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CAN Capital Small Business Loan Review

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CAN Capital Small Business Loan Review

CanCapital has been lending to small businesses since 1998. In total, it has provided over $5 billion in working capital to small and medium sized businesses in over 540 unique industries over that time.

With a focus on technology, it has a proprietary risk algorithm it uses to determine whether or not a business qualifies for a small business loan. Its focus is on business strength, such as sales and time in business – not credit.

As it has lower eligibility requirements compared to other lenders, CAN Capital can be a great solution for businesses with less than one year in operating history. Larger loan amounts are also available to businesses with multiple locations. If either applies to you, read on for more details.

CAN Capital Small Business Loan Details

CAN Capital offers small business loans ranging from $2,500 to $250,000 for businesses with more than one location. Terms range from 6 to 18 months.

The APR range is heavily dependent upon the type of industry your business is in, how much cash flow you have, your time in business, and how much revenue your business generates.

Daily payments are made with this loan.

You can get an idea of what kind of loan you qualify for by using the calculator here. For example, if your gross monthly sales are $15,000, you might be eligible for a loan between $2,500 and $12,000 on terms of 6 to 18 months. If you choose to borrow $12,000 on a 12-month term, your daily payment will be $62, and you’ll end up paying back a total of $16,201.

Be aware the amounts displayed on the calculator don’t necessarily reflect the type of loan you’d actually be approved for.

The Pros and Cons of a CAN Capital Small Business Loan

Pro: CAN Capital recognizes that businesses may experience trouble when paying back their loans. It encourages business owners to reach out to their account manager as soon as possible to work out an alternative plan.

Con: The repayment terms offered are relatively short compared with other lenders. This might be okay for inventory-based businesses (if you expect to sell the inventory you purchased quickly), but others may need a longer amount of time to pay their loan back.

Pro: There’s no prepayment penalty, and CAN Capital takes this a step further by offering a 6% discount to customers who pay their loans off early. It’s the only small business lender to do that (to our knowledge). Paying your loan off faster results in less of your money going toward interest. This is important, as online small business loans tend to be on the expensive side.

Con: CAN isn’t fully transparent with its origination fee or APR ranges available to customers. If you’re approved for a loan, make sure to read over all the details to get a good sense of how much the loan will cost you.

Pro: If you know of other small businesses in need of financing and want to recommend CAN Capital after funding with it, you can get a bonus by referring a business that completes the funding process.

Con: When comparing the maximum loan sizes with other lenders, CAN Capital doesn’t offer much. There are a few lenders offering small business loans up to $500,000, so if your business needs more financing, this might not be your best solution.

Pro: CAN Capital is one of very few small business lenders that has a “live chat” option. This is great for quick customer service. It doesn’t require the back and forth of email, or playing phone tag.

What Businesses Are Eligible For a Loan With CAN Capital?

Your business should have stable gross monthly revenue of $4,500 or more, and must have an operating history of at least 3 months to qualify.

The minimum credit score needed is around 550, which is on the lower end of the spectrum. However, it’s best if you don’t have any open liens, judgments, or recent bankruptcies on your report.

CAN Capital funds loans with the following industries: salons and spas, restaurants, online stores, automotive, medical and dental offices, trade and services, and more. Its loans are available in all 50 states.

Application Process and Documents Needed

CAN Capital’s application can be completed in 15 minutes or less, and it can provide funding within 2 business days. You can also get pre-qualified in less than 10 minutes by filling out the form on its site. You should expect to hear back from a representative within 24 hours after applying.

It’s recommended to have the following information and documents available:

  • Business tax ID
  • Photo ID
  • Last 3 months of business bank statements
  • The first page of your previous year’s business tax return

Documentation is often the number one cause of the process being held up. Having these things ready to go will make the funding process go quicker.

The Fine Print

There is an origination fee with this loan, although the representative we spoke with only said “it can typically be waived.” If you choose to apply for a loan with CAN Capital, be sure to clarify that before going ahead with funding.

CAN Capital doesn’t need personal collateral, but a personal guarantee is required.

Which Businesses Benefit the Most from a Loan With CAN Capital?

Its requirement of only 3 months of operating history is great for newer businesses generating $4,500 per month in revenue. If you already have solid cash flow, CAN Capital may be the best lender to go with, as no other lenders have requirements that low. The minimum credit score requirement of 550 also makes its loans very accessible.

That being said, time in business is still important, so this loan certainly isn’t just for newer businesses. If you don’t need a large amount of financing and have a solid track record, you might be able to secure good terms with CAN Capital.

You can use the funds to purchase inventory, technology, equipment, tools, and other assets that will enhance the services you provide.

You can also choose to use the funds for expansion, renovations, research and development, or any regular expenses you need to catch up with.

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Other Alternative Small Business Lenders

If your business needs more than $150,000 and has only one location, or if you don’t want a daily payment, there are other options out there you should look into.

Funding Circle requires a monthly payment and you can borrow $25,000 to $500,000. Interest rates range from 4.99% to 22.99%, and its origination fee ranges from 3.49% - 6.99%. Repayment terms of 6 to 60 months are offered, which is great if you need a lower monthly payment. Your business needs 2+ years of operating history, $150,000 in annual revenue, no recent bankruptcies, and a minimum credit score of 620 to qualify.

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Bond Street offers semi-monthly payments (on the 1st and the 16th each month) with loans ranging from $50,000 to $1,000,000. Its origination fee is 3.00% - 5.00%, and APRs range from 8.00% to 25.00%. Repayment terms are 12 to 36 months, which aren’t the best, but are an improvement over the 2 years CAN Capital offers. Your business needs 2+ years of operating history, $200,000 in annual revenue, and a minimum credit score of 660 (this isn’t critically important) to qualify.

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Shop Around for the Best Loan

We know searching for a loan can be a time consuming process, but if you aren’t in dire, immediate need of funds, you should take the time to figure out which lender will offer you the best deal. If you think you’ll need ongoing funds for projects, expansion, or inventory, you’ll want to build a good relationship with your lender. CAN Capital states over 70% of their customers eligible for a loan renewal end up proceeding with it, highlighting the importance of going with the right lender the first time around. You don’t want to have to go through this process again in the future, do you?

Shop around within a 30-day window and your credit won’t be affected as much as it would be if you took months to do it. Lenders expect you’ll be in contact with their competition, and it works to your favor as you can try and negotiate your terms.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Erin Millard
Erin Millard |

Erin Millard is a writer at MagnifyMoney. You can email Erin at [email protected]

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Reviews

Review of Green Dot Unlimited Cash Back Bank Account

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Get rewarded for your spending with the Green Dot Unlimited Cash Back Bank Account. The account earns unlimited 3% cash back earned from online or in-app purchases, but unlike most cashback programs, this one prevents you from enjoying your earned rewards immediately. The catch: You can only access and redeem your cashback rewards if your account is in good standing a year after registration. In addition, there is a $7.95 monthly fee, although it’s simple to get around the fee.

While you wait for your account registration anniversary, you can use this account’s other features to your advantage. For one, Green Dot Bank can get you your paycheck up to two days in advance through direct deposit. You can also use the 3%* APY Green Dot Bank High-Yield Savings Account to stash and grow your money.

Green Dot doesn’t have any branch locations of its own, so it relies heavily on its app and participating stores to offer its services to customers. This makes it slightly tricky for users who need quick and easy ATM access.

Read on to learn more about the FDIC-insured Green Dot Unlimited Cash Back Bank Account and its rewards requirements, fees and fine print.

How does the Green Dot Unlimited Cash Back Bank Account work?

 

The Green Dot Unlimited Cash Back Bank Account’s biggest draw is the unlimited 3% cash back earned from online or in-app purchases. There’s no limit to how much cash back you can earn, so long as you’re using your card for online and in-app purchases (there’s more on how Green Dot identifies those purchases in a section below)

Getting access to your cash back is a little trickier, however. While you’ll see the cash back earned on each purchase reflected almost immediately, you’ll have to wait for each anniversary of your account registration to redeem the funds. On each anniversary date, you can transfer your cash back rewards into your Unlimited Cash Back Bank Account. Your registration date is the date you actually register your card no matter where you got it, either at a store or online.

On your registration anniversary, your account must be in good standing. This means it must have a positive balance and cannot be blocked or flagged for any reason. If you have a negative balance, you must bring it to a positive balance before you can redeem your rewards.

Depositing cash into your Unlimited Cash Back Bank Account is also a little unorthodox, as Green Dot doesn’t have any of its own branches or ATMs. To deposit cash, you need to visit a Green Dot participating retailer, including CVS pharmacies and Walmart stores. Cash deposits are free when you initiate the deposit on the Green Dot app and complete them at a retail store. You can also initiate a cash deposit by swiping your Green Dot debit card at a participating retailer, who may charge a cash deposit fee of their own.

As for withdrawals, you can locate free ATMs through the bank’s app. Otherwise, you’ll face an out-of-network ATM fee, in addition to a potential ATM owner surcharge.

Unlimited Cash Back Bank Account features

  • Earns unlimited 3% cash back on eligible online or in-app purchases
  • Get your paycheck up to two days earlier with ASAP Direct Deposit™
  • Links to 3%* APY Green Dot Bank High-Yield Savings Account
  • No overdraft fees

Along with its competitive cash back rate, another big perk of banking with Green Dot Bank is that you can get your direct deposit paychecks up to two days in advance. Typically, employers deposit paychecks into employees’ banks two days before actual payday. So instead of letting your paycheck sit in the Automated Clearing House (ACH) limbo, where payments like these are processed, Green Dot deposits your paycheck on the same day the bank receives it. Exact timing and availability of your direct deposit will depend on when your employer submits your payment information and deposit verification.

Also included with the Green Dot app is the Green Dot Bank High-Yield Savings Account. There is no fee, and the account earns 3%* APY on balances up to $10,000. Once you’ve redeemed your cash back rewards and deposited them into your Unlimited Cash Back Bank Account, you can then transfer those funds into your High-Yield Savings Account for better savings.

As you’ll read below, the Unlimited Cash Back Bank Account is rife with fees, depending on how you use your account and manage your money. But a certain perk of the account is its lack of overdraft fees. So when you make a purchase that your balance cannot cover, Green Dot will decline the transaction, but they won’t charge a fee like most other banks do.

Unlimited Cash Back Bank Account fees and fine print

Unlimited Cash Back fees
Unlimited Bank Account purchase — online $0
Unlimited Bank Account purchase — in store$1.95 or less
Monthly fee$7.95, waived when you spend $1,000 or more in the previous monthly period
Deposit cash with Green Dot app & participating locations$0
Direct deposit$0
Out-of-network ATM withdrawal$3 per transaction
Teller cash withdrawal$3 per transaction
Out-of-network ATM balance inquiry$0.50
Foreign transactions3% of total transaction amount
Paper checks (pack of 12 checks)$5.95

There are quite a few fees to keep an eye out for when you have a Green Dot Unlimited Cash Back Bank Account. For starters, note that there is a fee when you open the account in a store. You can easily avoid this fee by opening the account online instead.

The account charges a $7.95 monthly fee. This can be waived when you spend at least $1,000 in the previous monthly period. This excludes transactions like ACH payments or prepaid card purchases. This may be easier if you do much of your shopping online, since you’re more likely to reach the minimum balance. If you’re betting the cash back you earn will offset this monthly fee, you’d have to spend $3,180 in a year to earn enough to pay off a year’s worth of the monthly fee. Plus, you’d have to wait for each anniversary to take advantage of that cash back bonus.

It also helps to keep your account activity online. You can initiate the deposit through the Green Dot app then depositing cash at a participating retailer at no charge. However, if you want to deposit cash without the app by swiping the debit card at a participating retailer, then the retailer may charge a service fee for cash deposits. Note that direct deposits are free.

As for the fine print, there is some room for error when it comes to determining which purchases are eligible for the 3% cashback. Green Dot identifies online and in-app purchases through unique merchant category codes (MCC) and “other identifying information,” according to the Green Dot website.

However, Green Dot acknowledges that sometimes online or in-app merchants use an MCC that does not properly identify themselves as online or in-app. On Green Dot’s part, the bank states that it “does not determine which MCC a merchant chooses to classify itself as and has no way of changing a merchant’s identifying information.” So if merchant misidentification is the case, your purchase won’t register as online or in-app and won’t earn 3% cash back.

Cash back also does not apply to airline tickets or to products and services that are redeemable for cash, such as gift cards, online funding of accounts, credit card cash advances, P2P funding, prepaid cards, money orders and traveler’s checks.

Opening an Unlimited Cash Back Bank Account

You can open an Unlimited Cash Back Bank Account either online or in-store at Green Dot participating retailers. When you open an account online, you’ll need to provide your full name, address, email address, phone number, Social Security number and date of birth. If you open an account in store, you’ll need to register your new debit card online or through the Green Dot app. There, you’ll need to provide your personal information.

Who is the Green Dot Unlimited Cash Back Bank Account best for?

The Green Dot Unlimited Cash Back Bank Account seems to be a better option for those who aren’t chasing a quick reward. Green Dot requires you to wait a year after account registration to redeem your cash back rewards, which may not be much of a reward for some. It’s more of an added perk than a real primetime feature since you have to wait so long.

The Unlimited Cash Back Bank Account may also be better for those who are tech savvy enough to manage their accounts largely online and in the app. Accounts are more easily opened and registered online and even cash deposits work best when done through the app.

That said, this account could be a potential hassle who want the ease and speed of ATM access. Green Dot requires you to visit a participating store to deposit cash, whether you use the app or not. For many, navigating a physical store just isn’t as convenient. When it comes to withdrawals, it may be difficult to find a free ATM nearby in order to avoid the out-of-network ATM fee.

In all, the Green Dot Unlimited Cash Back Bank Account seems to hold a lot of promise. But there’s a few hoops to jump through to earn rewards and use the account efficiently that detract from the eye-catching 3% cash back.

*Rate accurate as of August 21, 2019

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Lauren Perez
Lauren Perez |

Lauren Perez is a writer at MagnifyMoney. You can email Lauren here

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Reviews

Fitness Bank Savings Review

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It has not been previewed, commissioned or otherwise endorsed by any of our network partners.

Fitness Bank’s savings account option

Fitness Savings Account

This unconventional savings product offers customers the chance to earn an outstanding APY when they are physically active. The daily average number of steps you took in the previous month determines the APY you earn on your account balance. The table below outlines the five earning tiers that this bank currently offers:
APY Tiers*Minimum Balance to Earn APYSteps Required
0.50%$1000-4,999
1.25%$1005,000-7,499
1.75%$1007,500-9,999
2.50%$10010,000-12,499
3.00%$10012,500+

If you are a US citizen age 65 or older, you qualify for a different rate schedule:

APY Tiers*Minimum Balance to Earn APYSteps Required
1.25%$1000-4,999
1.75%$1005,000-7,499
2.50%$1007,500-9,999
3.00%$10010,000+
  • Minimum opening deposit: $100
  • Minimum daily balance to earn APY: $100
  • Monthly account maintenance fee: $10, waived by maintaining the minimum daily balance.
  • ATM fee: N/A
  • ATM fee refund: N/A
  • Overdraft fee: $40

These rates truly are outstanding if you live an active lifestyle. The first month, everyone gets highest APY regardless of number of steps they take. After that, your APY will be assigned based on your daily average number of steps over the course of the prior month. Needless to say, if you don’t live a very active lifestyle, or if you have a health condition that would prevent you from meeting the step requirements, this may not be the best account for you.

This bank charges a $10 monthly maintenance fee if you don’t maintain a minimum average daily balance of $100. If you’re not confident you can maintain this minimum, you may want to look at a checking account rather than a savings account — keep in mind, however, that Fitness Bank only offers a savings account. If you meet the minimum balance requirement, the monthly maintenance fee will be waived.

This savings account does not come with an ATM card or checks. You are limited to six certain withdrawals and/or transactions per month, per Regulation D, which is enforced by the federal government, although banks do have some flexibility in allowing more than six per month in certain cases. At Fitness Bank, if you make more than six withdrawals per month you will be charged a $10 fee for each additional withdrawal.

If you want to go above and beyond achieving the highest APY available from this account, you can join one of Fitness Bank’s challenges. Every month, there is a step challenge where you can compete with all other participating Fitness Bank members to get the highest number of average daily steps. Top competitors will be awarded with prizes at the end of the month. You can also set up challenges just for your family or friend group, or for a group of employees participating in a workplace challenge.

How to get Fitness Bank’s savings account

Opening a savings account at Fitness Bank is a straightforward process. The bank boasts account setup will take you less than two minutes.

You’ll fill out a quick online application, supplying basic information like your name, address and Social Security number, along with documentation of your driver’s license or passport. Then you’ll need to provide funding information, namely your bank account number, credit card or debit card.

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How Fitness Bank’s savings account compares

This bank offers phenomenal rates. At the time of writing, they offer the highest savings account rate in the market — if you can rack up the steps needed to earn it. In addition, you will have to be comfortable doing your banking 100% online with this savings account. You will not receive a checkbook or ATM card – all of your withdrawals and deposits will be completed via electronic transfer. If you’d prefer ATM access or the ability to visit a physical branch, Fitness Bank is not the right match for you.

The minimum deposit required to open and maintain an account without incurring a monthly maintenance fee isn’t outrageous. But you can find savings accounts offering somewhat competitive rates without these requirements. And to repeat, you’ll have to meet the step requirements; if that challenge goes unfulfilled, the advantages of saving with Fitness Bank wane. Its rates get progressively less competitive the fewer steps you take.

Overall review of Fitness Bank’s banking products

This bank offers a unique financial product aimed at promoting wellness. Its minimum balance and deposit requirements are fairly average for the industry, as are its fees. While its offerings are fair and get more generous as you take more steps, you will likely find better rates elsewhere if you cannot realistically meet these specific fitness standards. If you can, though, you’re in for some of the best rates on the market.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here