SnapCap

Overview

SnapCap is committed to increasing small business access to credit, delivering complete and transparent information, and respecting our clients. We understand that working with an alternative lender can be scary because it’s a new concept in this industry, which is why we are 100% dedicated to confidentiality and providing a fast and secure lending process.

OUR STORY
SnapCap was born out of the financial crisis and officially opened doors in 2012. We are helping lead a revolution in hybrid finance, focusing less on a business owner’s credit score and more on the overall health of their business. If a business has good cash flow, loyal customers, and a profitable outlook, why shouldn’t they be approved?

SnapCap was built on the simple idea that lending doesn’t have to be complicated or based on a single number. We let you know exactly where you stand from the moment you start an application to the moment you receive the funds. Business lending needs to be personal, which was the catalyst behind SnapCap.

Loan Features

Founded 2012, SnapCap specializes in providing financing solutions for businesses that include capital loans, inventory loans, expansion loans and equipment loans. Depending on your creditworthiness, you can borrow up to $600,000 with flexible repayment terms.

SnapCap focuses on the overall health of a business, rather than merely an owner’s personal credit score. As a result, your business could qualify for a SnapCap loan even if you have less-than-perfect credit. Its Vanishing Interest Rate program is designed to reward its customers who manage repayments responsibly, offering lower rates to repeat borrowers.

Rates are simple interest, not APR. Because rates are fixed, they stay the same over the life of your repayment term. Most loans are offered at an interest rate of 12% to 15%, with the highest rate a borrower could expect at around 35%.

Application Process

Applying with SnapCap begins with completing an online preapproval application.

1. Go to SnapCap’s site and click Apply Now at upper right.
2. Indicate how long you’ve been in business, your annual revenue and your personal credit score.
3. Enter your business’s name and personal contact info.
4. Enter your business address, the industry you work in and whether your business is based out of your home. Indicate your ownership percentage and date of birth
5. If you’re prequalified, you’ll be asked to expedite your application by answering a five-step “express review.” This review requires you to indicate your funding requirements and more detailed personal and business information.
After you submit your review and upload required documentation, a SnapCap loan officer will call you for yet more information.

Application Criteria:
In business 6+ months
Monthly revenue of at least $8,500
Must be based in the US
Personal credit score of 500+
An active bank account

Repayment Terms

Min Loan Amount $10,000
Max. Loan Amount $5,000,000

The rate and pricing of a credit product is determined by a number of factors including recent business performance, industry, dollar amount financed, and term.Depending on the product that you select, you may be charged an origination fee. These fees are always itemized in the funding documents for review.

Short term rates are often stated as a fixed simple interest rate, or “cents on”, as we believe this is an easier way for you to understand the true “cost” you are paying to borrow. This shouldn’t be confused with an annualised interest rate. A fixed payment amount is deducted from your business bank account on a daily or weekly basis.

Customer Support

701 E Bay St, Suite 414
Charleston, SC 29403

1-800-843-0130
M-F 9-7PM ET

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