your credit score. This is great news for borrowers with poor credit, but that doesn’t mean that all such borrowers will want to apply. Instead of checking your credit, SkyCap uses a multitude of alternative criteria (all of which must be backed up with supporting documentation) to ensure that you’re a good lending risk. If you fall short of any of them, you will not be able to access these loans at all.

If, however, you are confident that you qualify and can produce the necessary paperwork, these loans are one of the best choices for people with bad credit. The APR on their loans can be quite low in comparison to other lenders who forgo credit checks, so assuming that you wish to skip that part of the process and you can qualify for the best rates, we can confidently recommend SkyCap Financial to you. If your credit is fairly good, however, you may be able to find an even better rate elsewhere, so be sure to shop around before committing here.