Are you planning to apply for a small business loan from CAN Capital or already have an offer from them? Are you unsure if this private lender is legitimate, what their rates and terms are, their payback options, or if there is a better alternative to CAN Capital? If your answer is yes, you have come to the right place. In this article, I will explain everything you need to know about CAN Capital.
With my seven years of underwriting experience, I will walk you through CAN Capital’s pros and cons, available funding options, interest rates, payback terms, application process, and minimum requirements. I will also help you decide who should choose CAN Capital, who should avoid it, and which lenders might be a better alternative.
Who is CAN Capital?
CAN Capital is a Georgia-based private lender that offers small business loans and funding solutions nationwide across the United States. Built on years of experience, CAN Capital aims to support businesses with quick and accessible financing tailored to various operational needs.
CAN Capital Funding Options and Terms
Let’s talk about CAN Capital’s Funding options. CAN Capital offers a range of business loan solutions designed to support small business growth and cash flow management.
1. Working Capital Loans
Funding ranges from $2,500 to $250,000, providing flexible support for your daily business operations. The Loan term is between 6 to 18 months.
2. Equipment Financing
You can borrow up to $250,000 with repayment terms spanning 24 to 72 months. This loan option is ideal for those who are looking for funding to purchase or upgrade equipment.
3. Ecommerce Loans
If you run a eCommerce business and looking for some working capital to boost you cash flow or other business purpose CAN Capital’s eCommerce Loan option could be a good choice. The eCommerce loan they are offering is between $2,500 and $250,000, with repayment terms of up to 12 months.
Rate and Fees
CAN Capital offers fast approvals with minimal paperwork, making it easy for small businesses to access funding. However, the cost of borrowing can be relatively high. Instead of traditional interest rates, the lender uses a fixed cost model known as a factor rate. CAN Capital’s factor rates typically start at 1.25 and can go up to 1.50, depending on your business profile.
In addition to the factor rate, borrowers may also be charged an origination fees and ACH transfer fees. On the positive side, CAN Capital rewards early repayment. If you choose to pay off your loan early, you may qualify for a discount on your total repayment amount. There have no pre-payment penalties.
Payback Options
In my funding underwriting experience, I have found that CAN Capital is more flexible than many competitors when it comes to repayment. If your business have a steady deposit and solid personal credit score, you will often receive favorable terms, including monthly repayment options that something not all lenders are willing to offer you. But you might be qualified for a daily, weekly, or bi-weekly repayment schedules based on what suits your cash flow best.
Loan Requirements
CAN Capital claims that a strong credit score is not mandatory. However, in reality, your credit score still plays a significant role. The higher your score, the better rates and terms you are likely to receive. If your personal credit score is below 600, your chances of approval may be very low.
To qualify for a loan from CAN Capital, your business must meet the following requirements:
- Minimum of 3 years in business
- Personal guarantor credit score of 600 or higher
- Minimum monthly gross sales of $30,000 or more
- Must be a U.S.-based business
- Business owner must be a U.S. citizen
- No open or recently dismissed bankruptcies within the last 24 months
How to Apply for a CAN Capital Business Loan
You can start the application for a CAN Capital small business loan directly through their website. However, in most cases, they do not accept direct loan applications. Due to TCPA compliance concerns, CAN Capital prefers working with approved brokers rather than handling applications directly from business owners.
Applying through a broker not only increases your chances of getting approved but also ensures smoother communication. When your application is submitted by a broker, it is officially recorded as the broker’s file. This can help streamline the underwriting process and improve your chances of receiving funding faster.
Required Documents for Application
To apply for a CAN Capital business loan, you must submit a few basic documents. The process starts with a one-page loan application that asks for general information about you and your business.
You will need to provide the most recent 4 months of business bank statements in PDF format. If your business is seasonal or your cash flow varies, CAN Capital may request up to 12 months of bank statements for better analysis.
If you are applying for a loan amount of $99,000 or more, additional documents may be required:
- Proof of business ownership, such as an EIN letter
- 2 to 3 upcoming customer invoices
- A current balance sheet
Having these documents ready can speed up approval and increase your chances of getting funded.
Pros and Cons of Everest Business Funding
Like any lender, CAN Capital has its strengths and weaknesses. Below is a balanced breakdown based on my underwriting experience and market analysis.
Pros:
- Fast Approval Process: CAN Capital offers quick decisions with minimal paperwork, helping businesses access funds faster than traditional banks.
- Flexible Payback Options: Borrowers can choose from daily, weekly, bi-weekly, or even monthly repayment schedules based on business performance.
- Early Payment Discounts: If you choose to pay off your loan early, you may qualify for a discount on the total cost—without any prepayment penalties.
- Multiple Loan Options: CAN Capital provides working capital loans, equipment financing, and eCommerce loans to meet various business needs.
- No Prepayment Penalties: You are free to repay the loan early without being charged extra fees.
Cons
- Higher Cost of Borrowing: CAN Capital uses factor rates instead of traditional APR. Rates can range from 1.25 to 1.50, which may be expensive for some businesses.
- Strict Revenue and Time in Business Requirements: Your business must be at least 3 years old and generate $30,000 or more in monthly gross revenue to qualify.
- No Direct Applications in Most Cases: CAN Capital usually does not accept direct loan applications. You must apply through an approved broker, which may not suit everyone.
- Limited Eligibility for Poor Credit: While they claim to work with all credit types, applicants with a FICO score below 600 are unlikely to be approved.
- Additional Fees: Origination fees and ACH transfer fees may apply, adding to the overall cost of the loan.
Who Should Consider CAN Capital? (Best Fit)
CAN Capital is ideal for business owners who need money quickly, such as to cover payroll or seize a good deal. It works well for those with low credit but steady monthly income around thirty thousand dollars. Businesses with regular or seasonal sales like shops, salons, and repair centers can benefit. It is also good for owners who want fast funds to act on growth opportunities. Also if you meet the loan requirements of CAN Capital then you should apply for it otherwise you will be counted as a disqualified applicant.
Insider Tips for CAN Capital Applicants
If you plan to apply for a loan with CAN Capital, keep these tips in mind to improve your chances:
- Prepare your documents early: Have your recent bank statements, proof of ownership, and invoices ready to speed up approval.
- Maintain steady deposits: Regular cash flow shows stability and helps secure better terms.
- Work with an approved broker: CAN Capital often prefers broker submissions due to TCPA regulations, which can smooth your application process.
- Aim for a credit score of 600 or higher: While they consider revenue, better credit means better rates.
- Consider your repayment ability: Choose a payback schedule that fits your cash flow to avoid stress and penalties.
- Ask about early repayment discounts: Paying off your loan early can save money, so check if you qualify.
Best Alternatives to CAN Capital
There have dozens of private lender in the US market. They are ready to fund your business. If you don’t feel comfortable with CAN Capital or may not qualified for a loan then you may try with other lenders like – OnDeck, Bitty Advance, Everest Business Funding, Vader Mountain Capital, Laser Capital Funding and more.
Customer Reviews
| Review Sites | Number of Ratings |
|---|---|
| Trust Pilot | 4.9 (out of 1185) |
| Indeed | 2.9 (out of 72) |
CAN Capital Address
CAN Capital is a Georgia-based private lender that provides small business loans across the United States. The private lenders’ headquarter is at 1850 Parkway Place, Suite 1150, Marietta, GA 30067, United States.
ISO Partner
If you meet the requirements, you can join the CAN Capital Sales Partner Program and enjoy exclusive benefits. Here are the requirements of CAN Capital ISO partner:
- Minimum of three years in business
- At least two million dollars in monthly funding volume
- Business located in the United States
- A functional and secure website
- A team of at least ten employees or sales representatives
- Commitment to ethical business practices and conduct
Note: If you are fresh you may make a try. Because if you have the ability to bring good businesses to them they will work with you.
Final Verdict
CAN Capital is a reliable option for small business owners who need fast funding with flexible repayment choices. Its quick approval process and minimal paperwork make it attractive, especially for businesses with steady monthly revenue and credit scores above 600.
However, the cost of borrowing can be higher than traditional loans due to factor rates and additional fees. CAN Capital is best suited for businesses that value speed and flexibility over low cost. Those with weaker credit or newer businesses may find it challenging to qualify.
Overall, if you need quick access to capital and can manage frequent repayments, CAN Capital is worth considering. Always compare with other lenders to find the best fit for your business needs.
We believe this review article will help you to make a strong decision before applying to CAN Capital or you should accept their loan offer or not.
Disclaimer
This review is not sponsored, paid, or affiliated with CAN Capital. It is based entirely on my professional experience as an underwriter and my personal assessment of their services. I have shared both the pros and cons to help small business owners make informed decisions.If you have feedback or complaints regarding CAN Capital, feel free to share your thoughts by visiting our Contact Us page. Your input is always appreciated.