CAN Capital Business Loans Review

CAN Capital Business Loans is a business financing offering by CAN Capital, based in New York, NY. Founded in 1998, CAN Capital offers access to business loans in 50 states (and Washington, DC).

What are CAN Capital Business Loans’s rates?

CAN Capital Business Loans offers a fixed APR business financing product that ranges from 16% APR up to 70% APR.

Does CAN Capital Business Loans charge an origination fee?

Yes, CAN Capital Business Loans charges a loan origination fee starting at 3% of the loan amount. CAN Capital Business Loans deducts the fee directly from your loan amount before disbursing loan proceeds, so make sure you take this fee into account when deciding how much you need to borrow.

What limitations does CAN Capital Business Loans set on the purpose of the loan?

CAN Capital Business Loans considers loan applications for business purposes, such as:

• Business Debt Refinance
• Equipment Purchase
• Hiring
• Inventory
• Lease Improvement
• New Location
• Payroll
• Product or Service Expansion
• Technology Investment
• Working capital

What types of business loans does CAN Capital Business Loans offer?

Not all business loans are made equal. The type of loan you choose will determine the range of rates and terms you receive. CAN Capital Business Loans provides access to the following business loan types:

• Unsecured term loans
• Merchant Cash Advances

Does CAN Capital Business Loans charge prepayment fees?

Yes, CAN Capital Business Loans charges additional fees to borrowers who pay off their loans sooner than anticipated. Take this into consideration when choosing a lender because prepayment penalties can reduce or even cancel the interest savings of repaying a loan early.

How much can you borrow from CAN Capital Business Loans?

Loan amounts start at $2,500 and go up to $150,000.

What is the maximum loan term you can get with CAN Capital Business Loans?

CAN Capital Business Loans offers business loans with terms ranging from 6 to 18 months. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What do you need to qualify for CAN Capital Business Loans?

CAN Capital Business Loans requires companies to be in business for at least 6 months. Businesses must have a minimum annual revenue of $150,000 to be considered.

Applicants with a credit score of at least 640 and up to 850 may be eligible for CAN Capital Business Loans.

The Military Lending Act (32 C.F.R. § 232) prohibits lenders from charging service members more than 36% APR on credit extended to covered borrowers. Active duty service members and their covered dependents are eligible to apply for a loan via CAN Capital Business Loans. Their rates fall within the limits of The Military Lending Act.

U.S. citizens are, of course, eligible for the services offered by CAN Capital Business Loans. Permanent resident / green card holders are also eligible to apply.

To qualify, applicants may need to provide the following documentation:

• Proof of income
• Proof of identity

What is the estimated funding time for a business loan via CAN Capital Business Loans?

CAN Capital Business Loans can approve (or deny) a loan application within 24 hours and fund business loans within 2 business days of approval.