Capify is a flexible resource of business lending, offering merchant cash advances to a business that trades using debit and credit card payments, and small business loans to SMEs or sole traders that issue invoices on a credit basis. Read on to compare Capify reviews, interest rates and more.
The business is the result of a merger between Capiota and United Kapitol, with a firm emphasis on aiding small businesses and sole traders that may not qualify for financial support from a high street bank.
This means that Capify is likelier to accept a request for funding, but that comes at a price – Capify offers small business loans, in particular, at an APR that will raise eyebrows.
Capify business loans and finance
- Pros and cons
- Merchant cash advance
- Business loans
- Business credit cards
- Asset finance
- Invoice finance
- Commercial mortgages
- Business vehicle finance
- Capify key information
- Capify reviews
- Business eligibility criteria
- Business finance alternatives
- Additional considerations
Pros and cons of Capify for business finance
|✓ Borrow up to £50,000 quickly and efficiently||✗ Very high APR on loans, as well as set-up costs|
|✓ Flexible repayment schedule – rather than lump sums, you’ll frequently repay smaller amounts||✗ Minimum income of £10,000 a month required for loans – £20,000 per month for cash advances|
|✓ Most successful applications pay within 24 hours||✗ Not regulated by the FCA|
|✓ Greater flexibility on lending than a bank – decisions are not based solely on a credit score||✗ Must have been trading for at least 12 months|
Merchant cash advance
A merchant cash advance from Capify applies to businesses that take payments through debit or credit cards. You will need to have been trading for at least six months and take in a minimum of £20,000 per month through card sales to qualify.
If you are eligible for a merchant cash advance from Capify, you can borrow between £5,000 and £500,000 against future sales. Capify will be repaid by automatically taking a percentage of all card transactions that your business processed until the balance is settled. Capify usually caps the lending period at 12 months, so how much you need to repay from each transaction will depend on how much you borrow.
Applications for a merchant cash advance through Capify usually take just minutes to complete online, and if your request is approved, you will receive a cash lump sum within 48 hours.
If your business generates income through invoices raised on a credit basis, you can apply for a small business loan through Capify. You will need a minimum business income of £10,000 per month to qualify for this service, and loans are available for any amount between £5,000 and £500,000.
Rather than a monthly lump sum, Capify takes regular, smaller repayments from your business, usually over the course of 12 months. These collections will be fully automated. Perhaps most importantly, Capify prides itself on its willingness to work with SMEs and sole traders that may not qualify for lending from a bank. If you have 12 months of trading history and meet the minimum income threshold, you are likely to be approved for funding.
Fill in a form on the Capify website to check your eligibility for a small business loan and receive a quote. This is where things get a little hairy. Capify charges a set-up fee for any loan, and the APR is much higher than most high street lenders – your interest rate could be as high as 67.89%. This means you will need to repay considerably more than you borrow in a short space of time, so take this under advisement before agreeing to such a deal.
If your application for a loan is successful, you will typically receive the funds from Capify within 24 hours.
Business credit cards
✗ Not available from Capify. See best business credit cards.
✗ Not available from Capify. See best asset finance.
✗ Not available from Capify. See invoice factoring.
✗ Not available from Capify. See commercial mortgages.
Business vehicle finance
✗ Not available from Capify. See business vehicle finance.
Capify key information
|Phone number||0800 151 0980|
|App downloads||N/A – Capify does not have an app|
|Number of branches||N/A – Capify is an online business|
|Founded||2002 in the US and Canada, 2008 in the UK|
|Review platform||Score||Number of votes|
|Smart Money People||4.59/5||29|
|Average score||4.395/5||456 total votes|
Capify business eligibility criteria
To qualify for borrowing from your Capify, you must meet the following criteria.
- Be a registered director of an SME or partnership listed on Companies House, or a sole trader registered with HMRC
- Take a minimum business income of £10,000 per month to qualify for a loan, or £20,000 per month to qualify for a merchant cash advance
- Have at least 12 months of trading history, with bank statements to prove this
Capify business finance alternatives
Capify offers lending solutions to businesses that may not find funding elsewhere, but it is far from the cheapest lender on the market. Before committing to a loan or merchant cash advance with Capify, consider the alternatives. These include 365 Business Finance, YouLend, Iwoca, Nucleus Commercial Finance, and Liberis.
Capify additional considerations
Capify is dedicated to providing aid and assistance to SMEs that struggle with cashflow in uncertain times, which is why this lender established a £40,000,000 fund to prop up businesses that would not qualify for lending from traditional high street banks.
Applying for lending from Capify is extremely simple. Head to the website and fill in a form that asks for some basic information about your business for confirmation that you are eligible for borrowing and a bespoke quote if so. If you are happy to proceed based on this, you will be asked to upload supporting documentation.
Most successful applications for funding from Capify are approved within hours. If you qualify for lending, you will receive the funds for a small business loan within 24 hours or 48 hours for a merchant cash advance.
If you are to successfully apply for lending from Capify, you will need to provide:
Proof of your identity and business trading address
12 months of business bank statements
On paper, Capify is happy to work with businesses from any industry. However, like all lenders, Capify reserves the right to decline a loan or merchant cash advance if they consider your business model to pose an excessive risk.
You can still successfully apply for lending from Capify if you have an outstanding loan from another provider if you have paid 50% or more of the balance.
Capify will not run a credit check when you request a quote for funding, so this will not impact your credit score in any way. A soft credit check will be run before releasing the funds as a final security measure.