SnapCap Help Center

SNAPCAP FAQs

SnapCap is focused on delivering the fastest decisions at the lowest rates with the least amount of hassle. We do this by streamlining the application process and arming our team with the best financial technology in alternative lending. The fastest way for you to receive funding is to fully complete the online application and to include your last 3 months of business bank statements. Providing your business tax ID, also known as an Employer Identification Number (EIN), will facilitate a faster qualification.

Below are answers to some frequently asked questions. Please contact us if we can help you at any point in your application process.

What Credit Products Does SnapCap Provide?

  • Funding can be used for a variety of business needs in a wide range of industries

  • Loan and advance sizes range from a minimum of $5,000 to a maximum of $600,000

  • The term of repayment may be anywhere between 3 and 36 months


How does the process work?

  • Submit an application using our simple online application form

  • We may call to clarify any details on your application

  • Under normal circumstances you can have money in your bank account within 48 hours


What are the minimum requirements to receive funding?

  • Monthly gross revenue of $8,500 or more

  • 3 months of business bank statements required

  • Minimum 6 months time in business

  • A minimum FICO score of 500 for the applying business owner

  • Businesses must be based in the United States


How is a loan or advance repaid?

  • A fixed payment amount is deducted from your business bank account on a daily or weekly basis

  • You may be allowed to prepay after a period of on-time repayment


What are SnapCap’s pricing and fees?

  • The rate and pricing of a credit product is determined by a number of factors including recent business performance, industry, dollar amount financed, and term

  • Depending on the product that you select, we may charge an origination fee

  • Short term rates are often stated as a fixed simple interest rate, or “cents on”, as we believe this is an easier way for you to understand the true “cost” you are paying to borrow. This shouldn’t be confused with an annualised interest rate


Is there anything else I can expect?

  • SnapCap takes security seriously. There may be times that we need to ask for identifying documents such as a driver’s license or building lease information; and we may need to confirm your bank account ownership before releasing funds