FINE PRINT

Fine Print

SkyCap Financial believes in a transparent operation, by which all potential clients should have access to the facts before applying for any loan. The following is the Fine Print regarding the variety of services that SkyCap Financial offers:

  1. 1. Pre-approval for any product or service is subject to change based on verification of your income and other required documentation.
  2. 2. Decisions on applications are based on completed applications, subsequent to customer verification (applications completed on the weekend may not be classified as completed until the end of the next business day)
  3. 3. All rates will depend on our assessment of your credit worthiness.
  4. 4. Payment includes optional loan protection insurance fees, but excludes any applicable provincial sales taxes.
  5. 5. The length and amount of the term of your loan, depends on your loan size and credit profile.
  6. 6. Rates will depend on our assessment of your credit worthiness and can range between 12.99% - 39.99 %.

RENEWAL TERMS

SkyCap Financial’s loans do not automatically renew after the original term has expired. While customers have the option to increase their loan or the term (subject to maintaining their loan and having a good payment history), all additional request such as this is subject to the discretion of SkyCap Financial’s internal underwriting procedures.


FEES/LATE PAYMENTS

SkyCap Financial promotes financial responsibility and expects all customers to maintain a good payment history during the term of any loan. Our loans range from $500 to $10,000 with terms from 9 months to 3 years and an APR with ranges from 12.99% to 39.99% depending on your credit worthiness. SkyCap Financial charges $45 for every non-sufficient funds (NSF) payment returned. You financial intuition is likely to charge an additional fee for every NSF fee as well. A non-refundable Administrative Fee of up to $75 may be charged and deducted from accounts which require refunds due to avoidable overpayments on the account by the client. This fee covers the administrative costs associated with the billing and payment processing of overpayments by you, the client.


CREDIT SCORE

SkyCap Financial is a provider of short term loans. We are not a credit repair service, nor do we offer any credit repair services. SkyCap Financial may report your payment history with us; which may help or improve your credit score by establishing a credit history as long as your scheduled payments are made full and on time.

Similarly, as all fulfilled payments may be reported by us to your credit history, all missed and/or late payments may likewise be reported. Ultimately, missed or late payments may result in adverse reporting to your credit history, which given time and frequency may reduce your credit score. Please borrow responsibly and read SkyCap Financial’s Responsible Borrowing.


RECOVERIES

As per the terms and conditions of any loan agreement, SkyCap Financial will contact all customers in arrears of their payment schedule, through several methods (electronic mail, ordinary mail, registered mail, phone, etc.). SkyCap Financial may also direct 3rd collection agent parties to assist in any collections matters.


LOAN PROTECTION PLAN

The Loan Protection Plan is underwritten by Western Life Assurance under Group Policy SKY001. The terms and conditions, benefits, eligibility, as well limitations and exclusions can be found here in the Certificate of Insurance.