SnapCap began in 2012 during the United States' financial crisis. Their main objective as a loan provider is to evaluate the overall success of a business rather than to fixate on an individual's credit score, which is how a lot of banking institutions evaluate eligible loan borrowers. This intention has led SnapCap to be able to lend large amounts of money to businesses all over the country. In this last year, SnapCap lent $115 million in business loans.
The typical borrower takes out a loan anywhere from $10k to $250k for 3 to 12 months. Many borrowers use the funds to expand their business.
Companies can choose to use the loan for things such as payroll, marketing, equipment, expansion, and many other things.
In order to be funded by SnapCap, businesses need to have only been in operation for about six months. Along with that, SnapCap requires a minimum credit score of 500 and a yearly revenue of about $102,000.
In general, this loan is good for...
- Businesses with no collateral
- Businesses seeking short-term loans
If your business is looking for a better loan option, check out Kabbage.
|Rank Chart||Our Score||User Score|