There are many companies and websites that claim to “help with financial freedom,” and weeding out the ones that best suit an individual’s needs can be a daunting task. Established in 2013, SkyCap Financial was founded to help Canadians with low or poor credit get the loans they need. Specializing in personal loans between $500 and $10,000, the company’s application process usually takes about five minutes, depositing the funds directly into the borrower’s account once a decision has been made. The company also have several educational tools for their customers to peruse. Here are a few more reasons why SkyCap Financial is step above their competition:
They Look at More Than Just Past Credit History
SkyCap Financial understands that people are more than just their bad credit decisions, and that’s why they look at several different factors when making a loan decision. Current income, stability and credibility are all a part of the eligibility process, and the company focuses heavily on a customer-first approach. Most banks only look at a credit score, and for those with poor credit or bankruptcy, a loan in any amount is often out of the question.
They Help You Avoid Making the Same (Financial) Mistakes
Once approved, SkyCap Financial will set the borrower up with an automatic payment plan. For many who are trying to build or rebuild credit credit, this feature is extremely helpful. The loan payments are withdrawn directly from the account, eliminating the possibility of missing a payment.
They Have (Free) Educational Programs
Perhaps one of the most useful features of becoming a SkyCap Financial customer is the access to SkyCap University – a free fiscal literary course designed to educate clients on financial matters. Regardless of which stage of life the customer is in, the program is fun and easy to understand. The best part is, it’s free to active SkyCap Financial customers! Credit, budgeting tips and retirement suggestions are all offered, and they even provide a budget worksheet that can be downloaded and updated as finances change. Each week, a lesson is discussed in depth and mini quizzes are given throughout the module – you complete each lesson at your convenience. Once all the lessons and quizzes have been completed, the borrower is eligible for a reduced interest rate – as long as there is a history of perfect, on-time payments.
Image Credits: SkyCap from BuiPhuKhanh/Shutterstock