CAN Capital has provided loans to small and medium-sized companies since 1998. In the last 17 years it has financied over 139,000 loans. CAN Capital is based in New York City. It specializes in business loans and merchant cash advances. It uses innovative risk assessment and repayment schedules, which allow it to provide loans to companies that don't qualify for traditional business loans. CAN Capital has been registered with the BBB since it was launched in 1998 and has an A+ rating.
How Does CAN Capital Work?
CAN Capital offers quick access to funds and gives borrowers the option of choosing whether they prefer fixed or flexible payments. Small business loans have the advantage of having a clear maturity date and fixed small daily payments. For instance, a business could borrow $2,500 within 3 business days and repay it in 12 months making $13 payments every weekday.
Funds can be used for practically any business need. Merchant cash advances, on the other hand, determine the daily payment as a percentage of the business' daily income. Approval is based on business performance not just credit and current net worth.
What Are The Interest Rates?
CAN Capital does not provide average fees or interest rates. Rates vary widely depending on the credit product you choose. Installment loans can have an APR as low as 16%. Merchant cash advances can have much higher APRs depending on the repayment schedule. We obtained the 50% to 158.24% APR range quoted above from converting the repayment cost of a selection of CAN Capital business loans. For instance, CAN Capital charges $22,500 in interest and fees for a 4-month loan of $150,000: a total of $172,500. The equivalent APR is 70%. However, a $2,500 12-month loan costs $875 in fees and interest, which is the equivalent of a 70.0% APR.
How Much Money Can I Borrow?
CAN Capital's loan amounts range from $2,500 to $150,000, based on annual revenue and creditworthiness. The total cost is converted into daily weekday payments. For instance, a 12-month loan of $11,000 would have weekday payments of $57.
Which States Does CAN Capital Operate In?
CAN Capital operates in all 50 states.
What Is the Application Process Like?
Applying online for a business loan with CAN Capital only takes 15 minutes. Once approved, cash is available within three business days. To qualify a business must have a minimum monthly gross revenue of $4,500 and must have been in business for at least 3 months. Although credit and assets are important for the approval process, CAN Capital uses other factors when assessing loan applications, which gives newer companies a better chance to qualify.
How Is CAN Capital Better than Other Lenders?
CAN Capital offers fast and easy access to business capital to businesses that otherwise wouldn't qualify for a business loan. It can do this because it uses different risk assessment methods and charges higher interest than traditional business lenders. Cost is calculated into daily fixed payments, which makes it easier to finance for many businesses. Borrowers can also choose to obtain a merchant cash advance loan which calculates the payment amount on the balance based on the company's income.