CAN Capital is the largest source of alternative funding for small businesses in the United States. Since 1998, the company has provided almost $6 billion in capital, assisting roughly 125,000 small- and medium-sized businesses throughout North America.
CAN Capital requirements include a 680 credit score, two months in business, and an annual revenue of $150,000. Often, those who borrow once from CAN Capital come back and borrow more (70 percent of customers renew).
- Loan Terms
- Positive CAN Capital Reviews
- Transparent Information
- Prepayment Discount
- Fast Funding
CAN Capital is a great funding option for new and small businesses. CAN Capital will loan anywhere from $2,500 to $150,000. The average amount loaned to small businesses is around $46,000. The company offers loan terms anywhere from 4 to 24 months, while the average life of a small business loan sits around 13 months. Additionally, the average interest rate of one of these loans is 27.3 percent.
Positive CAN Capital Reviews
Every CAN Capital reviews we have on our site is positive. Entrepreneurs say that CAN Capital employees are great to work with. The company usually provides quick funding and always makes the funding process smooth and easy.
CAN Capital is so great for business loans because they have low requirements that are displayed online. They even have a calculator to estimate costs. Other lenders will only tell you their cost and requirements after you apply. With transparent information from CAN Capital, you can decide right away if this is a good loan for you.
At CAN Capital, companies that payback their loans early are rewarded with a six percent prepayment discount on the FULL outstanding balance after 90 days (if the account is in good standing). When you apply for a loan with CAN Capital, this information is in their Business Loan Agreement.
Loans from CAN Capital are ideal for businesses that need fast access to small amounts of cash (two days to funding). Most banks won't even look at loans under $50,000, and many alternative lenders only provide minimum loans of $5,000. With CAN Capital, you can get a $2,500 loan. To qualify for higher loans, you must be making more than the minimum requirement each month.
- Interest Rates
- Small Loans
- Missing Information
The majority of people think that the most important aspect of a business loan is the interest rate, and we tend to agree with them. When you take out a loan with CAN Capital, you will pay about $0.35 in interest for every $1 you take out. These calculations are based on CAN Capital's own calculator - taking out a $100,000 loan for 12 months. However, these rates go down with your term length. For example, if you only need to borrow cash for four months, CAN Capital charges around $0.15 per $1 borrowed.
The annual revenue requirement is high with a minimum of $150,000. The highest amount CAN Capital will lend is $150,000 - slightly lower than the average. But if you want to access this much cash, your business needs to generate around $1 million in monthly sales. As far as we have seen, no other lender has such high revenue requirements.
CAN Capital has no prepayment penalties and no closing costs. Even though these are great features, they do not display this information on their website.
The Bottom Line
A business loan from CAN Capital is one of the best options out there. Businesses should remember that while their interest rates may be as low as 15 percent, they could reach as high as 35 percent. CAN Capital is an industry leader in terms of providing a top-notch service for small businesses based upon the following criteria: They provide fast access to cash, have no hidden fees, and show actual loan requirements. We definitely recommend using CAN Capital for your business loan needs.