CAN Capital Small Business Loans
CAN Capital's simple application process, excellent customer service and revolutionary criteria method has made them one of the trusted lenders small business owners use. They have been in operation since 1998 and to date have processed over 160,000 small business transactions.
CAN Capital provides two different ways you can access capital for your small business. The first is the CAN Capital small business loan, which is an installment agreement where you borrow a specified amount and then make fixed payments until you repay it in full.
They also offer a merchant cash advance. To use this feature, you sell CAN Capital a portion of your future credit card sales. This option allows you to withdraw cash as your business needs determine it.
CAN Capital has an excellent website where you can learn more about its loan products, read customer testimonials and apply quickly.
CAN Capital Loan Basics
As stated above, CAN Capital has multiple methods by which small business owners can receive funding for company expenses. If you run a single-unit business, you could receive a small business loan ranging from $2,500 to $250,000. The maximum amount increases if you have a multi-location business, as you could qualify to receive up to $250,000. The loan repayment terms can be as short as four months and extend to a maximum of two years.
Meanwhile, if you decide to go with a merchant cash advance instead, the range for the amount borrowed varies from $5,000 to $150,000. Unlike installment loans where you would make a fixed monthly payment, with the merchant cash advance, you remit a specified percentage of your company's daily credit and debit card revenue to CAN Capital.
They also offer a TrakLoan, where you can borrow from $2,500 up to $250,000. This is a great option if your business does credit card processing, since CAN Capital can tie the daily payments to the processing.
Applying with CAN Capital
It's simple to apply online using their secure application and should up to 10 minutes to supply the information they require. From there, they offer a quick approval process where you can have access to business capital in as little as two business days. This makes them a little slower in approval than other lenders like Kabbage, but they also don't have the expensive fees Kabbage has either. If you decide on a personal loan, you will have to provide a statement guaranteeing payment. Speaking of repayment, you can set up automatic payments through your company's checking account.
What makes CAN Capital a great option for some is if you have had credit problems in the past it won't necessarily disqualify you from using their products. Here is a look at some of the things they consider when determining eligibility:
- First, they will look at your company's revenue. As a rule of thumb, they want you to earn at least $4,500 in monthly gross revenue.
- They also want to see stability in your business's revenue stream. This means if your business has been fluctuating each month it's important the average earned is more than $4,500.
- Your company's length of operation is also important. CAN Capital wants your company to be operational for at least four months before applying.
Benefits of Using CAN Capital
CAN Capital offers a simple way for small business owners to obtain financing. With a quick application process and fast funding options, they are a much better alternative than traditional lenders because CAN Capital can get you the resources you need quicker.
Another benefit is the versatile lending options available for small business owners. If you prefer, you can also do a traditional business loan, where you make fixed payments. Speaking of which, with the wide range in terms, you can dictate how quickly you pay off the loan; this is great in that for small expenses you can pay off quickly and for bigger items like expansion, you have up to two years to repay, thus helping you find the terms that align most with your financial needs.
With the merchant cash advance option, it gives you access to capital quickly and a unique repayment method, since you sell a daily percentage of credit and debit card revenue. Because this percentage depends on your business, it means on slow days you won't pay as much and on productive days you'll pay more, so this method lessens its impact on your company's cash flow.
Drawbacks to Using CAN Capital
Though their loans don't require personal collateral -which is where you pledge an item or property on the off chance you default on the loan- they do require a personal guarantee that you will fulfill the financial obligations of the loan.
This won't be the best lending option for all businesses. Since stability in revenue is one of the big factors they look at, if your company does peak business in a fixed period, but then has a lengthy period where business is slow, it might disqualify you or result in you not having access to all the funding you need.
CAN Capital's Customer Service
CAN Capital has multiple ways in which you can contact them to have questions or concerns addressed. They offer phone, email and live chat assistance. Moreover, with an A+ rating from the Better Business Bureau, it indicates they take pride in delivering excellent service to their prospective and current customers.
They offer a wealth of helpful resources on their website, which includes the type of businesses they serve, the loan needs they can fulfill and a business loan calculator. This tool is vital for companies that want to finance, because it can help you predict how much your monthly payments will be.
To begin, you'll enter in your gross monthly sales. Under the box are two sliders that show how much you can borrow and the length of repayment options. After you toggle these, to the right will show your loan details such as principal amount, weekday payments and total loan cost.