SkyCap Financial Review

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Skycap Financial can be a good option for those with close to a good credit score that don’t have a lot of other debt and steady employment, and an alternative to banks or credit unions. 

While they are less transparent about their fees, you can see below the range available. Skycap has a minimum monthly income requirement of $1,600 and minimum credit score of 550. They also require the last 3 months of banking transactions for review as a minimum length of credit history. 

Advantages of Borrowing with Skycap Financial

Borrow up to $10,000 – loans from $500 to $10,000


Flexible loan terms – borrowing terms range from 9 to 36 months


Interest rates – interest rates start at 12.99% for those eligible and up to 39.99%

Disadvantages of Borrowing with Skycap Financial

Interest rates – rates up to 39.99% 

Possible prepayment penalties – There might be penalties for early repayment 

Other Does not accept many types of social assistance income (disability a possibility)

SkyCap Financial says that it looks at more than your credit score and encourages those with a bad or fair credit score to still apply. They also allow early loan repayment and do not have fees or pre-payment penalties. They also offer a loan protection plan as insurance (optional) to help cover your payments in the event of a job loss, death or illness. Note there is an NSF fee ($50) if there is not enough funds to cover the payment on the due date and this would be in addition to any NSF fee that your bank might charge.

Funding with SkyCap Financial is direct deposit to your bank account and is often as soon as the next business day. You may need to provide government issued ID, two most recent pay stubs, 90 days of banking statements, a recent bill and/or void cheque. 

– Must be a citizen or resident of Canada 

– Must be 18 or older (depending on province)

– Proof of income and government issued ID

– Having reliable income

Skycap Financial FAQs

How much can you borrow at SkyCap Financial?

Amounts from $500 to $10,000 are available to those that are eligible.

How long does it take to get approved with SkyCap Financial?

Approval and disbursement of funds can take as little as 24 hours.