Home/FAQ
Questions
Frequently asked questions, answered plainly.
Grouped by topic. If your question isn't here, email contact@canadacapitalfinance.com and a specialist will answer it directly rather than sending you a brochure.
01 — Getting started
Applying
How long does the application take?
About ten minutes. Three screens: the loan you want, your business or income details,
and how to reach you. There is nothing to upload to begin — documents are requested
later, only if a lender is likely to consider your file.
What happens after I submit?
Your file goes to a specialist, who aims to contact you within 24 hours. They
will confirm the details, explain which products may fit, and ask for bank statements
only at that point.
Can I apply for both a business and a personal loan?
Yes, but submit them separately so each is assessed on its own merits. Tell your
specialist you have done both. Occasionally one structure can serve both purposes and
cost less than two facilities.
Do I need to be a Canadian citizen?
Not usually. Lenders generally require you to be a Canadian resident with the legal right
to work or operate a business here, and to hold a Canadian bank account. Many lenders
consider permanent residents and holders of valid work permits.
02 — Cost
Rates, terms and fees
What rate will I be offered?
The lender sets it, based on the product, your credit profile, your revenue and the
term. Secured commercial financing is often cheapest, unsecured personal loans sit in
the middle, and revenue-paced advances are usually the most expensive. APRs on loans offered
through our network range from 7.99% to 35%, with repayment periods from 3 to 84 months
depending on the product (12 to 60 months on personal loans). See the
representative example. Lenders' written offers state the annual rate, the payment,
the number of payments and the total cost of borrowing in dollars.
Is there a fee to apply?
No. We charge no application or processing fee, and no fee for a quote. We are paid a
commission by the lender when a loan completes. If you take a loan, the lender's
interest and fees apply and are disclosed before you sign. If anyone asks you to send
money to release a loan, it is likely a fraud and it is not us.
What terms are available?
Terms vary by lender. Typical ranges are three to eighteen months on working capital,
twelve to sixty on term and personal loans, up to eighty-four months on some
asset-backed commercial financing, and revolving on
a line of credit. Merchant cash advances are paced by your sales rather than a fixed
term.
Can I repay early?
It depends on the lender. Many term and personal loans allow early repayment, which
usually reduces the interest you pay, but some charge a prepayment fee. Check the
offer before you sign. Merchant cash advances are priced as a fixed
total repayment rather than accruing interest, so paying early ends the obligation
sooner but does not reduce the total.
Are there penalties if I miss a payment?
The lender's agreement sets out any NSF or late fees, and they are disclosed to you
before you sign. Contact your lender before a payment fails rather than after. Some
lenders can reschedule, which is usually cheaper than a returned payment.
03 — Qualifying
Credit and eligibility
Will applying affect my credit score?
It can. By applying, you allow participating lenders to verify your information and
check your credit, and some of those checks may appear on your credit file. Ask your
specialist what kind of check a lender will use before you agree to move ahead.
Can I apply with bad credit?
Yes, you can apply, but approval is not guaranteed. Some lenders weigh business revenue
more heavily than credit history. A consumer proposal, past bankruptcy or collections
usually reduce the number of lenders who will consider you and raise the cost. Being
upfront about it on the call saves time.
What is the minimum credit score?
There is no single number, and each lender sets its own. As a rough guide, many business
products look for 550 or better and many personal products 600 or better. Other factors,
such as revenue, can also count.
My business is only four months old. Can you help?
Possibly not yet, as most products look for six months of trading. Some lenders may
consider equipment financing, where the asset provides security, or applications
supported by a strong personal file. Ask us rather than assuming.
Will a lender take security over my house?
Generally not for the products in our network, but security requirements are set by
each lender and will be stated in the offer before you sign. Business term loans may
involve a general security agreement over business assets and a personal guarantee
from a director, both disclosed in the offer.
04 — Money
Funding and repayment
How long does funding take?
Lenders can often make a decision within 24 hours of receiving a complete application.
If you are approved and accept, funds typically arrive within 48 hours of approval.
Timing varies by lender and is not guaranteed. The most
common delay is waiting on bank statements, so having six months of PDFs ready helps.
How do I receive the funds?
Direct deposit to the account you nominate. On equipment purchases the lender may
pay your vendor directly instead, which avoids the money sitting in your account
waiting to move.
How are repayments collected?
Pre-authorised debit from the account you nominate — daily, weekly or monthly
depending on the product. The schedule and the first payment date are set out in the offer
before you sign.
Why don't you help with amounts under $10,000?
Because at that size, lenders in our network are often the more expensive option. A
credit union loan, a bank line of credit or a low-rate card often costs less. The form will tell you this directly rather than taking the application.
Can I borrow again after repaying?
You can apply again, and it can be quicker because your file already exists. Some
lenders offer renewals on short-term products once part of the balance is repaid.
Terms depend on the lender and on your repayment history.
05 — Trust
Privacy and security
What do you do with my information?
Primarily to the lenders we approach on your behalf. We may also pass it to service
providers and marketing companies we do business with; you can opt out of the marketing
transfer at any time by emailing contact@canadacapitalfinance.com, and doing so will not affect an
application in progress. Full detail is in the privacy policy.
Will I be called by a dozen different lenders?
Your main contact is one specialist, who approaches lenders on your behalf. If you
accept an offer, the lender you choose will also contact you directly.
How do I know an email from you is genuine?
Our correspondence comes from a canadacapitalfinance.com address and we never ask you to send
money to release a loan, buy gift cards, or move funds to a "verification" account.
We also never publish a phone number, so an unsolicited call claiming to be us is worth
treating with suspicion. If anything looks off, end the call and write to
contact@canadacapitalfinance.com instead.