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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.
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.
SkyCap has three repayment options, so there really is something for everyone:
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.
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.
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
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.
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Emily Cohn New Rochelle, NY
6 years ago
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Oct. 28th, 2018
Daniel
7 years ago
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Bill Kreal
8 years ago
John
8 years ago
Peter B Abbotsford, BC
4 years ago
Dane Kirkpatrick Whitney, TX
8 years ago
Craig Weber Houston, TX
6 years ago Edited September 14, 2021
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Oct. 28th, 2018
Richard
6 years ago
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Oct. 28th, 2018
Catherine
8 years ago
Cara
8 years ago
Alexa Mae
6 years ago
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Robert Brooklyn, NY
6 years ago
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jose
7 years ago
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Oct. 28th, 2018
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