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SnapCap Reviews

8.3

bestfor-icon A dedicated loan officer

andrewo
Written by Andrew Omalley

About SnapCap | Read More

8.3

LS Score

9

Credibility

8

Support

8

Accessibility

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Opening Hours Opening Hours drop-down-btn
Mon-Fri 9am-7am EST
Sat-Sun Closed
Contact Information Contact Information drop-down-btn
  • info@snapcap.com
  • (800) 843-0130
  • Headquarters: 701 E Bay St, Suite 414 Charleston, SC 29403
Social Media Social Media drop-down-btn
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SnapCap Business Loans Review

SnapCap provides a good level of variety to business owners who are looking to fund their business options. The current loan products available include business loans, working capital, expansion loans, inventory loans, small business loans, and equipment loans.

The fee structures vary depending on the loan, but the time to funding is usually quite fast across the board. You can also deal with an experienced funding advisor to help you through the entire process.

SnapCap Business Loans Highlight

500

Min Credit Score

$5K-$1M

Loan Amount

3-36 months

Repayment terms

Yes

Soft Credit Pull

Direct

Lender Type

None

Other Fees

None

Origination Fee

None

Prepayment Fee

21 Hours

Funding Time

$100K

Annual Revenue

12+ Months

Time in Business

Pros & Cons

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  • con-icon Fast time to funding
  • con-icon Good reputation
  • con-icon Low barrier to entry
  • con-icon No need to supply collateral
  • con-icon Lack of fee and rates transparency

Business Loan Types

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  • Business Term Loan
  • Working Capital Loans
  • Equipment Financing
  • Term loans
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SnapCap Business Loans Terms & Requirements

SnapCap does not outwardly express the fees and rates it has in place for its business loans. There are numerous factors that go into deciding on the pricing of SnapCap’s loan products. Origination fees will sometimes be charged. All fees will be outlined in the funding document you get before signing off on a loan.

You are able to get pre-qualified for a business loan of up to $1 million through SnapCap. The typical term lengths available for SnapCap loans will be between 3 and 36 months.

How to Apply

You are able to get a free quote from SnapCap without having to submit to a hard credit check or to spend too much time doing so. You just go to the SnapCap website and fill out a simple form, which takes just a couple of minutes. Some of the required info includes how long you’ve been in business, the annual revenue of your operations, and so on.

You will then be given an initial quote for SnapCap. You can then proceed to make an official application. This is where more detailed information and documents will be needed. A hard credit check will also take place at this point. You can choose between the various loan options depending on your needs.

Qualification Requirements

  • Monthly gross revenue of at least $8,500
  • At least 6 months in business
  • Business owner need a credit score of at least 500
  • The business must be based in the US

Required Information

  • Must provide at least 3 months of bank statements
  • Business tax ID
  • Government issued ID

Application Steps & Time Frames

Borrowers will be able to review the loan documents before they officially enter into an agreement, so you can see the exact fees that will be in place. Once you are fully approved and happy to proceed, you can often get access to your funds within one or two business days.

State Availability

- Available in all states

andrewo
Written by Andrew Omalley facebook-icon twitter-icon

Andrew is a freelance writer who has been crafting valuable pieces of content relating to personal finance for more than five years. Previously, he studied Economics & Finance at university and he has professional qualifications relating to financial advice.

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FAQ’s

Does a business have to be in the US to get a loan from SnapCap?

Yes, all businesses need to be based in the United States if they want to get a loan through SnapCap.

How long does a company need to be in business to get a loan from SnapCap?

SnapCap only provides loans to businesses that have been in operation for at least 6 months.

What is the minimum required credit score to get a SnapCap loan?

The business owner needs to have a credit score of at least 500 to be eligible for a SnapCap loan.

Customer Support

SnapCap provides some usual tools to prospective borrowers on its website, including various calculators. It also has a presence on numerous social media networks, and the support team can be contacted through various means.

Its phone lines are open five days a week during decent hours, with live chat and email support also being viable options. The responses tend to be quick and efficient, helping you resolve any issues you might have with minimal fuss.

Privacy & Security

SnapCap has a 4.8 out of 5 Trustpilot score. 90% of reviewers ranked their experience with the company as “excellent.”

Reviewers who gave lower scores noted that the fees were high compared to other companies. As mentioned previously, the SnapCap website does not disclose their origination fees and interest rates until after a business receives approval for funding.

The company also has an A+ rating from the Better Business Bureau.

In Conclusion

SnapCap is a respected provider of business loans that has been in the space for more than a decade. It is known for providing quick funding and taking businesses through each step of the application process in a manner that makes total sense. The main issue is that there is not really transparency when it comes to the interest rates and fees that SnapCap charges.

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