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SkyCap Funding

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13 User Reviews

5.1

Overall Score

LAST UPDATED: June 4th, 2020

SkyCap Funding is a lending company that specializes in creating financing solutions for small businesses. Instead of providing traditional, collateral-secured loans, SkyCap Funding bases its financing offers on a business's projected revenue, much like a business cash advance, merchant cash advance, or credit card factoring. Consumers who choose SkyCap should remember that they must have a credit score of 550 or higher.

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The Good

  • Available Capital
  • Variety of Repayment Options
  • Outsourcing Available

Available Capital

Funding ranges from $2,500 to $500,000. All financing options are unsecured, meaning they do not require collateral. SkyCap Funding does not disclose its requirements for loans. A potential client will have to call and discuss this information with a representative.

Variety of Repayment Options

SkyCap has three repayment options, so there really is something for everyone:

  • ACH (Automated Clearing House) that automatically debits your account on a daily basis (Monday–Friday).
  • ACH that automatically debts your account once a week.
  • Daily repayment amounts based on a percentage of your credit card sales. This means that business owners are not locked into a fixed amount if their revenue goes down and gives them more flexibility all around.

Outsourcing Available

SkyCap Funding is a direct lender for its own services and application. However, if it is unable to fund a business itself, it will outsource to one of its partners to try to find a good fit for the applying business. If the applicant is able to secure funding with the partnering company, SkyCap Funding receives a fee of 5 to 10 percent of the loan amount.

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The Bad

  • Lack of Transparency
  • Unknown Terms, Interest Rates, and More

Lack of Transparency

SkyCap Funding has a simple application that does not require the same extensive documentation that a bank would ask for. However, applying businesses do not know the requirements before applying (much like working with banks). Startup or struggling businesses will not be likely to find financing solutions until those basic requirements are met.

Unknown Terms, Interest Rates, and More

As with any unsecured financing and especially with what is essentially a business cash advance, the interest rates are going to be higher than with a traditional bank or SBA loan. Of course, this is just a guess because SkyCap Funding does not display interest rates on site. We also couldn't find term lengths, minimum application requirements, or fees. Find Other Business Loans

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The Bottom Line

For a small business looking for quick and easily secured business capital, SkyCap Funding should not be a first choice. While it does offer a simple application that requires only basic information and no secured collateral, the missing information outweighs the positive aspects. SkyCap Funding's claims are enticing but be aware of the lack of information and take the time to research any third-party lenders before accepting financing offers.

View Best Business Loan Lenders

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Star Rating

2.8

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13 Reviews

Review Breakdown

5 grade

38%

4 grade

8%

3 grade

0%

2 grade

0%

1 grade

54%

Sentiment Criteria

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Quality

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Service

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Emily Cohn New Rochelle, NY

Fantastic from start to finish. I have worked with Jonathan F. numerous times to secure funding for my small business. Jonathan always takes the time to answer all my questions and go over everything with me. He delivers as promised every time. He always has my back. I will be a long time Sky Cap customer and look forward to working with Jonathan for many years to come. Thank you!

3 years ago

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Reply from SkyCap Funding

We really appreciate it!

Oct. 28th, 2018

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Daniel

Great Service, the guy I worked with was very nice and explained everything clearly. The turn around time is very quick, the money is not the cheapest but it is fast and easy. They can work with poor credit as long as the business is making money.

4 years ago

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Reply from SkyCap Funding

We appreciate the positive feedback!

Oct. 28th, 2018

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Bill Kreal

I had an amazing experience with Skycap Funding, they delivered exactly what they promised. I received the requested amount in the requested time frame. The representatives I dealt with were all courteous and helpful. I would definitely recommend

5 years ago

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John

Skycap Funding was professional and courteous. They got me the working capital I needed in a timely and efficient manner. They asked for minimal documentation, much less than my bank. It is more expensive than the bank but much much easier and faster. I recommend them highly.

5 years ago

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Peter B Abbotsford, BC

My situation: Wanted to improve my credit rating. I applied for a loan online. Got accepted. Yeah. That was the last positive experience with Skycap. The bad, worse and horrible: 1. They do a hard credit check even when you qualifying for loan. I am sure it is buried somewhere in the legal fine print but it was nowhere where I can see it. 2. 39.9 % to 12.9% interest rate. Lets do the math. I give you $100 and you pay me $140 next month. Who is the sucker here? 3. Can't understand no. I told a nice rep that I don't want to go forward with my loan. She said no problem. We will email you a cancellation. I said thank you. Five more calls and VM from Skycap later I got an email that due to no activity my application was cancelled. Thank you! Bottom line: I beg you. Don't be as stupid as I was almost falling for this loan shark company. Learn from my experience.

1 year ago

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Dane Kirkpatrick Whitney, TX

I spoke over a period of two week with a rep here, explaining to him my situations of bad credit but the nessasry revenue to get a loan. He assured me they don't go off of credit but how much we deposit a month. I gathered everything and applied. He assured me I would have a decision within 48 hours..... Two weeks later, after me trying to contact him numerous times through email and phone calls, I get the decision of a NO, based on credit! On top of that my credit took a hit which I told him I didn't want to happen if I wouldn't be approved ! They assure you your credit can me 500 or lower and if you have the revenue they will get you a loan. All lies just to get your application in car salesman work here they are not financial advisory / loan officers! Very unprofessional !

5 years ago

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Craig Weber Houston, TX

I need to compliment the rep Jason! He answers the phone way before 7:00 am & with exceptional conversational skills! Amen brother! 🕇🕂♪♫

3 years ago

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Reply from SkyCap Funding

Thank you. We really appreciate you taking the time to review us!

Oct. 28th, 2018

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Richard

Be aware they never get me loan , they illegally took 500$ from my bank account.this company are scammers and fruadsters do not give them any of your account info .they never did any work .jacob L and skycap funding llc are thief’s .

3 years ago

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Reply from SkyCap Funding

Richard. We actually attempted to resolve this several times as you know. We showed you proof that we actually did get you funded. We also sent you both a copy of the fee page where you signed authorizing the charge. We also offered to send you the recorded conversation where you were actually made aware of the fees. Despite us being fully authorized to receive the fee in full, as a courtesy we even offered to refund $ 250 , but you showed no interest in resolving the dispute. As we have said numerous times, feel free to reach out and we are still happy to work this out. Thank you.

Oct. 28th, 2018

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Catherine

I can't get a hold of anyone they are double dipping into my account and haven't received anything nor an explanation about how the program works. I emailed stating I wanted out before any money left my account. Now what do I do?

5 years ago

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Cara

They are horrible horrible people. We paid 2 payments and never got nothing.. not even a phone call. No help what so ever. We cancelled with them and they still tried to take money out every 2 weeks. so now we paid them 2 payments plus 4 NSF fees.. And they wont refund us ANYTHING. Spread the word about these douchbags. They are a SCAM!!!!

5 years ago

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Alexa Mae

Got a loan to BOOST my credit they said would show in 3 months. I paid almost a year. Nothing changed. I stopped payments now my missed payments are showing and made my credit worse than when i started. NOT RECOMMENDED

2 years ago

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Reply from SkyCap Funding

Hello Alexa. Hope you are well. I honestly am confused by your review as we specifically advertise on our website that we do not report activity to the credit bureaus. I also looked through our system and have absolutely no record of you as a current or former client. This leads me to believe that perhaps you are confusing us with another company. Perhaps "Skycap Financial" out of Ontario. I believe they service more traditional loans and credit repair. I am asking you to please review the company you dealt with and encourage you to contact us directly for any assistance. Thank you

Oct. 28th, 2018

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Robert Brooklyn, NY

Great company. Very easy to work with and really transparent throughout the process.

3 years ago

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Reply from SkyCap Funding

Thank you!

Oct. 28th, 2018

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jose

Wheeling business I have a very bad experience with this company is one of the worst companies list

4 years ago

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Reply from SkyCap Funding

Please contact us and we will do our best to resolve any issues. Unfortunately, I have no information on who you are or what went wrong. My sincerest apologies for anything we may have done to cause you unnecessary grief, but we have no way to resolve things if you do not contact us. Thank you

Oct. 28th, 2018

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