SkyCap Financial, a Canadian lending institution, offers online loans ranging from $500 to $10,000, with flexible repayment terms between 9 to 36 months. The borrowing process is simple and straightforward, involving selecting the desired amount and term, applying for the loan, and receiving the funds. Eligibility criteria include being a Canadian resident and of legal age in your respective province. As an example of repayment, a loan of $1,000 over 12 months incurs a fee of $169.79, making the total repayment $1,169.79 at a monthly rate of $97.48. This equates to an annual interest rate of 29.99%, demonstrating the total cost of borrowing.
SkyCap Financial review
SkyCap Financial, a reputable Canadian lending company, offers online loans ranging from $500 to $10,000. The loan terms extend from 9 to 36 months, providing flexibility for borrowers to choose a repayment schedule that best suits their financial situation.
The loan application process is straightforward and user-friendly. Potential borrowers begin by selecting the desired loan amount and term. Following this, they apply for the loan, and once approved, the funds are disbursed swiftly.
The eligibility criteria for a SkyCap Financial loan are fairly standard. Applicants must be Canadian residents and have reached the age of majority in their respective provinces.
An illustrative example of a loan repayment scenario is as follows: For a loan of $1,000 borrowed over a period of 12 months at an interest rate of 29.99%, the monthly payment would be approximately $97.48. The total cost of borrowing, including fees, would amount to $1,169.79.
In conclusion, SkyCap Financial provides a convenient and flexible lending solution for Canadians, with a straightforward application process and clear, transparent loan terms.
Table of repayments
| Amount | Fee | Total payment | Term |
| $1 000 | $169.79 | $1 169.79 | 12 months |
$1000 borrowed for 12 months at 29.99% Monthly payment: $97.48; Total cost of borrowing: $169.79.