Since its launch in 2012 and acquisition by LendingTree in 2017, SnapCap has helped businesses secure almost a billion dollars in funding. The company aims to simplify the borrowing process for businesses and claims “its technology cuts through the minutiae of big bank lending.” It also strives to deliver faster turnaround times than traditional banks and doesn’t include any minimum capital requirements.
To qualify for a loan, you’ll need to meet the following requirements:
Powered by LendingTree, SnapCap can provide you with access to a wide range of potential lenders through a single paperless application process. As with any aggregator, this can drastically reduce the amount of time you spend searching for a lender.
While many traditional lenders require borrowers to have been in business for at least 3 years, SnapCap sets this length of time at 1 year, which means the company could be a good match for business owners new to the market.
You can apply for the following loan types:
As SnapCap works with a panel of lenders, the features of the loan you receive will depend on the provider you choose.
Depending on your chosen product, you may pay an origination fee, which will be itemized in your loan documents.
If you would like to apply for a loan, you can do so online by providing information such as:
You’ll then see a range of quotes from various lenders that meet your borrowing requirements. If you would like to proceed with any of these, you can do so by applying online through the partner’s website or calling the company you’ve selected.
At this stage, you may also receive calls and emails from these potential lenders. If you’d like to opt out of receiving these, you’ll need to call SnapCap directly to receive your quotes.
If you find a suitable lender, you’ll normally need to provide 3 months of business bank statements during the application process.
Under normal circumstances, you should receive the money within 48 hours, although this could be as little as 24 hours, depending on the lender you choose.
Although the amount you can borrow will depend on your business’s circumstances, SnapCap and its partners typically offer loans of between $5,000 and $1,000,000.
While exact repayment terms will depend on the partner you choose, these are typically between 3 and 18 months. The interest rate you pay is also set by your lender and will likely be determined by factors such as:
You can contact SnapCap by phone or email between 9am and 7pm (EST), Mondays to Friday. You’ll receive contact details for any potential borrowers and partners during the application process.
SnapCap also has a fairly detailed selection of FAQs, which answered most of our questions.
If you’d like to check how much you can borrow, you can enter details of your annual revenue and last month’s deposits into an online calculator to see an estimate of your borrowing potential.
If you’re seeking a source of funding that takes a holistic view of your business and doesn’t rely on old-fashioned borrowing criteria, SnapCap and its partners have a great deal to offer. When we entered our details into its website, we did receive a high volume of calls and emails from potential lenders, which could prove off-putting for certain customers. That said, we were impressed by SnapCap’s flexibility in reducing minimum time-in-business requirements and the possibility of receiving funds in as little as 24 hours.
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