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SnapCap Small Business Loans Review


ConsumersAdvocate.org Rating: 4.7 / 5 (Excellent)
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Charleston, South Carolina-based SnapCap is a lending company focused on increasing small businesses' quick access to credit, via secured and unsecured loans for working capital, inventory, expansion, or equipment. In order to approve companies, SnapCap evaluates their credit and overall economic health. Their Vanishing Interest Rate program rewards responsible borrowers with lower rates.
 
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How is SnapCap rated?

Breakdown

4.8/5
Loan Options
4.7/5
Application Requirements
4.6/5
Average Rates & Fees

Overall Rating: 4.7 / 5 (Excellent)

SnapCap is a good choice if you are looking for term or equipment loans. They are especially good if you have a 550+ credit score and would like to make multiple loans. Though they do accept businesses that have been operating for only 6 months, their annual income requirement of $100,000 might be restrictive to some newer ventures. However, the company has a stellar reputation among its customers, with great reviews across the BBB, Trustpilot, and Google.

Loan Options

Available Loan Types

SBA Loans
Revenue-based Financing
Equipment Funding
Working Capital Loans
Term Loans
Lines of Credit
Invoice Financing
Merchant Cash Advances
Equipment Loans

Term Loans

Min Loan Amount
$5,000
Max Loan Amount
$600,000
Min Term Length
3 months
Max Term Length
36 months
Repayment Terms
Fixed weekly or daily payments

Loan Options - 4.8 / 5

SnapCap offers term loans and equipment loans with high limits of up to $600,000. The company also features flexible repayment periods of 3 months to 3 years. SnapCap's loan offerings are fairly standard for the industry and can be used for expansion and working capital, as well as inventory.

SnapCap Rates & Fees

Term Loans

Min APR
19.99%
Max APR
49.99%

Term Loans

Fees: Origination fee 2.5%

Average Rates & Fees - 4.6 / 5

SnapCap APRs can range anywhere from 19.99%-49.99%. It is possible that those with lower credit scores will pay even higher rates than this. SnapCap also charges a 2.5% origination fee on its loans. This is slightly higher than average for small business term and equipment loans.

Application & Qualifications

Online Application
Funding Time
24-48 Hours
Min. Annual Revenue
$100,000
Min. Credit Score
550

Application Requirements - 4.7 / 5

SnapCap offers a convenient online application, funding can occur as quickly as 24-48 hours. The company requires a monthly revenue of $10,000 or a yearly revenue of $100,000. In addition to the minimum credit score of 550, SnapCap also requires three months of bank statements. The business must be based in the United States.

SnapCap Reputation

Customer Feedback

Trustpilot Score
9.5 out of 5
BBB Rating
A+
BBB Positive Reviews
3
BBB Negative Reviews
2
Date Collected
2017-08-23

Consumer Education - 4.8 / 5

SnapCap is a BBB-accredited business with a grade of A+. Additionally, the majority of the company reviews are positive (60%). SnapCap also does well on Trustpilot. They have an excellent 9.5 rating and 97% positive reviews. Customers mainly seemed impressed by the friendly customer service, and speed of funding.

Contact & Additional Information

Homepage URL
https://snapcap.com
Company Phone
(800) 843-0130
Headquarters Address
701 E Bay St, Suite 414, Charleston, SC, 29403

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Customer Comments & Reviews

Loading Reviews ...
Charlie-Marie S
4/5/2018
I was very uneasy with the fact that they wanted a voided company check before I was even approved and before I had even talked with a representative. I declined. I had an email the next day that I would be contacted at 11:30am, instead a funding manager called at 9:30am during a busy period. This funding manager did not know anything about the phone call that I was supposed to receive at 11:30 am. The this funding manager started out by asking questions that I had already answered twice. I told him it was very apparent that he had not read my file and was totally unfamiliar with my application. Therefore destroying my confidence in this company and I declined any further contact. I... Read More

J
Jered T
9/16/2016
Excellent Experience

L
Laura A
8/24/2016
I had a great recent experience with SnapCap. My loan officer was responsive to my needs, and I was funded in 3 days after verifying some business details. I look forward to working with SnapCap in the future.

Top Rated
Our Partner

Applying won’t affect credit score

  • Loan Amounts: $5,000 to $250,000
  • Average Yearly Revenue requirements: $100,000
  • Minimum Credit Score: 625 FICO
  • Minimum Time in Business to apply: 1 year
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