They have a simple and straightforward application process and fast approval time. CAN Capital also provides speedy funding, with funds getting credited as quickly as the next business day once approved. The best part is that applying for CAN Capital business loans will not affect your personal credit score.
CAN Capital has the longest tenure in the small business lending industry, which gives them leverage over younger players in terms of expertise and credibility. They have served more than 81,000 small businesses using their own risk-scoring models and real-time platform. Over the course of 20+ years, CAN Capital funding has provided small businesses with over $7 billion worth of funds.
Consider CAN Capital if you:
- You need funding fast. Funds can be deposited as fast as the next business day.
- Require supplementary funding. CAN Capital funding is available to businesses that currently have debt.
CAN Capital Lender Review
If you’re in need of extra working capital, CAN Capital is an alternative lender that provides short-term loans and merchant cash advances to small businesses. A merchant cash advance isn’t a loan but rather a cash advance that you can get in exchange for a percentage share of your daily sales. MCAs have become extremely popular among small businesses as they allow quick and easy access to funds even if you don’t have a good credit score.
CAN Capital small business loans do not require personal or business collateral. However, the lender thoroughly assesses your credit profile along with several other factors to evaluate the health of your business. This includes your business history and revenue.
CAN Capital Loan Review
When it comes to short-term funding for small businesses, CAN Capital offers the following:
- Funding Amount Up to $250,000
- Term Length 6-18 months
- Factor Rate 1.15-1.35
- Origination Fee $395 for MCAs/up to 3% of principal for short-term loans
The short-term loans from CAN Capital have to be repaid on a daily basis. In the case of merchant cash advances, CAN Capital is purchasing the future sales of a business at a discounted rate. So rather than paying a fixed amount, you’ll be paying them a percentage of your daily revenue. Payment is made until the debt is repaid in full.
Why Get a Loan From CAN Capital?
- They have a simple online application process, which only takes a few minutes to complete.
- A fast approval process means you can get approved within hours of applying.
- They provide fast funding, with funds being deposited as early as the next business day after approval.
- CAN Capital works with a vast array of small businesses–such as dental offices, restaurants, auto repair shops and nail salons–with monthly revenues of $4,500 and upward.
The Pros of CAN Capital
- CAN Capital funding is available to businesses that currently have debt but require additional funding.
- They don’t charge a prepayment penalty if you pay off your term loan early.
- For short-term loans, you can get a 6% discount on your remaining balance if you pay it off early.
- They offer a wide range of funding sizes ranging from $2,500-$250,000.
The Cons of CAN Capital
- You cannot work with CAN Capital if you have tax liens greater than $175,000.
- Their loan products require daily repayment, which can restrict cash flow.
- They have stricter credit criteria than many of their competitors.
- They require a personal guarantee from the owner of the business.
CAN Capital Requirements
- Monthly Revenue $4,500+
- Time in Business 4+ months
- Liens or Judgements Less than $175,000
*A minimum of 12 months since discharge of personal/business bankruptcy
CAN Capital: What You Need to Apply
- Fill out the online application form and find out how much you qualify for to begin the process
- Latest business tax return
- 3 months of business bank statements
- Copy of your driver’s license
- Voided business check
CAN Capital: Final Say
Based on these CAN Capital reviews, this company is great for getting affordable term loans and quick funding. You can get the funds deposited in as little as 1 business day once your application is approved.
Additionally, they are a good option for business owners who are carrying debt but require additional funding.